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Home My WebLink About1710 . . + . PROVIDED AGWAYS. and these prnsents are executc~ci and delivered upon the following conditions, to ~~•it : The mortgagor agrees ta pay the mortgagre. or order. the principa! sum of Fifteen thOUSand nine hundred and no/100------•----------------•-------~----------- Dollars 15,900.00 as evidenced by a note of even date here~vith. ~rith interest from date at the rate of - - - - - - - - - S i x - - - - - - - - per centum ( 6 ~o ) per annum on the un- . paid balance until paid. The said princiAal and interest shall bc payable at the oflice of Atico Financial Corporation P. 0. Box 3231 Miami 2., Florida or at such other place as the holde: of the note may designate in ivriting, in monthl~• installments of Ninety-five and 40/104------- Dollars (a 95.40 commencing on the first day of February , 1967 , and on the first day of each month thereafter until the principal and interest are fully paid, except that the final payment of principal and interest. if not sooner pxid. shall be due and payable on the first day of January . 19 97 ; And shall duly, promptly. and fully perform~ discharge. execute, ef~ect, complete, and comply with and abide by each and every the stipulations, t~greements, tonditians, 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 further covenants as follow~s: 1. That he will pay the indebtedness, xs hereinbefor~ provided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or mo~~e monthly payments on the principal that are next duc on the note. on the first da,~ of any month prior to maturity : Provided, hoH•e~ ei•. that ~ rittcn notice of an intention to exercise such pririlege is gi~~en at least thirty (30) days prior to prepxyment; and, provided further~ that in the event tlie debt is paid in fu11 prior to maturity and at thatt time it is insured under the provisions of the National ~iousing Act. he will pay to the mortgagee an adjusted 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 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 Commissioi~er on account of mortgage ~nsurance. 2. That, in order more fully to protec.t 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 fnlly paid. will ~y to the mortgagee the following sums: (a) An- amount sufficient to provide the holder hereof with funds to pay ti~e next mortgage insurance premium if this instrument and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Federnl Housing Commissioner, ' as follo~~ s : (t) If and so lonR as said note of e~en dute and this instrument are insured or are reinsurc~ under the pro~ isions of the \'ational HnusinR Act. an amount suff'icient to accumulate in the hands of the holder one (1) month prior to its duc date tbe annual mortgage insurance premium, in order to provide such = holder K iih fands to pay such premium to the Federal Housing Commissioner pursuant to the National Housing Aet, as amended. and applicablo Regulations thereunder; or - (tt) If and so long as said note of e~en date and this instrument are held by the Federa) HousinR Commis- - sioner, a monthly charge (in lieu uf a mortgage insurance premium) which shall be in an amount : equal to one-tv?elfth of one-half ('.4 ) per centum of the ace~•a~e outstanding balance due on the ; note cotnpute~3 v?ithout 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 i 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 (aii as estimated by the mortgagee) less ~ all sums atready paid therefar divided by the number of months to elaFse before one month prior to the date when such ground rents, premiums, taxes, and assessments will become delinquent, such sums to be held by mortgagee in trLQ± to pay said ground rents. premiums~ taxes, and special assess- ments; and (c) All payments mentioned in the two preceding sabsections of this paragraph and all pay- ments to be made under the note secared hereby shall be added together and tlie 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 charKes under the contract of insurance vrith the Federal HousinR Commissioner, or monthly char~e (in lieu of mortRaqe insurance premium), as the case may be; (tt) Rnound rents, taxes, assessments, fire. and other hazard insurance premiums; - (u[) interest on the note secured hereby; and (~t ) am~rtization 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 tl~e next such payment, constitute an e~•ent of defauit under this mort- gage. The mortgagee may cullect a"late charge" not to exceed two cents (2~) for each dollar ($l) of each payment more than fifteen (15) days in arrears to co~er the ertra expense involved in handling delinquent payments. 3. That if the total of the pa~ ments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of pa~•ments actually made by the mortgagee, for ground rents, taxes and asses.cments ~nd insurance premiums, as the case may be. such excess shall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, howe~~er, the monthly payments made by the mortgagor under {b) of paragraph 2 preceding shall not be sufficient to psy ground rents, taxes and assessments and insurance premiums, as the case may be, a hen the same shall become due and payable, then the mortgagor shall gay 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 premiums 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- puEing the amount of such indebtedness, credit to the account of the mortgagor ali payments made undei• ~he 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 prorisions of (b) of said pauagraph 2. If thei~e shall be a default under any of the provisions of this mortgage. re- sulting in a pubtic sate of the premises 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 propetty is otherwise acquired, the balance ttien remaining in the funds accumulatecl under (b) of ~aragraph 2 preceding as a credit agsinst the amount of principal then remaining unpaid under said note and shall properly adjust any payments whic}~ shall have been made under {a) of said parag?•aph. 4. That he will pay alt taxes, assessments, water rates. and other governmental or municipal charges, ~ ao~ 1~0 ~ 5a8 , . _ _ _ ~ ~ ~ ~ : r , , , r ~ ~ ~ ~ ~ _ ~ ~,ri,.~~.~ • - , ~ - -