HomeMy WebLinkAbout1833 1
. . ~ ~ ~l:~ ~ •l' ji
saiJ :..::~t~~oc does hereby full~ v?ar~ant the- title to said land. and every purt thereot. and will defend the saa?e
against the lawful claims of all persons whomsvever.
1'i:U~'IDED AI.IXAYS. and these pcese~ts are executed aad delivered upon the following coaditions. to wlt:
'1'i:~ raoctgegor agcees to pay the matgagee. or ocder. the Qtlncipal sum oi $jG$P '~OIISA1iD S~EVIIi
~JND86Dand00~100----------------- -
Do1lr,??ra tS 8~700.00 as evideaced by a note of cvea date he~ewith. with interest from date et the
cate of Siz pec centum ( ( per annum oa tbe anpaid bslaace
uatil ~ti.id. The said principe! and interest shall be payable at the ofEice of
ATICO FZNANCIAI, CORFORATIO~~ 150 Southeast Third Avenue, Miami, Florida,
oc at such other place as the holder af 1he aote may designate in wtltiag. ia monthly instellments of
~'I~TY-'14f0 8?ud 20~100- - - - - - - - - - - Dollars (S 52.20 comrtiencing o~ '
the fust day of AuguBt . 1967~ . and a~ the Eirst day of each aionth thereafter untilthepciacipal
and interest are fully paid,~ except that the final payment of priacipal and iaterest. ii not soo~er paid. shall be due
ond payable on the first day of Ju3y~ 199'j ;
And shaU duly~ promptly. and fully petfocm, discbacge. execute, effect. complete. and comply with and sbide
by each and every ttte stipulatioas. agtee~oents, conditions, and covenants of said pcomissory aote and of this
modgage. then this moctgage aad the estate hereby cceated shall cease atid be null sad void.
And the matgagor fucther covenants es follows:
1. That he will pay the iadebtedness. as 6ereinbeEore provided. Priirilege is rese~ved to pay the debt in whole.
or in an a~eount equal to one oc more monthly payments on the principal that are next due oa the aote, o~ the first
day of any month ~rior to maturity: Provided, howevei. that written notice of an intention to exercise such privilege
is given at leest t~trty (30) days pria to prepayme~t; and. pcovided 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 Housing Act, he will pay to
the mortgagee an adjusted pcemium charge of one per centum (1%) of the original principel amount thereof, except
that in no eveat shall the adjusted premium exceed the aggregate amou~t of premium charges which would have
been payeble if the mottgage had continued to be insured until maturity; such payment to be applied by the mod-
gagee upon its obligation to the Secretary of Hoosiag and Urban Developaleat on account of modgage iasurance.
2. That, in order awr~ fally to protect the secarity of this mortg,age, the mortgagor, together with, and in addi-
tioa to. the monthly payments under the terms of the notp secured hereby. on the first day of each month until the
seid note is fully paid, wiU pay to the mortgagee the follawing sums:
(aJ An amouat sutficient to pwvide the holdee 6ereof aith tunds to par the nezt mort~age insunace premium it this iastrw
ment and the noEe sec~red hereby are iasured. or a moathly chu~e (in lieu ot a mortgage iasuraace premium) if Wey ore
held by the SeCretary ot HoasiaQ and Urban Development, ~s follows: •
p) II and so lon~ as said note of even date and ttus instrumeat ve inswed or are reinsured under the provisioas of 16e
Natioaol Housin~ Act, an amonnt sutGcieat to accunnl~te.;ia t6e hpads of We holder one (1) month prior to its due
date the aanual mort~age iusurouce pcemium, ia order to provide wch holder with fuads to pay such premium to the
Secretar~ ot Housing and Urban Devclopmmt pursuant to'the H~tion~l Housing Act. as ~mended. and applicable Regu-
Iatlons theteunder, or
(I~ If ~nd so lone as said note o[ even date and thia inst~ument are beld b~ tbe Setretaq of HousinQ aad Urbaa Develop-
ment, a monthly charge (in liea of a mort~age Inwrance pe~emiam) ~vhich sb~ll be in an ~eonuat eqwl to one-twelEth
(1/12) of oao-half (~/S) per ceatum of the average outstaading b~i~nce d~te on tl~e aote compnted without tal~Iug into
accouat deliaquencies or pcepaymeats;
(b) A sum eqnal to the ground rents. if ~ny, aert due. plus the preminms th~t will nest become due and payable oa pollcies
n
of Cue and other hazard insurance coverlnQ t6e moetgaged propeK~. plas ta:es and assessmeats nezt due on the mort-
gaged property (~11 as estimated bp tbe mort~aeee) less all sums alrcadp paid theretor divided by t6e number of montha .
