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Home My WebLink About1175 ~.:,:d :~.~r!';,~;or c?~~e~. hereb~• full~~ ~earr.+nt the• title to ~aid land, and c~er~ part the~euf, and will defend the s~r.e ~ .~~;,~in~t the l:~r~~tul cla~ms oi all persons ahomsc~e~•er. F .f P~'O~'IDED ALNAYS, and these presents are executccf and deli~•ered upon the following conditions, to w•it: ¢ The mort~;~got ~+Kcees to p~y the mottgugc.~c , or ordet, the principal sum oi SE1T::NTEEN TFi0USt1.~TD I3I:~ .iL^.:DRED A'JD I~O/1a0-------------------------------------------------------------- t>.~. t., r~ i S 1 nni~ _;1c~ as e~ idrnced b~• a note of even date here~ ith, with interest trum date at the r..tc oi se~~en per centum ( ; o) pec annum on the unpaid balance ~ until paid. The sa~d pnnci~l and ~nterest shalt be pa~~able at the o(fice of J. T. STF~IART tdORTG.~GE CQ2~tPA,'~I~ , ~ I:VC., S~:ite 300 - 100 :~.;r~cle ,~.ile, Coral Gables, Florida ~ .~r at ~uch other place as the hoider of the note ma}• designate in wnt~ng, in monthly installments of One }iundred ~ Nineteen and 21/1G0------------------- Dollars (S 119.21 commencing o~ ~he tirst dac ot FeLruar~• . 19 72, and on the first day of each month thereafter untiltheprincipal ;~~d interest are full~• paid, excepl that the tlnal payment of princ~pal and interest, if not sooner paid, shall be due and p~~•able on the first da~• of J; r:~arr , 2002 : And shall duly, promptly, and full}• perform, discharge, execute, efEect. complete, and comply with and abide i h~ each and e~•ery the stipulations, agreements, conditions, and covenants oE said promissory note and ot this ~urtkage, the~ this mortgage and the estate hereb~• created shall cease and be nul! and void. And the mortgagor futther co~•enants as folloves: 1. That he will pa~• the ~ndebtedness, as hereinbe(ore pro~•ided. Privilege is reserved to pay the debt in whole, or in dn amount equal to one or more monthl~• payments on the principal that are next due on the note, on the tirst d:+~ of an~• month prior to maturit~•: f'r~~, ~d~•d, howe~•er, that uritten notice of an intention to exercise such pri~•ilege is Kn•en at least thirt~~ (3[1) da~ s prior to prepayment; and, pcovided further, that in the event the debt is paid in full prioi to maturit~• and at that t~me it is insured under the provisions of the National Housing Act, he will pa~~ to • the mortgagee an adiusted premium charge of one pec centum (1 of the original principal amount thereof, except th~t in no e~•ent shall the adjusted prem~um exceed the aggregate amount of pcemium charges which would ha~~e !~een pa~~able it the mortgage had continued to be insured untit maturity; such payment to be applied by the mort- ~ gagee upon its obli~ation to the Secretary of Housing and Urban De~~elopment on account of mortgage insurance. ; 2_ That, in order more full~• to protect the security of this mortgage, the mortgagor, together with, and in addi- t~c~n to, the monthl~~ payments under the terms of the note secured hereby, on the first day of each month until the ~ s~id note is full~~ paid, will pa~• to the mortga~ee the follou•ing sums: An ar..~_,unt su(fccirnt to proc~de :he holder hereot u~ith tunds to pa~ the ne:t mortgage insunnce premiurr. tf this tnstru- ~ cnent and the note srcured hrrrb~• are insured, or a monthly charge (in l~eu o( a mortgage insurance prrmium) if they are ~ t nrt? t~~~ thr Jr~frlaf)' uf iivuatu~ eL.i v(ueti ?r~ei.,Ni..ri:i, as iu::u+:a. ~ ~I ~ 1( and so lang as said note of even date and this instrument are ~nsured or are retnsured under the prov~s~ons ot the ~ \euonal H~~us~ng Act, an a~uunt suff?cient tu arcumulate in the hands of the holder one (1) month pnor to its due s dete the annuat mortg~ge ~nsur~nce pren:wm. ~n urder to prov~de such holder r~tth tunds to pay suchpremium to the Srcretan o[ Hous~ng ynd Urbsn Dr~•elopment pursuant to the National Hous~ng Act. as amended, and appIuable Regu- ; lat~~m~ therrunder, vr ~ ~ I1 ~ lf aad so lung as sa~d nute ~~f r~•rn datr and th~s ~nstrument are held by the Secretary o( Housing and l.'rban Develop- ~ ~.rnt, a e:,?nthl> charge (~n i?eu of a mortgagr ~nsurance prem~uml which shafl be in an amount equal to one-twelflh ~ ! 