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Home My WebLink About0400 ~ ! ,,ud ~~ort~;.~~~,u~ ducs herebt• full~• v:arrant the title to ;aid 1and, and e~~erp patt thereu(, and w~11 defrnd the s~,r..c ,~~;a~n.t the 1.+~~•ful cla?ms o[ all pcrsuns w•homsce~~er. PI?OVIDEU ALUAYS, and these presents are exerutecf and deli~~ered upon thc following conditions, to wit: The mortgagoi agrees to pay the mortgagee, or order, the principal sum of EIGHTEEN THOt3SAND FZV~ iiL'NDRED AIQD t70/100------------------------------------------------------------------ Uull~rs (S 18,500.00 as e~•idenced by a note ot even date herewith, with interest from date at the o..?..... ! ~~l twr anm~m nn the unoaid balance ~.~ie ui ~~'.'C: t~. ~ . . : : . i until paid. The said pnncip~l and interest shall be pa}~able at the oifice oE J. T. STL~WART MORTGAGE COd~iPANY, Ii3C., S~:ite 300 - 100 Miracle ;~lile. Coral Gables, Florida ~ or at such other place ~s the holder oi the note may desi~nat~ in writing, in manihly insial.ments of ~e Hunclred 2~~renty Three and 21/100------------------- Dollars (S 123.21 commencing on : the first daY oi F'~~~y , 19 72, and on the [irst da~~ of each month thereafter untiltheprincipal s and interest are tully paid, excepi that the final payment of principal and interest, it not sooner paid, shall be due ~ and pa}~able on the fi:st da}• of Jar~u~ry, 2002 ~ And shall dul~, promptly, and fully periorm, discharge, execute, effect, complete, and comply with and abide b~~ each and e~•erp the stipulations, agreements, conditions, and co~•enants of said promissory note and of this mort~.~ge, then this mortgage and the estate hereby created shall cease and be null a~d ~•oid. ~ And the mortgagor further co~•enants as follows: ' ' 1. That he v?ill pay the indebtedness,as hereinbefore provided. Privilege is reserved to pay the debt in whole, • or ?n an amount equa! to one or more monthly payments on ihe principal that are next due on ihe note, on the tisst ~ d:+~~ of any month prior to maturity: P.~~ id~~~i, however, that written notice of an intention to exercise such privilege is ~iven at least thirty (30) da~•s prior to pregayment; and, provided further, that in the event the debt is paid in full prior to maturity and at that time it is insured under the provisions of the Aiational Housing Act, he will pay to the mortgagee an adjusted premium charge of one per certtum (1 0) of the origina! principal amount thereof, except that in no e~•ent shall the adjusted premium exceed the agg~egate amount of premium charges which would have been payable if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on account of moctgage insurance. 2. That, in order more full~~ to protect the security ot this mortgage, the mortgagor, together with, and in addi- tion to, the monthly payments under the terms of the note secured hereby, on the first day of each month until the said ~ote is tull}• paid, will pay to the mortgagee the folloveing sums: - r:~ i An amuunt su[ticient to pro~ide the•holder herro( w?th funds to pay the nexl mortgage insurance p~emium i[ this instru- , ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) if ihey are ~ hrld by the Secretary of Housing and Urban De~elopment, as tollows: _ _r .s.,. (I1 It and so long as sa~d note ot evrn date and tn?s ~nstrumrnt arr insurru ur a~r ~rinsu~ru u«.+ec Y.o~zsi~+'.~ \at?ooal Housmg Act, an amount suf[Icient to accumulate in the hands o( the holder one (1) month prior to its due date the annual mortgage insurance premlum, tn order to proeide such holder with funds to pay such premium to the Secretary of Huusing and Urban Development pursuant to the N~tional Hous~ng Act, as amended, and applicable Regu- lat~ons thereunder or ilU If and so long as sa~d note o[ ecen date and this ~nstrument are held by the Secretary of Nousi~g and Urban Develap- ~ nrnt. a monthly charge (in l~eu of a mortgage ?nsurance premiuml which shall be in an amount equal to one-twelfth ~ (l 12) of onr-halt per centum of the a~•erage outstanding balance due on the note computed without taking ~nto E acrount delinquenc~es or prepayments; 4 A sum equal to the ground rents, i( any. next due, plus the premiUms that wili neYt become due and payable on policies ~ f~re and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mort- ~ KaKed property (ail as estimated by the mortgagee) less all sums already paid therefor divided by the number of months ~ to elapse brfore one month prior to the date when such ground rents, prem~ums, taxes, and assessments wili become de- ~ i~nquent, such sums _to be held b~• mortgagee in trust to pay said ground rents, premiums, ta:es, and special assessments; ~ E z and ' - , r p~l puymrnts menUoned in the two preceding subsections of this paragraph and all payments to be made under the note ` secured henby shall be added together and the aggregate amount thereof shati be paid by the mortgagor each month in a ~ s~nKlr pay~ment to be apptied by the mort~agee to the following items in lhe order set [orth: ~ g (1) prrmium charges under the contract of tnsurance with the Secretary of Housing and Urban Development, or monthly ~ churge (m t~eu of mor[gage ~nsurance premium), as the case may be; ~ (111 ~round renls, taxes, assessments. (ire, and other hazard insurence premiums; ~ (III) ?nterest on the note secured hereby; and ti (1\=) amort~zat~on of the principal o[ sa~d note. ~ Any deficiency in the araount of such aggregate monthly payment shall, unless made good by the mortgagor ~ prior to the due date of the next such payment, constitute an event oE default under this mortgage. The mortgagee z may collect a"late charge" not to exceed two cents (2~) for each dollar (S1) o! each payment more than fifteen ~ (151 da}•s in arrears to cover the extra expense involved in handling delinquent payments. ~ ~ 3. That if the total of the payments made by the mortgagoc under (6) of paragraph 2 preceding shall exceed ' ~ ~ the amount of payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance ; preniums, as the case may be, such excess shall be credited by the mortgagee on subsequent pa_yments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under (6J of paragraph 2 pre- ' ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case ~ may be, w.hen the same shall become due and payable, then the mortgsgot shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessments, i or insurance premiums sha(1 be due. If at any time the mortgagor shall tender to the mortgagee in accordance vvith ~ the provisions of the note sPcured hereby, fuU payment o[ the entire indebtedness represented thereby, the mort- ~agee shall, in computing the amount of such indebte~ness, credit to the account of the mortgagor all payments made under the provisions of (ul of paragraph 2 hereof which the mortgagee has not become obiigated to payto ~ _ the Secretary of Housing and Urban Development and any balance remaining in tne funds accumulated under the pro~•isions of (b) ot sa~d paragraph 2. If there shall be a default under any of the provisio~s of this mortgage, re- sulting in a public sale of the premises covered ~ereby, or if the mortgagee acquires the property otherwise aEter detault, the mortgagee shall apply, at the time oE the -commencement of such proceedings or at the time the prop- - erty is otherwise acquired, the balance then remaining in the funds accumulated under (61 of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any ~ v~~ Payments which shall have been made under (a) of said paragraph. ' - 4_ That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, i or ~mpositions, for which provision has not been made hereinbefore, and in deEault thereof the mortgagee may pay ' the same; and that he witl promptly deliver the official receipts therefor to the mortgagee. ~ _ ~ ~1~ ~ ~ _ ~ :