HomeMy WebLinkAbout2333 said murtg~+g.~r dc~rs hereby fully ~~:~:iunt the titlc to said land, and c~•rry pact thereof, and wiU defcnd the same
:~gainst the Inw(ul claims of atl persons whomsce~•er.
PROVtUED AL~I'AYS. and tliese presents are executed and deli~•~red upon the followi~g conditions, to wit:
The mortgagor agrees to pay the mortgagee, or order, the principal sum of
T~elve Thousand S.ix Hundred and No/100-----------
Dollars ($1,2 ~ 600.00 as e~•idenred by p note oi even d:.te herewith. with interest f~om date at the
rate of s ~]i per centum ( 6~) per annum on the unpaid balance
until paid. The said p~incipal and interest shall be pay able at the oifice of
ATICO FINANCIAL OORPORATION, Post Office Box 3131, Miami, Florida
or at such other ptace as the holder of the note ma~~ designate in writing, in monihly installments o[
SeVeilty-FLVe eiid 60~100------------ Dollars (575.60----------...~• commencing on
the first ~ay of May . 19 (~g , and on the first da~• of each month theteatter untiltheprincipal
and interest a~e [ully paid, except that the final pa~~ment of principal and interest, iE not sooner paid, shall be due
and payable on the first day of Apr il , 1998 ;
And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide
by each ;.nd e~•ery the stipuiations, agreements, conditions, and co~•eoants of said promissory note and of this
murtgage, then this mortgage and the estate hereby created shatl cease and be null and void.
And the mortgagor further covenants as foltows;
1. That he Kill pas~ the iadebtedness,as hereinbefore pro~•ided. Privilege is resen~ed to pay the debt in whole,
or in an amount equal to one or more monthiy payments on the principal that are next due on the note, on the tirst
da~ of any manth prior to maturity: 1'r~~~ :d~ ~i, however, that w~itten notice of an intention to e~ercise such pri~•ilege
is given at least thirt}• (30) da~~s prior to prepa~•ment; and, p~ovided further, that in the event the debt is paid in
fult prior to matu~it5- and at that time ii is insured under the proyisions of the National Elousing Act, he will pay to
ihe mortgagee an adjusted premium charge of one per centum (1 0) of the original principal amount thereoE, except
that in no e~•ent shall the adjusted ptemium exceed the aggregate amount of premium charges which would have
been papable if the mortgage had continued to be insured until maturity; such payment to be applied by the mort-
gagee upon its obligation to the Secretary of Housing and Urban Development on account of mortgage insurance.
2. That, in order more fully to protect the security ot 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 month until the
said note is full~• paid. will pay to the mortgagee the Eollowing sums:
(a) Ari amount suC[icient to provide the holder hereof with funds io pay the next mortgage insurance premium i[ this instru-
meat and the note secured hereby are insured, or a monthly charge (irt lieu of a mortgage insurance premium) if they are
held by ihe Secretary of Housing and Urban Development, as [ollows: '
(I) I[ and so leng as said note ot even date and this instrument are insuted or are reinsured under the F:ovisions o[ ihe
Natiortal Housing Act, an amount sutficient ta 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 holder with funds to pay such ptemium to the
Secretary of Housing and Urban Devetopment pursuant to the National Housing Act, as amended, and applicable Regu- i
lations thereunder, or ~
(!I) If and so long as said note of even date and this instcument are held by the Secretary of Fiousing and Urban Deveiop-
ment, a monthly charge (in lieu of a mortgage insurar~ce premium) which shall be in an amount equal to one-twelfth
(1,'12) oi one-half (lh) per centum o[ the average outstanding balance due on the note computed without taking into
account delinquencies or prepayments;
(bJ A sum equat to the ground rents, i[ any, next due, plus ihe premiums that will next become due and payable on policies
of [ire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mort-
gaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number of months ~
to elapse before orte month prior to the date when such ground rents, premiums, taxes, and assessments aill become de-
linquent, such sums to be held by mortgagee in trust to pay said ground re~ts, premiums, taxes, and special assessments; ;
and ~
(c/ All payments mentioned in the Lwo preceding subsections of this patagraph and all payments to be made under the note ~
secured hereby shall be added together and the agg;egate amount thereof shall be paid by the mortgagor each month in a ~
single payment to be applied by the mortgagee to the following items in the erder set forth:
(n premium charges under the contract of insurance with the Secretary o[ Housing and Urban Development, or monthly ~
charge (in lieu o[ mortgage insurance premium), as the case may be; ~
(II) ground rents, taxes, assessments, Eire, and other hazard insurance premiums; i
(IIl) interest on the note secured hereby; and
(1V) amortization ot the principal of said note. :
Any deficiency in t6e amount of such aggregate monthly payment shall, unless made good by the mortgagor ;
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 (Sl) of each payment more than fifteen €
(15) days in arrears to cover the extra e~cpense involved in handling delinquent payments.
3. That if the total of the payments made by the mortgagor under (6) of patagraph 2 preceding shall exceed `
the amount of payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance '
premiums, as the case may be, such excess shalt be credited by the mortgagee on subsequent payments to be '
made by the mortgagor. tf, 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 insurance premiums, as the case
may be, when the same shall become due and payable, then the mortgagor shall pay to the mortgagee any amount
necessary to make up the deficiency, on oc before the date when payment of such ground rents. taxes, assessments,
or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with
the 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 (o) of paragraph 2 hereof which the mortgagee has not become ob(igated to pay to
the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the
provisions of (b) 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 ~ereby. or if the mortgagee acquires the property othecwise after
default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop-
erty is otherwise acquired. the balance then ~emaining in the funds accumulated under (bJ of paragraph 2 preceding
as a credit against the amount of principal then remainirtg 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 deEault thereof the mortgagee may pay ;
the same; and that he will promptly deliver the official receipts thetefor to the mortgagee. ~
eo K~70 P~f23~ .
~ .
:T : -
~ ~ ~ 1-~.:~? 4:~-.~ ~
_