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HomeMy WebLinkAbout1968 O. R.' 8[1:<< 59 r1u565. , FOR V U.UB RBcmvBD, the u~i~~~ta):-toapay to . ATICO FIlIANClA.L CORPORATION , a corporation organi~ed and existing under the lawlI of Delaware, ", or order,'the principal sum of Fourteen Thousand, Two Hundre,d'Pifty. NO/100 - - - -Vollan($14,250.00 ),with interest from dau, at the raU, of Fiv. . One QUarter '.... per centum ( 5 -1/4 %) per annum on the unpaid balance until paid. The saJd prl1!CJ.P!.l_~nd inu,rest shall be payable at the office of , ATIOO nHAMCUI. CORPORATION in Miaai. Florida ' , or at such other place 88 Ole holder may deaignate in writing, in monthly inat:illmenta of ~' Seventy Eight & 80/100 - - Dollars ($78.80 ), commencill&' on the fint day of May ,1963 , and on the fint day of each month thereafter until the principal and interest are fully paid, except that the final payment of the entire ind~btednesa evidenced hereby. if not sotPer paid, shall be due and payable on the first day of Apri 1 , 19 93 . If default be made in the payment of any installment under this note, and if such default is not made rood prior to the due date of the next such installment, the entire principal sum and accrued interest shall at once become due and payable withcut notice at the option of the holder of this note. Failure to exercise this option shall not constitute a waiver of the right to exercise the same in the event of any subsequent default. In the event of default in the payment of this note. and if the same is collected by an attorney at law, the undersigned hereby agree(s) to pay all coata of collection, including, a reasonable attorney's fee, Presenbnent, proteat, and notice are hereby waived. ($14~ 30 State Documentary Stamps __l~/ ~::: ~: ~~~~~~:~u_____,__~~eal) 'affixed to original note and cancelled.) /s/ Maureen Sullivan _..-~-----------~------- ----------- -. -- - -. ----'------ - - --- (Seal) Maureen Sullivan And shall duly, promptly, and fully perlonn, discharge, execute, effect, complete, and comply with and abide by each and every the stipulations, agre~ments. conditions, and covenants of said promissory note and of this mortgage, then this mortgage and the estau, herel>y created shall cease and be null and void. Ane! the mortgagor further covenants as follows: 1. That he will pay the indebtedness, as hereint:.efore 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 such privilege is given at least thirty (30) days prior to prepayment; and, provided further, that in the event the debt is paid in full prior ~ maturity 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 per centum (1 %) of the original prinripal amount thereof, except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been payable if the mort- gage had continued to be insured until maturit)'; 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 addWon to, the menthly payments under the tenns of the note secured hereby. on the first day of each month until the said Mt.e is fully paid, will pay to the mortgagee the following sums: (a) An amount ~lUfficient 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 monthly charge (in lieu of a mortgage insurance premium) if tJley' are held by the Federal Housing Commisaioner, as follows: (I) If and 10 long.. &Aid no" of even date and thil inltrument are in.ured or are reinsure<:! undel' the provi.ionl of the National Houling Act. an amount Ilutl'lcient to ae-eumulate in the hands of the holder one (1) month prior to ita due date the annual mortgage inauranoo premium, in o'rder to provide such holder with funds to pay .uch premium to the Fede.ral Houlling Commiuioner pursuant to the National Houling Act, al amended, and applicable RefUlationl thereunder; or (II) If and 80 long al said note of even date and thlll instrument are held by the Federal Housing Commis- mOlle., a monthly chat:'fl! (in lieu of a mortpge inllurance premium) which shall be in an amount . 'equal to one-twelfth (~r) of one-hiJf (~) per centum of the average outstanding balance due on the note computed without taldng'into "count delinquencies or prepAyments; , (b) A sum equal to the ground rents, if any, next due, plus the premiums that wi\i next become due and payable on 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 munths to elapse before one month prior to the date when such ground rentIJ, premiums, taxes, and assessments will become delinquent, such sums to be held by mortgagee in t]"11st to pay S8Jd ground rents, premiums, taxes. and special assess- ments; and (c) All payments mentioned in the two preceding subsections of thia paragraph and all pay- menta to be made under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a single payment to be applied by the mort- gagee to the following items in the OTder set forth: (I) premium charges under the contract of insurance with the Federal Housing Commi811ioner, l r monthly charge (In lieu of mortgage insurance premium), u the cue may be; (II) Itround rents, taxes. &Melsmen18, fire, and other haurd insurancE" premiums; (Ill) lntereat on the note IeCUred hereby; and (IV) amorti.u.tion of the principal of nid note. Any deficiency in the amount of such aggregate monthly payment shall. unless made good by the mortgllior prior to the due date of the next such parment, constitute an event of default under this mort- gage. The mortgagee may collect a "late charge' not to exceed two cents (21) for each dollar ($1) 0( each ~ent more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent paymenta. 8. 'l'hat if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall e~ceed the 2l1lount of payments actually made by the mortgagee, for ground rents, taxes and a}\ses~ments () . -!'- ) .. ,0__, ')- \ ~,___..~. ~._;~...__,~_~ "__0_ "';".