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Home My WebLink About0707 ~ (l 3 ~ ~ s~ D • i i said mortgagor does hereby Eully warrent the tltle to said land. and every Pact tbeceof, and will defend the saaM against the lawful claims of all perscns whomsoevec. PROVIDED ALWAYS, and these pceseats arc executed and dellvered upcm the follawiag coadltions, to wlt: Ti~hoe~i~ ga agcees to pay the martgagee, or order, the principal sum of ~~sYe tb~a~d ond Dollars (S 12 ~D00~00 as evideaced by a aote oE evea date herewith, with iaterest fcau date at the rate of e~ ARd ttlrgt•~pUr~~ per ceatum ( 6..~~~} 9L) per annum oa the unpaid balance until paid. The said priacipal and iatecest shall be payable at the office of ATI~ F~I~ ~~O~TION a oorpor~tLon undar the la~~ of ths State of D41aMara, P. O. Box 3131~ Miami~ Florida - or et such other g1 as the holder oE tbe aote may desigaate in writiag. in monthly installments of ~~pty QeV~n ~d 08~.00 ••~~w~r~rw~~~~r~~~~ D0~18l3 ~s 77a88 COQIm@QCitlg OQ ~ the first day of DBQP.mbeT , 19 68 , and on the first day of eacb month thecesfter uatllthepcincipal and interest are fully paid, except that the fiaal payment of principal and iatecest, if aot sooaet paid, shall be due ; aad payable o~ the first day of Nov~ber~ 1998 ; Aad shall duly, promptly~ and fully pedorm. discharge~ execute, effe~t, complete, and comply with a~ abide by each and every the stipulations, agceements. conditions, and coveneats of said pranissory note and of this modgage. then this mortgage and the estate hereby created shall cease and be null and void. Aad the mortgagor fuither covenants as fotlaws: 1. That he ~rill pay the indebtedness, as hereinbefore provided. Pri'vilege is teserved to pey the debt in whole. w in an amount equal to one or mare inonthly payments on the principal that are next due on the note, on the first day of aay month prior to a~aturity: Provided, however, that written notice of an.inteiRion to exercise such privilege is given at lesst thidy (30) days pria to pcepeyment; and, provided further~ that in the event the debt is paid in full prio: to matuuty and at thet time it is ins~ued 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 origiaal principal amonat thereof, eacept that in no event shall the adjusted premium exceed the aggcegate amount of premiwa charges which would have been payable if the mortgage had continued to be insured until maturity; such payment to be appiied by the mort- gagee upon its obligation to the Seccetary oE Housing and Urban Development on account of modgege insarertce. 2. That, in order more fully to prutect ihe security of this mortgege, the mortgagor, together with, and in addi- tion to, the monthly payments under the tera?s 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 Eollowing sums: (a) An amount sufficient to provide the holder hereof witb funds to pay the ae:t mortgage insurance premium if t6is instru- meat nnd the note secured hereby are insured. or a monthly c6arge (in Ileu oI a mortgage insusance premium) if fl?eq ate held br the Secretary of Housiug and Urbaa Developmeat, as follows: (I) If and so long as said aote of even dale and this instrument are instued or ~re reinsured under the proviaioas of We Nationat Housiag Act, ae amount sutCcieat to accumulate ice tHe haads of the holder one (1) month pcior to ita due date the aaaual mortgage insurance premium, in order to provide such 6older wlth faada to pay suc6 premium to the Secretary ot Housing aad Urban Development pu~suant to the National Housing Act, os amended, and applicable Regu- lations thereunder, or (II) IE and so loag as said note ot even date and this instcument are held by the Secretary of Housing and Urban Develop- ment, a monthly charge (in lieu o[ a mortgage insur4nce prcmium) ~vhich shali be In m amount equal to oae-taelfth (1/l2) of one-hslf per centum of the sverage outsUndiag balance due oa the oote computed without tplcing into accouat deliaqueacies or prepayments; (6) A sum eqnal to the gronnd rents. I[ aay. next due~ plus tt~e premiums that wfli next become due aad payab2e on policies of fire aad other hazard insurance covering the mortgaged property~ plus ta:ea and assessments ne:t due on tLe mort- gaged property (all as estimated by the mottgageej less oll swas already paid therefor divided by t2~e number of moatha to elapse before one month prio~ to the date ahen suct~ g~ound eents, premiums, ta:es. and assessments will become de- i~a eat, such sums to be held by moctgagee in trust to pay said grouad tents~~remiums. ta~ces, and special oaseasments; (cl Ail payments mentioned in the two preceding subsectio~s o( this paragrap6 and tll payments to be made under the note secured hereby shall be added together and the oggregote amouot thereof shall be paid by the awrtgagor each month in a single payment to be applied by the mortgagee to the tollo~ring items ia the order set forth: (n premium chargea under the coatract of insurance with the Secretory ot Housing and Urban Deve2opmeet, or monthly cbuge {in lieu of mortgage insarance premivm), as the case may be; (II) Qround renta, ta:es, •ssessments. fire, aad other hazard insurance pretniuma; (III) intercst on the aote secnred herrby; +and (I1~ amortization ot the princlp~l ot aaid aote. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the matgegor prior to the due date of the next such payment, constitute an event af default uoder this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2~) for each dollar (Sl) of each payment more than fifteen (15) days in arrears to cbver the e~ctra ~xpense involved in handling delinquent payments. 3. Thet if the tota~ of the peymeats made by the mortgagor under (~J of paregcaph 2 preceding shall exceed the amount of payments actually made by the ~moitgagee, tor ground cents, texes and assessments and insurance pcemiums, as the case may be, such e:cess shall be Ccedited by the moctg,agee on su~sequent payments to be made by the mortgagor. If. hovvever, the monthly payments made by the matgaga under (bJ of paragreph 2 pre- ceding shall not bP sufficient to pey groond reats, ta~ces ~nd assessmants ~ad insurance premiums, as the case may be, when the same shall become due and peyable, then the moctgagor shell pay to the moctgegee any amount necessary to make up the deficiency, on a befoce the date whea payment of such gcouad reats, taxes, assessments, or insurance premiums shall be due. If at any ti~ae the mortgagor shell tender to the mortgagee in accordance with the provisions oE the note secured hereby, full payment of the entire indebtedaess represented thereby, t!~ inort- gagee s6a11, ia corapnting the amount of such indebtedness, credit to the account af the matgegor all peyments mede u~dec the provisions of (a) of parag~raph 2 hereaf ~rhich the matgegee has not become obligated to payto the Secretary of Housing and Urban Development ~nd any balence remaiaiag in the funds accumulated undec the provisiona of (bJ of said paragraph 2. If there shalt be a defautt under any of the provjsioas of this matgage, rr ' sutting in a pubtic sale oE the preaiises covered hereby, or if the mortg~eg,ee acquires the property othe~rise after default, the mortgagee shall epply, at the time of the commencement ot such proceedings or at the time the prop- edy Is otherwise acquired. the balance then remaiain~ in the fundq accumulated under (b) of paragraph 2 preceding as a ccedit ag,aiast the amon~ oE principel then remaiaing nnpaid nnder ~aid note pnd shatl property adjust aay payments which shalt have been awde under (o) ef said paragRaph. 1. Tbat he witl pay att tases, asaessaents, wat~r rates, and dher governmental a municipal cbarges, fit~es, a impositioas, for which provisioo has not been mode.hereiabe[ae, aad in default theceaf tbe matgagce may pay the same; aad that he wiU promptly delivet the official receipts therefoc to the mortg,eeee. ~ ~ ' dW~ 4 J ~ s