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Home My WebLink About1823 ~..u: ~ort~,.~,ur durs hereb~ full~• ~~tirr:,nt the title to said land, and e~~er~ part thereof, and u~ill defrnd the s~~me ~ „K~ir.~t ~he :.,~~ful clatms oi ail pcrsor.s u•ho~rsoever. PRM'IDE[) AL1CA1'S, and ihese presents are exerutcd and deli~•ered upon the foUowing conditions, to w~t: The mort~agot aKrres to pa~~ ihe muttgugce, or order, the principal sum of $~~ggN THOUSAND FIPTY A.\D NO/100---------------------------------------------------------------------- t~~t:ars 17,05g.00 ?s e~~denced b~~ a note of e~•en ~ate herewith, w•ith interest f~om date at the r~~tc ot seven per centum ( ~ o) per annum on the unpaid balance ,,r,til pa~d. 'i'he said principal and interest shall be pa)•able at the office of J. T. STF.WART MORTGAGfi CO?~ANY, I:~1C., S'~:ite 300 - 100 Miracle Mile, Coral Gables, Florida vr at such other piace as the hotder~of the note mati• designate in w~iting, in monthly installments of Orie Hundred Tiiirteen and 55/100---------------------- ~otlars (S 113.55 comr.~encing on ;he first da~~ ot gp,jp~~~r . 19~2 , and on the first da~• ot each month thereafter untiltheprincipal ~ dnd ~nterest are tully paid, except that the [inal payment of principal and interest, if not soorter paid, shall be due a~d pa~~able or? ~he first day of January, 2002 And shall dul~~, promptly, and full}~ perform, discharge. execute, effect, complete, and comply with and abide b~~ edch and e~•er}• the stipulations, agreements, conditions, and co~•enants of said promissoty note and of this r.:ort~;age, then this mortgage and the estate hereb~~ created shall cease and be null and void. and the mortgagor further co~~enants as follow•s: l. That he will pa}• the ~ndebtedness,as hereinbetore pro~~ided. Privilege is reser~ed to pa~• the debt in whole. or in dn amourit equal to one or more monthl}• payments on the principal that ar~ next due en the note, on the tirst da~ of any month prior to maturity: Pr~e ~ded. however, that written notice of an intention to exercise such privilege is ~~~~en at least thirty (30) da~•s prior to pre,~a~~ment; and, pro~~ided further, that in the event the debt is paid in fnil pr~or to maturit} and at that time it is insured under the provisions o[ the Natia?al Housing Act, he will pap to the mortgagee an adjusted premium charge of one pec centum (1 0) of the origi~al principal amount thereof, except that in no e~~ent shall the adiusted premium exceed the aggregate amount of premium chacges H•hich would ha~~e been pa~~abie if the mortgage 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, ~n order more iully to protect the security of this mortgage, the mortgagor, together with, and in addi- cion to, the munthl~- payments under the terms of the note secured hereby. on the first day of each month until the said note is full~ ~aid, will pa~• to the mortgagee the follow~ing sums: Aa :.^._~unt suf(tcirnt to pro~•ide the halder hrteof with Eunds to pap the neYt mortgage irtsuraace premiucr. if this instru- mrnt and the note securrd hereb~~ are insured, or a monthl~~ charge (in lieu o[ a mortgage insuronce premwm) iE they are h~•!d b~ the Secretar~• of Housing and Urban Development, as toliow•s: - 11? I! and so long as sa?d note ot e~•en date and th~s ~nstrument are insured or are reinsured under the pro~•is~ons oI the ;~aUOnel Houstng Act. an ~mount su[(icient ta accumuiate in the hands vf the holder one (1) month prior to its due datr the annual ^~ortgage insurance preaaium, ~n order to provide such holder with funds to pay suchpremium to the Sr: retary uf Housing and Urban Drvelopment pursuant to the Natioaal Housing Act. as amended, and applicable Regu- latwns thrrrunder, or ;Al il ~nd so long es said note u( r~~rn datr and this instrument are held bp the Secretary ot Housing and Urban Deeelop- -.rnt. a ronthl~ charRe (in tieu of a r.:ortgage insurance premium) K•hich shall be in an amount equal to one-twelfth f il 12i uf one-half i'_1 per centum of the average outstanding balance due on