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HomeMy WebLinkAbout1861 ' i said mortgagw does heceby fully warreat t6e title to said laad. and every port thereof. aed will defend the same against the law[ul claims of all persoas whomsoever. PROVIDED ALWAYS. and these preseats are executed and delivered upon the followiag coaditloas. to wlt: The matgaga agrees to pay the matgagee, o~ oraer. che priaciPat sum oE Nfne Thousend One Hundred Fifty and No/100 - Dollars (S 9,150 . 00 as evidenced by a aote of evea date 6erewitb. with iaterest from date at the race of Five and three quar~ers per ceatum ( 5 3/4 pec aunum on che anpeid balance until Paid. The said priacipel and iaterest shall be payable at the oNice of AtLCO Finaneial Corporation, P. O. Box 3131, Miami 1, Florida a at sucb dher place as the holder of the note may desig~ete in ariti~g~ in monthiy installments of g if ty Three and 44/l0U Dollars (tS3.44 commencing on che first day of November . 19 66. and on the first dey oE each month thereafter uatilthepriacipal aad interest are fully paid, except that the Einal paymeat of principal aad interest, if not sooner paid. shall be due ana peyable oa the first aay oE October, 1996 : And shall duly. promptly, aad fully perform. discharge. execute, eEfect. complete, and coo.ply with and abide by each and every the stipulations, ag~eemeats. coaditions. and coveaants of said promissory note aad of this mortgage. then this matgage aad the estate hereby created shall cease and be aull and void. Aad the mactgegoc fucther covenants as follo~vs: 1. That he wili pay the indebtedness. as bereinbefore provided. Privilege is reserved to pay the debt in vvhole. or in an aawunt equal to one or moce moathly payments on the priacipel that are next due on the note. on the first day of any month prior to maturity: Provided, howevet, that writte~ aotice of an iatention to exercise such privilege is given at least thidy (30) days prior to prepay~nent; and. provided fnrther. that in the event the debt is paid in full prior to maturity and at that time it is insored uader the provisioas of the National Housing Act. he will pay to the mortgagee aa adjusted premium charge of ~e per centum (1%) of the original priacipal amoiwt theceof. except that in ao event shall the adjusted preminm e:ceed the aggregate amount of premium charges wbich wonld have been payable if the mortgage had coatinued to be iasured until maturity; such peyment to be applied by t6e mort- gagee upon its obligation to the Secretary of Ho~sing and Urban Development on account of mortgage iasurance. 2. That, in order more fully to protect the secnrity of this matgage. the mortgagor, together vvith, and ia addi- tion to. the monthly paymeats under tl~e terms of the aote secured hereby, on the first day of each month until the said note is fully peid, aill pey to the mortgagee the folloqving sums: (a) An amouat sufticient to ptovlde tLe holder heteof with funds to pa~ the ne:t mo~tgage inaurance premi•em it this inatnr meat and the note secured hereb~ are insated, oc • moathly c6uge (ia lieu ot a mo~rtgage insurance p~emium) i[ fhey ~re held bq the Secretary of Noasing and Urban Developmeat. as toliows: ~ (i) I[ aad so loc~ as said note of even d~te and t6is iastrument orc insured ~ are reinsured ~mdcr the provisioas of the National Housing Act. an amount sut[icieat to accnmul~te in the h~nds of the hoider one (1) moath prior to its due date the amual mort~age insuronce premium, in order to provide such holder ~vlth funds to pay such premium to t6e Secretar~ of Housing ~ad Urbon Development pnrsu~nt to the National Housi~ Act, as amended, aLd appficable Reeu- latioas thereunder, or ~ ` (A) lf and so long as said aote o[ eveo date ~nd t6ls instrumrnt are held by the Secretory ot Housing ond Urban Develop- ment, a monthly charge (in lieu oi • mortgage iusurance premi~m) ~r6ich shall be in on amount equol to one-MrelEt6 (1/12) of one-half (yi) per cwtum o[ the average outstaadiag balance due on tht aote computed aithout takiag iato acrauat deliuqaraclta es g:egaYmeats; ' j (6) A sum equal to the g~ovnd rents. it any, nezt due. plus the ptrmiums that wlll neut become due ~nd payable on poficies ~ of Cire and other huard insurance covering the mortgaged property. plus tazes and ossessments ae:t due on We mort- gaged property (all as estiowted bp the mortgagee) less all sums already paid Wtretor divided by the number of moat6s to elapse beEore one month prior to the date whea such grouad reats. premiums, ta:es, ond assessments wrill become de- linquent. such sums to be held by mwtgagee ie trust to por sald gsouad rents~ premiums. tazes, and specul assessments; and (t) All paymenta meatioaed in t6e hvo preceding subsections of this pangraph and ali payments to be made uader t6e note secured hereby shall be added together and the ag~eQate amouat thereo[ shrll be paid by the mortgagor each month in a single paymeat to br~pplied b~ the mortgagee to t6e [ollowing items iu the order set Eortb: (n premium chargea uader the contract ot insoraace wlth tLe Secretary o[ Housing and Urban Development, or moathly charge (in tieu of mortgage insurance premiwn), as the case may be; (m grouad rents. tazes, assessments. fire. nad ofher h~zard insuronce premiums; (III) iotercst on the note secwed 6ereby; ~nd (I~ omortisatioa of the principol ot said note. Any deficiency in the anwunt d such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the ne:t such peyment, constitute an event d default under this moctgage. The modgagee may collect a"late charge" aot to ezceed two ceats (2~) for each dollar (tl) of each payment mae thaa fifteen (15) days in arrears to cover the extra ezpense involved in handling delinquent payments. 3. That if the total d tbe peyments made by the mortgagor under (bJ of paragraph 2 preceding shall exceed the amonnt oE paymeats actually made by the ma~tgagee, foc g~ound rents. taxes and assessments and iasurance premiums, as the case may be, such ezcess shall be credited by the mortgagee on subseqneat payments to be made by t6e mortgagor. If, ho~vever, the monthly peyments made by the mortgagor under (bJ of paragraph 2 pre- - ceding sbalt not be s~ffic~eat co pey ~rouna rents, tases a~ assessmants end insurance premiums, as the case may be, whea the same shall become due and peyable, then the mortgagor shall pay to the mortgegee aay amount aecessary to meke up the deficiency, oa a befoce tbe date whea payment of such gFound rents. ta:es, assessments, or insurance premiwas shall be due. If at eny time the mortgagor shall tender to the modgegee in accocdance wit6 the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- gegee shall, in compnting the amount d snch indebtedness, credit to the accoont of the mortgagot all paymeats made under the praviaioas af (aJ of parag~aph 2 hereoE which the mortgagee has not become obligated to payto the Secretery of Housing and Urban DeveloQment aad any balance remaining ia the funds accumulated nader the ~ provisions of (bJ of said paragraph 2. If there shall be a default under any oE the pcavisions oE this ~ooctgage, re- sulting in a public sale of the premises covered bereby, or if the matgagee acquires the property otherwise after default, the matgagee s6a11 apply, at tbe time of the commencement of such proceeding~ a at the time the prop- erty is othenvise acqoited, the balance then remaining in the funds accumulated w~der (b) oE paragRaph 2 preceding as a credit agaiast the amouat of prlncipel thea remaining unpaid under said note and shall properlyadjust eny payments which shall have been made under (a) of said paragraph. 4. That 6e will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefore, end in defeult thereof the mortgagee may pay the same; and that he will promp~ deliver the dEicial receipts therefor to tl~-~ortg,agee. ~ , BaDK~~ ' ~ ~ ~ _ _ - 4 ~~~rt=~ : s r ~