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Home My WebLink About1579 T ' said mortgago~ does he~eby tully war~ant the titie to said land, and eve?y part thereo[, end will detend the same :~gainst the It~wful cleims ot all pcrsons whomscever. PROVIDED ALWAYS, and these presents are executed and delivered upon the following conditions. to wit: The mortgagor agrees to pay the mottgagee, or ordet, the principal sum of T~~p g~g ~D ana oo/ioo--------------------------------------------------------------- Dollers (S 17~500.00 as evidenced by a note oI even date herewith, with intecest f~om date at the ~ate of $${?$H per centum (--7-- per annum on the unpeid balance until paid. Tl~e seid principal and interest shall be payable at tha office of ATICO ~TGAGB OOBPORATION P. O. Box 3131, l~iaai, Florida 33101- oc at such other place as the holder of the note may designate in writing, in monthly instaliments of Ona hundred • Sixtean and SS/100-------------------~~~ Dollacs (S 116.55 commenci~g on the first day of NOVa~bel' , 19 71 , and on the first day of each month thereaftet untiltheprir~cipal and inte~est are Eully paid, except that the final payment of principal and interest, iE not sooner paid. shall be due and payable on the first day of Oetober, 2001. : And shall duly, promptly. and fully perform, discharge, execute, effect, complete, and comply with and abide b~~ each and every the stipulations, egreements, conditions, and covenants of said promissory note and of this mortgage, then this mortgage and the estate herPby created shall cease and be null and void. , And the mortgagor further covenants as follows: 1- That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole. o~ ~n an amount equal to one or moce monthly payments on the principal that are next due on the note, on the [irst da~• of eny month prior to maturity: Pro~~ided, however, that written notice of an intention to exercise such privilege is given at least thirty (30) days prioc to prepayment; and, p~ovided 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 mortgagee an adjusted premium charge of one per centum (19'0) of the original principal amount thereof, except that in no event shall the adjusted premium exceed the aggregate amount oE premium charges which would have been payable 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 modgage insurance. 2. That, in order more Eully 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 said note is fully paid, will pay to the mortgagee the following sums: rul An amuunt su[ficient to provide the holder hereot wilh funds to pay the next mortgage insurance premium i[ this i~stru- ment and the note secured hereby are insured, or a monthly cherge (in lieu ot a mortgage insurance premium) it they ere held hy the Secretary of Housing and Urban Development, as follows: (Il and so long as said note o! eve~ date and lhis inslrument are insured or are reinsured under the provisions o[ the National Housing Act, an amount sutficient to accumulate in the hands of the holder one (1) month prior to its due date the annual ~mortgage insurence premium, in order to provide such holder with [unds to pay such premium to the Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- lations thereunder; or (II) It and so tong as said note ot even date and this instrument are held by the Secretary of Housing and Urban Develop- ment, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth (1 12) of one-hal~1('h) per centum of the average outstanding balance due o~ the note computed without tating into account delinqueti~'~'~es or prepayments; /h? A sum equal to the ground rents, it any, next due, plus the premiums that witl next become due and payable on policies of fire and other hazard insurance covering the morigaged propeHy, plus ta:es and assessments next due on the mort- gaged property (all as estimated by the mortgagee) less all sums aiready paid theretor divided by the number o( months i to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments wili become de- ; linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments; and ~r 1 All payments mentioned in the two preceding subsections of this paregraph and all payments to be made under the note secured hereby shall be added together and the aggregate amount thereot shait be paid by the mortgagor each monlh in a single payment to be applied by the mortgagee to the tollowing items in the order set forth: ~ (n premium charges under the contract of insurance with the Secretary o[ Nouaing and Urban Development, or monthly charge (in lieu of mortgage insurance premium), as the case may be; (II) ground rents, taxes, assessments, fire, and other hazard insurance premiums; (IIl) interest on the note secured herebp; and (IV) amurtization ot the principal o[ said note. AnS• deficienc~~ in the aroount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such pa}~ment, constitute an event of default under this mortgage. The mottgagee may collect a"late charge" not to exceed two cents (2Q) for each dollar (S1) of each payment more than fifteen (15) days in arrears to cover the extra expense imolved.in handling delinquent payments_ 3. That if the tdal of the payments made by the mortgagor under (6) of peragraph 2 precedi~ shall exceed the amount of the peymer~ts actually made by the mortgagee, for ground rents, taxes and assessments and insur- ~ ance premiums.as the case may be, such excess at the option oE the mortgagee, shall be credited on subsequent pa}•ments to be made by the mortgagor, or refu~ded to the moctgagor. If, however. the monthly paymeMs made by ~ the mortgagor under (bJ af paragraph 2 preceding shall not be sufficient to pay g~ound rents, taxes and assess- ~ ments and insurance premiums, as the case may be, when the same shall become due and payable. then the mort- ~ gaga shall pey to the modgagee any amount necessary to make up the deEiciency, on or befae the date when pey- a= ment d such gjound rents, taxes, assessments, or insurance pcemiums shall be due. If at any time the mactga- ~ gor shall tender to the mortgagee in accordance with the provisions of the note secured hereby, full peyment of the ; entire indebtedness represented thereby, the mortgagee shall, in computirg the amount of such indebtedness. ; ~ credit to the account d the mortgagor all peyrnents mede under the provisions of (o) of para6raph 2 hereof ahichthe ~ mortgagee has not become obligated to pey to the Secretacy of Nousi~g and Urban Development and any balance ~ remaining in the tunds accumulated under the provisions of (b) of said paregraph 2. lf there shall be a detault un- der any d the provisions oE this mortgage, resultinR in e public sele of the premises covered hereby. a if the ~ mort ee ec uires the o rt otherwise after default, the mort a ee shall a l, at the time of the commence- Br+B 9 P~ Pe Y B B PP Y ment d such proceedings or at the time the property is otherwise acquirrd, the balence then remaining in the tunds " accumulated under (G) of perag~aph 2 preceding as e credit against the amount of principal then temaining unp~id under sa~d note and shall property adjust any payments which shall have been made under (a) of seid paregcaph. ~ aooK 195 PACE 15'1? ~s ~ _ _ y~~ " '~-z~_,.~ . . _ I ^ rf`r'~- ' s'~-.e.~