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Home My WebLink About0308 ~ s,.?d mortK.~gor does hereb~~ full~• w•acrant the title to said land, and e~•er}~ patt thereof, and will defend che same .~~;~+inst the I.+uful claims of all persuns w•homsce~•er. PROVID~D ALN'AYS, and these presents are executed and deli~•ered upon the following conditioos, to wit: ~ The mortgagor agrres to pay the mortgagee, ur o~de~, the principul sum of SIXTEEh TIi0USA2~D SEVEii ~ '?U'^:DFED FIFTY AND NO/100---------------------------------------------------------- ~ Uoliars (S 16, 7SO.OQ as e~•idenced by a note of e~~eo date here~vith, K ith interest from date :,t thc ~ r.~te of seaen per centum ( 7 ro) pec annum on the unpaid balance until paid. The said principal and interest shall be pa~~able at the o[fice of J. T. STh~TART MOR7`GAGE COMPA`_~Y, Y:JC., SUite 300 - 100 M~racle 2ti.le, Coral Gables, ~lorida or at such other place as the halder ot the ~ote may designate in writing, in monthiy installments of pne i~undreu Eleven and 56/100----------------------.---Dollars (S 211.56 coma,encing on the [irst da~~ ot February , 19 72 , and on the first da~• oI each month thereafter until the principal and intecest are tully paid, except that the final payment of principal and interest. if not soonet paid, shall be due dnd pa~•able on the first day of January. 2002 And shall duly, promptly, and fully perform, dischacge, execute, effect. complete, aad comply with g:xi_~ e b~~ each and everp the stipulations, agreements, cot?ditio~s. and co~•enants of said promissory ~ote and of this murt~age, then this mortgage and th~ estate hereby cceated shall cease and be null and void. And the mortgagor fu~ther co~enants as folloKS: 1. That he will pay the indebtedness, as hereinbeto~e pro~•ided. Privilege is resen~ed to pa5- the debt in whole, or•~n an amount equal to one or more monthly payments or~ the principal that are next due o~ the note, on the first day of any month prior to matucity: Prorid~•d, however, that written notice of an intention to exe~cise such privilege ~s given at least thict} (30) da~•s prior to prepa~~ment; and, provided further, that in the e~•ent the debt is paid in full prior to maturity and at that time it is insured under the provisions of the National Nousing Act, he witi pay to the mortgagee an adjusted premium charge of one per centum (1 0) of the original principel amount thereof, except th~t in no eti~ent shall the adjusted premium exceed the aggcegate amount of premium charges which would have been papable if the mortgage had continued to be insured until maturity; such payme~t to be applied by the mort- gagee upon its obligation to the Secretary ot Housing and Urban Development on account of mortgage insurance. That, in order more fu[ty to protect the security of this mortgage, the mortgagor, togeiher with, and in addi- ; tioa to, the monthly payments urtder the te~ms of the note secured hereby, on the first day of each month unti! the said note ~s fully paid, will pa}~ to the mortgagee the tollowing sums: ~~+r An emuunt suf(iclent to pro~•Ide the hoider hereof wtth (unds to pay the next mortgage insurance premium ~f this instru- ment and the note secured hereby are insured, or a monthly charge (in lieu ot a mortgage insarance prem~um> if they ~re held by the Sccretary of Housing and U~ban Qevrlopment, as talioKS; (Il !f and so long as sa~d note ot even date and this instrument are insured o~ are reinsured under the provisions of the Nat~ona! Nousing Act, an amount suff~cient to accumulate in the hands ot the holder p~e (1) month prior to its due date the annual mortgage msurance prem?um, in order to provide such holder NUh [unds to pay suchpremium to the Secretar~• ot Flousing ~nd Urban Drvelopment pursuant to the National Housing Act, as amended, and opplicable Regu- 2aUuns therrunder, or ' i IU If and so long as sald notr o[ evrn date and this ~nstrument are held by the Secretary of Nousing and Urban Develop- mrnt, a monthly charge (~n heu ot a mortgage insurance premium) which shall be in an amount equal to one•twelfth (1 12i of one-hatf per centum ot the a~erage outstanding bal~nce due on the note computed without taking into acrount del~nquencies or p~epa~ments; il,+ A sum equa( to the ground rents, if any, nezt due, plus the premiums that Mill aext become due and payable on poIicies uf t?re and other hazard insurance coveriRg the mortgaged property, plus [aYes and assessments ~est d~e oa, the mort- ' Kaged propert~• (al( as estimated by the mortgagee) less all sums aiready paid therefor divided by the number of months to elapse befure une month prior to the date when such ground rents, premiums, taxes, and assessments wiii become de- linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments, and ~ r 1 AU payments mentioned in the two preceding subsections of this poragraph and atl payments to be made under the note j secured 4errby sh~ll be added together and the aggregate amount thereo[ shall be paid by the mortgagor each month in a . single paymrnt to be appl~ed b~ the mortgagee to thr [oliowing items in the order set forth: (Ij prem~um charges under thr roatract ot msurance with the Secretary of Housing and Urban Devetopmeat, or monthlp charge (~re leeu of mortgage ~nsurance premium), ~s the case map be- , , ~ , (1!) ground rents, taxes, assessments, tire. and other hazard insurance premiums; " Iltl) lnterest on the note secured herebv; and s,. . (IV) amortizaUon ot the principal o[ said nole. y,- . t. ~ , Any deficiency in the ar.~ount of such aggregate monthly payment shall; unless made ,go~d by the moctgagor i prior to the due date of the next such payment, constitute an event oE detault under this mortgage. `fhe moKgagee may coliect a"tate charge" not to exceed iwo cents (2C) for each dollar (Sl) of each payment more than fifteen (15) days in arrears to cover the extra expense involved"in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under /6) of paragraph 2 preceding shall exceed the amount of payments actually made by the mortgagee. for groand rents, 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. IE, however, the montfity payments made by the moctgagor under (6J of paragraph 2 pre- ceding shall not be suf[icient to pay ground rents, taxes and assessmants and insurance premiums, as the case may be. when the same shall become due and payable, then the mortg~gor shall pay to the mactgagee any amount necessary to make up the deficiency, on or befae the date when payment of such ground rents, taxes, assessments, or insurance premiums shall be due. ~If at any time the mortgagor shall tender to the mortgagee in accocdance with E the provisions of the note secured hereby, futl payment of the entire indebtedrtess represented thereby~, the mori- ' ' gagee shalt, in computing the amount of such indebtedness, credit to the account of the mortgagor ail payments ~ made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to payto ! tbe Secretary of Housing and Urban Development and any balance remaining in the funds accumulated undet the pro~•isions of of said paragraph 2. If there shall be a default under any of the provisio~s of this mortgage, re- su[ting in a~ubiic sale of the premises covered iereby, o~ if the mortgagee acquires the property otherwise aEter default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the ptop- erty is otherwise acquired, the balance then. remaining in the funds accumutated under (bJ of paragraph 2 preceding ~ as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any payments which shall have been made under (al of said paragraph. 4. That he wilt pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or mpositions, for which provision has not been made hereinbefore, and in default thereof the moctgagee may pay the same; and that he will promptly deliver the official teceipts therefor to the moctgagee. ` ~X ~