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Home My WebLink About0012 said mortgago~ does hereby fully warran! the title to said land, and evcr~~ part tt~ereot, ar.J xil! defrnd the same against the lawful cleims of all persons whomscever. PROVIDF.D A[.R'AYS, and these presents are executed a~d delivered upon the following conditians. lo wit; The mortgagor agrees to pay the mortgagee, or order, the principal sum of ~taelve Thousand Six Hundred and No/100-------------------------------- Dollars (S 12 ~ 600.00-----~1, as evidenced by a note of even date herewith, with interest trom date at the rate of 8 Lg per centum ( 6 per a~num on the unpaid balance until paid. The said principal and interest shall be payable at the o[fice of ATIW FINANCIAL QORPORATION, Post Off ice Box 3131, Miami, Florida - • or at such other place as the holder of the note may designate in writing, in monthly installments of Seventy-Five eIId 60~100------------~ollars (S 75.60 commencing on the first day of ~y , 1968 , and on the first day of each month thereatter until the principal and interest ace fully paid. except that the final pa~~ment of principal and interect, i[ not sooner paid, sh~ll be due and payable on the first dey of April, 1998 ; And shall duly. promptly, and fully perform, diccharge, execute. effect, complete, and comply w ith and 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 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 prior to maturity: P.ovidcd, however, that written notice of an intention to exercise such pri~•ilege 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 wiil pay to the modgagee an adjusted premium charge of one per centum (1 0) of the original principal amount thereof, except that in no event shail the adjusted ~rzmium exceed ihe aggregate amount of premium charges which woutd .have been payable if tfie modgage had co~tinued 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 until the ? said note is fully paid. will pay to the mortgagee the following sums: . (a) An amount su[ficient to provide the holder hereof with funds to pay the next mortgage insurance premium if this instru- ment and the ~ote secured hereby are insured. or e monthly cherge (in lieu of a mortgage insurance premium) if they are held by the Secretary of Housing and Urban Development, es tollows: . (I) [f and so long as said note o[ even date and this instrument are insured or are reinsured under the provisions of the National Housing Act, an amount sutCcient to accumulate in the hands of the holder one (1) month prior to its due date the annual mottgage insurance premium, in order to ptovide such 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 Regu- i lations thereunder; or ~ ([1) lt and so long as said note of even date and this instcument are held by the Secretary of Housing and Urban Develop- ~ ment, a monthly charge (in lieu of a mortgage insurance premium) w6ich shall be in an amount equal to one-twel[th ; (1!12) of one-half (~i4) per centum of the average outstanding balaace due on the note computed without taking into account delinquencies or prepaymeats; (6) A sum equal to the ground rents, if any, next due, plus the premiums that will nezt become due and payable on policies of fire and other hazard insurance coveting 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 ot months t ~ to elapse before one month prior to the date when such ground rents, premiums, tazes, and assessments will become de- j i linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, tazes, and special assessments; ~ ~ and ? (c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note ~ i ~ secured hereby shaIl be added together and the aggregate amount thereo[ shall be paid by the mortgagor each month in a single payme~t to be applied by the mortgagee to the (ollowing items in the order set forth: i ~ (n premium charges under the contract of insurance with the Secreta'ry of Housing and Urban Developrr.ent. or monthly charge (in lieu oE mortgage insurance premium), as the case may be; (II) ground rents, ta:es, assessments, [ire, and other hazard insurance premiums; _ (III) interest on the note secured herehy; and (I~ amortization o[ the principal oE said ~ote. 3 Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor 3 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 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 (bJ 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 shall be credited by the mortgagee on subsequent payments to be s 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 tents, taxes and assessmants and insurance premiums, as the case - may be, when the same shall become due and peyable, then the mortgagor shall pay to the modgagee any amount ~ necessary to make up the deEiciency, on a befae 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 mortgegee 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 amoant of such indebtedness, credit to the account of the mortgagor all payments ~ made under the provisions of (a) of paragreph 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 (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 otherwise after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- ~ ecty is otherwise acqu'ued, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding ~ ~ as a credit against the amount of prlncipel then remaining unpaid.undet said aote and shall properlyadjust any ~ t~ payments which shall have been made under (n) of said paragraph. ~ xs ~ 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, Eines, ~ ~ or impositions, for which provision has not been made hereinbefore, and in default thereof the modgagee may pay ~ the same; and that he will promptly deliver the official ceceipts therefor to the mortgagee. ~ ~ ~ a R A q ~ s~~71 ~ 1.~ ~ ~ ~ - . . - _ - ~r~