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Home My WebLink About1564 said mortgagor docs hereby tully wer~ant Ihe title to seid laod, and every part theceof, and will defe~d the same against the lawful claims oE ell persons whomscever. PROVIDED AL.WAYS. end these presents are executed and delivered upon the followi~g conditions. to wit: The mortgagor egcees to pay the moctgegee. or o~der. the principel sum ot FIFTBKN T~pUSAND NIDiB HUNDRBD and 00/100-------•---------------------------------------------------------- Dollars (S 15,900.00 as evidenced by a note o[ even date herewith. with interest from date at the rate of SBVEN ' per centum ( --7-- 96) per annum an the u~paid balance until peid. The said pcincipel and interest shatl be peyable at the of[ice of ATI00 1bxTGAGE CORPORATION P. 0. Box 3131, Miami. Florida 33101 oc at such other place as the holder of the note may designate i~ writing, in monthly installments ot Oae hutidred five and 89(:100---------•---------~'~'~" Doila~s 105.89 commencing on the first day of NOVember . 19 71. and on the first dey of each month thereatter untiltheprincipal and intecest ere fully paid. except that the final payment of principel and interest. if not sooner peid, shall be due aad payable a? the first day of OCtOber, 2001 ; And shell duly, promptly, and fully pedorm. discharge, execute. efEect; complete, and comply with and abide by each and every the stipulations, agreements, conditions. and covenants of said pcomissory 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 es Eollows: 1. That he wil! pay the indebtedness, as he~einbefore provided. Privilege is reserved to pay the debt in whole. or in an amount equal to one ot more monthly payments on the principal that ere next due on the note, on the Eirst day of any month prior to maturity: P~ooided, however. that written ~otice of an intention to exercise such privi~ege is given at least thirty (30) days prior to prepayment; and, provided further, that in the event the debt is peid in full prior to maturity and et that time it is insured under the provisions o( the National Housing Act, he will pay to the mortgagee an adjusted premium cherge of one per centum (196) of the original principal amount thereof, except that in no event shall--th~ adjusted premium exceed the aggregate amount oE premium charges which arould have been payable if the mortgage had continued to be insured until maturity; such payment to be epplied by the mort- gagee upon its obligation to the Secretary of Housing and Utban Development on account of modgage insurance. 2. That. in order more fully to protect the security of this mortgage, the mortgagor, together with, and in addi- tioa 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 sums: (a1 An amount suf[icient to provide the holder hereof with tunds to poy the next mortgage insurance ptemium i( this instru- ment ond the note secuted hereby are insured, or a monthiy charge (in lieu ot a mortgage insurance ptemium) it they are held by the Secretpry of Housing and Urban Development, as loUows: (I) I( and so lo~g as said note ot even date and this instrument are insured or are reinsured under the provisions of the National Housing Act, •n amount su[[icient to accumulate in the hands of the holder one (1) month prio~ to its due date the annual mortgage insura~ce premium, in order to provide such holder with funds to poy suchpremium to the Secretary o( Housing ~nd Urban Developme~t pursuant to the National Housing Act, as amended, and applicable Regu- lations lhereunder; or ((I) I[ and so long as said note o( even date and this instrument sre held by the Secret~ry ot Housing and Urban Develop- ment, a monthly charge (in lieu o( a mortgage insurance premium) wrhich shall be in an amount equal to one-twel[th (1 ' 12) o[ one-hatf (yi) per centum of the average outstA~ding balonce due on lhe note computed without taking iato account delinquencies or prepayments; 'i !A/ A sum equal to the ground rents, if any, next due, plus the premiums that ~rill ne:t become due and payable on policies of (ire and other hazard insurance covering the mortgaged property, plus ta:es and ossessments ne:t due on the mort- F gaged property (all as estimated by the mortgagee) less all suma already paid there[or divided by the number o[ montha ~ to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments will become de- ~ linquent, such sums to be held by mortgagee in trust to pay said gsound rents, premiums, taxes, and special ossessmmts; and 1 All payments mentioned in the two preceding subsections of thia parograph and all payments to be made under the nole secured hereby shall be added together and the aggregate emount thereof shall be paid by the mortgagor each month in a single payment lo be applied by the mottgagee to the [ollowing items in the order set forlh: premium charges under the co~tract ot insurance with the Secretary ot Housing and Urban Devetopment, or monthty charge (in lieu ot mortgage insurance ptemium), as the case may be; (11) ground reats, ta:es, assessments, fire, and other hazard insutance ptemiums; (III) interest on lhe note secured hereby; and (IV) amortization ot thc principal o! said note. Any deficiency in the amount of such aggregate monthly 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 chacge" not to exceed two cents (2a) for each dollar (S1) of each payment m«e than fifteen ~ (15) days in arrears ta cover the extca expense involved in handling delinquent payments. ; 3. That if the total d the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed ~ the amoucd of the peymeMs actnally made by the mortgagee, for gFound rents, taxes and assessments and iasur- i ance premiums.as the case may be. such excess at the option of the modgegee. shall be credited on subsequent ~ payments to be made by the mortgagor, oc refunded to the matgagor. lf, hawever. the monthly payments made by ~ the 'mortgagor under (6) of peragraph 2 preceding shall not be sufficient to pay gtound rents, taxes and essess- ~ ~t ments and irtsurance premiums, as the case may be, when the same shall become due and payable, then the mort- gaga shall pay to the mortgagee any amou~ necessary to make up the deficiency, on or beEore the date when pay ; ~ ment d sucfi gtound rents, taxes. assessments, or insurance premiums shall be due. If at eny time the matga- ` ~ gor shall tender to the m«tgagee in accordance with the provisions of the note secuced hereby~ full peyment of the ~ entire irdebtedness represented thereby, the moctgegee shall, in computi~g the amount of such indebtedness. ~ credit to the accouM d the mortgagor all peyments mede under the provisions o[ (o) of para~caph 2 hereof whichthe matgagee has not become obligated to poy to the Secretary of Housing and Urban Development end any balance t remaining in the funds accumulated under the provisions of (6) of said paragraph 2. lE there shall be e defautt un- der any of the provisions of this mortgage, resultinR in a public sale of the premises covered hereby. ut if the mortgagee acquires the property dherwise a[ter deEault, the mortgegee shall apply. et the time of the commence- ~ ment d such proceedinga or at the time the property ia otherwise ecquired, tl~e balance then remaining in the funds accumulated under (bJ o( peragtaph 2 preceding as e credit egainst the emount of principal then rertwining unpoid under seid note and sFwll properly adjust any poyments which shall have been made unde~ (u) ot said peragraph. t ~ ~ a~ 195 ~~E 15~2 ; ~ ~ :s~