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said mwtgagoc does he~eby lully ~arrant thP title to said 1Hnd. and e~~er~~ part thereof. and will defend the same ~
against ~he lawtul claims of all persons whomsoe~e~.
PROViDED ALWAYS. an~ these pres~nts are excrute-d end dc'.i~ered upon tt~e [ollowing conditions, to wit:
The mortgagor agrees to pay the mortgagee. or ocder, the principal sum of
?•;ineteen Tnousar.3 and ho/100--------------------------------------------------------
Dollacs (519~000.00 as evidenced by e note ot ev.°n date herewith. with interest f~c:n date at the
rete of SiX per centum ( E per annum on the unpaid balance
unti! paid. The said principal and interest shall be payable at the of(ice of '
Atico :~.n~r.cial Corooration, Past Office Box 3],31, Mi~i, Florida
or s?t such other place ac the holder of the note may designate in writing, in monthly installments of
One ifunczred Fourt::en and 2do~1C0-----------Dollsrs (S 114.00------------- commencing on '
the iicst day of M~y , 19 68 . and on the lirst day ot eaci~ montli thereafter until the principal !
and iaterest ace Eully paid. except that the Einal payment e[ principai and interest. i[ not sooner paid. shall be due
and payabie on the Eirst day oE Apz•il~ ].~93 ;
And shali duly, promptly, and tully pedorm. discha~ge, execate, effect. complete. and comply with and abide
by each and every the stipulations, agreements. conditions, and cove~ants of said promissory note and of this
mortgage, then this mortgage a~ the estate hereby created shall cease and be null and void.
And the mortgagor further covenants as follows:
1. That he will pay the indebtedness. as hereinbefore pro~~ided. Privilege is reserved to pay the debt in whole.
oc in an amount equal to one or more monthly payments on ihe principal that are ~ext due on the aate. on the first
day of any month prior to maturity: P~oe id~d, however, that written notice o[ an intention to exercise such ~rivilege
is given at least thirty (30) days p~ior to prepayment; and. provided 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 l~ational Housing Act. he will pay to
the mortgagee an adjusted premium charge of one per centum (1 0) of the original principal amount theceof. except
that in no event shall the adjusted p~emium exceed the aggregate amount of premium charges which would have
been payabie if the mo~tgage had continued to be insured ur.til maturity; such payment to be applied by the mort-
gagee upon its obligation to the Secretary of Housing and Urban Development on account of modgage insurance:
2. That, i~ order more f~tlly to protect the security o[ this mortgage. the mortgagor, together with~ and in addi-
tion to, the monthly payments under the terms of the note secured hereby, on the first day o[ each montf~ until the
said ~ote is fully paid. will pay to the mortgagee the following sums:
(a) An amount suificient to provide the holder hereot Mrith (unds to pay the ne:t mortgage insurance premium it tbis inslru-
ment and the note secwed hereby are insured, or a monthly charge (in lieu o[ e mortgage insurance premium) if they ~re
held by the Secretary o[ Housing and Urban Development, as [ollows:
(I) If and so long as said note ot even date and this instrument are insured or are reinsured under the pwvisions of the
National Nousiag Act, an amount su[Cicient to accumulate in the hands ot the holder one (1) month prior to its due
date the annual mortgage insurance premium, in order to provide such holdcr with funds to pay sucb premium to the
Secretary of Housing and Urban Development pursuant to the Nationa! Housing Act, as amended, and applicable Regu- ,
lations thereunder; or ~ ~
~ (ll) If and so long as said note o[ even date and this instrument are heid by the Secretary of Housing and Urban Derelop- _
ment, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twel[th
(1/12) o[ one-half ('h) pet ceatum o( the average outstanding balance due on the note computed withouttaking into
accouat delinquencies or prepayments;
(b) A sum equai to the ground ~eats, if any, ne:t due, plus the premlums that will ne:t becom~ due and payable on policies '
of Cire and other hazard insurancr covering the mortgaged property, plus taxes and assessmenls ae:t due oa the mort- %
gaged property (all as estimated by the mortgagee) less all sums atready paid there[or divided by the number o( monWs
to elapse be[ore one month prior to the date when such ground rents, premiums, taxes, and assessments will become de-
i linquent, such sums to be tield by mortgagee in ttust to pay said ground rents, premiums, tazes, aad speciel assessmeats;
and ~
(c) All pa~ments mentio~ed in the two preceding subsections o( this paragraph and all payments to be madr mder the note
secured herebp shall be added together and the aggregate amount thereof sheil be paid by the mortgagor each month in a
single payment to be applied by the mortgagee to the [ollowing items in fhe order set forlh: :
(n premium charges under the contract ot insutance with the Secretary o[ Housing and Urban Development, or monthly
charge (in lieu of mortgage insurance premium), as the case moy be;
(II) ground rents, ta:es, assessments, tire, and other'~azard insurance premiums;
(III) interest oa the note secured 6ercbp; and
(1{~ amortization of the principst o[ srid aote. - •
Any deficiency in the amount of such aggregate monthly. payment shall, unless made good by the mortgagor
prior to the dae date of the next such payment, constitute an event of default under this mortgage. The mortgagee
may collect a"late charge" not to exceed two cents (2Q) for each dollar (Sl) of each payment more than fifteen
(15) days in arrears to cover the e~ra expense involved in handling delinquent payments.
3. That if the totaI of the payments made by the modgagor under (6) of paragraph 2 preceding shall exceed
the amount af payments actually made by the mortgagee, for ground rents, taxes and assessments 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. hov~ever, the monthiy payments made by the mortgagor under (6) of paragraph 2 pre- ?
ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case '
may be, when the same shall become due and payable, then the ~ortgagor shall pay to the modgagee any amount . ~
necessary to make np the deficiency, on or beEore the date when pay~ment of such ground rents, taxes, assessments,
or insurance Fremiums shall be due. If at any time the mortgagor shall iender to the modgagee in accordance with
the provisions of the note secured hereby, full paymer.t of the entire indebtedness represented therFby, the mort-
gagee shall, in computing the amount of such indebtedness, credit to the account d the mortgagor all payments
made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to payto
the Secretary of Hoasing and Urban Development and any balance remaining in the funds accumulated under the
provisions of (6) of said paragraph 2. U there shall be a default under any oE the provisioas oE th~s mortg,age, re-
sulting in a public sale of the premises covered ~ereby. or if the moctgage~ acquires the property othecanise after
default, the mortgagee shall apply, at the time of the commencement of such proceedings oc at tbe time the prop-
edy is otherarise acquired, the balance thea remaining in the fnnds accumulated under (b) of paragraph 2 preceding
as a credit against the amount of prlncipel then remaining unpaid under said note and shall pcoperlyadjust aay -
payments which shall have been made under (oJ of said paragraph.
4. That he will pay ell taxes, asses~ments, water rates, aad other governmental oc municipal charges, fines,
oc impositions, for which provision has not been made hereinbefore, and in default thereof the mortgagee may pay ~
the same; and that he will pro:nptly del~ver the officiel receipts therefor ta the mortgagee. ~
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