HomeMy WebLinkAbout2504 said murtg~,gor does hereby [uIly K~arr:~nt the title to said land. and eti•er~~ p~rt thereof. and will defend the same
against the lawful claims of all persons whomsoe~er.
PROVIDEQ AL11'AYS. and these presents are executed a~d delive~ed upon the following conditions. to ~~it;
The mort6agor agrees to pay the mortg~gee, or order. the prirtcipal sum of
FOURTEEN THOUSAND FIVE HUN~RED FIFTY a~td NC~/1~0----------..--________
Dollars (S14,,550.~0-----,~ as evi enced by a note o even ate erewith, with interest from date at the
rate of S L]! per centum ( 6 per annum on the unpaid balance
until paid. The said principa! and inteiest shal! be pay~able at the office of
ATICO FINANCIAL C4RPORATION, Post Off ice Box 3131, Miami, Florida
oc at such ether place as the holder of the note map designate in writing, in monthly installments of
E'Lghty-Seven ARd 30~100------------Dollars {S 87.30-----------), comn~ncing on
the tirst day of I~y , 1968 , and on the first day of each month thereafter untit the principal
and interest are fully paid~ except that the final payment of principal and interest, if nat sooncr paid, shall be due
and payable on the first day of ApY' Ll , 1998 ; j
And shalt duty, promptty, and fully perform, discharge, execute, effect, complete, and compty ~vith and abide }
by each and ei~ery the stipulations, agreements, conditions, and covenants oE said promissory note and of this ~
mortgage, then this mortgage and the estate hereby created shall cease and be null and void. ~
And the mortgagor further covenants as follows: y
1. That he Hill pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, ~
or in an amount equal to one or more monthly payments on the principal that are next due on the note. on the first
day of any month priot to maturity: Pro~~ided, however, that written notice of an intentian to exercise such privilege
is given at least thirty. (30) days prior to prepayment; and, provided turther, 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 National Nousing Act, he will pay to
the morlgagee an adjusted premium charge of one per centum fl o) oE the original principal amount thereof, except
that in no event shall the adjusted premium exceed the aggregate amount of premium charges which wouid have
been payable 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 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 first day of each month antil the
said note is fully paid, will pay to the mortgagee the foll~ing sums:
(u1 An amount sufficient to provide the holder hereof with funds to pay the nezt mortgage insurance premium if this instru-
ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premiumi it they ere
held by the Secretary of Housing and Urban Development, es lollows:
(I) lf and so long as said note of even date and this instrument are insured or are reinsured u~der the provisions o[ the
23ational Housing Act, an amount sutficient to accunulate in the hands ot the holder one (1) monlh prior to its due
date the annual mortgage insurat~ce ptemium, i~ order to provide such ho2der with funds to pay such premium to the
Secretary ot Housing and Urban Devefopment pursuant to the National Housing Act, as amended, and applicable Regu-
lations thereunder; or
(II) If and so long as said note of even date and this instrvment are held by the Secretary ot Housing and Urban Develop-
ment, a monthly charge (in lieu ot a mottgage insurance premium) which shall be in aa amount equal to one-tacelfth
~i; 12) of one-half (',/i) per centum o[ the average outstandiag balance due oo the note computed without taking iato ~
account delinqueacies or prepayments;
b) A sum e ~
( qual to the ground rents, if any, next due, plus the premiums that will next become due and payable on policies ~
of fire and other hazard insurance covering the mortgaged propeHy, pius 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 one month prior to the date when such ground rents, premiums, taxes, and assessments will become de-
linquent, such sums to be held by mortgagee in trust to pey said ground mnts, premiums, tazes, and special assessments;
and
(cJ All payments mentioned in the two preceding subsections o[ this paragraph and all payments to be made under the note
secured hereby shall be added together and the aggregate amount thereo! sha;l be paid by the mortgagor each month in a
single payment to be applied by the mortgagee to the following items in the order set forth:
(n premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly
charge (in lieu ot mortgage insurance premium), as the case may be;
(II) ground rents, taxes, assessments, [ire, and other hazard insurance premiums;
(III) interest on the note secured hereby; and
(I~ amortization o[ the principei of said aote. -
Any deficiency in the amount of such aggregate monthly payment shali, 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
(IS) days in arrears to cover the extra expense involved in hand2ing detinquent payments.
3. That if the total of the payments made by the mortgagor under (6) of paragraph 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 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 (6J of paragraph 2 pre- s
ceding shall not be sufficient to pay ground rents, taxes and assessm.ants and insurance premiums, as the case
may be; when the same shalt become due and payable. then the moctgagor shall pey to the mortgagee any amount
necessary to make up the deficiency, on or befae the date when payment of such ground rents, taxes, assessments,
or insurance premiums shall be due. If at any time the modgegor 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 suci~ indebtedness, credit to the account of the mortgagor all payments s
made under the provisions of (a) of paragcaph 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 of (6J of said paragraph 2. If thete shall be a default under any of the provisioas of this matgage. re-
sulting in a public sale of the premises covered ~ereby, or if the martgagee acquires the property otherwise after
deEault, the modgagee shall apply, at the time of the commencement of such proceediags or at the time the prop-
ecty is otherwise acquued, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding
as a credit against the amount of principal then remaining unpaid under said note and shall properly adjust any
payments which shall have been made under (a) of said paragraph.
4. That he will pay all taxes, assessments, water rates, and other governmenta[ or municipal c6arges, fines,
or impositions, for which provision has not been made heceinbefore, and in default thereof the morigagee may pay !
the same; and that he will promptly deliver the ofFicial receipts therefor to the mortgagee. '
BooK 1 "~0 P~~~ ~493 ~
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