HomeMy WebLinkAbout1255 ~['t~.•'e'~:2 ,:~~C~ ~ir7c~b\ 11,~:\ 'An2f.~ili !f!e• ~1~:~' Iu ~:~I.~ ~:iR:~. .f:1Q N\t`[1 E>aC2 +IlNit~ut, aClCj ;\'li: c~t-Ir:!;: i:~r ~ .
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NF'C~\'I[~E:[~ .~L11A1'S. ~nd thr~r prr~~•:it~ en~ ~•xe~-ut~;i ar,d drlicerrd upon the f~~llo~r~r.~ co~dit~uns. !o ~.~•it:
I i:c• ~..~:tti.~R,,r .+Frr~•s to y..~ t::r ~ru:'~..,~_c•. ~>r .~rcic~t. thr pr:ncipa! ~ur.~ oE SEVJ':~''I'~I~ T:iOUSA.`:D FIFT~'
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,_i ^ ~ ati r~.i:~rn~td b\ d:iv:i• c~t~rn 4~a;c `.:r:c~t~•t!~1. tct(t: l.^.(:'r~l fTO:i? ~.~:r .,t t!':r
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s.~t~- ~~i :C~~en per centum ~ 7 ~ ~ rx r an~um on [nr unpa:d i,a;aarr
,::t_1 ~~..i.i Thr ,~id prtn~:~~Ui and 2^[Pft•SI S~l~t:i hc patable ~t the ot2~ce ot J. T. STEv1AI:T MORTGAGE
CO:~~.4:3] , I:VC.. , SLite 3J0 - 10~~ :4:iracle Di; le, Coral Ga`-:les, Florica
:~r ~t n ~~thes p;acr the n:>idrr uf ;ne notr °:a~ designate ia u•tsting, in monthl~• tnsta?lments of O:~@ I~'.1.^.dreci
~niriee.^. and »f1OO-~--------------- Doilars 13.'~.~~ coma~er.cinK on
;:tc• t.rst da~ of F~.uarv . 1~7~ , and un the first da}• ot each month thereafter until the principal
~,r~~~ ~nierest arr full~~ patd.+e~ccpt that the final oa>ment of pnncipal and interest, if not sooner pdid, shali be d~e
,,:,c? =~a~able on thr f~rst da~ ot 3a,Zi;ary, 200.'.
~\nd shpl! dul~, promptl:, and full~• perio:m. ~'ischa:ge. exec~lte, elfect, cumplete. and compl~• u~ith and abide
~•.,ch und e~er~• thc sttpulations, agreements, condit~ons, and co~•enants of said prumissor}• note and of this
;~.~r:;.,Ke, then th?s mortRage and the estate herebt creatrd shall ce~se artd be null and ~•oid.
:1~ed the mortgagor turther eo~~enants a~ folluu~s:
1 That he w•~11 pa~ the indeb,edne~s.~s here~nbefore pro~ided. Pri~~iiege is sesened to pa~• the debt in w•hole,
~~r ~n ,~n dmount equal to one or more r.:onthl~• pa~r.ients on tfie principal that are next due on the note, on the f~cst
~~2 anc ^~onth pnor to maturit~•: I~.:~~ howe~~er. that written notice of an intention to exercise such pri~•ilege
is Fi•:rr. at least thirtc (30) da~s prior to prepa~•rnent: and, pro~•ided further, that ~n the e~ent the debt ~s paid in
f,:'1 pr:or to matunt~ and nt that time it is ~nsured under the pro~•is~ons ot the Vational Housing Act. he ~rill pa~• to
tne ~r:~~rtE~Kee an ~,d?usted premium char~r of oae per centum (1`) of the orig~nal principal ar~ount thereof, except
t: ~t in r.u e~ent shail the ~diusted Qrer*.;tum eeceed the aggregate amount of premium charges Which w•ou'.d ha~~e
'.~e~•n pa~a~ie if the mort~age had contsnued to be insured until maturit~•; such pa~•ment to be applied b~ the mort-
<a~,ee uFun its obligation to the Secretar}• of Housing and Urban Development on account of mortgage insurance.
