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Home My WebLink About1962 . s:ud mott~:,E,.~r dues hrteb~• full~ watcant the htle to ;aid land, and e~en~ part thereof, and w?ll defend the sar.e ,~~;ainst the lau•Eul claims of all pe~suns w•homsoe~•er. PROVIDED ALN'AYS, and these presents are executed and deli~•ered upon the foUowing conditions, to wit: The mortgagor agcees to pa~• the mortgdgee, or orde~, the principal sum of ~~y THOUSAND Z1ni0 HUNDRSD AND NO/100---------------------------------------------^---------------- [)oltars lS 20,200.OQ as e~•idenced by a note of eve~ date herew~ith, with interest from date at the rate ot seven per centum ( 7 b) per annum on the unpaid balance unt~l paid. The said pnncipal and interest shaii bc pa~~able at the office of J. T. ST~IART MORTC~~GE COd~SPANY, INC., Suite 300 - 100 Miracle Mile, Coral Gables. Florida or at such other place as the holder of the note ma~~ designate in writ~g, ~~~thly instaliments•oL~~E ~p~ T~?T?2^'Y FO',JF: AIv~ 53/100 Dollars (5~13 comn~encing on the tirst da~• of January . 19 72 . and on the first day ot each month thereafter untiltheprincipal dnd interest are fully paid, except that the final pat•ment of principal and interest, if not sooner paid, shall be due dnd payable on the first da~• ot ~~r, 2001~ And shall dul~•, promptly, and fully per orm, discharge, execute, effect, complete, and comply with and abide b~• each and e~•er~• the stipulations, agreements, ronditions, and co~•enants of said promissoq• note and ot this mortg~ge, then this mortgage and the estate hereby created shail cease and be null and void. And the mortgagor further cocenants as follows: 1. That he will pay the indebtedness, as hereinbefore pro~•ided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or more monthl~• payme~ts on the principal that are next due on the note, on the tirst da\' OI any myn[n priur to metu[i[)•: i`?~~i ide-~i, 1iuLtiF~2t, t=Sat ~Sii1i22Ii fi'vCKE' Oi S:i ifi2Za.t1wS ~t1 €X~:~:SL' S:::.~ l.t2~ i:~6~ is gi~•en at least thirty (30) da~•s prior to prepayment; and, provided further, that i~ the event the debt is paid in full prior to maturit~~ and at that time it is insured under the provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one pec centu:n (1 0) of the original principal amount thereof, except that in no e~•ent shall the adjusted premium exceed the aggcegate amount of premium charges which would ha~~e been pa~~able 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, in order more fully to protect the securit~• ot this mortgage, the mortgagor, together with, and in addi- t~on to, the monthly pay~ments under the terms of the note secured hereby, on the first day of each month until the said note is full~• paid, will pa~~ to the mortgagee the follov~•ing sums: ~ r~ An er.:~~unt suf(sc~ent to provide the holder hereo[ v~uh Lunds to pap thr next mortgage insurance premium i( this instru- ment andthe note secured hereb~• are insured, or a monthly charge (m l~eu ot a mortgage insurance prrm~um) if thep are hrld b~ the Secretary of Housing and Urban DevelopmeM, as (~Ilox•s: U? If and so long as said note of ecen date aad this ~nstrument are insured or are reinsured under the pro~isions ot the :tat~onr+l Nous~ng Act, an amuunt sutGcient to accumulate in the hands of the holder one (1) month prior to its due date the annual crortgage tnsura~ce premtum, tn order to prov~de such holder ~a~~th f~nds to pay suchpremium to the ~ Secretar~• o[ Hous~ng and Urban Decelopr.~ent pursuant to the National Hous~ng Act, as amended, and applicable Regu- latiuns thereunder, or ~Ili I( and so long as satd note ut ecrn date and th~s instrument are held by the Secretarp o( Housing and Urban De~elop- ~ r..rnt, a monthly charge hn lieu of a mortgage ~nsurance prem?um) v~•hich shall be in an amount equel to one-tvicelfth E ~1 12) ot one-hait (i:) per centum of the average outstanding balance due on the note computed without taking into j account delinquencies or pre~ayments; - A sum equai to thc ground rents, ?f any. next due, plus the ptemtums that w•3U ~e:t beceme due and payable o~ policies < <,t fire and othrr haz~rd insurance covering the mortgaged propert)•, plus taxes and assessments nett due on the mort- kaKed prupc•rty (a11 as esumated by the mortgagee) less all sums already paid therefor div~ded b~ the number of months ~ to rlapce brtore one month prsor to She date x•hen such ground rents, premiums, ta:es, and assessments will become de- ~ linqurnt, such sums to br held b~ mortgagee ~n trust to pay s~id ground rents, premiums, ta:es, and speciat assessments, ~ and ; A11 pa~•mrnts meritioned ~n the two preced?ng subsections o( this paragraph and all payments ta be made under the note secured herrb~• shalt be addrd together and the aggregate amount thereof sha11 be paid bf the mortgogor each month in a ~ smKle p-ryment t~ be applied by the mortgagee to the [ollowing items ~n the orQer set torth: ~ (I) premium charges under the contract ot msurance wuh the Secretary ot Housing and Urban Development, or monthiy ~ charge (in l~eu of mortgage insurance prem~um), os the case may be; (IIl ground rents, taxes, assessmenis, [ire, and other hazard ~nsur~nce premiums; (III) interest on the note secured hereby; and ~ (I~') amurtizauon o( the pnncipal of sa~d note. ~ Any deficiency is~ the arsount 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 of default under this mortgage. 7he mortgagee map collect a"late charge" not to exceed tvro cents (2C) for each dollar (S1) of each payment more than fifteen ; t15) daqs in arrears to cover the extra expense involved in handling delinquent payments. X~ 3. That if the total of the payments made by the mortgagot under (b) of paragraph 2 preceding shall exceed ~he amount of payments actually made by the mortgagee, [or ground ~ents, 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. If, however, the monthly payments made by the mortgagor under (b) oE paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm~rnts and insurance premiums, as the case ma~~ be, wheo the same shall become due and payable, then the mortg:.gor 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, - or insurance premiums shall be due. If at any time the mortgagor shalltender to the mortgagee in accordance with ihe provisions of the note secured hereby. Eull 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 provisions of (a1 of paragraph 2 hereof which the mortgagee has not become obligated to y~ayto ~ the Secretarl of Nousing and Urban Development and any balance remaining in the funds accumulated under the ~ - pro~•isior.s of (6) of said 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 after t - default, the- moctgagee shall apply, at the time of the commencement of sucF proceedings or at the time the prop- ertti• is otherwise acquired, the balance then cemaining in the funds accumulated under (6J of paragraph 2 preceding - as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any ?c~-~ payments which shall fiave been made under (a/ of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefore, and in detautt thereoE the mortgagee may pay , '~a the same; and that he will promptly deliver the official receipts therefor to the mortgagee. } ~x ~g7 ~f - aoo,cc~98 r~cf1959 ~ 2~~