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HomeMy WebLinkAbout0374 PROVinFn Ai.\YAY~. ~nd the.e pr~rsents are Executed and deli~•ei•ed upon the follo~~~ing conditions. to it : ~ ~ ~ . : ~ The mortgagor agn•ees to pa~~ the mortgagee, or oi~der!the prtit~'ipal sum of Th irteen Thousand Nine Hundred Fifty and No/l~?0 nollal•s 13 , 95U. 00 ~zs e~•idencec~ br a~iot~ of e~•en date here~~•ith, ~~•ith intei•est fl•om date ~t the rate of J ix per centum ( 6 ~ per annum on the un- paid balance until paid. The said principal and interest shall be pa~•able at the office of At ico Financ ial Cerporation, P. 0. Box 3131, Miami, Florida oi• at such other place as the holder of the ~iote may designate in ~~•riting, in monthl~• instzllments of r:i~;hty Three and 70/l0U Dollais 83.70 commencing on the first da~• of Februexy , 1~ 67 , and on the first da~• of each month thereaft~r e~ntil the principat and interest are fully paid, except that the final payment of principal ar~d interest, if not sooner paid, shall be due and payable on the fii•st day of January , 1997 ; And shall duly, promptly, and fully perform,_discharge, execute. effect, complete, and comply with and abide by each and every the stipulations,lgreements, conditions, and covenants of said promissory note and of this mortgage~ then this mortgage and the estate hereby created shall cease and be nuli and void. And the mortgagor further co~~enants as follo~~~s : 1. That he will pay the indebtedness, ~s hereii~bef~re provided. Pri~•ilege is reserved to pay the debt in whole, or in an amount equal to o~ie or more nionthly payments on the prir~cipal that zre next due on the note. on the first da~• of an~• month prior to n~aturity : Pro~~ided, ho~ce~•ei•, that ~~•rittcn notice of an intention to exercise such pri~•ilrge is gi~•en at least thirty (30) days prior to prep~yment; and, provided further~ that in the event tl~e debt is paid in full ~~rior to maturity and at that time it is insured under the provisions of the Nation~l liousing Act, he K~i1l pay to the mortgagee an adjusteci prPmium charge of one per centum (l ~'r ) of the original principal amount thereof, except that in no e~•ent shall the adjusted premium exceed the aggregate amount of preniium charges which would ha~•e been payable if the mort- gage had continued to be insu?•ed until maturit~•; such payment to be ap~~lied by the mortgagee upon its obiigation to the Federal Housii~g Commissioner on account of mortgage ~nsw•ance. That, in order more fully to protect the security of this mortgage, the mortgagor, together ~vith. and in addit~on to, the monthly payments under the terms of the note securecl hereb~•, on the first day of each month until the said note is fully ~~aid, wili ~~<<y to the mortgagee the folloH•ing sums: (R) An amount sufficient to pro~•ide the holdei• hei•eof ~cith funds to pa~• the next mortgage , insurance pi•emium if th~s instrument and the note secured hereby ai•e insu~•ed, or a monthiy charge (in lieu of a mortgage insucanee premium) if they are held b~• the Fecleral Housing Commissioner, as follo~~•s : If an~i so IonR ac said note of e~~en date and this instrument are insurcd or are i•c•incureci under the piro~isions of the \ationai I~ousinK Act, an amount sufficient to accumuiate in the hand~ of thc holder one (1) m~nth prior to its due date the annual mortgage insurance premium, in order to proeide such holdcr ~~~ith funds to pa~• such prcmium to thc Fecleral Housing Commis~ioncr pursuant to thc National Housin~; Act, as amended, and a~~plicablo Regulations theerundc•r; or ~n) If and so lonR as said note of e~•en date and this instrument air hel~l by th~ Fe~i~ral Housing Commis- sioner, a monthl~ charRc (in lieu of a mort~aQe insurance premium) ~.•hicii ~hali 1,e in an amount equal to one-fti~•elfth ) of one-half pe~• centum of thr a~•eray;e outstandinfi balance duo on the note computed w•ithout takinR into account delinquencies or prepayments; ~ (b) A sum equal to the ground rnnts, if any, next due. plus the premiums that ~vill next become ~ due and pa~•able on ~wlicies of fire and other hazard insurance co~~ei•ing the m~n•t~aged p>rot>ert~~,~plus taxes anci assessments next due on tlie mortgaged propert~~ (all as estimated I,~• the mortgagee) less all sums already paid therefor di~•ided by the number of munths to elapse befoi•e one month prior to the date H•hen such ground rents, premiums, taxes, and assessments H~ilt becor.~e ~iPlinquent~ such sums to be held by mortgagee in trust to pay said gr~und i•ents, premiums, taxes, and special assess- ments; and (c) All pa~•ments mentioned in the ttiti~o prE~ceding subsections of this paragraph and all pay- ments to Ue made under the note secured herel~y si~all Ue added together and tlie aggregate amount thereof shall be i~aid b~~ the mortgagor each m~?nth in a single payment to be applied by the mort- gagee to the following items in the ot,der set forth : (t? premiom char~es unde~• the cont~-act ~f insurance u•ith ihe Fede~~~l Housing Cammiss;~nc•r, ~r monthl}- c1~arRe (in lieu of mort~aRe insurance prcmiuml, as the casc mat bc; Iti l~rnund rents, taxe~, assessments, fire, and oth~r hazar~[ insurance prf~miums; I~t1) interF•st on the noie securtKl hrreby; and (i~') amortization of the principal of said note. Ant• deficiency in the amount of such aggregate monthl;• pa~•ment shail, unless made good by the ' mortgagor prior to the due date uf the ne~t such pati•ment, constitute an e~~ent of clefault under this mort- ` gage. The mortgagee map cullect a"late charge" not to exceed tK•o cents (2~~) for each dollar ($l ) of each payment more than fifteen ( l:~) cla~•s in arreai•s to co~•er the extra expense im•oh•ed in handling delinquent payments. _ 3. That if the total of the pa~-ments made b~- the mortgagor under (b) of paragraph 'L preceding shalt exceed the amount of na~•ments aetuall~• ma~ie b~~ thc~ mort~aRee, foi• ground rents, taxes and assestments and 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~ ho~+•e~ er, the monthly payments made by the mortgagor under (b) of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes and assessments and insurance premiums, as the case may be, w hen the same shatl become due and paS•able, then the mortgagor shal! pay to the mortgagee any amount necessary to make up the deficiency, on or before the date H•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 shal~, ~n com- puting the amount of such indebtedness, credit to the account of the mortgagor all payments macie unclei• the provisions of (a) of paragraph 'l hereof which the mortgagee has not become obligated to pa~• to the Federal Housing Commissioner and any balance remaining in the funds accumulated under the pro~•isions of (b) of said paragraph 2. If there shatl be a default under any of the provisions of this moi•tgage, re- sulting in a public sale 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 ur at the time the property is otherwise acquired, the balance then remaining in the funds accun~ulateci uncler (b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid uncler said note and shall properly adjust any payments which shall have been made under (a) of said paragraph. That he wil) pay all taxes, assessments, water rates. and other governmental or muni~ipal charges, a~ i~3 ~ 373 ~ . - . _ ~ ~ - ~ ~:h.