to elapse before one month prtor to the date w6en such g,round renb, preminms, tases, and assessmeats will become de-
; linquent. such sums to be held by mortgaQee in trust to po~ said acound rents. premiums. ta:es. ond special aaaesameats;
~ and
° (c) All paymeats meattoaed in the t~vo preceding subsections o[ tLis pangrap6 aad all paqmeats to be mode under the note
~ secured hereby sha11 be added toget6er and fhe ag~egate amount thercof shall be paid by the mortgagor each month in a
single payment to be applied by the mortgagee to the followring items in the order set torth:
-(n premium char~es under tbe coatract of insurance with tbe Secret~ry ot Houaing and Urban Developmeat, or monffilp
charge (ia lieu of mort~a~e iasuraace premium), as t6e case mo~ be;
(In arouad rents, tazes, asseumeat~. Qre, aadrother hassrd insurance premiums; •
(Im interest on the note secured hereby: and . .
p~ amortizatlon of ths princip~l ot said aote.
Any deficiency in the amount uf such aggregate monthly peyment shall, unless made good by the mortgagor
prior to the due date of the nest sncb peymeat. constitnte an event of default uader this'mortgage. The modgagee
may collect e"late charge''-~ot to e:ceed two cents (2~) for each dollar (Sl) of each payment more than fiheen
(15) days in arrears to cover the eztre expense iavolved ia haadling delinquent payments.
3. That if the total of the payments mede by the modgsgor nnder (b) of paragRap6 2 preceding shall.exceed
the amount of payments actually made by the mortgagee, for gcound rents, taxes and assessments and iasurance
premiums, as the case may be, snch excess shall be credited by the mortgagee on subsequent payments to be
made by the mortgegor. If. however, the monthly payments made by the mactgagor under (b) of paragraph 2 pre-
cediag shall not be snfficieat to pay gcarnd rents, taxes and assessmants and insurance premiums, as the case
may be, when the seme shall become dae and peyable, then tbe matgagor shall pay to the mortgagee any amount
necessary to make up the deficiency, oa a befae the date ~vhen payment of such gcound rents. tazes, assessments.
or insucance premiums shall be due. If at any time the mortgagor shalltender to the madgegee in accocdance with
the provisions of the note secured hereby, fall payment of the eatire indebtedness represented thereby, the mod-
gagee shall, in compnting the amoont d suc6 indebtedness, credit to the acconnt of the matgagor all payments
~ made under tLe pravisioas of (a) of paragraph 2 hereof vrhich the mortgagee has not become obligated to payto
~ the Secretary of Housiag and Urbaa Developmeat and any balance remaining in the f~nds accumuleted under the
provisions of (b) of said pazagraph 2. If there shall be a defenlt nnder any of the pcoeisions of this ~atgage, re-
sulting in a public sale oE the premises covered _~ereby, oc if tl~e matgagee acquires the property othecwise after
default, the mortgagee shall ~pply, at tbe time of the comme~emeat oE snch proceediag~ or at the time the prop-
edy is otheivvise acquired, tbe balance then remaining in t6e funds accumulated under (b) of paragraph 2 preceding
as a credit against the amount of prIncipel tben remaining unpaid under said note and shall properly adjust any •
paymeats which ahall heve been made under (aJ of said paragreph.
4. Thst he will pay all ta:es, assessments, water rates, aad other governmental ar municipal cherges, fiaes,
~ impositioos, for ~vbich pravisioa has not beea made hereinbefae, and in deEault theceaf the mortgagee may pey
the same; and that he will promptly deliver the dficial reoeipts tharefor to the mortg,egee.
i
{ w• ~
i .
_ a~i66 ~18~ ; -
--L . .
_ _ _
~ti:_ .
~ q -
_ " -~~r- x ,1,~'t:-