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HomeMy WebLinkAbout1424 . . `j C' i 1 ~ . ~aid mottgagor does hereby fuliy warraat the title to said land. and evcry part thereot. and will defe~d the same against the lewful claims of all persa~s Mhomscevec. PROVmED ALWAYS, and these presents are executed and dellvered upon the following conditions, to wit: T6e matgagoc agirees to pay the matgaeee. or order~ the~ principsl sum of 81XtC0Yi Tb0~11g4IId F'iv~ ~Qindred and Fo~100----------------•--------------------•-----------•------------ Dollars (s ],~~SQp.Qp as evidenced by a note of even date hecewith, with Interest from date et the rate of SiZ per centum ( Ei 96) per a~num a~ the unpaid balance until psid. The said p~Incipal and interest shall be payable at the office of ATICO FII~ANC?AL C~PC~iAT~ON~ P: o. Ewc 313a., ~aaad, Floriala . or at such othec place es the holder of the note may designate i~ wrlting. in monthly i~stallments of ' Niaety~-l~ine and No~100-~'~~~~~~~~~~'~~~~~~~ ~~la~S ~~~~W commencing on the first day of NOMl~beY' , 19('j , ac~d oa the first day of each moath thereafter aatilthepriacipal . and interest are fully paid, except that the final paymeat of pcincipal and interest. i[ not sooner paid. shall be due aad payable on tl~e first day oE 4~~~rs l~ ; " And sball duly. promptly. and fully pedorm. discharge~ execute, effecf, complete~ and comply with and abide by each and every the stipulatioas, agteeanents, conditions, and covenants of said promissocy aote and of this mortgage, thea t6is matg,~ge and tb~ estate hereby created shall cease and be null and void. r Aad the nwrtgagor further coveaaats as follows: 1. That he will pay the indebtedness. as hereinbefore provided. Prii~ilege is reserved to pay the debt in whole, or in an aawunt equal to one a mae monthly payments on the principal that are next due on the ~ote, o~ the first day oE any month ptior to maturity: P.ooided, ho~rever. that written notice of an intention to exercise such privilege is givea at least thidy (30) days Qria to prepayment; and, provided fudhe~. that in the event the deM 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 aa adjusted premium charge of one per centum (196) of the original principal amount thereof. except that ia no eveat shall the adjusted premium exceed the aggregate amount of pcemium charges which would have been payaWe if the matgage had continued to be insured until matnrity; such payment to be applied by the mort- gagee upoa its obliption to the $ecretary of Housiag and Urban Development oa account of modgage insurance. ~ 2. That. in order more fully to prbtect the secarity of this mortgage, the mortgagor, together wit6, and in addi- tion to. tbe moathly paymeats uader the terms of the note secured hereby, on the first day of each month until the said note is fully peid. aill pay to the mortgagee the following sums: , (a) An amouat suf'fic~nt to pwvide the holden c~reoi wiih tunds to pay t6e ~ezt mortgage insurance preaium i[ thls instru- ment and tbe note secured herebr ~re iasured, or a monthly charge (in lieu of a mottgage Inaurance prcmium) it they ue held by the Secretaer o[ tiousin` aad Urb~a Development, ~s [ollows: (I) If and so loag ~s said nMe of evea date and this insWment are insnred ar are reins~red under the pwvisions of the National NousinQ Act. an amonnt sut[icient to accumulate in the hands of the holder oae (1) awath p~tor to its due 1 date the aanual mortQa~e insurance premiam, in order to pwvide such bolder with hmds to p~r such preedum to ffie Secretary of HousinQ and Uet~e Developmeat pursufat to We National Kousia~ Ae~ as ameaded. snd ~pplicable Regu- latioas thereunder. o~ . (II) If ~nd so long as sald note of eveo d~te and this instn~ment are held by the Secretary of Honatng and Urban Develop- mcat, a monthl~ ch~r~e (in Iiea ot a morteaQe iasuraece prcmium) ~vhIch shall be in ~n amouat eqn~l to one-t~velfth (1/12) ot oao-htlt per centam of the avenge outatonding b~lance due on the note