That. ~n or~'er more iuil~• t~ protect the securitc of this mortgage, the mortgagor, together uith, and in addi-
:iua to, the mor.thlt pa}~ments under the terms of the note secured hereb~•. on the first day of each mont~? unti! the
said nutc~ ~s lulit p~id. u•ill pa~ to the mortKaRee the follo«•ing sums:
An =.:~t s:.tti. i~•n; pr ~~idr thr h,lder lirrr~~f with funds to pec thr next mortKage insurunce prer.:i~- if t~is instru-
rrnt andthr nute- ~rcu:~-d hrrrbc er~• ir.>urr.'., :,r a r.:~r.thly iherKe (tn Iteu of a mortgaKr insurancr prrmiucr:: iE the}• are
~ .ti.. ..f H,,,..~.,., an~i t'rhan Drrrl~nr..ent. as (olloMS:
~I 1t a.~. ?:n~ as sdiu r.~~tr ~uf r~rn datr end th:s instrumrnt arr insured or are retnsured under the provisions of the
\..t:~ nel H~•u~in~ Act. en am~~unt suttic~rnt tv accumulatr in the hands of the holdet or.e (ll rnonth pr:ur to ?ts due
~ d.,;.~ !he annuol r.-.~:~r[Fa~r ~nsuran.r prr!s.sur.., in ::rder tv ~~roci.a.e such hulder ~~uh funds to pay suehprrc:?utr. to the
~ ~~~r~!~n .f }i~usinR and l'rbdn Drcrlu~.^:r~t pur~uant t~~ the \ational Nous~ng Act. as amended, aRd appluable Rrgu-
l..ti m~ ~hrrrundE~r, ~,r
z il It ~nd l~,n~ a~ said n„tr a~c~~r. .:atr and !his ~nstru.^.:ent arr held by~ :he Srcrrtary~ ot Hensing and Urban Derrl~~,-
~ -rr.t. a r.~,nthtt .nar~r ~in :sru ~,f e^.~rt~;age tn5~iraRCF prn:r.incr.i x-hich shell be in an arncunt equa2 to one-t~+'r:fth
s - ~7 cf onr-haSf ~~.i prr r~ntu:r ;f ,hr a:eragr ouistanding balance due ur. the note conputed W3thou! taking intv
i d.. ~~unt dr:inyurnc~rs ~_~r prrpac:r.rr.ts,
p A,e.-. a•y~al t~• thr ,;r,und rrn:s, :t enp. nrxt due, plus the prer,:~ums that ucill neat bec;;ne due and pacable on poLcirs
~ ~1 (ur and ~~thrr hazard inswancr cu~rnns tne r'.ortgagrd prupert}', plus taxes and assessmenis next due an !he mort-
; 1uF.c~u yr~_.prrt~ +a.i es r~urr.atrd b~ tnc .^..~rtgeger~ less all sums alrrad~• paid therefor dieided bq tGe nur.:ber of months
e t:. ol~;.~~ brf~~rr „nr r.~vnth p:~~~r tv thr date •xhen .uch ground rents. prem?ums. taxes, and assessrr.erts w•i:l becorze de-
< tinq::rn~ ~uch ~ur..ti to hr hrld bc ~.,~rt~adre m trust to pay sa~d gruund ren:s. prem.urt:s, t~:es, andspeczalasarssmeats,
~ u:~d
~
A;i ;~a~^rat~ ^.enu~~~.•d in ~tlP IN'L precrdi~g s~bsect~ons ot this paragr-sph and all payrnrnis w be made under thr nutr
~ ~rc.;rrd hrr~•b~~ sha!1 br addrd 1.7Fa•!her and the a~Krrgate ar.,ount thereoi ~hall be paid by the mortdagor each month in a
~ ~~n~~li• ;~ecr..rn! t•~ br ~pp?ird bc the rnortgagrr t~i !'~r foiluw•tng ~tems in the order seL iorth~
~ ~ 1~ p:e•r..lu:r. ~ her~{e. und~•r thr ~ nntract et ~nsurana r•x:th the Srcrrtan~ ot Housing and l'rban Decri~pr.:ent, ur monthly
~ har~;r ~ in !iru oC c.vrtKagr ~nsutancr prrr. iuT. as the case r.y be,
~ ;11~ ~;:ou::i rrntn, tdxrs, essessc.rnts, (i:c, end ~ther hazard ~nsurencr prrmsums,
k •j11) tntrre~t on tF.e ~vte secured hrreb>', and
~ ~I\'i ar..:•rtszation ut the pnncipaZ ot seid note.
