HomeMy WebLinkAbout2670 ~:+id mortgagor does hereby fully warrant the title to said laod, and every part thereof, and wi11 de(end the same
agai~st the lawful claims of all persons whomscevet.
PROVIDED ALWAYS. and these presents are executed and delive~ed upon the following conditions, to wit; '
The mortgagor agrees to pay the matgagee. or order. the principal sum of
Fifteen Thousand Three Hundred and no/100__________________________ '
Dollars (S 15,300.00 as evidenced by a note of even date herewith, weth interest from date at the 3
rate of S£X apd three- uarter Per ~entum ( ( /l} °,r,) per annum on the unpaid balance
until paid. The said principal art9d interest shall be payable at the office of
ATICO FINANCIAL CORPOItATION, Post Off ice Box 3131, Miami, Florida
or at such other place as the holder of the note may designate in wriiing, in monthly installmentc of
NLCtety-Nine 6t1d 30~108-----------~__Qollars (S 99.30 comn,encing on
the [irst day of ~july . 19 68 , and on the first day of each month tE~e~eafter untit the principal
and interest are full~• paid, except that the fina! payment of principat and interest, i[ not sooner paid. shall be due
and payable on the first day of JLtt1e ~ 1998 ;
And shall duly, promptly, and fu11y perform, discharge, eYecute, effeet, complete, and comply with and abide
by each and every the stipulations, agreemenis, conditions, and covenants of said promissory note and of this
morigage, 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 hereinbetore provided. Privilege is reserved to pay ine debt in whole.
or in an amount equal to or.e or more monthlp payments on the principal that are next due on the note, on the first
day of any month prior to maturity: Frovidcd, however, that written notice of an intention to exercise such privilege
is given at least thirty (30) days prior to prepayment; and, provided fudher, that i~ 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 pap to
the mortgagee an adjusted premium charge of one per centum (19'0) of the original principal amount thereof, except
that in no event shalt 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 Secretacy of Nousing and Urban Development on account of mortgage insurance.
2. That, in order more fully to protect the security of this mortgage, the mortgagor, together wit6. 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 sufficient to provide the holder hereof with funds to pay the next mortgage insurance premium i[ this instru-
ment and the note secwed hereby are insured, or a monthly charge (in :«u o[ a mortgage insurance premium) if they ere
held by the Secretary of Housing and Urban Developmer?t, es follows: .
(I) If and so long as said note ot even date and this instrument are insured or are reinsured under the provisions o[ 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 provide such holder with funds to pay such premium to the
Secretary of Housing and Urban Devel~pment pursuant to the National Housing Act, As ameaded, and applicable Regu-
lations thereunder, or
(II) If and so long as said note of even date and this instrument are held by the Secretary of Housing and Urban Develop-
ment, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth
(1/12) o[ one-half (K) per centum ot the average outstanding balance due on the note computed without talcing into
account delinquenciea or prepaynents; ~
(6) A sum equal to the ground re~ts. it any, neit due, plus the preauums that will ne:t become dae and payable on policies
oi fire and other hazard insurance covering the mortgaged property, plus taxes and assessmeats nest due on the mort-
gaged property (atl as estimated by the mortgagee) less all sums already paid therefor divided by L4a number of months
to elapse before one month prior to the date when such ground rents. premiums, tazes, and assessments will become de- i
linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, tazes, and speciat assessments; ~
and
(c) All payments meotioned in the tao preceding subsections of this paragraph and all payments to be made under the note
secured hereby shall be added together and the aggregate amount thereo[ shaii be paid by the moregagor each month in a
single payment to be applied by the mortgagee to the [ollowing items in the order set [orth:
(n premium charges under ihe coatract of insurance with the Secreta'ry of Housing and Urban Development, or monthly
charge (in lieu of morigage insurance premium), as the case may be;
(II) ground rcnts, tases, assessments, [ire, and other hazard insurance premiums;
(III) interest on the note secured hereby; end ~
(I1~ amortization of the principal of 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 I
may collect a"late charge" not to exceed two cents (2Q) for each dolIar (S1) of each payment more than fifteen ~
(IS) days in arrears to cover the extra expense involved irt handling delinquent payments. `
3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed
the amount of payments actuatly made by the mortgagee~ for gFOUnd rents, taxes and assessments and insurance
premiums, as the case may be, such excess shall be credited by the modgagee on subsequent payments to be
made by the mortgagor. If, however, the monthly payments made by the mortgagor under (b) of paragraph 2 pre-
ceding shall not be sufficient to pay ground rents. taxes and assessments and insurance premiums, as the case
may be, w6en 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 premiums shall be due. If at any time the moctgagor shalltender to the mortgagee in accordance with ~
the provisions of the note secured hereby, full payment of the entire indebtedness represe~ted theteby, the mort- i
gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagot all payments t
made under the rovisions of aJ of ara a h 2 hereof which the mort a ee has not become obli ated to ~
P ~ P B~ P B 8 S paY ta
the Secretary of Housing and Urban Development and a~y balance remaining in the fucids accumulated under the ~
provisions of (b) of said paragraph 2. If thece shall be a default under any of the provisions of this mortgage, re- ~
sulting in a public sale of the premises covered ~eceby, or if the moctgegee acquires the property otherwise after
default, the mortgagee shall apply, at the time oE the commencement af such proceedings or at the time ihe prop- ~
erty is otherwise acqu'ued, the balance then remaining in the funds accumulated under /5) of paragraph 2 preceding ~
as a credit against the amount of principal then remaining unpaid under said note a~d shall Qroperly adjust any
payments which shall have been made ander (a) oE said paragraph.
4. That he will pay all taxes, assessments, water rates, and other governmental oc municipal charges, fines,
or impositions, for which provision has not been made hereinbefae, and in default thereof the mortgagee may pay
the same; and that ?~e ai11 Prompily deliver !ht official teceipts therefor to the mortgagee.
600K171 PacE26~ ` ~
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