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Home My WebLink About0194 • ~ ~ . . ~ , ~ 1 s saiJ •_~r:~:+goc does heceby [ully wArcant the title to seid land, and every part theceuf~ and will defend the same ~ again~t the lawful claims o[ all pecso~s whomsoevec. ~ ~ f l'i:UVIDED AL.WAYS, and these preseats ace executed aad deliveced upon 1he following conditions. to wit: 'Ti..: ~nartgagoc agrees to pay ihe matgagee. or order. the principal sua? of Ten Thousand Five Hundred aad No/100-------------------------------------------- Dolls+rs (S 10~500.00------~. as evidenced by a note oi rven date herewith~ with intecest from date at the rate ui 8 ~]i per ceatum ( 6 76) per anrwm on the unpaid balance until }•:.id. The said principal and interest shall be peyable at the ottice of ATIQO FINANCIAL OORPORATION, Post Office Box 3131t Miami, Florida a at ~uch other place as the holder of the nde may desigaate in writing. in monthly installments of Sixty-Three eud No~100-------------Dollars (563.00------------). commencing on ~ the first day of MBTCh _ . 1968 . and oa the first day ot each month thereafter untiltheprincipel and intecest are fully paid. except that the fiaal payment of principal and interest~ if not sooner paid, shall be due y and pa~•able on the first day of j~~b~t18Ty, 1998 : ~ And shall duly~ promptly. and [ully 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 i mortgage, then this mortgage a~ the estate 6eceby created shall cease and be null and void. ~ And the matgagor further covenants as follows: ~ 1. That he will pay the indebtedness. as bereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to one oc more monthly Qayments on the principal that are next due on the note, o~ the first day of any month prior to maturity: Provided, however. that written aotice oE an intention to exercise such privilege is given at least thirty (30) days prior to prepaymeat; 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 oE the National Nousing Act. he will pay to ? the mortgagee an adjusted premium checge of one per centum (196) 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 modgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretazy of Hoasing and Urban Development on account of mortgage insurance. ~ 2. That. in ordet more fully to protect the security of this modgage, the mortgagor. together with, and in addi- tion to. the monthly payments under the terms of t6e not4 secured hereby. on the first day of each month until the ~ said note is fully peid. will pay to the moctgagee the follaaving sums: ,r ; (a) An amount suEficient to provide the holder 6ereof ~rith tuads to pay the next mortgage insuriace premium if this instru- meot and lhe note secured hereby are insured, or a monlhly charge (in lieu of a mortgage insurance premium) it they are held by the SeCretary of Housing aad Urbaa Developmcat, as [ollo~rs: • (I) If and so long as said aote ot even date and this instrumeat are insured or are reinsured under the provisions qf the ' a National Housing Act. aa omount sutficient to accumulate in the hands ot the holder one (1) month prior to its dus ' ~ date the annual mortgage iasurance premium. in order to provide such holder with funds to pay such premium to the } Secretary of Housiag ond Urban Developmeat pursuant to the Nationpl Housing Act, as amended, and applicable Regu- 7 i lations therouader; or ~ (II) I[ and so toag as said note ot even date and t6is instn~meat are held by the Secretary o[ Housing and Urban Develop- ! ment, • monthly charge (in lieu o[ a mortgage insuraace premium) which shall be in an am~unt equal to one-twelfth (1/12) of one-half (y2) per ceatum ot the average outstanding balaace due on the note computed withcuttaking into account delinquencies or prepayments; (b) A sum equai to the ground rents, if any, ne=t due, plus the ptemiums t6at will ne:t become due and payable on policies of Cire aad other hazord insuraace covering t6e mortgaged property. plus ta:es and assessments next due or. the mort- gaged property (all as estimated by the mortgsgee) less all sums aiready paid theretor divided by the number of months to elapse before oae month prior to the date w6en such ground renta, premiums, tazes, and assessments will become de- i linqueat, such sums to be held by mortgagee in irust to pay said ground rents, premiums; tazes, and special assessments; R and (cJ All payments mentioned in the hvo preceding subsections of Wis paragraph and all payments to be made under the note ~ secured hereby shall be added together ond the ag~{egate omount thereo[ shali be paid by the mortgagor each month in a ' i single payment to be applied by the mortgagee to the (ollowing items in the order set [orth: E (n premium charges under the coatract of insurance wit6 the Secretary of Hausing and Urban Development, or monthly charge (in lieu of mortgage insurance premium), as tLe case may be; ~ (II) grouad rents. tezes, assessments, rre. and other hazard insurance premiums; (III) interest on the note secured hereby; and ' (I{~ amortizatioo of the prfncipal of said note. Any deficiency in the amount of such aggregate monthly payment shail, unless made good by the mortgagor ~ prior to the due date of the next such payment, constitute an event d default under this mortgage. The mortgagee ; may collect a"late charge" not to exceed tavo cents (2¢) foc each dollar (Sl) of each payment more than fifteen ; (15) days in anears to cover the extre expense involved in handling delinquent payments. ' 3. That if the total of the payments made by the mortgagor under (6) oE paragraph 2 preceding shall exceed ~ the amount of payments actually made by the mortgagee, f~ ground rents, taxes and assessments and insurance premiums, as the case may be, sach eatess ~ shall be credited by the mortgagee on subsequent payments to be ~ made by the mortgagor. IE, however, the monthly payments made by the mwtgagor under (bJ of paragraph 2 pre- ~ ceding shall not be sufficient to pay gRound rents, ta~ces and assessm.~nts and insurance premiums, as the case + may be, v~hen the same shall become due aad peyable. then the mortgagor shall pay to the mortgagee any amount i ~ necessary to make up the deficiency, oa ar befae the date when payment of such ground rents, taxes, assessments, ` or insurance premiums shall be due. If at any time the modgagor shall tender to the modgagee in accordance a ith { ihe provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- gagee shall, in computing the amount 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 has not become obligated to pay to the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the i provisions of (6J of said paragraph 2. If ~ece s6a11 be a default under any of the provisions of this matgage, re- sulting in a public sale of the premises covered ~ereby, or if the moctgagee acquires the property otherwise after ' defeult, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- ~ erty is otherarise acquired, the balance then cemaining in the funds accumulated under (b) of paragraph 2 preceding , as a credit against the amount of principel theo remaining unpaid under said note and shall propetly adjust any ~ payments which shall have been made under (aJ of said paragraph. ~ 4. That he will pay all ta:es, assessmeats. ~vater cates, and other governmental or municipal charges, fines, ~ oc impositions. for which provision has aot been made hereinbeface, and in default thereoE the mortgagee may pay . the same; and that he will promptly deliver the official receipts therefor to the mortgagee. eooK 170 ~cE 194 ~ ~;~s .~r;..~ < ~ _ ::'TM,-