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Home My WebLink About2539 F ! ~.~id r:urt~;,,E~.,r d~~c•~ hrrrh~ full~ ~.+arr.+nt the~ tttle to ;a~d Jand, and e~e~~ pdrt thereof, and u•~11 detend the s~,re ~ .~~;,~in~t thr l.+aful cla~ms of all per~ons whomsoe~~er. PRO\'IDED AL1A~A1'S, end these presents dre ezecutect and deli~•ered upon the tollowing conditiorts, to w~it: T'he mortg~.got .igrces to pd~• the mottgaRee, or order, the princtpal sum of q~~y THOUSAI~2D ^!WO ?~UDIDRED AND ;30/100-------------------------------------------------------------- ' llullars ~S 20, 200.00 as e~-idenced b~~ a note of even date herew~ith, with interest from date at the ~ ~ r..te• ~t seven pe~ centum ( 7 -~o) pzr annum on the uopaid balance ~ntil paid. The said principal and ~nterest shall be pa~-able at the office of J. T. ST~niART MOR'i~(~AGE COI~.PANY, ~ IN~., S~ite 300 - 100 h',iracle Mile, Coral Gables, Florida ~~r at ~uch other place as the holder ot the note ma~~ des~gnate in writing, in monthl~~ installments of pne Hundred Fifty Five and No/100---------------- Dollars (S ~~5.00 comn,encing on the t~rst da>~ of January . 19 72 , and on the first da~• of each month thereafter untiltheprincipal d~id iniere~t arr fu!!~• paid, except that the final payment of princ~pal and interest, it not sooner paid, shall be due ~nd payable on the first da~• of ~cer.tl~er, 200], And shalt dul~~, prompi!}~, and fully~ pertocm, d~scnarge, execute, effect, complete, and comply with and abide h~ e~~ch and e~•erp the sttpuiations, agreements, condit~ons, and covenants of said promissory note and of this mort~,age, then th~s mortgage and the estate hereby created shall cease and be null and void. ~ And the mortgagor [urther co~•enants as follows: 1- That he v?il1 pay the ~ndebtedness.as here~nbefore pro~ided. Pnvilege is reserved to pay the debt in whole, ur in an amount equal to one or more monthl}• payments on the principal that are next due on the !~Me, on the first da~ af am• month prior to maturih•: P.~~~ iJ~•d. however, that written notice of an inte~tion to exercise such pri~~ilege is g~~•en at least thirty (30) da~•s prior to prepayment; and, provided further, that in the event the debt is paid in tuli pnor to maturih~ and at that t~me it is i~sured under the pro~~isions o[ the National Housing Act, he will pay to the martgagee an adjusted prem~um charge of one per centum (1 0) of the original principal amount theceof, except that in no e~•ent shall the adjusted premium exceed the aggregate amount of premium charges which would ha~~e been pa~•abie if the mottgage had continued to be insured until maturity; such payment to be applied b~ the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on account of mortgage insurance. 2. That, in order more tully to protect ihe securit}• ot this mortgage, the mortgagor, togethet with, and in addi- t~on to, the monthlp payments under the terms of the note secured hereby, on the first day of each month until the ~did note ~s full~~ paid, will pa~- to the mor!gagee the folloveing sums: ~ An :.n.~~unt suf(?cient to pro~~ide the holder hereof v~•ith (unds to pa~- thr next mortg~ge insurance premium i( Lh~s instru- mrnt andthe nete secured herebv urr insured, or ~ monthly cherge (m lieu ot a mortgage insurance premium) ~t they are h.•I~ bv the Serrrtary of Housing and Urban De~•elopment. as follows: t !I ~ 1f and so long as said note uf e~•rn date ~nd this ~nstrument are ~nsured or are re~nsured under the pro~•~s~ons o( the ! \.,t~on.l Huusing Act, an ~muunt su[tic~ent to accumulate tn the hands of the holder one (1) a~onth prior to tts due i d'ete the annual mortgagr msurunce premium, ~n order to pruvide such holder ucith funds to pay suchprem~um to ihe F Secrrtar~ a( Hous~n~ and Urban De~•elopment pursuant to ihe Nauonal Houstng Acl, as amended, ynd applicable Regu- ~ ldtiun~ ttrreunder, or :I1; If and su lonR as sa?d note of e~~rn .;~tr and th?s ~nstrument are held by the Secretary of Housing acsd Urban Develop- ~ r..rnt, a r..,nthl~ charge (in l~eu of ~ mortgage ~nsurance premium} whuh shal! be