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HomeMy WebLinkAbout1705 PROVIDED AL\YAY3. and these presents are e~cuted and~ deli~eted upon the followi~g conclitions. to wit: The mortgagor agrees to pt~y the mort~agee~ or or~ier~ the principal~ sum of Ten Thousand S ix Hundred Fifty and No/100 Dollars (~lU, 650. OU as evidenced by a note of e~~e~ date herewith. ~~•ith interest fmm date at the rate of S ix pcr centum ( 6~"o ) per annum on the un- ~aid batancc until paid. The said principal and interest shall be payable at the ~fftce of 4t Ico Finane ia 1 Corporation, P. O. Box 3131, Miami 1, Florida . or at such other place as the holder of the notp may desig?nate in ~vriting. in monthly i*~staliments of S ixty Three and 90/100 --------------,.___Dollars (a 63.90 commencing on the Rrst day of Jamiary . 19 6? . and on the first dsy of each month thereafter until the principal and interest are fully paid~ except that the final pnyment of principal and interest, if not sooner paid. shall be due and payable on the first day of December , 19 96 : And shall duly, promptly. and fuily perform, discharge. execute, effect. complete. and comply with and abide by each and every the stipulations. agreemeRts. conditions, and covenants of said promissory t?ote and of this mortgage, then this mortgage and the estate hereby c*eated shall cease and be null and void. And the mortgagor further covenants as follo~cs; 1. That he will pay the indehtedness, as herninlaefore provided. Privilege is reserved to pay the debt in whole. or in an amount equal to one or n~oi-e monthly payments on the urincipa! that are next due on the note. on the first da3• of any month prior to maturity: Provided. ho«•e~~ee~. that ~vrittcn notice of an intention to exercise such privilege is gitien at least thirty (30) days prior to prepayment; and~ provided further, that in ±he event tl~e deLt is paid in full prior to maturity and at that time it is insured undei• the provisions of the National IIousing Act~ he will pay to the mortgagee an adjusted premium charge of one per centum (1 ) of the original principal amov~t thereof, except that in no event shall the adjusted premium exceed the aggregate an~ount of preroium charges which would have been payable if the m~rt- gage had continued to be insured until maturit~ ; such payment to be applied by the mortgagee upon its obligation to the Federal Housing Commissio~ier 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 monthiy 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 pro~ ide the holder hereof ith funds to pay the next mortgage + insurance premium if this insti•ument and the note secured iiereby are insured, or a monthly charge ( in lieu of a mortgage insurance premium) if they are held tiy tne Federal Housing Commissioner, i ~ as follou•s : If and so IonR as saic! note of ei•en date and this instrument are insurc~cl ot• are reinsLred under the pro~ isions of the ~'ational HousinR Aet. an amount suflicient to accumulate in the hands of the t,older one (1) month prior to its due date the annual mortgage insurance premium, in urder to provide such holder W ith funds to pay such premium to the Federal Housing Commissioner pursuant to the National HousinR Act, as amended, and applicabio Regutations the~~eunder; or (~t) If and so long as said note of e~en date and this instn;ment are held bp the FtYieral Housing Commis- sioner. a n~onthly charge (in lieu of a mortgage insurance premium) Mhich shall be~in an amount ~ equal to one-twelfth (!~i~) of one-half )~er eentum of the ar•eraRe outstanding balanee dueon the note rnmputed without taking into account delinquencies or prepayments; (b) A sum equal to the ground rents. if any, next due. plus the premiums that will next become due and payable on policies of fire and other hazard insurance co~~ering 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 munths to elapse before one month prior to the date when such ground rents, premiums, taxes. and assessments will become delinquent, such sums to be heid by mortgagee in trust to pay said ground rents. premiums, taxes. and special assess- ments; and ~ (c) All payments mentioned in the Lwo preceding subsections of this paragraph and all pay- ments to be made under the note secured hereby shall be added together and the aggregate amount thereof shall 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: (t) premium charaes under the contract of insuranee with the Fedetal Houseng Comte3issioner, or monthly char~Ce (in lieu of mortf?age insurance pmmium). as the case may be; (tt) ~ronnd tents, taxes. assessments, fim, and other hazard insnrance premiums; ~tt~) interest on the note sccured I:ernby; and (tr) 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~the next such paS~ment, constitute an event of default ander this mort- gdge. The mortgagee ma~• cullect a"late charge" not to exceed two cents (2s) for each ciollar ($1) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shail exceed the amount of pa~•ments actually made by the mortgagee, for Qround rents, tares and as~es.~ments and insurance premiums~ as the case may be. snch excess shall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under (b) of paragraph 2 preceding shall not be sufficient *_o pay ground rents, taxes and assessments and insurance premiums, as the case may be, when the same shall become dae an~ payable~. then the mortgagor shali pay to the mortgagee any amount necessary to make up the deficiency, on or before the date w hen payment of such ground rents, taxes, assessments, or insurance premi~uns shall be due. If 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 suc:h indebt~edness, credit to the account of the mortgagor all payments made undei• the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Federal Housing Commissioner and any balance remaining in the funds accumulated under the pro~-isions of (b) of said paragraph 2. If thei~e shall be a defavlt under any of the provisions of this mortgage, re- sulting in a public sale of the premises covered hereby, or if the mortgagee acqnires the propert~ other- wise after default, the mortgagee shall 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 accumulated under (b) of paragraph 2 preceding as a crec~it against the runount of principal then remaining unpaid under said note and shall properly adjust any payments which shall have been made under (a) of said paragraph, 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, ~ aQOxi60 ~ 503 . ~ ~~~r ~ _ ~ _ ~ xa:.~ c _ . _ '