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Home My WebLink About2960 ~ t N t . + r ~t •y • i~. ~i . . PROVIDxD ALWAYS. and these presenta are executed and delivered upon the following canditions~ to wit : The mortga~:+r agrc~s to pay the mortgagee, or order, the principal sum of Fi~teen Thousattd and No,h.00 Dollars 15 , 000. 00 as evidenced by a note of even date herewith. with interrE?sst from date at the rate of s ix per centum ( 6 9b ) per annum on the un- paid balance until paid. The said prin~ipal and interest shall be payable at the office of At ico Financ ial Corpoi•at ion, P.O . Box 313~ ,Miami 1, Flor ida or at such other place as the holder of the note may designate in writing, in monthly installments of Ninety and No%t~70 --------------..__Doltars (a 9U.00 commencingon the ftrst day of June , 19 67 , and on the first day of each month thereafter until the principal and interest are fully paid, except that the flnal payment of principal and interest, if not sooner paid, shall be due and payable on the first day of May ,19 97 ; And shall duly, promptly, and iully perform, discharge~ execute, effect. 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 na11 antt~veid. And the mortgagor further covenants as follows: 1. That he wiq pay the indebtedness. as hereinbefore pmvided. Priviieg~e is reserved to pay the debt in whole. or in an amount eqaal to one or moi~e monthly gayments on the principal that are next due on the note, on the first da.~ of any month prior to maturity : Provided. however. that written notice of an intention to exercise such privilege 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 thzt time it is insured under the pmvisions of the National HousinR Act, he will pay to the mortgagee an adjusted premium charge of ot?e per centum (1%) of the original principal amount thereof, except that in no event shall the adjusLed premium exceed the aggregate amount of premium charges which would have been payable if the mort- gage had continued to be insured until maturits•; sueh payment to be applied by the mortgagee upon its obligation to the Federal Houai»g 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, will ~y 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 secured hereby are insured, or a, monthiy charge (in liea of a mortgage insurance premium) if they are held by the Federnl Housing Commissioner, as follow s : If and so long as said note oi even date and thia instrument are insured or are reinsured under the provisions of the Nationai Housing Act, an amount sufticient to accumnlate in the hands of the holder one (1) month prior to its due date the annaal mortgage insurance premium. in order to provide such holder with funds to pay such pi~emium to the Federal Housing Commissioner putsuant to the National Hoasing Act, as amended, and applicabie Re~vlations thereunder; or (tt) If and so long as said note of even date and th~s instrument are held hjr the Federal Housing Commis- sioner. a monthly charge (in lieu of a mortgage inaurance premium) which shall be in an amount equal to one-tv?elfth (y~~) of on~half ( 34 ) per centum of the average outstanding balance due on the note computed without taking into secourtt delinquencies or prepayments; (b) A sum equal to the ground rents. if any, next due, ptus 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, snch sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assess- fi ments; and (c) All payments mentioned in the two preceding subsections of this paragraph and all paq- ; 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: premium charRes under the contract of insurance with the Federal Housing Commissioner, or monthly charge (in lieu of mortgage insurance premium), as the case may be; (tt) ginund rents, taxes, assessments, fire. and other hazard insurance premiums; (ttt) interest on the note secured hereby; and ([v)• amortization of the principal of said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made gnod by the mortgagor prior to the due date of the next such payment, constitute an event of default under this mor~ gage. The mortgagee may cullect a"late charge" not to exceed two cents (2¢) for each dollar ($1) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the totai of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of payments actually made by the mortgagee. for Around rents. taxes and asses.aments ; and insurance premi~ms, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under (b) oi paragraph 2 preceding shali not be suf$cient to pay ground renta, taxes and asaessments and iasurance premiums, as the case may be, when the same ahall become due and payable, then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency~ on or before the ~ date when payment of such ground, rents, taxes, as.gessmenta, 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. fttll 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 prnvisions of (a) oF paragraph 2 hereof which the mortgagee has not become obligated to pa~ to the Federal Housing Commissioner and any balance remaining_in the funds $ccumulated under the prorisions i of (b) of said paragraph 2. If thei-e ahall be a default under any of the provisiona of this mortgage, re- suiting in a public sale of the premises covered hereby, or if the mortgagee acquirea tlie prnpert~ other- wise after default~ the mortgagee ahall 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 credit against the amount of principal then remaining.unpaid under ~ said note sad shall properly adjust any payments which shall have been made under (a) of said paragraph. ~ 4. That he will pay all taxes, assesaments, water rates, and other governmental or municipal charges, i ' i a~K~SS ~~2955 ~ ~ ~r4 ~';~~~y.,. ~~'~r~'r+'k~ 'rtYr`~~.'.- - ~ ~~-~.,."~-`i.`~ : ~ ~ r. r-~