an an amount equal to one-iweltth ~ ; 1 12 i of onr-half prr cenwm of the average outstandtng balance due on the note eomputed without taicing iato ~ a~ cnunt drl?nquenc?es ur prepayments, A su^, equal to the ground rents. :f any~. next due, plus the premiums that will ne~ct become due and papable on policies - -~t (~rr and othrr hazard tnsurance covering the martgaged property, plus taxes and assessments next due on Ihe mort- y ~aked proprrt~ (all as rsumated bY the mortgageel less all sums alrrady pa?d therefor divided by the number of months 3 tu c•lapse• brfure ~ne rt:onth pr~or to the date w~hen such ground rents, premtums, ta=es, and assecsments will become de- - linqurnt, such suns to br held bt .^•:ortgagee in trust to pay s~id ground rents, premiums, ta=es, endspecialassessments, 5 dnd ~ • AI: payr.:c~nts ~entionrd m the two preced~ng subsrctions of this paragraph and all paymrnts to be made under the note i srcurrd hrrrb~~ shall be added together and the aggregate amount thereot sh~ll be paid by the mortgagor each month in a t ~ s~n~;le paymrnt to be appl~ed by the mortgagee to the tolloa~ing rtems in the order set torth: : i I1 premiur.: rharges under the contr~ct o( ~nsur+~nce with the Secretary ot Noustng and Urban Development, or monthly ~ charge (~n lieu of mortgage insutaace prem~um), as the case may be; 1111 ground rrnts, tazes, assessments, fire, and other hazard tnsurance ptemaums; j !lll? ~nirrest on the notr secured hereby; and = " {1V) amortu~t~on o[ the principa! of said note. ~ An}• deficienc~~ in the amount of such aggregate monthly payment shall, unless made good by the mortgagor ~ u pnor to the due date of the next such pa~~ment, Constitute an event o[ default under this mortgage. The mortgagee ~ mdy collect a"late charge" not to exceed two cents (2C) for each dollar (S1) of each payment more than fifteen ; ~ t15) da~~s in arrears to cover the extra expense involved in handling delinquent payments. j 3_ That i[ the total of the payments made by the mortgagor undet (6) of parag~aph 2 preceding shall exceed ~ the amount of payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance ~ = premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be ~ : made by the mortgagor. It, however, the monthly payments made by the mortgagor under (6) oE paragraph 2 pre- cedin shall not be sufficient to a~ round rents, taxes and assessm.~nts and insurance premiums, as the case ~ g P S g rr~a~• be, u~hen the same shall bzcome due and payable, then the mortg4gor shall pay to the mortgagee any amount ~ necessar}• to make up the deficiency, on or beEore the date when payment of such ground rents, taxes, assessments, ur insurance premiums shali be due_ lf at any time the mortgagor shalltender to the mortgagee in accordance with ~ thc provis?ons of the note secured hereby, futl payment of the entire indebtedness represented thereby, the mort- ~ gagee sha;l, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments made under the prov~sions of /u) of paragraph 2 hereof which the mortgagee has not become obligated to payto 3 - the Secretary of Housing and Urban Development and any balance remaining in tne funds accumulated under the ~ pro~~is~ons ot l~~l of sa~d paragraph 2. lf there shall be a default under any of the provisio~s of this mortgage, re- ? sulting in a public sale of the premises covered iereby, or if the mortgagee acquires the property otherwise after de~ault, the• mortgagee shall apply, at the time of the cortimencement of such proceedings or at the time the prop- = ert~~ is otherwise acquired, the balance then remaining in the funds accumulated under (b% of paragcaph 2 preceding as a credit against the amour.t of principal then remaining unpaid under said note and shall properlyadjust any t pa~•ments which shall F?ave been made under (u) of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, (ines, k or impositions, for which pro~•ision has not been made hereinbefoce, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the official receipis therefor to the mortgagee. : _ , O~R1iI ~ ~ :s