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Home My WebLink About1574 ~ ~ said moctgagor does heceby fully w~r~ant the title to said land, and every parl thereof. and will defend the same against the lawiul claims of all perso~s whomscever. • PROVIDED ALWAYS. and these presents are executed and delivered upon the following conditions. to wit: The mortgagor agtees to pay the mortgagee, or ocder, the principal sum of $gVg~'gg,rj T~$A1~lD NINB HUNDRED and 00/100---------------------------------•------------------------------ Dollars (S 17,900.00 as evidenced by a r?ote of even date herewith. with interest fram date at the rate of SfiVBN per centum ( --7-- per annum on the unpaid balance until paid. The said'~riacipal end interest shall be payable at the oEfice of ATI00 I~WRTGAGB OORPORATION P. 0. Box 3131. Miami, Florida 33101 or at such other place as the holder ot the ~ote may designate in writing, in monthly installments of Ot18 huadred nineteen 8nd 21/100---------------~~~---" Dollers (s 119.21 commeacing on the first day oi November . 1971 . and o~ the first day of each month thereaftec untiltheprincipel , and interest are Eully peid, except that the final payment of principal and interest. if not sooner paid, shell be due ~ end payeble on the first day of OCtOber, 2001 ; And shall duly, promptly. and fully perform, discharge. execute. efEect. complete, and compty with and abide by each and every the stipuletions, agreements, co~ditions, 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 matgagoc Eurther 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 mae 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 intention to exercise such privilege is given at least thirty (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 provisions of the National Housing Act, he will pay to the modgagee a~ adjusted premium charge of one per centum (196) of the original principal amount thereof~ except that in no event shall the adjusted premium exceed the aggcegate amount of premium charges which would heve been peyable if the mortgage 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 moctgage, the mortgagor, together with~ and in addi- tion to, the monthly payments under the terms of the note secured hereby, on the Eirst day of each month until the said note is tully paid, will pay to the mortgagee the follawing sums: (nJ An amount sufticient to provide the holdet hereoE w+ith [unds to pay the neat mortgage insurance premium it this inslru- ment andthe note secured hereby are insured, or a monthly charge (in tieu o( a mortgage insurance premium) if they are held by the Secretary o! Housing and Urban Development, as follows: (1) If and so long as said note of even date and this inslrua?ent are insured or are reinsured under the provisions of the National Housing Act, an amount su[[icient to accumulate in the hands of the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to pcovide such holder with funds to pay suchpremium to the Sec~etary ot Housing and Urban Developmer~t pursuant to the National Housing Act, os amended. and applicable Regu- lations thereunder; or (II) If and so long as said note ot even date and this instrument ore held by the Secretary ot Housing and Urban Develop- ment, a monthly charge (in lieu of a mortgage insurance premium) which shall be ia an amount equal to one-tweltth (1'12) ot one-hatf (',~i) per centum ot the average outstanding balence due on the ~ote computed without taking iato account delinquencies or ~xepayments; {hj A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on policies o[ tire and other hazard insurance covering the mortgaged property, plus ta:es and assessments ne:t due on the mort- ' gaged property (all as estimated by the mortgagee) less all sums already paid lherefor divided by the number of months ~ to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments witl become de- ( I~nquent, such sums to be held by mortgagee in trust to pay said ground renta, premiums, taxes, endspecialassessments; ~ and ! c/ All payments mentioned in the two p~eceding subsections o[ this pareQraph and all payments to be made under the note secured hereby shall be added together and the aggregate amount thettot shall be paid by the mortgagor eoch month in a single payment to be applied by the mortgagee to the [ollowing items in the order set torth: (I) premium charges under the contract o[ insurance with the Secretary of Housing and Urban Development, or monthly charge (in lieu ot mortgage insurance premium), as the case m~y be; 6 (II? ground rents, ta:es, ~ssessments, tire, and other hazard insurance premiums; (III) interest on the note secured hereby; and (IV) amortization of the principal ot said note. Any deficiency in the amount oE such aggregate monthly payment shall, unless made good by the mortgagor prior to fhe due date of the next such payment, constitute an event oE default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2a) for each dollar (S1) ot each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the tdai oE the payments made by the mortgagor arder (b) oE paragraph 2 preceding shall exceed ~ the amou~ of the peyments actually made by the mortgegee, for ground rents, taxes and assessments and i~sur- ance premiums,as the case may be, such excess at the option of the mottgagee, shall be credited on subsequent payments to be made by the mortgagor, or refunded to the mortgagor. If, ho9vever, the mo~thly paymeirts made by the mortgagor under (b) of pacagraph 2 preceding shall nd be sufficient to pey gFound rents, taxes and essess- ~ ments and insurance premiums, as the case mey be, when the same shall become due and payable, then the mort- ~ g,agoc shall pey to the modgagee any amount necessary to make up the deEicie~cy, on or before the date when pay- ~ ~ ment af such ground rents, taxes, assessments, or insncance pcemiums shall be due. I[ at any time the matge- ~ ~ gor shall tender to the mortgagee in accordance with the provisions of the note secured hereby, (ull peyment of the ~ entire indebtedness represented thereby, the mortgagee shall, in computirg Ihe amount af such indebtedness, ~ credit to the accouM of the mortgegor all peyments made under the provisions of (aJ of pere6raph 2 hereof whichthe , mortgagee has not become obligated to pay to the Secretary of Housing and Urban Development and eny balance i remaining in the funds accumulated under the provisior~s of (6) of said paragraph 2. If there shall be a default un- der any d the provisia?s of this mortgage, cesultinR in a public sale af the premises covered hereby, or if tfie ~ morigagee acquires the property otherwise after default, the modgagee shall apply, et the time of the com~nence- ment d such proceedings or at the time the property is othervvise acquired, the balance then remaining in the tunds accumulated under (6) oE perag~eph 2 preceding as a credit egainst the amount d principal then remaining unpeid under said note end shall pcoperly adjust any payments which shall have been aade under (a) ot said poregtaph. aooK 195 ~~E 15 72 ~ _ . ~ _ - . Fl ~~a ~ ~