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HomeMy WebLinkAbout1808 t ~ _ , , :~t . . i i said mortgagor does hereby fully wana~t the title to seid lend. and every part thereof, and will defend the same against the lawful claims of all persons whomscever. PROVIDED ALWAYS, and these presents are executed and delivered upon the following conditions, to wit: The moctgagoc agrees to pay the matgagee, or ocder. the principal sum of ELEVEN THpU~AND ONE HUNDRED FIP'1'Y AND ~/100----------------------- nollars (S 11,150. u0 as evidenced by a aote of even date herewith. with interest fcom date at the rate of 8~t eRd ~hree-querter per centum ( 6 3~49r.) per annum on the unpaid balence until paid. The seid principal and interest shall be payable at the office of ATI00 FINANCIAL OORPORATION-P.O. Box 3131-Miami, FLorida 33101 or ~at~ ~s~u1ch other lace as the holder of the note may desi~nate in ar•itin~, in monthly installments of SLtl7~-~0 .ana .36/l00 ~~~~~r~~•~~~~0118~5 ~`J~3v commencing on the ficst day of OCtOb@T . 1968 . and on the first day of each month theceafter untiltheprincipal and interest ace fully paid, except that the final pa~4~tsof principal and interest. if not sooner paid. shall be due and payable on the first day of September, ; And shall duly. promptly, and fully perfocm. discl~a~ge, execute, effect. complete. and comply wit~ and abide by each and every the stipulations, agreements. conditions. and covenants of said promissory note and of t6is mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the ~ortgagor fudher covenants as follows: 1. That he will pay the indebtedness, 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 prtncipal that are nexi due on the note, on the first day of any month pcior to maturity: P~ovi~ied, however, that written no:ice of an intentia~ to exercise such privilege is given at least thidy (30) days pri~ to prepaymeat; and, pr~rid~d 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 will pay to . the modgagee an adjusted premium charge of one per centum (196) of the original principel emount thereof. except that in no event shall the adjusted premium exceed the aggcegate 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 Housing and Urban Development on account of mortgage insurance. 2. That, in order more fully to protect the security of this modgage, the modgagor, together with. and in addi- tion to. the monthly payments under the terms of the note secured hereby, on the f'ust day of each month until the ~ said note is fully paid, will pay to the mortgagee the follawing sums: (oJ Aa amount suf(icient to provide the holder hereof with tunds to pay the nest mortgage insuraace premium if this instru- meat and the note secured hereby are insured. or a monthly charge (in lieu o! a mortgage insurance premium) if they are held by the Secretary of Housiag and Urbsn Developmeat, as folloxs: (I) If and so long as said note oE even date iad this instrument are insured or are reinsured under the provisioas of We National Housing Act, aa amount su[ficient to accumulate ia the hands of the holder one (1) month prior to its due date the annual mo~tgage insurance premium, in order to provide such holder with funda to pay such premium to t6e Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- lations thereunder; or (II) If and so long as said ~ote of even date and this instrument are held by the Secretary ot Housing and Urban Develop- ment, a monthty charge (in lieu ot a mortgage insurance premium) w6ich shall be in an amount equal to one-twelfth i (1/12) of one-half (li4) per centum of the averaga outstanding balaace due on the note computed without taking into ~ account delinquencies or prepayments; ~ (b) A sum equal to the ground rents. if any, next due. plus the premiums that wilt next become due and payable on policies { of Ctre and other hazard insurance coveting the mortgaged property, plus taxes and assessments next due on the mort- E gaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number of months ~ to elapse before one month prior to lhe date when such ground rents, premiums, taxes, and assessme~ts will become de- li~quent, such sums to br held by mortgagee in ttust to pay said ground rents, premiums, tazes, and spec~al assessments; and (cJ A11 payments mentioned in the two preceding subsections of lhis paragraph and all payments to be made under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a single payment to be applied by the mortgagee to the following items i~ the order set forth: (n premium charges under the coatract of insuraace with'the Secretary ot Housing and Urban Devetapment, or monthly charge (in lieu of mortgage insurence premium). as the case may be; (II) ground rents, tazes, assessmeats, [ire, and other hazard insurance premiums; (III) interest on t6e note secured I~ereby; and (I~ amortisation 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 dete 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 mae than fifteen (15) days in anears to cover the extra expense involved ia handling delinquent payments. 3. That if the total of the peyments made by the modgagor under (b) of paragcaph 2 preceding shall exceed the amount oE payments actuslly made by the matgagee, for ground rents, taxes and assessments and insurance premiums, as the case may be, suc6 excess shall be credited by the mortgagee on subsequent payments to be ~ made by the mortgagor. If, howevet, the monthly payments made by the moctgagor under (b) of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessmants and insurance premiums, as the case ~ may be, when the same shall become due and payable, then the mortgagor shall pay to the mortgagee any amou~t 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 modgagor shall tender to the mortgagee in accordance with the provisions of the note secured hereby, full paya~ent of the entire indebtedness represented thereby, the mort- gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor 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 Developmeat and any balance remaining ia the funds accumulated under the provisions of (b) of said paragraQh 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 iE the moctgagee acquires the property otherwise after default, the mortgagee shall apply, at the time of the commencement oi such proceedings or at the time the prop- erty is otherarise acquired, the balance then remaining in the funds accumulated under (bJ of paragraph 2 preceding as a credit against the amount of prlncipal then remaining unpaid under said note and shall properlyadjust any payments which shall have been made under (a) of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges. fiees, or impositions, for ahich provision has not been made hereinbefore, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the official receipts therefor to the mortgagee. ~i ~ooK 173 PAGE1795 ~ ~