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HomeMy WebLinkAbout1374 . ~ ~ ~i : a . . . ~ _ • ~ ~ said moctgagoc does hereby fully yvarrant the title to said lend. and every part thereof. and will defend the seme against the lawfu! claims of all persons whomscever. PROVIDED AL.WAYS~ and these presents are executed and delivered upon the following conditiorts. to wit: ~ The mortgagor agrees to pay the matgagee~ or order. the principal sum of ~j'sa Thawand Ont ~ Hundred F~fty and No/100-----------------------------•------------ ; Dollars (S 1~~150•~0 as evidenced by a note o[ even date herewith. with interest from date at the ; rate of stpep ~ OAt~bal~ per centum ( 7 L~Z 96) per annum on the unpaid balance ~ until paid. The said principal and interest shall be payable at the office ot ATI00 FINANCI/1I. ~ OOAPORATION, a corporotfon under tha laMa of the State of DalaMars P. O. BoY 3131, Ztiami, Florida ~ or at such other 1 ce/~ ~as the holder of the note may designate in writing, in monthly instatlments of $tVlIItjt ~ne ~Qd ~~~~W~~~~~~~~~~~~~~~~~~~~ Dollars ~s 7~~OS comiuencing Oil i the Eirst day of Ali$1~8t . 1969 , and on the first day of each month thereafter untiltheprincipal ~ and i~terest are fully paid. except that the final payment of principal and interest. if not sooner paid. shall be due ~ and payable o~ the first day of Jti~y ~ 1999 ; E And shall duly, promptly. and Eully perform. discharge, execute, effect, complete, and comply with and abide ; by each and 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 furthe~ 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, howevec, that written notice of an inteAtion to exercise such privilege ~ is given at least thidy (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 provision~ of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum {1%)'of the original pri~cipal 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 moctgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upo~ 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 mortgage, the mortgagor, together with, 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 y said note is fully paid, wil! pay to the mortgagee the following sums: _ (a) An amount sufficient to provide the holder hereo[ with (unds to pay the ne:t mortgege insurance premium it this instru- ~ ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) if they •te ~ held by the Secretary oE Housing and Urban Developrnent, as follows: } (I) If and so long as said note ot even date and this instrument are insured or are reinsured under the provisions of the ~ National Nousing Act, an amount su(ticient to accumulate in the hands of the holder one (1) month prior to its du; date the annual mortgage insurance premium, ia order to provide such holder with funds to pay such premium to the Secretary o( Housing and Urban Development pursuant to the Natianal Housing Act, as amended, and applicable Regu- lations thereunder. or (II) If and so long es said note ot even date and this instrument are held by the Secretary ot Housing and Urban Develop- ment, a monthly charge (in lieu o( a mortgage insurance premium) which shall be in an amount equal to ane-twel[th (1!12) o[ one-half (lh) per centum of the averaqe outstanding balance due on the note computed without taking into ; account delinquencies or prepayments; ' I (h1 A sum equal to the ground rents, i[ any, next due, plus the premiums that witl next become due and payable on policies ~ of tire and other hazard insurance covering the mortgaged propeAy, plus tases and assessments ne:t due on the mort- ~ : gaged property (al! as estimated by the mortgagee) less atl sums already paid therefor divided by the number oE months ~ to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments will become de- ~ tinquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, ta:es, and special assessments; s ~ and # (cJ All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note ~ secured hereby shali be added together and the aggregate amount thereof shail be paid by the mortgagor each month in a ` ; single payment to be applied by the mortgagee to the [ollowing items in the order set [orth: I (I) premium charges under the contract o[ insurance with the Secretary ot Housing and Urban Development, or monthly ~ charge (in lieu of mortgage insurence premium), as the case may be; ' (II) ground rents, taxes, assessments, fire, and other hazard insurance premiums; " ~ ~III) interest on the note secured hereby; and ~i ~ (l~ amortization of the principel of said note. Any deficiency in the amount of such aggregate monthly payment shall, untess 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 (2~) Eor each dollar'(SI) of each payment More than fifteen (15) days in arrears to cover the extra expe~se involved in handling delinquent payments. ~ 3. That if the total of the payments made by the mortgagor under (b) of patagraph 2 preceding shall exceed ~ the amount of payments actuatly made by the mcxtgagee, for ground rents, taxes and 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 mortgagor. If, however, the monthly payments made by the moctgagor under (b) of paragraph 2 pre- ~ ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts 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 amount necessary to make up the deficiency, on or beEore the date when payment of such ground rents, taxes, assessments, ; or insurance premiums shall be due. If at any time the mortgagor 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 mortgagor all payments ~ ~ made undet the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to payto ~ ~ the Secretary oE Housing and Urban Development and any balance remaining in the funds accumulated under the y . ~ provisions of (bJ of said paragraph 2. If there shall be a default under any of the provisio~s of this mortgage, re- ~ ~ sulting in a public sale of the premises covered hereby, or iE the mc:_ ;agee acquires the property otherwise atter ' ~ default, the mortgagee shall apply, at the time o[ the commencement of such proceedings or at the time the prop- ~ erty is othetwise acquired, the balance then remaining in the funds accumulated under (6J of paragraph 2 preceding ° ~ as a credit against the amount of principel then remaining unpaid under said note and shall properlyadjust any ~ ~ payments which shall have been made under (aJ ~ said paragraph. ~ ~ 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, ~ ~ or impositions, for which provision has not been made hereinbefae, and in default thereof the mortg~gee may pay ~ the same; and that he will promptly deliver the official receipts therefor to the mortgagee. _ ~ i ' _ vw11 ~ ~ . ~i373 ~ ~ ~ : - ~ e.~ _ ~ .