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HomeMy WebLinkAbout2243 r :: :' , . h fj r:6:- , ~.., !.J< :!',:d J F~J V Al:lik ~F:~~l~kI/ ~ tJLldth.~jglle.a fll'o",.~ ~s) t()lpa):- to ATICO FINANCIAL CORPORATION , a corporation organizl'd and l'xisting undt'r till' laws 01 De 1aware ,or order, the principal sum of Fourteen TIlt)usancl, 1'\0/0 Hundred Fifty & NO/100 - - - -Dollurs($14,250.00 ),with intl'rl'st from datt' at thl' ralP of Fi ve & One Quarter per centum ( 5 -1/4 '.t-) per allllum 011 till' unpaid balancl' until paid. The said principal alld intere!-lt shall 1w payable at the oflice of . ATICO FINANCIAL CORPORATION in Miami Florida' , or at such other place as thl' , - holdl'r may designate in writing, in monthly installments of Seventy Eight & 80/100 - - Dollars ($ 7 8.80 ), commencing on the first day of l>lay , 1963 , and on the ftrst day of l'ach month thereafter until the principal and interest are fully paid, except that the final paYIlll'llt of the entin' jlHlettedneS8 evidenced hereby. if not sooner ;'llid, shall be due and payable on the ftrst day of Apri 1 , 19 93 . If ddault he made in the payment of any installment under this note. and if such default is not made good prior to tlH' due date of the next such installment, the pntir€' princir"': sum and accrul'd interl'st shall at once become due and payable withuut notice at the option of the hold~, of this note, Failure to exercise this option shall not constitute a wai\'l'r of the right to exercise the 5'-''Tc ill the event of any subsequent default. In the event of default in the payment of this note, and if th" sallie is collected by an attorney at law, the undersigned hereby agree(s) to pay ;\11 costs of collection. induding,a reasonable attorney's fee. Presentment. protest, and notice are hereby waived. (SIll. 30 State Documentary affixed to original note cancl.'llcd. ) ../~l James p. Sullivan j aIT'le 8--'15. ~-:---SiiTTr-v-a 11 (Se a 1 ) Stamps and /s/.. MB.~E~_~!\_.?~~.~Jva~ }laureen Sullivan (Seal) And shall duly. promptly, and fully perform, discharge, execute, effect, complete, and comply with and p.bide by each and every the stipulations, bgreements, conditions, and covenants of said promissory note and of this mortgage, then this mortgage and the estate herel)y created shall cease and be null and void, And the mortgagor further covenants as follows: 1. That he wi1\ 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 such privilege is given at Ipast 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 National Housing Act, he will pay to thl' mortgagE'e an adjusted premium charge of one per centum (1 '7~) of the original principal amount thereof, except that in no event shall the adjusted premium exceed the aggregate nmount of premium chary.es which would have been payable if the mort- gage had continued to he insured until maturity; such payment to be applied by the mortgagn 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: ((I) An amount sufficient to provide the holder hereof with funds to pay the iwxt 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 they are held by the Federal Housing Commissioner, as follows: (I) If and so long as said note of even date and this instrument are insure<! or are r('insur('d under th(' provisions of the National Housing Act, an amount sufficient to accumulate in the hands of the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provid" such holder with funds t<l par such premiu.m to the Fedw:al Housing Co;nmissioner pursuant to the National Housinf{ Act, as amenG~d, and appllcablo RegulatIons thereunder; or (II) If and 60 long as said note of even date and this instrument are held by the Federal Housing Commis- sioner, a monthly char~e (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth (lilt) of one-half (Y.) per centum of the average outstanding balance due on the note computed without taking'into account delinquencies or prepayments; (b) A sum equal to the ground rents, if any, next due, plus the premiums that wi1\ 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 (aH as estimated by the mortgagee) less all sums already paid therefor divided by the number gf munths to elapse before one month prior to the date when such ground renta, premiums, taxes, and a:-,sessments will become delinquent, such sums to be held by mortgagee in trust to pay Aaid ground rents, premiums, taxes, and spe-~ial aSRess- ments; and (c) AH payments mentioned in the two preceding subsections of this paragraph and all pay- ments co be made up-del' the note secured hereby shaH be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a single paywent to be applied by the mort- gagee to the foHowing items in the order Bet forth: (I) premium charf{es under the contract of insura:lce with the Federal Housing Commissioner, or monthly charKe (in lieu of mortgage insurance premium), as the case may be; ((/) ground rents, taxes, assessments, fire, and other hazard insurance premiums; (/II) interest on the note secured hereby; and (IV) r.mortization of the principal of tL!lid note, Any deficiency in the amount of such aggregdte monthly payment shall, unless made good by the mortgagor 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 (2~) for each dollar ($1) 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 payment.s made by the mortgagor under (b) of paragraph 2 preceding shall e"ceed the amount of payments actually made by the mortgagee, for Kround rents. taxes and a8ses~ments , J ( -'! -)