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Home My WebLink About2442 ~ . ~ ~ 4 1 ' tl , ~ said mortgagor docs hereby fully wariant the title to said land, and e~~ery part thereof~ and will de[and the same against the lar~ful claims of all persons whomsoever. PROVIDED ALWAYS. and these presents ar~ executed and delivered upon the followirtg conditions~ to wit: The mortgagor agrees to pay the mortgagee, or order, the prirscipal sum of EI(3HT THOD3APD NINg HZINDRS,D ~~gnaoo/loo----------------------------------- not~~ (s e, 950.00 as evidenced by a note of eve~ date herewith. with interest trom date at the rAte of Six pcr centum ( 6 96) per ennum on the unpaid balance until paid. The said principal and intecest shall be payable at the oifice of ATICO FINANCIAI, CORPORATIQI~1, P. 0. Box 1176 in Dau Gallie, Florida, or at such other place as the holder of the note may desig~ate in writing, in monthly installertents of FIFTY-T8RE6 and 70/100- - - - - - - - - - Dollats (S 53•74 commencing on the first day of Aprf 1 , 19 67 , and on the first day of each month thereafter until the principal and iaterest are fully paid, except that the final paymeat of principal and interest. if not sooner paid. shall be due and paysble on the first day of ~ch~ 199? ; And shall duly. pranptly. and fully periorm, dischatge. execute, efEect, complete, and comply with and abide by each and every the stipulations, agreements. conditions, 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 follows: ~ 1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserted to pay the debt in whole, or in an amount equal to one or moce monthly payments on the principal that are next due on the note. on the first da~ of a~y month prior to maturity: P~oviJed, however, that written notice of an intention to exercise such privi!ege is given at least thirty (30) days prior to prepayment; and, provided further, that in the event the debt is paid in full prior to maturity and at that time it is insured under the provisions o[ the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1%) of the.original principal amount thereof. except lhat in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been payable if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on accoun! of modgage insurance. 2. That~ in order more fully to protect the security of this mortgage, the mortgagor. together with, and in addi- tion to, the monthly payments ander the terms of the note secured hereby, on the first day of each month until the said note is fully paid, will pay to the moctgagee the following sums: (a) An amount sulficient to provide the holder hereof with [unds to pap the ne:t mortgage inaurance premium if this instru- ment and the note secured hereby are insured, or a monthly charge (in lieu of o mortgage insurance eremium) if they are held by the Secretary of Housing aad Urbart Developmeat, as follows: (I) If and so long as seid eote ot evea date and this instrument arc insured or ore reinsured under the provisioas ot the National Housing Act, an amount sut~clent to accumulate in the hands ot the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such holder aith funds to pay suchpremium to t6e Secretary of Housing and Urbaa Development pursuant to the ~tationa! Housing Act, as amended, and spplicable Regu- lations theteunder, or (II) tf and so long es said note of even date and this instrument ore held by the Stcretary of Housing and Urban Develop- ment. e monthIr charge (in iieu o[ a mortgage insurance premium) whic6 sball be in aa amount equal to one-twelfth (1/12) ot one-holf (y4) per ceatum of the average outst~tding balance due oa the note computed without taking into account deliaqueacies or prepaymeats; (bJ A sum equat to the ground rents. if any, next due. plus the premiums that will aext become due and payable on policies of [ire and other hazard insuraace covering the mortgaged property, pius ta:es and assessments next due on the mort- gaged property (all as estimated by the mortgagee) less all sums already paid there[or divided by the number ot months to eiapse be[ore one montb prior to the date when auch ground reats, premiums, tazes, and assessments will become de- linquent. such sums to be held by mortgagee in trust to pay said ground rents. premiums, ta~ces, andspecialassessmeats; and . (cj Alt payments meniioned in the two preceding subsections of this paragraph and all payments to be made under the note secwed hereby shall be added together aad the agg,regate amount thereof shait be paid by the mortgagor each month in a single payment to be applied by the mortgagee to the foltowing items in the order set forth: (n preauum charges under the coatract ot insurance with the Secreterp o[ Housing and Urba~ Development, or monthly charge (in lieu of mortgage iaaurance premium). as the case may be; (II) ground rents, tazes, assessments, Cre, and othtr hazard insurance premiums; (III) interest on the aote secured hereby; and (I{n smoetization of the prlncipal ot aaid aote. ' Any deficiency in the amount of such aggregate monthly peyment shall, unless made good by the mortgagor ~ prior to the due date of the next such payment, constitute an event oE default under this mortgage. The modgagee may collect a"late charge" not to exceed two cents (2~) for each dollar (Sl) of each payment mae than fifteen ' (15) days in arcears to cover the extra expense involved in handling delinquent payments. i 3. That if the total of the peyments made by the mortgagor under (6) of paragcaph 2 preceding shall exceed f the amount oE payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance f 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 (6J of paragraph 2 pre- i ceding shall not be sufficieat to pay g~ound rents, taxes and assessmants and insurance premiums, as the case ~ may be. when the same shall become due aad payable, then the mortgag~ shall pay to the modgagee any amount necessary to make up the deficiency, on or befoce the date whea paymeat of such gROnnd rents, taaes, assessments. ` or insuraace premiums shall be due, If at any time the mortgagor shalltender to the mortgagee in accordaace with ~ the provisions of the note secured hereby, full payment of the entire indebtedaess represented thereby. the mod- I gagee shall, in compnting the amount of such indebtedness, credit to the account of the mortgagor all payments i made under the prwisions of (aJ o# paragRaph Z hereof which the moctgagee has not become obligated to payto ' the Secretary of Housing and Urban Developm~nt and any balance remaining in the funds accumulated under the ~ provisions of (6) of said paragraph 2. If thece shall be a default under any of the pcovisions of this matgage. re- k sulting in a public sale of the pcemises covered ~ereby, or if t6e mortgagee acquires the property othecwise after ~ ~ default, the matgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- i erty is otheivrise acquited, the batance then temaining in the funds accumulated under (b) of paragraph 2 preceding ~ as a credit ag,ainst the amouat of principal tben remaining unpaid nnder said note and shall properlyadjust any E payments which shall heve been made under (aJ of said paragraph. ~ 4. That he will pay all taxes, assessments, water rates, and other govemmental or municipal charges, fines, E a impositioas, for which provision has not been made hereinbefae, and in default theteof the madgagee may pay ~ the same; and that he will promptly deliver the officiel receipts thecefor to the mortgagee. ~ ~ F ioaRl~ ~ . - ..ti: ~ ~ - 1c ~2 Gs~ f,,.. . . . s~.~. - s~.,r vq ~ $ ~'y~' „ ~;Y-' ~ ' a -