the aote computed without talcing lnto ~ aci•ount delinquenc~es or prepayments; # ; A suR~ rqual to the ground rents, it any, next due, pius the prem~ums that will neYt become due and payable on policies ? ot (~:e and other hazard ~nsurance covertng the mortgaged property, plus ta:es and assessments nezt due on the mort- ~ f ~aRrd property (all as estimated b~~ ihe mortg~gee) less all sums already paid therefor divided by the number of months 1 t~ elepsr before one month pr~or to the date vchen such ground rents, premiums, ta:ea, and assessments v~ill become de- ~ lmyurn!, such sums to be held by mortgagee m trust to pay said ground rents. premiums, taies, and special assessmeats, and - All pa~~mrnts mentionrd in the two preceding subsections of thia paragraph and all pagments to be made under the note srcurrd herrby~ shall be added to~rther and ihe aggregate aeaount thereof shall be paid by the mortgagor each month in s - s~nKlr paymrnt to be applied by the mortgagee to the following items in the order set forth: iI) prerr.~um ch+rges under thr contract of ansurance with the Secretary of Housing and Urban De~•etopmeni, or monthip ~ charge l~n 1~eu o[ r.~ortgage insurance premium), as the case may be; ti lIL ground rents, tazes, assessmrnts, tire, and cther hazard tnsurance premiums; 1111) ?nterest on the note secured hereby; and ~ 11\`) amurtizabon o( ihe princspal of said note. ~ An~• deficienc~~ in the ar.iount of such aggregate monthly papment shall,~unless made good by the mortgagor ~ prior to the due date of the next such paymeni, constitute an event of default under this mortgage. The mortgagee ; r mat~ collect a"late charge" not to exceed two cents (2C) for each dollat (SI) of each payment more than fifteen j ~ (15) da~•s in arrears to cover the extra expense im~olved in-handling delinquent payments. ; ~ ~ ~.ti 3. That if_ the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of payments actually made by the mortgagee, for ground rents, taxes and ass~ssments and insurance premium~. as the'case may be, such excess shait be credited by the mortgagee on subsequent payments to be _ rnade by the mortgagor. If, hoWever, the monthly payments made by the mortgagor under (6J of paragraph 2 pre- ~ ced~ng shall not be sufficient to pay ground rents, taxes and assessmants and insurance premiums, as the case ma~• be, w•hen the same shall become due and payable, then the mortg:.gor shall pa}• to the mortgagee any amount necessary to make up the def iciency, on or befoce the date when payment of such ground rents, taxes, assessments, t - or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accotdance with the pro~•isions of the note secured hereb}~. fuli payment of the entire indebtedness represented thereby, the mort- _ gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments = made under the prrn~isions of (uJ of paragraph 2 hereof which the mortgagee has not become obligated to payto - tbe Secretary of Housing and t;rban Qevelopment and any balance remaining in the funds accumulated under the :~2 pro~•isions of (~~1 of said paragraph 2. If there shall be a default under any oE the provisio~s of this mortgage, re- = sult~ng ~n a~public sale of the premises covered ~ereby, or if the mortgagee acquires the property otherwise after def~ult, the mortgagee shall appl~•, at the time of the commencement of such proceedings or at the time the prop- " ert~• is otherwise acquired, the baiance then remaining in the funds accumulated under (h) of paragraph 2 preceding ' as a credit against the amount ot principaf then remaining unpaid under said note and shall properlyadjust any pa~~ments which shall have been made under (u1 of said paragraph. ~ ;'r 4. That he will pay aU taxes, assessments, water rates, and other go~•ernmental or municipal charges, fines, ; = ar ~mposrtions, for which provision has not been made hereinbe(ore, and in default thereof the mortgagee may pay the same; and that he wilt Promptly deliver the official receipts therefor to the mortgagee. ~ ; g~198 ~1~53 g~i~ ~ . M,