HomeMy WebLinkAbout1968 ..~w - • ~ • ~
FoR VALUS RECg1V8o. the underaigned promise(a) to pny to , t
ATICO FINANCIAL CORPORATION
corporation organtaed i?nd existing under
the laws oi Delawore . or order, the principal sura oi Sevetnteen thous and
eight hundred and No/100 ------------------~11ara ti 17,800.00 ),with
interest imm datc at the rate of Five 8t One-Quarter per centum ( 5~ 96) per
, annum on the unpaid balance untll paid. The said principal and intereat shall be payable at the o~ce of
ATICO FINANCIAL CORPORATION 4
in Miami 1, Florida . or atauch other place as the 4
holder may designate in writing. in monthly installmenta of Nine ty e ight end 43/100
Dollars 98.43 commencing on the flrst day of October .19 64 ~ nnd ~
on the lirst day of each month thereafter until the principal and intetest are fully paid. except that the Snal ~
' payment of the entire indebtednesa evidenced hereby. if not sooner paid. shall be due and payable on the !
fiist day of September ,19 94 • i
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 such installment~ the entire princip~al sum and accrued interest shalt `
at once become due and payable without notice at the option of the holder of this note. Failure to exercise E
~ this option shall not constitute a waiver of the right to exercise the same in the event of any subs~quent ~
default. In the event c?f default in the payment of this note. and if the same is collected by an attorney }
at law,the undersig?ned hereby agree(s) to pay all costs of collection, includin&a reasonable attorne~'= fee.
Presentment~ protest~ and notice are hereby waived.
• s1 Neal G Acker$on (SEAL)
i '
(State Documentery Stamps Ne~l G. Ackerson
affixed to original note _
'~s
' and cancelled.)
~ er ,~,a G. AckQ~C~3on (SEAI.)
.
Thersea G. Ackerson '
.
~ And shall duly. promptly, and iuUy perform. diacharge, execute, effect~ complete, and comply with and
ubide by each and every the stipulations, agree:nents. conditions, and covenanta of said promissory note
and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void.
And the mortgagor further covenants as follows:
l. That he will pay the indebtedness, as hereinbefote 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 duo
on the note. on the first day~ of anp 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 to maturity and at that time it is insured under
the provisions of the National Housing Act. he wiA pay to the mortgagee an adjusted premium charg?e of
~ on~ per centum (lgfo) of the original principal 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
j 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
i each month until the said note is fully paid~ will ~y to the mortgagee the following sums: N
(a) An amount sutl'icient to provide the holder hereof with funds to pay the next mortgage r:
insurance gremium if this instrument and the note secured hereby are insured~ or a monthiy charge
' (in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner. .
as follows :
~ (t) If and so long as said note oi even date snd this inatrumerit sse inaured or are reinsured under the
pmvisions of the National Aousing Act, an amount sut8cient to accumulste ia the hands oi the holder
~ one (1) month prior to ita due date the annuat mortgage insnranoe premium. in order to pmvide snch
holder with funda to pay auch premium to the Fedenl Housing Commissioner pursuant to the National
, Housing Act, as amended. and appLcsble Re~ulationa thereunder; or ~
(u) If and so long aa said note of even date and this instrument are held by the Federal Housing Commis-
~ aioner, s monthly char~e (in lieu ot s mortgage insurance premium) wh~ch shall be in an amount
! equal to one-twelfth (yi2) of one-halt ('fs ) per centum oi the sverage outatanding balance due on the
: note computed without t,aking into aowunt delinquencies or prepsyments;
' (b) A sum equal to the gr+ound rents. if any, next due. plua the premiums that v~ill ne~ct become ~
~ due and payable on policies of fire and other hazard insurance covering the mortgaged property. plua
~ taxes and assessments next due on the mortgaged property (all as estimated by the mortgagee) lesa ;i
all sums already paid therefor divided by the number of munths to elapse before one month prior j
; to the date when suc~;giound rents. premiums, taxes, and assessments will become delinquent, such
S ~ aums to be held by mortgagee in trust to pay said ground rents. premiums, taxes, and special assesa- ~
menta; and~ ;
~ (e) 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 tlie agg?regate amount ~
thereof shaU be paid by the mortgagor each month in a single payment to be applied by the mor~
gagee to the folbwing items in the order set forth :
(t) preminm charges under the contract of insurence with the Federal Honsing Commiaaioner. or monthly
' ch~trge (in lien oi mortgsge insuranee premium) ~ as the case mty be:
t em
' ([t ~ronnd rents. taxes. assessments, flre, and other hazt~rd insnrance pt~emiums; .
(tt[; mterest on the note aecured hereby; and ~
(tY) amortizntion oi the principal of said note.
' Any deficiency in the amount of such aggregate monthly payment shall~ unless made good by the
mortgagor prior to the due date of the next such pa~?ment. constitute an event of default under thia mort-
The mortgagee may cullect a"late charge' not to exceed two cents (2t) for each dollar (~1~ ~f
e~ac~h~payment more than fifteen (15) days in arreara to cover the extra expense involved in haudling
° delinquent payments.
f ~ 3. That if the total of the payments made by themortgagor under (b) oi paragraph 2 preceding ahall
` exceed the amount of payments actually made by the mortgagee. for Rround rents. taxes and asaes~emmenta
~ ' ~~R~ ~ F~~ ~6~
~ BS ~
~ ~ , - . - i
p , .
~ ? ~ _i
~ . - .
_r.~ __--__.______r_______._~_._------- - - - -