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Pttovtnt~u At.~vAYS, and these prese?:ts ~ire executed and deli~~ered u~on the follo~~ ing canditions. to
it :
The mortgag^or agrces to ~x~y the mortgagee~ or ~rder, the principal sum of ~„~eive Thousand F ive
Hundred and No/100 -----._-___w--------------------------- - '
:
Do~lars 12 , 500 . 00 as evidenced by a note of even date hern~vith. ith interest from date (
at the rate of ~ ix per centum ( 6~"c ) per annum on the un- ~
paid balance ~ntil paid. The said principal and interest shall be payable at the office of At i~o Financ ial '
Corporation, P. O. Box 3131, Miami l,Florida ~
~
or at such other place as the holder of the note may designat~ in ~~riting. in monthly ins:allments of SeventS~ ~
F ive a nd No/100 - - - - - - - - - - - - - - - _ _ _ ~llars 7 S . 00 ) , commencing on
the first day of January , 19 67. and on the first day of eac~i month thereaftcr until the
principal and interest are fully pxid. except that the final payment of principal and interest, if n~t sooner
paid, shal] be due and payable on the first day of December .19 96 :
And shxil duly~ promptly, and fully perform, discharge. execute, efFect, complete. and comply with and
abide by each and every the stipulations~ ~igreenients. conditions. and covPnants of said promissory note
und of this mortgage. then this mortgAge and th~ est~ite hereby created shall cease and be null and void.
And the mortgagor further co~ enants as follo~~s :
1. That he will pay the indebtedness, :1s hereinbefore provided. Pri~•ilege is reserved to gay the ~
debt in whole. or in an amount ec~ual to one or moa•e monthly ~aymen~s on the prinripal that are next due ~
an the note. on the first da~• of an~• nionth prior to maturity : Provided. I~o~~•e~•er, that rittcn notice of an
intention t.o eaercise such pt•i~•ilege is gi~ en at least thirty (30) da~ s prior to ~>re~~yment ; and. providEd
further. that in the e~~ent tlie debt is µ~id in full ;?rior to maturity and at that time it is insured unde~•
the provisions of the National lIousing Act, he will pay to the mortgagee an ~djusted premium charge of
one per centum (1 ) of the original principal amount thereof. except that in no event shall the adjusted
premium exceed the aggregate amount of premium charges which wouid have been payaUle if the mort- ~
gage had continued to l~e insured qntil maturit~•; such payntent to be applied by the mortgagee upon its
obligatiox~ to the Fe~eral ~iousing Commissioi?er on account of mortgage ~nsurance.
2. That~ in order more fully to protect the securitti of this mortgage, the mortgagor, together with,
and in addit?_on to. the monthly pavments under the terms of the note secui~d hereby. on ti~e first day of
each month until the said note is fully paid. Hiii p~ty ta ih.~ mortgagee the following sums:
(a ) An amount sufficient to pro~ ide the holde.r hereof ith funds to pay the next mortgage "
insurance pi-emiam if this insti•ument and the note srcurecl hereby ai~e insured, or a monthly charge
(in lieu of a mortgage insui-ance premium) if the3• are held by the Fecieral Housing Commissioner. ;
as follo~~•s : a
(t) If and so lon~ as said note of e~e~ ~late and this instrument are insutrd or arn minsureci under the ~
pro~•isions of the \ational Housin~ Act. an amount sufficient to accumulate in the hanils oi the holder j
one (1) month prior to ~ts due date the annual mortgage insurance premium, in order to provide such
holder with tunds to pa~ such premium to the~ ~ederal Housing Commissioner pursuant to the Nationa!
Iiousing Act, as amended, and app!icable Regulations thereunder- or
(l~) If and so lon~ as said note of e~en date anci this instrument are hcl'd bjr the Fecieral NousinR Commis-
sioncr, a monthl~• eharge (in lieu of a nwrt~,?aAe insurance ~~remium) which shall be in an amount
equal to one-tNelfth of one-half ('.z ) percentum of thr a~era~e outstauding balance dueon the
note computed ~rithout taking into account delinq~encies or ~?reE?a~•ments;
(b) A sum equat to the ground rents, if any. next due, p~us the premiums that ~rill 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 pro~~erty (all as estimated l~r the mortgagee) less ~
all sums already ~id therefor divided Uy the number of munths to elapse before one month prior ~
to the date Khen such ground rents~ premiums, taxes, and assessments will Uecome delinquent. such :
sums to be held by mortgagee in trust to pay said ground rents. premiums, taxes, and special assess-
ments ; and ~
(c) All pa~ments mentioned in the two preceding subsections of this paragraph and all pay- ~
ments to be made under the note secured hereby shali be added together and tl~e aggregate amount
thereof shail be paid by the mortgagor each mnnth in a single payment to Ue applied by the mort-
gagee to the following items in the order set forth :
premium charRes under the contract of insurance W ith the Federal HousinR Commissioner, nr monthl~
charKe (in lieu of mortRage insurance premiun~), as the c~se may be; ~
(11) ~;iround rents, taxes, asse~~ments, fire, and other hazard insurance prrmiums; ;
(u~) intei-est on the note secu~-~~cl herrby; and
(tt ) amortization of Lhe prirtcipal of said note.
Any deficiency in the amonnt of such agg~regate monthly pa~~ment shall, unless made good by the
mortgagor prior to the due date of tl~e next such pa~~ment, constitute an e~ent of default under this mort-
gage. The mortgagee may cullect a"late charge" not to exceed t«o cents (2Fj for each doltar ($I ) of f
each payment more than fifteen (15) days in arrears to corer the extra expense in~ol~~ed in handling i
delinquent pa;;ments.
3. That if the total of the ~a~•ments n~ade b~~ thp*~ortgagor under (b) of parag.-aph 2 preceding shall
exceed the amount of nat•ments actuall~ made b~~ the moMgagee, for Rround rents, taxes and as~es.~ments
and ~nsurance premiums~ as the case may be. such excess shall be credited by the mortgagee on subsequent
payments to be made by the mortgagor. If, ho~-ever, the monthly payments made by the mortgagor
under ( b) of paragraph 2 preceding shall not be sufl3cient to pay ground rents, taxes and assessments
and insurance premiums, as the case may be, ~ hen the same sha11 become due and payable, then the
mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the
date ~ hen payment of such ground_ rents, taxes, assessm¢nts, or insurance prPmium$ shall be due. If
at any time the morfgagar shall tender to the mortgagee in accordance with the provisions of the note
secured hereby, full payment af 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 under
the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pati- ta the
Federal Housing Commissioner and any balance remaining in the funds accumulated under the pro~-isions ~
of (b) of said paragraph 2. If there shall be a default under any of the provisions of this mortgage, re-
sulting in a public sale of the premises covered hereby, or if the mortgagee acquires th~ propert~- other-
wise after default. the mortgagee shall apply~ at the time of the commencement of such praeedings or at
the time the proFerty is otherwise acquired, the bal:sr?ce then remaining in the funds accumulated under
(b) of paragraph 2 preceding as a credit against the amount af principal then remaining unpaid uncler
said note and shall properly adjust any payments vrhich shall have been made under (a) of said paragraph.
4. That he will pay all taxes~ assessments, water rates, and other governmental or municipai charges,
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