HomeMy WebLinkAbout2868 ~:?id mortbago~ dces ht~reby Eully k~a:cunt the title• to said land, pnd erery pact thereof, anJ wiU detenu tl:e same
~~gainst the lawful claims of all persons ~~homsoe~•er.
PROVIDEU ALI~'AYS. and these presents ~+re executed and drli~~ercd upon the fo1lc~~si ronditions, to •~~it:
The morteagot agrees to pa~• the morigugee, or order, the ptincipal sum of
Thirteen.Thousand Five Hundred Fifty and No/100----------------------
[k~llars (S 13 ~ rj50.0~----- H=+ evidcnred by a note of even 3ate herewith, ~+ith inierrst fcum date at the
rate of S LX pe~ centum ( c) pe'r annum on the unpaid balance
until p~id. The said principal and interest shall be payable at the utfice oi
ATI00 FINANCIAL WRPORATION, Post Office Box 3131, Miami, Florida
or :~t such other place :~s the holder ~f the nute ma~• c3esignate irt ~~riting, in monthl}~ instal!mc~ts of
E'Lghty-ORe aRd 30~100--------------Dollars (581.30------------). comn~encing on
th~ ficst day of j~ay . 1968 , and on the first da~ of each month thereaftr,r untiltheprincipal
aad interest are fully paid, except ihut the final payment of principal :~nd interest, if not sooi:cr ~~aid, shall be due
and payable on the first day of Apr il , 1998 :
And shall duly, promptly. and fullp perform, discharge, exec~te, effect, complete, and comply with and abide
b~~ each and e~~ery the stipulations, agreements, c~nditions, 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 pa}~ the indebtedness,as hereinbefore pro~•ided. Pri~~i;ege is reser~•ed to p:iy t:~e debt in whole,
or in an amount equal to one or more monthl~ payments on the principal that are next due on the note, on the first
da~• of any month prioc to maturity: Pro~:d<<i, nowe~•er, that written notice of an inten2ion to exercise such privilege
is given at least thirty (30) days prior to prepay!nent; and, provided furiher, that in the e~•ent the debt is paid in
full p~ior to maturity and at that time it is insuced under the pro~•isions of the National liousing Act, he ~~ill pay to
the mortgagee an adjusted premium charge of one per centum (1 0) of the vriginal principal amount thereof, except
ihat in no event shall the adjusted premium esceed 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 insu:ance.
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 da~~ o[ each month until the
said note is fully paid, will pay to the mortgagee the following sums:
;u) An amount su[(icient to provide the holder hereot with tunds to pay the next mortgage insurance premium if this instru-
ment andthe note secured hereby are insured, or a monthly charge (in lieu o[ a mortgage insurance premium) if they are
held by the Secretary of Housing and Urban Development, as lailows:
(1) I[ and so long as said note of even date and this instrument are insured or are reinsured under the provisions of the
l~ational Housing Act, an amount sufticient to accumutate 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 tunds to pay such premium to the
Secretary of Housing a~d Urban Development pursuant to the National Housing Act, as amended, and appIicable Regu-
lations thereunder; or
(II) I( and so long as said note of even date and this instrument are held by the Secretary of Housing and Urban Develop-
r.ient, a monthly charge (in lieu of a morlgage insurance premium) which shall be in an amount equal to one-tKel[th
(1/12) of one-halt per rentum ot the average outstanding balance due on the note computed without taking into
account delinquencies or prepayments; ~
(i,J A sum equal to the ground rents, i[ any, next due, plus the premiums that will next become due and payabie on policies i
of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mort-
j gaged propertp (all as estimated by the mortgagee) less all sums already paid therefor divided by the number of months
f to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments will become de-
linquent, such ~ums to be heid by mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments;
~ and J
~ (c) 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 ag~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 order set forth:
(I) premium charges under the contract o[ insurance with the Secretary of Housing and Urban Development, or monthly
; charge (in lieu of mortgage insurance premium), as the case may be;
~
~ (II) ground rents, taxes, assessments, fire, and other hazar insurance prem~ums;
~ (IiI) interest on the note secured hereby; and
~ (IV) amortization of the principal ot said note.
~ Any deficiency in the 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 (2¢) for each dollar (S1) of each payment more than fifteen
~ (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 (6) of paragraph 2 preceding shall exceed
~ che amount of payments actualiy made by the mortgagee. Eor 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 mort~agor under (b) 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 or before the date when payment of such ground rents, taxes, assessments,
or insurance pcemiums 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 af the mortgagor all payments
~ made under the provisions of (a) oE paragraph 2 hereof which the mortgagee has not become obligated to payto
' the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated ~nder the
` provisions of (6J of said paragraph 2. If there shall be a default under any oE the provisions of this matgabe, re-
~ sulting in a public sale of the premises covered ~ereby, or if the mortgagee acquires the property otherwise atter
.4; 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 undec (6) of paragraph 2 preceding
~ as a credit against the amount of principal then remaining unpaid undec 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 governmental or municipal charges, fines, '
or impositions, for which provision has not been made hereinbefoce, and in default thereof the mortgagee may pay ~
~ the sar.ne; and that he wili promptly deliver the official receipts therefor to the mortgagee.
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