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HomeMy WebLinkAbout2542 ~ v n;•,~ ~'a . PROVIDED ALWAYS~ and these presents are executecl and delivered upon the following conditions~ to ~ VPIt : The mortgagror agrees to pay the mortgagee, or order, the principal sum of Fifteea ?housand Three Hundred and No/100•-•-----•-•---------•---------•• Dollars (a 15,300.00 as evidenced by a note of even date herewith, with interest from date at the rate of six per centum ( 6%) per annum on the un- paid balance until paid. The said principal and int~rest shall be payable at the oflice of Atico I~'inancial Corporation, P. O. Box 3131, Mia~i, b''lorida or at such other place as the holder of the note may desigc~ate in writing, in monthly installments of ; Ninety-One and 80/100~~~~~~~~~~r~~~~~~ Dollara 91.80 commencing on ; the first day of October , 19 6~, and on the flrat day of each month thereafter until the principal and interest are fullp paid, except that the flnal payment of principal and interest, if not sooner ' ~ paid, shall be due and payable on the first day of ~pte~r ,19 9~ ; 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 ! 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 follow•s: ~ 1. That he will pay the indebtedness. as hereinl~efore provided. Privilege is reserved to pay the debt in whole. or in an amount equal to one or moi~e monthly payments on the principal that are next due on the note. on the first day~ of any month prior to maturity : Provided. how ever~ 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 deUt 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 premium charge of one per centum (1%) of the original principal amount thereof, except that in no event shall the adjusted premium exceed the aggregate xmount of premium charges which wouid have been payable if the mort- gage had continued to be insured until maturit~ ; such payment to be applied by the mortgagee upon its obligation to the Federal Housing Commissioner on account of mortgage ~nsurance. 2. That. in order more fully to pmtect the security of thi~ 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 i each manth nntil the said note is fully paid, will ~y to the mortgagee the following sums: ~ (a) An amount suft5cient to pro~~ide the holder hereof with funds to pay the next mortgage insurance premium if this instrument and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner. as folloH s : (t) If and so long as said note of even date and this instrument are insured or are reinsnred under the provisions of the National Housing Act, an amount su8tcient 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 pirmium to the Federal Hoas~ng Commissioner pursuant to the National Housing Act, as amended, and applicable Regulations thereunder; or ~ (it) If and so long as said note of even date and this instrament are held by the Federal ~3ousing Commis- ~ sioner. a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount ; equal to one-twelfth of one-half (~,4 ) per centum of the averaqe outstanding balance due on the ; note computed without taking into acconnt delinquencies or prepayments; _ ~ (b) A sum equal to the ground rents, if any. next due, plus the premiums that will next become i 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 ~ sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes. and special assess- ! ments; and I (e) 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 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 se~ forth: ~ (t) premium charRes under the rnntract of insurance with the Federal Housing Commissioner, or monthly char~e (in lieu of mortgage insurance premivm), as the case may be; (t[) qround rnnts, taxes, assessments, fire, and other hazard insnrance premiums; (ttt) interest on the note secu~~ed hereby; and (tv) amortization of the principal of said note. Any deficiency in the amount of such aggregate rr~onthiy payment shall, unless made good by the mortgagor prior to the due date of the next such payment, constitute an e~ent of default under this mort gage. The mortgagee may cullect a"late charge" not to exceed two cents (24) for~each dollar ($1) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of pa~ ments actualiy made by the mortgagee. for ~Cround rents. taxes and asaes.~ments and insurance premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however. the monthly payments made by the mortgagor ~ under (b) of paragraph 2 preceding shall not be su~cient to pay ground rents, taxes and assessments and insurance premiums, as the case may be. when the same ahall become due and payable~ then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency~ on or before the date when payment of such ground. rents, taues, sssessraenta. or insurance premiwns shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note secured hereby. full payment of the entire indebtedness represented thereby, the mortgagee shall, ~n com- puting the amount of such indebtedness, credit to the acoount of the mortgagor all payments made undei• ~ the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa~ to the Federal Housing Comraiasioper and any balance remaining jn the fund$ accumulated under the prorisions of (b) of said paragraph 2. If thei~e ahall be a default under any of the pmvisions of this mortgage, re- sulting in a public sale of the premises covered hereby, or if the mortgagee acquirea 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 accumulated under (b) of paragraph 2 preceding aa a credit againat the amount of principal then remaining unpaid under asid note and shall properly adjust any payirienta which shall have been made under (a) of said paragraph. ~ 4. That he will pay all taxes, assessments~ water rates, and other governmental or municipal charges, ~ ~ eooK 167 P~~4Z ~ ~ ~ - - µ ~ ~