~ An~ def~cienct• in the ar~oun~ of such aggregate monthly payment shall, unless made good by~ the s~ortgagor
=s pnur to the due date of ;he next such pa}•ment. constitute an event of default under this mortgage. The mortgagee
r .
~ rna~ c~,liect a"late charKe~ not to exceed tuo cents (2c) for each doilar (51) of each pal•ment more than fifteen
4 il>1 da~s tn arrears to co~~er the extra expense im~olved in handling deltnquent pa~•ments.
~s
~ 3. That if the total of the payments made by~ the mortgagor under (f~/ of paragraph 2 preceding shall exceed
the amount of pa}~rt~nts actually mide bp the mortgagee, for ground rents, taxes and assessments and insurance
pfE'tTtIUT~. oS the case ma~• be, such excess shall be credited by the mortgagee on subsequent payments to be
m~de b~• the mortgagor. lf, houe~er, the monthly payments made b)• the mortgagor under /~~l of paragraph 2 pre-
ced:ng shall not be su(ficient to pay ground rents. taxes and assessm~~nts and ~nsurance premiums, as the case
r~a~ t>e, xhen the same shall becorr.e due and payable, then the mo~tg~gor shatl pa}• to the mortgagee any amount
= necessar~~ to make up the def ic~enc}', on or before the date when pa}•ment of such ground rents, taxes, assessments,
u: insurance preriums shatl be due. If at an~• t~me the mortgagor shalltender to the mortgagee in accordance with
= the pru~ is~~~ns of the note secured hereby. fuil pa~°ment oi the entire indebtedness cepresented thereb~•, the mort-
kaKee shal;. ~n computing the amount o( such ~ndebtedness, credit to the account of the mortgagor all payments
- made undrr the pro~•isions of /u/ oE paraKraph 2 hereof wh~ch the mortgagee has not become obligated to payto
tbe Secretarp of Nousing and Urban Development and any balance remaining in the funds accumulated ~ndet the
- prc~~.~ti~uns of /~~I of sa~d par:,graph 2. If there shall be a default under any of the provisio~s of this mortgage, re-
~ul±~~~ ~n a public sale ot the premises covered iereby, or if the mortgagee acquires the Property otherwise 3fter
det:,ult. tne~ mortgagee shall appt}~. ~t the time of the commencement of such proceedings or at the time the prop-
ertt othrrw•ise acqu~red. the balance then remair.ing in the funds accur~ulated under fj~l of paragraph 2 preceding
e credit agatnst the amount of princ~pal then remaining ~npaid under said note and shali properiyadjust ang ,
p~~•ments w~hich shall ha~•e been made under (ul of said paragraph.
= -i. That he will pay alI taxes. assessments. u•ater rates, and other goti~ernmental or municipal charges, fines,
or :Tpc~Sit~vns. for whuh pro~~~sion has not been made hereinbefore, and in deEault thereof the mortgagee map pa}•
tht• same: and th.,t he w~11 prr~mptly deln~er the official rece~pts therefor to the mottgagee.
~~1~ ~1253
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