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HomeMy WebLinkAbout1432 . , ~E~ y~. « ; . ~ , ~ ' ~'1~~ ''~•2 PROVIDSD ALWAY3~ and these presents are executetl and d8livered upon the following conditions, to ' wit: ' ~ The mortgag~or agreea to puy the mortgagee, or order, the principal sum of E2even Thousand Six Hundred and no/100-------------- Doltara (;11, 600. 00 as evidenced by a note o! even date herewith, with interest imm date at the rate of ----------S ix--------------Per centum (-..--6--.96) t~er annum on the un- p~$~~til psid. The saYd principal and interest ahall be paysble at the o~oe of ATI'CO CO~PORATION, P. 0. Box 3131, Miam~, Florida 33132 or at such other place as the holder of the note may desig?nats in writing, in monthly installtnents of S ixty-Nine and 60/100-----------_ Dollara (a 69.60 commencing on ~ the flrst day of July . 19 67 ,~d on the flret day of each month thereaft~er until the ' principai at~d interest are fully paid, except that the flnal psyment of principal and intereat, if not sooner paid, shaA be due and payable on the flrst day of June ,19 97 ; And shall duly. pmmptly, and t'ully perform, discharge, execute, effect, complete. and comply with and abide by each and every the stipulations, agreements. conditiona, and covenanta of said promissory note and of this mortgage, then this mortgage and the estate hereby created ahall cease and be null and void. And the mortgagor further covenants as foUows: 1. That he wiU pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equat to one or moi~e monthly payments 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 fuil prior to, maturity and at thAt time it is insured under the provisions of the National Housing Act. he vMiU p~ay to the mortgagee an adjusted premium charge of one per centum (1 ih ) 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 hsd continued to be insured until maturitZ• ; euch payment to be applied by the mortgagee upon its obligation to the Federal Housing Commissioner on account of mortgage i~surance. 2. That, in order more fully to pmtect the security of this mortgag~e, the mortgagor~ together with, snd ia 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 pay to the mortgagee the following sums: (a) An amount sufficient to provide the holder hereof with funda to pay the next mortgag~e insurance premium if this instrument and the note secured hereby are insured, or a monthly charg+e (in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commiasioner, as follows : (t) Ii snd ao long as ssid note of even date and this instrument are insured or are reinsured nnder the pmvisions of the National Housing Act, an amount suAlcient to accumelate in the hands of tbe holder one (1) month prior to ita due date the annual mortgage inauranee premium~ in order to pmvide such holder with funds to pay such premium to the Federal Housing Commissioner pursuant to the National Housing Act~ as amendcd. and applicsble Be~ulstions thereunder; or (it) If and ao long aa said note oi even date and th~a instnunent are held by the Federal Housing Commia- sioner, a monthly charge (in lieu of a mortgag~e insurance premi~m) which shall be in an amount equal to one-twelith (Yiz) of one-half ('fs ) per centum ot !he average outstanding balance due on the note eomputed without taking into aecount delinquencies or prepaynnenta; (b) A sum equal to the ground rents, if any. next due, plus the premiums that wiil next become due and payable on poticies of fire and other hazard insurance eovering the mortgaged pmperty, 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, sueh sums 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 the aggregate amount thereof shall be paid by the mortgagor each m~nth in a single payment to be applied by the mort- gagee to the following items in the or~ier set forth: (t) premium charRes under the rnnt~~ct of insurance with the Federal Housing Commissioner, or monthly charge (in lieu of mortgage iASUrance premium)~ as the case may be; . (it) ground rents, taxes, assessments, Sre, and other hazard insurance premiums; (Il!) 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 good by the mortgagor prior to the due date of tl~e next such pay~nent, constitute an event of default under this mor~ gage. The mortgagee may cullect a"late charge" not to exceed two cents (24) for each doliar (~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 total 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 Rround rents, taxes and assesaments and msnrance premiums, as the case may be, such excesa shall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthly paymenta made by the mortgagor under (b) of paragraph 2 preceding shall not be au~cient to pay ground renta, taxes and assessments and insurance premiums, aa the case may be, when the aame shal! become due and payable, then the mortgagor shall pay #o the mortgagee any amount necessary to make up the deficiency~ on or before the date when p~yment of such ground renta, taxea, asaesaments, or insurance premiums shall be due. If at any tirne the mortgagor shall tender to the mortgagee in ac:cordance with the provisions of- the note secured hereby, full payment of the entire indebtedness repre$ented thereby, the mortgagee shall. ;n com- puting the aniount 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 haa not beoome obligated to pay to the Federal Housing Commissioner and sny balance remaining in the funds accumulated under the pro~•isions of (bj of eaid paragraph 2. ~i thei~e ahall be a defaolt under any of the pi'ovisiona of this mortgage, re- sultin~ in a-public sale of the premisea covered herebyt or if the mortgagee aoquires ttie pmperty other- wise after default, the mortgagee ahall apply, at the tune of the commencement of such proceedings or at the time the property ia otherwise acqnired, the balance then remaining in the fnnda accumulated under (b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall prnperly adjuat any payments which shall have been made under (a) of said paragraph. 4. That he will pay all taxes, asaesaments, water rates, and other governmental or municipal charges, , a . s~K16~ ~1430 .''a~"~ x ry~'~•~'~'~r"~ r.~rx ~",,,"F~,k-'-.`"'~ v~'`3-'x' c~r . . . '