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said mortgagor does hereby fully watcant the titte to said land. and e~ecy part theeeof, and witl defend the same
against the lawful claims of all persons whomsocver.
PROVIDED ALWAYS, and these presents are executed end delivered upon the follaaving conditions, to wit:
The mortgagor agrees to pay the mortgagee. or ocder. tAe principal sum of
rdineteen Thousand and No~100-----------------------------------------•-•------------
Dollacs (519~000.00 as evidenced by a note of even date herewith~ with interest from date at the .
rate of SiX per centum ( fi 9~) per annum on the unpaid balance
until paid. The said principal and interest shall be payable et the office of •
Atico Financial Corporation, Pest Office Box 3131, Miami, Florida
or at such other place as the holder of the note mey designate in writing, in monthly installments of
One Hundred Fourteen and Nof 100-----------Dollars (s 114.00------------- commeocing on
the tirst day of MRy . 19 68 ~ and on the tirst day of each montii thereafter untiltheprincipal
and interest ace fully paid. except that the final payment of principal and interest. if not soonec paid, shalt be due
and payable on the first day of April, l~~ ;
And shall duly, promptly, and fully pedorm, discharge, execute. effect. complete. and comply with and abide
by each and every the stipulatiorts, agreements, conditions, and covenants of said promissory note and of this
mortgage, then this mortgage a~ the estate hereby created shall cease and be nuil and void.
And the mortgagor further covenants as follows:
1. That he will pay the indebted~ess, as hereinbefore provided. Pri'vilege 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, ort the first
day of a~y month prior to maturity: Provided, however. that written notice of an intention to exercise such privilege
is given at Ieast thirty (30) days priot to prepayment; and, provided further, that in the event the debt is peid in
full prior to maturity and at that time it is insured under the provisions o[ the National Housing Act. he will pay to
the mortgagee an adjusted premium charge of one per centum (1 0) of the original principal amount thereof. except
that in no event shall the adjusted premium exceed the aggregate amount of premium charges which woald have
been payable if the mottgage had continued to be insured until maturity; such payment to be applied by the mort-
gagee upon its obligetion to the Secretary of Housing and Urban Development on account of modgage insurance.
2. That, in ordet more fully to protect the security of this mortgage, the modgagor, togethet with, and in addi-
tion to. the monthly payments under the terms ot the note secured hereby. on the fitst day of each mo~th until the
said ~ote is fully paid. will pay to the moctgagee the follawing sums:
(o) An amount sufficient to provide the holder hereof with tunds to pay the ne:t mo~tgage insurance premium it tl~ts inst~u-
ment and ihe note secured hereby are insu~ed, or a monthly charge (in lieu o[ a mottgage insurance premium) i( theq ~re
held by the Seccetary of Housing and l)rban Development. aa [ollows:
(I) U and so long as said not~ of even date and this instrt~ment are insured or an reinsured vnder the pwvisioas of t6e
National Housing Aet, an amount sutticient to accumulate in the hands oi the holder one (1) month prior to its due
dete the annual mortgage insurance premium, in order to provide such 6older atih fands to p~q suchpremium to the
Secretary o[ Housing and Urban Development pursuant to the National Housing Act, as amended. ~nd appllcoble Regu-
latioas thereunder; ot _
(II) I[ and so long os ssid note ot even date and this insteument are held by the Secretary of Housing and Urbaa Develop-
ment, + monthly charge (in Iieu of a morteage insurance premium) which shall be in aa amount equal to oae-t~velfth
(1/12) o( oarhalE (y~i) per centum of the 4verage outstanding balance due oa the note computed without takiag into
+~ccount deliaquencies or prepaymeats;
(bJ A sum equal to the erauad rents, jt oay, ne:t due, plus the premiums that will nezt become due and payable on poiicies
of Cre and other h4zard inaur~ace coveria~ the mortgogtd property. plus t~zes and assessments ae:t due oa the mort-
gaged property (all as eatimated by the mortgagee) lesa all sums already paid ffierefor divided by the.number oE mont6s
to elapse betore one month prior to the date when such ground renta, premiums, tazes, and ~ssessments will become de-
linquent, such sums to be held by mortgegee in trust to pey said ground rents, premiums, ta:es, ~ndspecialasaessments;
aad
fc1 All payments mentioned in the twro preceding subsections of thia paragraph and all payments to be mode wd~r t6e aote
secured hereby shall be added together aad the aggfegate amount thereof shall be paid by the mort~agor eoch moath in a
singte payment to be applied bq the mortgagee to the toUowiag items in the otder set torth:
(n premium ch~rges under the contract o[ insurance with the Secretary of Honaing and Urban Development, or monthly
charQe (ia lieu of mortgage insurance premium). •s the case may be;
(II) grouad ronts, ta:es, assessmeats, [!re, aad other hazard inaurance premiuma;
(Ill) interest oa the note secured hercby; and
(I{~ amortlsatjon ot t6e prlncipol of s~id note. • .
Any de[iciency in the amount of such aggregate monthly payment shall, unless made good by the matgagor
prior to ihe due date of the next such payment, constitute an event of default under this mortgage. The mortgagee
may collect e"late charge" not to exceed two cents (2~) for each dollar (Sl) of each payment more than fikeen
(15) days in arrears to cover the extra expense involved in handting delinquent payments.
3. That if the total of the peyments made by the mortgagor under (6J of paragraph 2 preceding shall e:ceed
the amount of payments actually made by the mortgagee. for ground rents, taxes and assessx+ents and ins~rance
premiums, as the case may be, sach excess shall be credited by the mortgagee on subseqnent peyments to be
made by the mortgagor. If, however, the monthly payments made by the matgagor under (6) of paragraph 2 pre-
ceding shall not be sufficieat to psy ground rents. texes and assessmants and insurance premiums, as We case
may be, when the same shall becane due and peyeble, then the mactgaga shall pay to the mortgagee aay amount
necessary to make up the deficiency, on a befare the date when peyment ot' sach ground rents, taxes, assessments,
or insuraace preminms ahall be due. If at any timt the mortgagor shalltender to the mortgogee in accordaace with
the provisions of the note sccured hereby, fnll Payment of the entire indebtedness represented thereby, t6e mort-
gagee shAll, in computing the amount of such indebtedneas, credjt to the account d tite mortgegoc a[I paya~nts
mode nnder tht provisioas ot (aJ of ppragraph 2 hereo[ which the matga~eee has not become obligated to poyto
the Secretary ot Housing and Urban Development and any ba]ance remaining in the funds accumulated wder tht
provisiona of (6) of said paragraph 2. If there shall be a default under aay of the pcovisions of this matgpge, re-
sulting in a public sale ot the preenises covered ~ereby. or if tht matgogee ocyuires the property otherwise a[ter
de(ault, the mortga~ee shall apply, at the time o[ the commencement of such proceeding~ a pt t}~e time the prop-
edy ia othenvise acquired. the balance then reauiain` in the funds aecumnlated under (6) oE paragrepb 2 precediag
as a credit a~ainst the amount ot Qrincipal then remalaing uup~id under soid note aid shall propcrlyadjuat any
payments whicb sball have been made under (a) of said para~nplf.
4. Tfiat he aiU pay all taxea, essesameats. watet ates, and other governmental oc municipal clwr~es. Eines.
ot impositioas, (or ~rhich prwision hqs not been msde hereinbefae~ and in default thercof the mortgagee may pay
the same; and that he will promptly detive~ tbs otticial receipts therefor to the mortpgee. T
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a~K 16g ~E 643 a~R 17i ~ y17
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