The URL can be used to link to this page

Home My WebLink About2626 said mortKagor doe~ hereby Iully wartant the title_to said lpnd. and every part thereof. and will defend the same against the lawful claims of all persoas whomscever. PROVIDED ALWAYS. and these presents are executed and delivered upon the following conditions. to wit; The moctgagor agcees to pay the mortgagee, or order. the principal sum of SEVEN THOUSAND Tt1REE HUNDRED FIFTY and no/100---------••------------- Dollars (S 7~ 350. ~0 as evidenccd by a note of even date herewith, with interest from date at the rate of 8~ 8Qd three-quarter per centum ( 6 3/4 pe~ annum on the unpaid balance until Faid. The said principal and interest shall be payable at the office of ATIQO FINANCIAL CORPORATION-P. 0. Box 3131-Miami, Florids ~~101 . or at such other place es the Holder of the note may desi~nate in writing. i~ monthly installments of FIFTY and 79/L00-------------------Dollars (S 50.79 commencing on the first day of September ~ 19 68. and on the first day af each month thereafter until the principal and interest are fully paid, except that the final payment of principal and interest, if not sooner paid, shall be due and payable on the first day of pu~118t ~ 1993 ~ Aad shall duly. promptly, and fully pedorm, discharge, execute. effect. complete. and comply Kith and abide by each a~d 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: Providrd, ho~ever, that written no:ice 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 o[ the National Housing Act, he will pay to ~ the modgagee an adjusted premium charge of one per centum (1%) of the originat principal amount thereof, except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would .have been payable if the modgage had continued to be insured until matarity; such Qayment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on account of mortgage insurance. f 2. That. in order more fully to protect the security ot this mortgage, the mortgagor, together with. and in addi- i 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 s~~ms: . (a) An amount sufficient to provide the holder hereof with funds to pay the next mortgage insurance premium if this instru- ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) if they are held by !~e Secretary of Housing and Urban Development, as follows: (I) II and so long as seid note of even date and this instrument are insured or are reinsured uader the provisions of the Nationai Housing Act, an amount sufGcient 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 o[ Housing and Urban Development pursuant to the National Housing Act. as amended, and applicable Regu- lations theteunder; or (II) If and so loag as said note of even date and this instrument are held by the Secretary of Housing and Urban Develop- ment, a monthly cherge (in lieu of a mortgage insurance premium) which shall be ia an amount equal to one-twelfth (1l12) o[ one-half (yi) per centum of the average outstanding balance due on the note computed without taking into account delinquencies or prepayments; (b) A sum equal to the ground rents, if any, ne:t due, plus the premlums that wrill next be~aa.a ~sse and payable on policies . ~ of Cre and other hazard insurance covering the mortgaged property. plus ta:es and assessments next due on the mort- ; gaged property (all as estimated by the mortgagee) Iesa all sums already paid therefor divided by the number oi months i . to elepse betore one moath prior to the date when such ground reets. premiums. ta:es, aad assessments will became de- ~ linquent, such sums to be held by moctgagee in trust to pay said ground repts, premiums. tazes, and special assessments; ~ aad ~ (cJ All payments mentioned in the two preceding subsections of this paregraph and all payments to be made under the note ~ secured hereby shall be added together and the aggregate amount thereof shell be paid by the mortgagor each month in a ~ singte payment to be applicd by the mortgagee to jhe following items in the order set [ortb:. ~ ~ (n premium charges under the contract of insurance with the Secreta'ry of Housing and ilrban Development, or monthly ~ charge (in lieu of mortgage insuraace premium), as the caae mey be; ~ (In grouad rents, ta:ea, assessments, fire, and other hezard iesurance premiums; ? (III) interest on the aote secured hereby; and ~ (I{~ amortization of the priacipal ot said note. , i Any deficiency in the amount of such aggregate moathly 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 (2Q) for each dollar (Sl) of each payment more than fifteen (15) days in anears to cover the extra expense involved in 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 actually made by the mortgagee, Ea ground rents, taxes and assessments and insurance ~ pcemiums, 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 mortgagor under (6J of paragraph 2 pre- ~ ceding shall not be suEficient to pay ground rents, taxes and assessments and insurance premiums, as the case - may be, when the same shall become due and payable, then the mortgagoc shall pay to the modgagee any amount ? ~ necessary to make up the deficiency. on a befae the date when paymeat of such gcound rents, taxes, assessments. a or insurance premiums shall be due. If at any time the modgagor 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 of the modgagor all payments ~ made under the provisions of (a) of paragraph 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 provisians of (6J of said paragraph 2. If there shall be a default under any of the provisions of this mortgage, re- 3 ~ 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 fands accumulated under (bJ of paragraph 2 preceding as a credit against the amount of pripcipal then remaining unpaid under said note and shall properlyadjust any } payments which shall have been made under (aJ of said paragcaph. ~ 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, ; or impositions. for ahich provision has not been made hereinbefae~ and in default thereof the mortgagee may pay ~ the same; and that he will promptly deliver the official receipts therefor to the modgagee. ~c~7~ ~~~~1 ~ : s _ - _ ~ - - - - ~ a - ~ -