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Home My WebLink About2618 i , , ? ~ PROVIDED ALWAYS~ and these presents are executed and~ delivered upon the following conditions, Lo ; wit: The mortgagor agrees to pay the mortgagee, or order. the principal sum of Thirteen Thousand Five Hundred and No/100 Dollars 13 , 500 . 00 as evidenced by a note of even date herewith, w ith interest from date at the rate of S i~c per centum ( 6 ~o ) per annum on the un- paid balance until paid. The said principa! and interest shall be payable at the ot~ice of ATICO FINANCIAL OORPORATION, P. O. Box 3131, Miami 1,Florida , or at such other place as the holder of the note may designate in writing, in monthly installments of ~ Eighty One and No/100 -------------I,~llara (a $1.00 commencing on E the first day of ~cember , 19 (6 and on the first day of each month thereafter until the ` princigal and interest are fully p~ic1, c~xcapt that the final payment of principal and interest, if not aooner i paid, shall be due and payable on the first day of November ,19 96 ; ; And shall duly. promptly. and fully perform, discharge, execute~ effect. complete. and comply with and ` abide by each and every the stipulations. agreements, conditions. and covenants 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 fnrther covenants as follows: 1. That he will pay the indebtedness, as hereinbefore pmvided. Privilege is reserved to pay the. debt in whole, or in an amount equal to one or moi~e monthly payments on the principal that are next due on the note~ on the first da3 of any month prior to maturity : Provided. how•ever. that writtcn notice of an intention to exercise such priviiege is given at ieast thirty (30) days prior to pregayment; 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 the mortgagee an adjusted premium charge of one per centum (1 ~/o ) of the original principal amount thereof, except that in no event shali the adjusied 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 ~nsurance. 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 ~y to the mortgagee the following sums: (a) An amount sufl5cient to provide the holder hereof with funds to pay the next mortgage ~ insuz•ance premium if this instrument and the note secured hereby are insured. or a monthiy charge 3 (in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner. ' as folloH~s : ~ ' (I) If snd so long as said note of even date and this inatrument are insared or are reinsured under the ~ provisions of the National Housing Act, an amount sufficient to accumulate in the hands of the holder y one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such ~ hotder with fands to pap such premium to the Federal Housing Commissioner pursuant to the National ~ Housing Act, as amended. and applicable Re~ulationa thereunder; or (tt) If and so long as said note of even date and th~s instrument are held by the Federal Housing Commis- ~ sioner, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth (y~_) of one-half ( 34 ) per centum of the average outstanding balante due on the ~ note rnmputed without taking into acrnunt delinquencies or prepayments; ~ (b) A sum equal to the ground rents. if any, next due, plus the premiums that will next become j 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 rriunths to elapse before one month prior to the date when such ground rents, premiuma, taxes, and assessments will become delinquent. such sums to be held by mortgagee in trust to pay said ground rents, premiums. taxes~ and special assess- i ments ; and i (c) All payments mentioned in the two preceding subsections of this paragraph and al1 pay- ' ments to be made under the note secured hereby shall be added together and the aggregate amount # thereof shal) be paid by the mortgagor each month in a single payment to be applied by the mort- ~ gagee to the following items in the order set forth: (l) premium char~ea under the rnntract of insurance with the Federal Nousing Commissioner. or monthty charge (in lieu of mortRage insurance premium), as the case may be; (Il) Rround rents. taxes. assessments, fire. and other hazard insurance premiums; (ttt) interest on the note secured hereby; and (tv) amortization of 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 tlie next such payment. constitute an event of default under this mort- ~ gage. The mortgagee may cullect a"late charge" not to exceed two cents (2s) for each dollar ($1) of ~ each payment more than fifteen (15) days in arrears to cover the extra expense invoh~ed in handling € delinquent payments. 3. That if the tota] of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of vayments actually made by the mortgagee, for ~[round rents. taxes and asses.cments ' and insurance premiums. as the case may be, such excess shall be credited by the mortgagee on subsequent ~ payments to be made by the mortgagror. If, however, the monthly payments made by the mortgagor under (b) of paragraph 2 preceding shall not be su~cient to pay ground rents, taxes and assessments and insurance premiums, as the case may be, when the same shall become due and payable, then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency~ on or before the date when payment of such ground. rents, tanes, assessments, or inaurance premiums shall be due. lf at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby. the mortgagee shall, ;n com- puting the amount of such indebtedness, credit to the account of the mortgagor alt payments made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa3 to the Federal Housing Comraisaioner and any balance remaining in the funds accumulated under the pro~•isions of (b) of said paragraph 2. If thei~e shall be a default under any of the provisions of thia mortgage, re- sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the properts other- wise after default~ the mortgagee ahall apply. at the time of the commencement of such proceedings or at the time the property is otherwise acquired, the balance then remaining in the funds accnmulated under (b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall prnperly adjust any payments which shall have been made under (aj of said paragi•aph. 4. That he will pay all taxes, asseasments, water rates, and other governmentai or municipal charges, ~ 800K15 / PAGE 21~ JJ ; ~ M~~~ ~ Y V ~~G- ~~J ~~~Y~ ~'~i' 1C-X~g t . . . K, - ~I