HomeMy WebLinkAbout2772 ,aid mortgagar does hereby tully warrant the title to said land, and evcry part thereof, ar.d ~xil! defrnd t1~c same
against the lawful claims of all persons whomsoe~•et.
PROVIDED ALIIAYS, and these presents are executed and delivered upon the following conditions. to wit;
The mortgagor agrees to pay the mortgagee, or order, the principal sum of
Fourteen Thousand Three Hundred Fifty and No/100---------------------- ~
Dollars (S14 ~ 350.00------). as evidenced by a note of even date herewith, with interest (rom date at the 1
rate of g ~3t per centum ( 6 96) per a~num on the unpaid balance
until paid. The said principal and interest shall be payable at the oifice of At ~CO Finane fal
Corporation, Post Off ice Box 3131, Miami, Florida .
or at such other place as the holder of the note may designate in writing, in monthly installrt;ents of
ELghty-Slx eRd 10~100--------------Dollars (S 86.10-----------~. comn,enci~g on
the Eirst day of MAy . 19()8 , and on the [irst day of each month thereafter untit the principal
and interest are fully paid, except that the [ir.al pa~~ment of principal and intere~t, if not sooner paid, shell be due
and payable on the first day of April, 1998 :
And shall duly, promptly, and fully perform, discha~ge, execute, effect, cotnplete, and compl}• with ~nd abide
by each and every the stipulations. agreements, conditions, and covenants of 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:
1. That he will pay the indebtedness, as hereinbe[ore 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 prior to maturity: Proz•iJ~~?, hov~ever, that written notice of an intention to exercise such pri~•ilege 1
is given at least thirty (30) days prior to prepayment; 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 of the National Housing Act, he will pay to `
the mortgagee an adjusted premium charge of one per centum (1%) of the original principal amount thereo[, except ;
that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would .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 insarance.
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 until the
said note is fully paid, will pay to the mortgagee the Eolloaring sums: .
(o) An amount suf[icient to provide the holder hereo[ with [unds to pay the next mortgage insurance premium if this instru-
ment andthe note secured hereby are insured, or _a monthly cherge (in lieu of a mortgage insu~ance premium) if they are
held by the Secretary of Housi~g and Urban Development, as foltows:
(I) If and so long as said note o[ even date and this instrumeat are insured or are reinsured under the provisions of the
National 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 pmvide auch holder with funds to pay such premium to the
Secretary o[ Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Rrgu-
letions thereunder. or
(II) I[ and so long as said note o[ eve~ date and this instn~ment are held by tbe Secretary o[ Housing and Urban Develop-
ment, a monthly charge (in lieu o( a mortgage insurance premium) which shall be in an amount equal to one-twelfth
(1/12) ot one-half (y4) per centum of the average outstanding balance due on t6e note computed without taking i~to
account delinquencies or prepayments; ~
(bJ A sum equal to the ground rents. if any, next due, plus the premiums that will next become due and payable on policies
ot fire and other hazard insurauce covering the mortgaged pwperty. plus taxea and assessments ne:t due on the mort- ' 3
gaged property (all as estimated by the mortgagee) less all sums already paid theretor divided by tbe number of months
to elapse before one month priar to the date v~hen such ground rents, premiums, ta:es, and assessments will become de-
linquent, such sums to be held by mortgagee in trust to pay said ground rents. premiums, tazes, and specialassessments;
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t (c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note
; secured hereby shalt be added together and the ag~egate emount thereof shall be paid by the mortgagor each month in a
~ single payment to be applied by ffie mortgagee to the following items in the order set [orth:
i (n premium charges under the contract of insurance with the Secretary ot Housing and Urban Development, or monthiy
~ charge (in lieu of mortgage insurance premium), as the case mey be;
~ (II) ground rents, taxes, assessp~ents, fire, and other hatard insurance premiums;
~ (III) interest on the note secured hereby; and
~ (I~ amortization ot the principal of said note.
= Any deficiency in the amoant 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 modgagee
~ 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 expense invoived in handling delinquent payments.
~ 3. That if the total of the payments made by the modgagor under (b) of paragraph 2 preceding shall exceed
~ the amount of payments actually made by the mortgagee, for ~ound 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, howevec, the monthly payments made by the mortgagor under (6) 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 shali 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 modgagor shall tender to the modgagee 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 oE such indebtedness, credit to the account of the mortgagor all payments
k made under the pravisions of (o) of paragcaQh 2 hereof which the modgagee has not become obligated to pay to
the Secretary of Housing and Urban Development and any balance remaining in the fnnds accumulated under the
~ rovisions of (b) of said ara ra h 2. If there shall be a default undet any of the provisions of this mortgage, re-
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- sulting in a public sale of the premises covered ~ereby, or if the mortgagee acquires the property otherwise 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 remaining in the funds accumulated under (6J of paragraph 2 preceding ~
~:a as a credit against the amcaunt of principal then remaining unpaid under said Qote and shall properly adjust any ?
~ payments which shall have been made under (a) of said paragraph. f
~ 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 hereinbefoce, and in default thereof the mortgagee may pay i
the same; and that he will promptly deliver the official receipts therefor to the mortgagee. }
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