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Home My WebLink About0063 P~tovt~sn a[.~v~tts, and these preserats are executi~d and deli~•end upon the follou ing condition3. to ; it : The mortgagor agr~es to pay the mortgagee, or order. the pr~:~cipal sum of Efghteen Thousand ~ ene Hundr~d and No/100-~-----___..______ ~ llollars (=18 ,100.0~ as evidenced b3 a note of even date herewith. ith i:~terest from date t at the rate of S ix per centum ( 6 ro ) per annum on the un- ' paid balance untilpa id~, The said principal and intcrest shall be payable at the ofhce of pxICp FYNANCIAL CORPORATION, P. O. Box 3131, Miamj 1, F~orida or at such other place aa the holder of the note may designate in ~vriting, in monthly-installtnents of One Hundred Eight and 60/100 --~--~ollars t~ 1U8,6V ),.commencingon the first day of ~cember . 1~6 , and on the first day of each month thereaft~r until the princi~ and interest are fully paid. except that the final payment o# principal and interest, if not sooner paid. shall be due and payable on the first ciay of November . i996 ; And shall duly. promptly. and fuliy perf~rm, discharge. execute, effect, complete. and comply with and abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note aud of this mortgage, then this mortgage and the estute hereby created shall cease and be nult and void. ~ And the mortg.igor further covenants as follow•s: 1. That he will pay the indebteciness, xs hereinbefore provided. Privilege is reserved to pay the debt in whole. or in an amount equal to one or more monthly ~aayments on the principal that are next due ~ on the note. on the first da~ of an~~ month prior to maturity: Provided. hoH•ever. that rittcn notice of an ~ intentio~ to exercise such pri~~ilege is giyen at least thirty (30) days prior to prepayment; and~ provided : further, that in the event the deUt is paid in full prior to maturity and at that time it is insured undei• the provisions of the National ~Iousing Act, he will pay to the mort~agee a~n adjusted premium charge of one per centum (1 j of the origina! principal amovnt thereof, except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been payable if tliz mort- gage had continued to be insured until maturit~~ ; such payment to be applied by the rnortgagee upon its obligation to the Federa! Housing Commissioner on acc~unt of mortgage insurance. 2. That, in order more fully ta protect the security of this mortgage. the mortgagor, together with. and in addit?"on 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 suf~icient to provic2c the hulder hereof with funds to pay the next mortgage i ittsurance premium if this instrumeut and the note secured hereby are insured, or a monthiy charge (in lieu of a mortgage insurance premium) if they are held by the Feciernl Housing Commissioner, as follo~~•s : If and so IonK as said note of e~en date and this instrument are insured or are reinsured under Ehe ~ provisions of the I~'ational Housing Act, an amount sufl'icient to accumulate in the hands of the holder ~ one ( I) month prior to its due clate the anr~ual mortgage insurance premium, in ordrr to pro~ ide such ~ holder.. ith funds to pay such premium to the Federal Housing Commissioner pursuanrto the National Hous~ng Act. as amended. and applicable Regulatians thereursder; o~ i (ti) If ar,d so long as said note of even date and this insttument are held bj+ the Federal Hnusing Commi.4- ~ si~ner. a monthly eharge (in lieu of a mortgage insurance premium) W hich shall be in an amount ~ equal to one-tu•elfth (~i_) of one-half ('.4 ) per centum of the ave?age outstanding balance due on the ~ note computed vvithout taking into accounE delinquencies or prepayments; (b) A sum equal to the ground rents, if any, next due. plus the premiums-that will next become } d~e and payable on policies of fire and other hazard insurance covering the mortgaged property, plus ~ tsres and assessments next due on the m~rt~taged property (all as estimated by the mortgagee) less f all sums already paid therefvr divided by the number of munths to elapse before one month prior to the date when such ground rents, premiums, taxes. ~nd assessments will become delinquent~ such sums to be held by mu.~tgagee in trust to pay said ground rents, premiums, tal?es, and special assess- ments; atid (c) A21 payments mentioned in the two preceding ~u~ections of this parag~aph and all pay- ments to be made unde~ the note sec~rQd hereby shall be a:lded together and the aggregate amount thereof shRll be paid by thQ n~ortgagor each month in a single payment to be applied by the mort- ~ gagee to the following items in the order set forth : t premium char~es under the contract of insvranee with Lhe Federal Housing Commissioner, or monthl} charge (in lieu of mortRage insurance premium), as the case may be; (tt) Riound rents. taxes. asses.aments. fire, atid other hazard insurance premiums; (u[) 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~ uniess made good by the mortgagor prior to the due date of tl~e next such payment~ constitute an eL•ent of default under this mort- gage. The mortgagee may cullect a"late charge" not to exceed t~o cents (2r) for each dollar ($1) of • each payment more than fifteen (15} days in arr~ars to cocer the extra expense involvetl in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under (6) of paragraph 2 preceding shail ; exceed the amount of vas ments actually made bp the n~ori~o~ee, for Rround rents, taxes and asses.~ments ' and tnsurance premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payment~ to be ,nade by the mortgagor. If, however, the monthly payments made by the mortgagor under (3) of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes and assessments and insurance premiums, as the case may be, when the same shall become due and pacab2e, then the rnortgagor shall pay to tl:e mortgagee any amount nec~ssary to ma1:e up the deficiency, on or before the date when payment of such ground, rents, taxes~ asses3ments, or inaurance premiums shall be aue. If at any time the mortgagor shall tender to the mortgagee in accordance with the provisions cf :he 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 all payments made undei- the prnvisians of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa~• to the Federal Housing Commissioner and any bala~ce remaining in the funds accumulated under the pro~•isions of (b) of said paragraph 2. If thet e shall be a default under any of the ~provi^io~is of this mortgage, re- sulting in a public sale of the premise~ covered hereby, or if the mortgagee acquires the propert~ other- wise after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the properEy is otherwise acquired, the balance then remaining in the funds accumulatecl under ' (b) of paragraph 2 precec~ing as a credit against the amount of principal then remaining unpaid under ~ said note snd shall properly adjust any payments which shall have been made under (a) of said paragraph. ~ 4. i h~` he will pay all taxes, assessments, water rates, and other governmental or municipal ci?arges, ~ ~ ` o ~ 1~8 ~cE 6~33 - eaoK ~ ~ - - - - - ` ~ ri= ~ ~ ;~~4, - . „~~y+3~. ~ 4~~~ { h~ r~~~i ~ r~ ~ ' k . :z ~ - : ~ ~ s:',