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Home My WebLink About0478 _ . . PROVIDED ALWAYS~ and these presents are executed And delivered upon the follo~ving conditions, to K'lt: The mortgagor agrees to pay the mortgagee, or order, the principal sum of El even Thousand S ix Hundred and No/100 Dollar~ (a 11, 600. 00 as evidenced by a note af even date herewith, ith interest from date at the rate of S ix per centum ( 6~"o ) per annum on the un- paid balance until paid. The said principal and interest shall be payable at the oflice of At ico FiRattc ial Corporation, P. O. Box 3131, Miami 1, Florida or at such other place as the holder of the note may designate in writing, in monthly installments of S ixty Nine and 60/Z00 -------------Dollars 69.60 commencing on the first day of February , 19 67 , and on the first day of ea~h month thereafter until the ~ principal and interest are fully paid, except that the final payment of principal and interest, if not sooner ~ paid, shall be due and payable on the first day of~ anuary ,1997 ; And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and ; abide by each and every the stipulations, agreements, conditions~ and covenants of said promissory note i and of this mortgage. then this mortgage and the estate hereby created shall cease and be null and void. ~ And the mortgagor fnrther covenants as fo11oK•s: ! 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the ~ debt in whole, or in an amount equal to one or mo~~e monthly payments on the princiaal that are next due ; on the note. on the first da~ of any month prior to maturity : Pmvided, hoH~ever~ that writtcn notice of an i intention to exercise such pri~•ilege is gi~en at least thirty (3U) days prior to prepayment; and. provided j further. that in the event the debt is paid in full prior to maturity and at that time it is insured under the provisions of the National ~iousing Act. he will pay to the mortgagee an adjusted ~,remium 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- t gage had continued to be insured until maturity; such payment to be applied by the mortgagee upon its ~ obligation to the Federal Nousing Commissioner on account of mortgage ~nsurance. ~ 2. That, in order more fully to 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~ witl pxy to the mortgagee the following sums: ; (a) An amount sufficient to provide the holder hereof with funds to pay the next mortgage insurance premium if this instrument and the note secared hereby are insured, or a monthly charge , (in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner, ~ as follo~~ s : ~ (t) If and so long as said note of even date and this instrument are insured or are reinsured under the pmvisions of the ~'ationat Housing Act. an amount sufticient to accumulate in the hands of the holder one (1) month prior to its due date the annual mortgage insurance premium. in order to provide such holder with funds to pay such p?-emium to the Federai Housing Commissioner pursuant to the Nationai S Housing AcL, as amended, and applicable Re~ulations thereunder; or ~ (ti) If and so long as said note of e~en date and th~s instrument are held by the Fede?•aI Housing Commis- ~ sioner, a monthiy chaige (in liea of a mort~,?age insuranee premium) which shall be in an amount equal to one-tv?elfth of one-half (~fs ) per centum of the average outstanding balance due on the f note computed aithout taking into account detinquencies or prepaymeets; (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 covering 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 sams to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assess- , ments; and ; (c) All payments mentioned in the two preceding subsections of this paragraph and all pay- ; ments to be made under the note secured hereby shall be added together and tlie aggregate amount thereof shalt 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 charRes under the contract of insurance with the Federal Housir~~ Commissioner, or monthly charRe (in lieu of moi•tRage insurance premium), as the case may be; (tt) Rnound rents, taxes, assessments, fire, and othee• hazard insurance premiums; (m) interest on the note secu?-ed hereby; and (iv) amortization of the princi~al of said note. t f 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 default under this mort- gage. The mortgagee may cullect a"late charge" not to exceed t~~ o cents (2~) for each dollar ($1) of each payment more than fifteen ~15) days in arrears to cover the extra expense involved in handling = delinquent payments. 3. Ti~at if the tofai of the pa.r•ments made by the mortgagor under (b) of paragraph 2 preceding shall exeeed the amount of pa~•ments actually made br the mortgagee, for ~round rents, taxes and asses.aments and msurance premiums, as the case may be, such 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 i~e sufl5cient to pay ground rents, taxes and assessments and insurance premiums. as the case may be, v?hen the same shall become due and payable, then the mortgagor shall pay to the mortgagee any amount necessary to make up the defieiency~ on or before the date when 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- 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 obtigated to pa~• to the Federal Housing Commisaioner and any balance remaining ~n the funds accumulated under the pro~•isions of (b) of said pai•agraph 2. If there shall be $ default under any of the prnvisions of this mortgage, re- sulting in s 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 or at ~ the time the property is otherwise acquired, the balance then remaining in the funds accvmulated under (b) of paragraph 2 preceding as a credit against the amount 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 governmenta~ municipal charges, ? ~ '8D0lE~ ~ $ ; ~ x ~ ~ ~ . } : _ ~~'+~",a:~_~~.~ '~:~~d ~ :.s~~.-~~~~°.~~.Y'~?h.~~~~`«"~'~e-e~-Y~`,°r~'~r~~_: .~,-~s~ r ~~..,y,~`,,,,..~ ~a~...r"a ~ ~ s~aLyc~ y='~~~- ` : - - - .~x.~., ~ ~~.~.al.~•a~,'`~-"':~~s- .s.~.a~;r.'~:~? ~.~sz,'~1ti ~