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HomeMy WebLinkAbout0755 f'l R. b ',,~ r: f~ \.J "'- J ;.- ~ ~ "'2 ;j ... FOR V AI.U~ RECElVF.D, the undersigned promise(s) to pay to '--, to. ') T. l Ulif (0hTY. H~, . .. __a ____' ._. ,._. ____ . - . ATICO FINANCIAL CORPORATION , a corporation organized and existipg under tiw laws of Delaware ,or order, the principal sum oi _ Twel ve Thousand, Six, Hundred & No/100_ _ _ - - - -Dollars ($12,600.09 ),with inten'st from date at the rate of Five and One Quarter per centum ( 5 -1/4 ~~) per anllum on the'unpaid balance until paid. The said principal and interest shall be payable at the office of ATICO FINANCIAL CORPORATION in Miami, Florida J or at such other place hS the holder may designate in writing, in monthly installments of '. Sixty Nine & 68/1.00 Dollars ($69,68 ), commencing on the first day of . April , 19 63 , and on the first day of each month thereafter until the principal and interest are fully paid, except that the final payment of the entire inctebtedn~ evidenced hereby, if not sooner paid, shall be due and payable on the first day of March , 19 93 , " If default be made in the payment of any installment under this note, and if such default is not made good prior to the due date of the next Imch installment, the entire principal sum and accrued interest shall at once become due and payable without notice at the option of the holder of this note, Failure to exercise this option shall not constitute a waiver of the right to exerci~ the same in the event of any subsequent d~fault. ' In the event of default in the payment of this note, and if the same i~ collected by an attorney at law, the undersigned hereby agree(s) to pay all costs of collection, including, a reasonable attorney's fee, , " Presentment, protest, and notice ~e hereby waived. ($12,60 State Documentary Stamps affixed to original note and cancelled,) /s/ Lyman Mead (Seal) Lyman Mead Ili/J~,~!i.t~~,9.~u,.Ju~..Jiead Beatrice J. Mead u(~~!iJJ.. And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and compl)' with and abide by each and every the stipulations, agreements. conditions, and covenants of said promissory note and of this mortgage, then this mortgage ami the estate hereby created shall cease and be null and void, And the mortgagor further covenants as follows: 1. That he will pay the indebtedness, as hereinbefore provided, Privilege is reserved to pay the debt in whole, or in an amount equal to one or more monthly payments on the principal that are next due on the note, on the first day of any month prior to maturity: Provided, however, that written notice of an intention to exercise Much privilege i5 given at least thirty (30) days prior to prepayment; and, provided further, that in the event the debt is paid in full prior to maturity and at that time it is insured under the provisions of the Nationalllousing Act, he will pay to the mortgagee en adjusted premium charge of one per centum (1 ~-() of the original principal amount thereof, except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would h we been payable if the mort- gage had continued to be II1sured until maturity; such payment to be applied by the mortgagee upon its obligation to the Federal Housing Commissioner on account of mortgage insurance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with, and in addition to, the monthly payments under the terms of the note secured hereby. on the first day of each month until the said note is fully paid, will pay to the mortgageE the following sums: (a) An amount sufficient to provide the holder hereof with funds to pay the next mortgage insurance premium if this instrument and the note secured hereby are insured, or a 1Y'0nthly charge (in lieu of a mortgage insurance premium) if they are held by the Fedeml Housing l. lmmissioner, as follows: (1) If and so Icng as sHid note of even date and .this instrument are insured or are reinsured under thE' provisions of the National Housing Act. an amount sufficient to accumulate in the hnn(l~ of the holoN one (1) month prior to its due dat~ the annua,' mortgage i!1surance ~re!'1ium, in order to pn>vide .such holder with fundI! to pay 8uch premium to the Federal HOUSing CornInl8SlOner pursuant to the NatIOnal, Housillg Act, as amended, and applicable Relpl~ations thereuI.der; or " (II) If and 80 long all said note of even date &nd thl8 In~trument are held by the Federal Houslnl(' Commls- lIioner, a monthly charge (in lieu of a mortgage in8urance premium) which shall be in an amount equal to one.twelfth (J,{2) of one-half (~) per centum of the avel'al('e outstanding balance due on the note computed without taking into account delinquencies or prepayment.s; (b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable or. policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number of months to elapse before one month prior to the date when such ground rents, premiums, taxes, and as~essment.8 will become delinquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assess- ments; and (c) All payments mentioned in the two preceding subsections of this paragraph and all pay- ments to be made under the note secured hereby shall be added together and the aggregate amount thereof shaH be paid by the mortgagor each month in a single payment to be applied by the mort- gagee to the following iUms in the order set forth: (I) premium char~s under the contract of insurance with the Federal HouBinK Commissioner, or monthly charl('e (in 'ieu of mortgaKe insurance premium), as the case may be; (II) I('rounrl rents, taxes, assessments, fire, and other haz;ard insurance premiums; (III) in~re~t oJ! the note ~u,red here~>:; and .... (IY) amortlutlOn of the prinCipal of BalO note, , Any deficiency in the amount of such aggregate montl'ly pAyment shall, unless made good by the mortgagor prior to the due date of the next such p~rment, constitute an event of default under this mort- gage, The mortgagee may coiled a "late charge' not tc e~::eed two cents (21) for each dollar ($1) 0( eacr, 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 (b) of paragraph 2 prec~ding shall e~ceed the amount of payments actually made by the mor:1;gagee, for Kround rents. taxes and asses~ments ( , ...