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HomeMy WebLinkAbout0365 ~ ~ i t ' ~ i~ ~J; said moctgagor does he~eby fully warrant the title to said land. and every part thereof. and ail! defend the same against the lawful claims of all persons whomsoevec. PROVIDED ALWAYS. and these presents are executed and delive~ed upon the following conditions, to wit: The mortgagot agrees to pay the mortgagee, ot order. the principal sum of EIEVEN T~USAND SIX HUNDRED AND no/100-----------•--•------•---•----- Dollacs (S 11 ~6~0•00 as evidenced by s note qf evea date herewith. aith iaterest fcom date at the _ rate of 8~ aad thrlt•Q1l8TtlT per ceatum ( 6 3/4 per an~um on the unpaid bala~ce until paid. 'fhe said principal and iaterest shall be payable at the office oE ATI00 FINANCIAL CORPO&ATION-P.O. Box 3131-Miami, Florida 33101 or at such other place as the holder of the note may designate in writing. in monthly installments of SEYENTY~FIVE aIId 28~100•--~•-~--~-• Dollars (S 75,28 commencing on the first day of OCtObP.Y' . 19(~8 , and on the first day of each month thereafter until the principal and interest ace fully paid, except that the fiaal payment of principal and interest, if not sooner paid~ shall be due and payable on the first day of September ~ 1998 : And shall duly. pranptly. and fully perform, discharge. execute~ effect. complete. and comply with and abide by each and every the stipulatiorts. agreements, conditioas, and covenants of said promissory note and of this mortgage, then this modgage and the estate hereby created shall cease and be null and void. And t6e 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: Provided, however, that written notice of an i~te~Rion to exercise such privilege is given at least thidy (30) days prior to prepeymeat; and. provided fudher, 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 will pay to the moctgagee an adjusted premium charge of one per centum (19G) of the original principal amonnt 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 maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Hoosing and Urban Development on accoant of mortgage insurance. 2. That, in order more fully to protect the security of this mortgage, the modgagor, together with, and in addi- tion to, the monthly payments under the terms of the note secuced hereby, on the first day of each month uatil the said note is fully paid, will pay to the mortgagee the follawing sums: (aJ An amount sufficient to provide the holder hereot with funds to pay t6e aezt mortgage instuance premium i[ this instru- ment and the note secured hereby are insured. or a monthly charge (in lieu of a mortgage insurance premium) if they ore held by the Secretary of Housing aad Urban Developmeat, as follo~rs: (I) I( and so long.as said note oE even date and this instrument are insured or are reinsured uader the provisions of the Nationai Housing Act. an amount suf~cient to accumulate ie the hands of the holder oae (1) month prior to its due date the amual mortgage insurance premium, ia order to provide such holder with funds to pay such premium to the Secretary of Housing and Orben Development pursuant to the National Housing Act, as amended, and applicable Regu- lations thereunder; or (II) If and so long as said note d even date and this instrument are~held by the Secretary of Housing and Urban Develop- me~t, a monthly charge (in lieu ot s mortgage insuranee premium) which shall be in an amount equal to one-tweltth j (1/12) of one-hal[ (yi) per centum oi the average outstanding balance due oa the note computed without taking into i"' account delinquenciea or prepayments; ~ (b) A sum equal to the ground rents, i[ any, ne:t due. plus the premiums lhat will nezt become due and payable on policies ot Cire and other hazard insurance covering the mortgnged property, plus ta:es and assessments next due on the mort- ~ gaged property (all as estimated by the mortgagee) less all aums already paid there[or divided by the number of months € to elapse be[ore one month prior to the date when suc6 ground rents, premiums, ta:ea, and assessments will become de- E linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, ta:es, and specietassessments; t and ' !cJ All paymeats mentioned in the two preceding subsections ot this paragraph and a/l paqments to be made under the note secured hereby shall be added together and the agg~regate amount thereof shall be paid by the mortgagor each month in a singte payment to be applied by the mertgagee to the following items in the order set [orth: (n premium charges under thr coatract of insurance witA the Secretarp ei Housing and i)rban Development, or monthly charge (in lieu ot mortgage insurance premium). ps the case may be; (II) ground rents. ta:es, assessments. fire, and other hazard insurance premiums; (III) interest on the aote secured heceby; aad ~ (I~ amortization of the principal ot said note. Any deficiency in the amount of such aggregate monthly payment shall, unle~ss made good by the mortgagor prior to the due date of the next ~such payment, constitute an event of default under this mortgage. The modgagee may collect a"late charge" not to exceed two cents (24) for each dollar (S1) of each payment more than Eifteen (15) days in arrears to cover the extra eapense involved in handling deltnquent payments. 3. That if the total of the payments made by the modgagor under (bJ of paragraph 2 preceding shall exceed the amount of payments actually made By the mortgagee, f~ ground rents, taxes an~ 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 mortgegot. If, however, the monthly payments made by the mortgagor under (6) of paragraph 2 pre- cediag shall not be sufEicient to pay gcound rents, taxes and assessmants and insurance premiums, as the case ' ~ may be. when the same shall become due and payable, then the mortgagor shall gay to the modgagee any amount ~ necessary to make up the deficiency, 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 mortgagee in eccordance with , the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mod- gagee shall, ia computing the amount of such indebtedness~ credit to the account of the modgagor all payments made uader the provisions of (a) of paragraph 2 hereof which the mortgagee hes 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 (6) 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 hereby; or if the mortgagee acquires the property otherwise after deEault. the moctgagee shall apply, at the time of the commencement of such proceedings a at the time the prop- edy is otherwise acquired, the balance then r maining in the Eands accumulated under (b) of paragraph 2 preceding , as a credit against the amaint of principel ~hen rea~aining unpaid under said note and shall properlyadjust eny ± payments which shall have been made under (a) of said paragraph. ~ 4. That he will pay all taxes, assessments, water rates, ead other governmental or municipal cherges, fines, x or impositions, for which provision has not been made hereinbefae, end in default thereof the mortgagee may pay the same; and that he will promptly deliver the official receipts therefor to the mortgagee. _ ~i73 ~ 363 ~ .