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Home My WebLink About1076 . y ~ . • ` . ' ' ~ ~ ~ 1 ~ seM r,~artgagor does heceby fully war~aat the tltle to said taad, and every pa~t theceof. and will detead the same ~ against the lawfut claims of all persoas ~rbomsoever. . ; 1'ROVIDED AI.WAYS. and these preseats are executed aad dellvered upon the' Eollowing conditions. to wlt: The mortgagor agrees to pay tLe mottgagee, or ader. the principal sum of ~ Ten Thousand Five Hundred Fifty end No/100______________________ Do}lers (s10,550.00-----~j, as evidenced by a note of even date herewith, with interest trao date at the ~ rate of 8 ~.X per centua~ ( 6'JG) per annum ai the unpaid balance until paid. The sald priacipol aad Iaterest shall be ppyable at the oifice oE At ~CO Ffnane ial ' Corporation, Post Office Box 3131, Mfami, Florida ~ oc at ~uch other place as the holder of 1he aote may desigpate in wrlting. in monthly installments of ; .S£xty-Tdree a[1d 30~100-------------Dollars (S 63.30-----------a. commencing on ; the Eirst day of Apr il . 196$ . aad aa the first day of each month theceafter until the principal i and interest are fuUy peid, ezcept that the finet paymeat of principal and interest. iE not soo~er paid. shall be due aad payable oa the first day of Mareh, 1998 ; And shell duly. promptly, aad fully pedocm, discharge, execute, effect, complete. and comply with and abide by each end every tbe stipuletions. ag~eements. coaditions, and covenants of said promissory note and of this mortgage. then this modgage ead the estate hereby created shall cease and be aull and void. And the matgagor fu~ther covenants as follows: ~ l. That he will pey the iadebtedaess. as 6ereiabefore provided. Pri'vilege is reserved to pay the debt in whole. or in an amount eqnal to one or more moathly payaae~ts on the principal that are next due on the note. o~ fhe first day of any month prior to maturity: Provided. however. that writtea notice of an intention to exercise such privilege is given at least thidy (30) days prior to prepayment; and. provided further. that in the event the debt is paid in ' i full prior to maturity and at that time it is iasured under the provisions of the National Housing Act. he wil! pay to ' the mortgagee an adjusted premium charge of one per centum (1 0) of the original principel amount thereof, except ; that in no event shall the adjusted premium e:ceed the aggregate amount of premium charges which would have ' been ble if the mort a e had coatiaued to be insured until maturi ~ p8ya g g ty; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Ho~sing and Urban Development on account of modgage insurance. ; 2. That. in order more fully to pcotect the security of this mortgage, the modgagor, together with. and in addi- ~ I tion to. the monthly payments uader the terms of the notp secured hereby~ on the first day of each moath until the said note is fully paid. will pay to the mortgagee the folloaving sums: (o) An amount su(ticieat to provide t6e holder 6ereof ~rit6 funds to pay the ae:t mortQage insuraace premium if this instru- ` me~t ond the note secured hereby are insured, or a monthly eharge (in lteu oE a mortgage insuraace premium) it they are ~ held by the SeCrctaryr of Housing and Urban Developmeat, as follo~rs: 3 , (1) If oad so long as said note of evcn date aad this inswment are inswed or are rcinsured uader the provisioas o[ the National Housing Act. an amount sutGcieat to accumulate in the hands of the 6older oae (1) moath prior to its due date the aanual mortgage insurance premium, in ordes to provlde snch holder with funda to pay suc3~ premium to the Secretory of Housing and Urban Development pursuaat to tbe Notioaal Housia~ Act, as ameaded, and applicable Regu- II latioas thereuader; or ! (II) If aad so long as said note of even date aad Wis iast~ument are held by the Secretary of Housing and Urban Develop- ~ meat, a monthly charge (ia lieu ot a mortgage insurance premium) ~rhich shall be in an aa?nunt equal to one-twelEth (1/12) of oae-halt (y4) per c~ntum o[ the average outstandir.g bnlance due oa the note computed without tating iato i account delinqueecies or prepayments; [ (6) A sum equal to the grouad rents, if any, nezt due. plus the premiums that will nezt become due and payable on policies ~ ot Cre aad other hazard insurance covering the mortgaged property, plus ta:es ond assessments ne:t due oa the mort- _ ~ gaged property (oll as estimated by t6e mortgagee) less all sums already paid ffierefor divided by the number oE months p to elapse before oae mont6 prior to the date ~vhen such gro~nd reats. premiums, tazes. aad assessments will become de- ~ Linqueat, auch sums to be held by mortgagee in trust to par said ground rents, premiums, tazes, andspecialassessments; i and (cJ All paymenta meationed in the t~ro preceding subsectioas of t6is paragraph and all payments to be made under the note ~ secured hereby shall be added together and tLe aggregate amount thereof shalt be paid by the mortgagor each month in a ` siagle payment to be opplied by the mortQagee to the tollo~ring items in the prder set forth: remium char s (n p ge under the contract o[ insurance ~vith the Secretary of Housing and Urban Development, or monthly charge (ia lieu of mortgage insurance premium), as the case m~ be• Y . (II) ground rents. ta:es, assessmeats, tire, and ot2ur hazud iosuronce prcmiums; (III) intecrst on the aote secured herebr; and (I~ amortiso4on oE the priacipol ot soid note. Any deficiency in the amouat d such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such payment, coastitute an event of default under this mortgage. The mortgagee may collect a"late charge" not to e:ceed two cents (2R) for each dollar (S1) of each payment more than fifteen (IS) days in anears to cover the e~ctra ezpense involved in handling delinquent payments. ~ t ~ 3. That if he totel of the payments made by the mortgagor under (bJ d patagraph 2 preceding shall exceed ; the amo~nt of payments actually made by tf~e moctgagee, for ground rents, taxes and assessments and insurance ~ remiums as the p , case may be, such excess shall be credited by the mortgagee on subsequent payments to be 7 made b the mort a or. ff h y g g , owever, the monthly payments made by the mortgagor under (6J 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 becane due aad peyable, then the mortgagor shell pay to the modgagee any amount « necessary to make up the deficiency, on a beEae the date when payment of such ground rents, taxes, assessments, or insnrance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with - the pcovisioas of the note secured hereby,_full payment of the entire indebtedness represented thereby, t}~e mod- gagee shall, in computing the amount of suc6 iadebtedness, credit to the account of the mortgagor all payments made under the provisions of (a) of paragtaph 2 hereof which the mortgagee has not becorne obligated to pay to the Secretary of Housiag and Urban Development and any balance remaining in the funds accumulated under the provisions of (6J of said paragraph 2. If there shall be a default under any of the provisions of this mortgage, re- sulting in a public sale of the premises covered _ieceby, oc if t6e moctgagee acquires the property otherWise after defeult, the matgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- edy is otheraise acquired, t6e balance thea cemaining in the funds accumulated under (b) of paragcaph 2 preceding : as a credit agaiast the amount of principAl then remeining oapaict under said note and shall properlyadjust any ~ payments which shall have been made uader (a) of said parag~aph. t 4. That he will pey all taxes, assessments, water rates, and other governmenta! or municipal charges, fines, z or impasitions, foc which provisioo has not been made hereinbefae, and in default thereof the mortgagee may pay ' . the same; and that he witl promptly deliver the official receipts therefor to the mortgagee. ; , d00K17O PAGEIO~ ~ ~ u q~ _ _ _ . !A„Aix~.~-s'^~~~"~ x-~ T~'4 ~'.~.zr_ ' / b~?~" _ ~ 7