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Home My WebLink About1605 , said mortg~gor dvcs he~eby full5~ ~~•:~r~ant the titlr to s~id land, und c~:ec~• part thereof, and will de[enu the same against the lawful claims oE all persons w~homsoe~•er. PROVIDEU AL11'AYS. and ttiese ptesents are eaecuted and delivered upon the follo~>~ng conditions, to w~it: The morteagor agrees to pay ihe mortgugce, or order, the principnl sum of Znirteen Thousand Five Hundred and No~100----------------- Dolla~s (S 13~5~0.0~--y-- as evidenred by a note o even daie herewith, Kith inte~est frum date at the „ rate ~of S 13I per centum ( ( o) pet annum en the unpaid balance until paid. The said principal and interest shall be payable at the otfice of ATI00 FINANCIAL OORPORATION, Post Off ice Box 3131, Miami, Florida ur :,L such other place as the holder of the note ma~~ designa:e in ~erit':ng, in monthll~ insta'.lR:e~ts of Eighty-ORe aRd No~100--------------Dollars (S $1.00-----------~~ commencing on the ficst day of April , 19 fi8, and on the first da}• of each month thereaft~r untiltheprincipal a~id interest are fully paid, excepi that the final papment of principal and interest, if not sooner paid, shall be due and payabie on the first day of Mareh, 1998 : And shall duly. promptly, and fully perfurm, discharge, execute, effect, complete, and complp with and abide b~• each and e~~ery the stipulations, agreements, conditions, and co4enants of said promissor~~ note and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And thc mortgagoc further covenants as follows: 1. That he ill pay the indebtedness, as hereinbefore provided. Pri~~ilege is reser~~ed to pa~• the debt in ~hole, or in an amount equal to one or more monthl~ payments on ihe princip3l that are next due on the note, on the tirst ~a~• of a:i~~ month prior to maturity: Pr~~rcd~ howe~•er, lhat w~itten notice ot an intention to exercise such pri~•ilege is given at least thirty (30) da~~s prior to prepa~~ment; and, prot•ided further, that in the e~~ent the debt is paid in full prior to maturity and at that time it is in~ured under the provisions o[ the National }~ousing Act, he will pay to the mortgagee an acijusted premium charge o[ one per centum (1 0) oE the original principal amount thereof, except that in rio event shall the adjusted premium e~ceed the aggregate amount of premium charges ~vhich would have been payable if the mortgage had continued to be insured until maturitl~; such payment to be applied by the mort- gagee upon its obligation to the Secretary ot Housing and Urban Development on acco:;nt of mortgage insurance. 2. That, in order more fully to protect the security of this mortgage. the mortgagor, together with. and in addi- tion to, the monthly payments under the terms of the note secured hereby, on the fitst dal~ of each month until the said note is fully paid, will pay to the mortgagee the following sums: (n) An amuunt su[ficient to provide the holder hereof with funds to pay the next mortgage insurance premium if this instru- ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Secretary of Housing and Urban Development, as follovvs: (I) It and so long as said note of even date and this instrument are insured or are reinsured under the provisions of the NationaI Housing Act, an amount sufficient 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 [unds to pay such premium to the Secretary o[ Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- lations thereunder, or (Il) If and so long as said note of even date ar.d this inst~vment are held by the Secretary o[ Housi~g and Urban De~•elop- ; ment, a monthly charge (in lieu o[ a mortgage insurance premium) which shall be in an amount equal to one-tweltth i (1.'I2) of one-half (!f~) per centum of the average outstanding balance due on the note computed without taking into ~ account delinquencies or prepayments; i (h) A sum equal to the ground rents, if any, next due, plus the premiums that wil! next become due and papable on policies I of fire and other hazard insurance covering the mortgaged property, plus tases and assessments next due on the mort- I gaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number of months ; to elapse baEore one month prior to the date when such ground rents, premiums, ta:es, and assessments will bec~me de- i linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments; ~ and ~ (c) All papments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note i secured hereby shalt be added together and the aggregate amount thereof shali be paid by the mortgagor each month in a . j single payment to be applied by the mortgagee to the [ollowing items in the order set forth: ~ prem?um charges under the contract o[ insurance with lhe Secretary• of Housing and Urban De~elopment, or monthly E charge (in lieu of mortgage insurance p~emium), as the case may be; ~ (lI) ground rents, taxes, assessments, Cire, and other hazerd insurance premiums; (III) intetest on the note secured hereby; end ~ (I~ amortization of the principel of said note. [ Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor f prior to the due 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 (S1) of each payment more than Eifteen ~ (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 modgagor under (b) of paragraph 2 preceding shall exceed s the amount of payments actnally 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, however, the monthly payments made by the mortgagor under (bJ of paragraph 2 pre- ' ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and 'ensurance premiums, as the case s may be, w~en the same shall 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, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shal(tender to the mortgagee in accordance with the pcovisions of the note secuced hereby, fuli payment of the entice indebtedness cepresented thereby, the mort- ~ gagee shatl, 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 ~ provisions oE (6) of said paragraph 2. If there shall be a default under any of the provisioas of this mortgage, re- sulting in a public sale of the premises covered iereby, or if the mortgagee acquires the p~operty otherwise a[ter ~ default, the modgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- ~ erty is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding ~ as a credit against the amouat of principal then remaining unpaid under said note and shall properlyadjust any ~ payments which shall have been made under (aJ_of said paragraph. ~ 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, ~ or impositions, for which provision has not been made hereinbefore, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the official receipts therefor to the mortgagee. F ~3 B~~K~ ~O PACE - 160p s . ~ ~ - ~ ; . ~s ~ _ - ~ . _