compnted wlWont t~king into acco~mt delinquencies or prepapmeats; ' (b) A sum eqnal to We eround rents, iE anr, ne~ dne, plus the premiums that ~aifl nezt becomc dne and payable on pollcies ro of Cue and ofher 6azard insuraace covering the mortgaged property, plus ta:es and ossessments ae:t due on the mort- I ~ goged propertp (~ll as estia?ated b~ the mortga~ee) less ali soms atre~dr poid there[or divlded by ffie number ot monffis I to elapse betore one month pdoc to tt?e date wrhen auch awund rents, premiums, tazes. aad assessmenta will become de- ~ liaqurnt, such sums to be held b~ mortgaQes in trust to p~y. said ground rents~ prcmiums, taies. and speeial a~sessmeats; aad ~ (c) All payments mmtioaed in tl~e two precediag subsectioas oE this paragrap6 and all payments to be made tmder the aote secured hereby ahall be added together and the ag~eQate ~mount thereof shall be paid br the mortgagor each monW in a I aingte paymeat to be ~pplied by t6e mort;agee to the following items in the order set forth: m premium charQes under the contract oE insuraace ~rlth t6e Secreta'ry ot HousiaQ and Drbaa Developmeat, or moathly ~ charee (ia liea of mort~aQe iasorance premium). as the case mar be; (In Qro~md rents. tazes, assessmeats, flre. ond other haaard 'wsaraace premiums; (I~ interest oa the note stcured 6ercbr; ~ad ~ ([V) amortisation of tbe piocipal oE sud note. , : , Any deficieacy ia the amoant of such aggregate moathly paymeat shall, unless made good by the matgagor # i prior to the due dste of the nezt such payment, constitute an event af default under this modgage. The modgagee , may collect a"late charge" aot to ezceed t~ro cents (2~ for .each dollar (Sl) of each peyment more than fifteen (15) days in arrears to cover t6e e~re expe~se invalved ia handling delinquent payments. 3. T6at if the total of t6e peym~nts made by the mortgagor iwder (6) of -paragFaph 2 preceding shall exceed the amount of paya~ents actuslly made by the martgagee, for ground rents, taxes and assessments and insurence 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 (bJ of paragraph 2 pre- ceding shall not be sufficient to pey ground rents, taxes aad assessmants and insnrance premiums, as the case ma be, when the same s6a11 become dne and able, then the mort a oc shall to the moct ee an amount ' Y P~Y S B. PsY 6aB Y ~ necessary to maic~ np tbe deficiency, oa a befae the dete when paymeat of snc:h gconnd rents, taxes, assessmeats, j oc ins~rance preminms shall be dua. If at any time the modgag« s6all teader to the modg,agee in accordance ~rith I ~ the provisions of the note sscnred bereby, full peyment af the eatire indebtedness represented thereby, tbe mort- ~ gagee shall. in computiag tLe aarouat of such indebtedaess, credit to the account of t6e matgegor all paymeata made under the pravisioas of (a) d p~ragraph 2 hereof which the mactgegee has aot becoo~e obligated to payto t the Secretery of Housing aad Urbao Development and any balaace remaining in the fuads accumnlated under the pcovisions of (b) of s~id paregcaph 2. If tbere shell be a default under any d the pcovisions ~ this matg,age, rr sulting in a public sale of the {mmises covered xreby, cc if the matgagee acqnires the property otberwise after default. the mortgagse shell apply, at t6e time of the commencemeat of such proceedings oc at the time the prop- edy is othenvise acquired, the balance thea remaining in t6e fnnds accumulated under (bJ of psrag~aph 2 precediag as a cradit ag~ainst tbe amonnt of pclncipal tben remaining nnpaid under said note and shall properlyadjust aay payments w6ich shall hove been mede uad~ (a) of said para~cap6. • ~ 4. That be wtll p4y ~ll taxes, assessmeats, water rates, end othec governmental o~ municipol cbacges, fines, or impoeitiaaa, foc which pravision hea aot been made hsreinbefae, end in default thereaf the mortgagce may pay • the aame; and that he will promptty deliver the oEficial receipts tberefor to the modg,egee. ' . ~168 ~i421, . _ - _ _ : _ t' H3'.~.:: ti .