1 1?+ ot onr-rtalf per centum of the average outstanding balance due on the note computed without taking tnto 's d.<<~unt drlinquenc~rs ur prrpayments, ` • A~u- rquat to the Kround rentc, any. next due, plus the premiums that wAI next become due and payable on po(icies : ~f Lrr end other hazard ~nsurance covering the mortgaged property, plus taxes and assessments neit due on the mort- - ~;aKrd pruprrt~~ (all as rstir.ieted b~• the mortgagee) less all sums already pa~d lhere(or dieided by the numbet of months s to r3a~se brforr une moath pnor to the date when such ground rents, premiums, ta:es, and assessments will become de- ~ ~ }~nyurnt, su.h sums to be held by- r.:ortg~gee 1n trust to pay said ground rents, premtums, ta:es, endspecialassessments, r end ~ Ali payr..rnts -.cnt?oned m the two preceding subsrcuons of this paragraph and a11 pAyments to De made under the note ~ ? sec ured hcrrb~ shall hr added together and the aggrrgate amount thereof shall be Faid by the mortgagor each month in a a cin~lr Ya~tr~rnt to be appl~ed by the mortgagee to thr lollowmg items in !he order set forth: s ~E (I) prerr.~um chargrs under the cuntract o( msur.nce with ihe Secret~ry o[ Housing and Urban Development, or monthly ~ ~ ~ harKr (in I~eu of mortgage msurance premium), rs the case may be; 5 ~ ilil ground rents, ta:rs, assessments, t~re. ~nd othet hazard ~nsurance premiums; ' i (Ilt) ~nterest on thr note secured hrrehy; and r lll') amortuatioa o( the principal ot satd nute. " An~~ def~ciency in lhe ar.iount of such aggregate monthly payment shall, unless made good by the mortgagor ~ pnor to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee =a r.,a~~ collect a"late charge" noi to exceed two cents (2¢) for each dollar (SI) of each payment more than fifteen 115) dat•s in arrears to cover the extra expense im~olved in handling delinquent payments. ~ , 3. That it the tatal of the payments made by the mortgagor under (6J of paragraph 2 preceding shall exceed s - the amount of pay~ments actually m~de by the mortgagee, for ground rents, taxes and assessments and insurance s' premium~. as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be ~ ~ made b~~ the mortgagor. If, however, the monthly payments made b~ the mortgagor under (6) of paragraph 2 pre- ,:a cedmg shall not be sufficient to pay ground rents, taxes and assessm~rnts and insurance premiums, as the case - ma~• be, w~~en the same shall become due and payahle, then the mortgsgor shall pay to the mortgagee any amount _ necessary to make up the def ic~ency~, on or before the date when payment of such ground rents, taxes, assessments, or insusance p~emiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accotdance with ; the proti•isions of the note s~cured hereby, full payment of the entire indebtedoess represented thereby, the mort- z Ragee sha;l, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments .Y~ made under the provisions of (u1 of paragraph 2 hereof which the mortgagee has not become obligated to payto ~ - the Secretary oE Housing and Urban Development and any balance remaining in the funds accumulated under the _ pru~~i~ions of of sa~d paragraph 2. IE there shall be a default under any of the provisio~s of this mortgage, re- - sultinK in a public sale of the premises covered iereby, or if the mortgagee acquires the property otherwise after default. the mortgagee shall apply, at the time of the ~ommencement oE such proceedings or at the time the prop- ert~~ is otherwise acquired, the balance then remaining in the funds accumulated under (hJ of paragraph 2 preceding es a credit against the amount of principal then_remaining unpaid under said note and shall properlyadjust any 3 - payments which shall have been made under (u/ ot said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositiuns, for which pro~•ision has not been made hereinbefore, and in default thereof the mortgagee may pay the same; and that he wiil promptl5~ deli~~er the official receipts thereEor to the mottgagee. ' ,3 = s~198 ~i~?4 - - _ . _