The URL can be used to link to this page

Home My WebLink About1584 said mortgagor does hereby fully warrant the title to said land. and every pact thereof. and will defend the same against the law[ul claims of all persons whomsoever. PROVIDED ALWAYS. and these presents are execufed and delivered upon the following conditions. to wit: The mortgagor agrees to pay the mortgagee, or order. the principal sum of gIFTgEN TH~USAND ZTII~ H[TNDRBD aaa oo/ioo-------------•----------•----------------------------------------------------- Dollacs (S 15,900.00 as evidenced by a note ot even date herewith, with intecest from date at the rate of SBVHN per ce~tum (--7-• per annum on the unpaid balance u~til paid. The said principal and interest shall be payable at the office of ATI00 I~IBTGAL'sB CORPORATION P. 0. Bo: 3131, ~~liami, Florida 33101 or at such other plece as the holder of the note may designate in writing. in monthly installments of O~ie ~~area five and 89/100--------------------------- Dollars (s 105.89 commeacing on the first day of Noveaber . 19 71 . and on the ficst day of each month thereafter untiltheprincipal and interest are fully paid. except that the final payment of principal and interest. if not sooner paid. shall be due and.payable on the first day of October~ 2001 : And shall duly. promptly. and fully perform. discharge, execute. effect, complete. and comply with end abide by each and every the stipulations. agreements, conditioas, and covenants of said promissory note and of this mortgage. then this mortgage and the estate hereby created shal! 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 ceserved to pay the debt in whole, or in an amount equal to one or more monthly payments on the p~incipal 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 thidy (30) days prior to prepayment; and, provided further, that in the event the debt is paid in full pcior 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 ot one per centum (1%) of the original principal amount thereof, except that in ~o event shall the adjusted premium exceed the egg~egate amount oE premium charges which would haft~ 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 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 secuced hereby, on the first day of each month until the said note is fully paid. will pay to the mortgagee the following sums: ' (n) An amount sufticient to provide the holder hereof with tunds to pay the next mortgage insurance premium if this instru- ~ ment andthe note secured hereby are insured, or a monthly charge (in lieu o[ a mortgage insurance premium) if they are held by the Secretary of Housing and Urban Development, as follows: . (1) it and so long es said note o[ even date and this instrument are insured or are reinsured under the provisio~s of the . National Housing Act. an amount su[Eicient to accumulete in the hands of the holder one (1) month prior to ita due date the annual mortgage insurance premium, in order to provide such holder with funds to pay such premium to the Secreta .ry o[ Housing and Urban Development pursuant to the Notioaal Housing Act, as amended, ond applicable Regu- lations thereunder; or (II) If and so long as said nole o( even date and this instrument are held by the Secretary ot Housing and Urban Develop- ment, a mo~thly charge (in lieu of a mortgage insurance premium) which shall be ia an amount equal to one-twel(th (1,'12) of one-half ('fi) per centum o[ the average outstanding balance due on the note computed without taking into account delinquencies or prepayments; !h) A sum equal to the ground rents, i[ any, ne:t due, plus the premiums that ~rill nezt become due and payabte on policies II~ of [ire and other hazard insurance covering the mortgaged property, plus taYes and assessments nezt due on the mort- ~ gaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number o[ montha i to elapse before one month prior to the date when such ground rents, premiums, ta:ea, and assessmeats will become de- ~ linque~t, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and speci~l assessments; ~ and { (c) All payments mentioned in the two preceding subsections o[ thia pangraph and all payments to be made uader the note { secured hereby shall be added together and the aggregate amount thetroE shall be peid by the mortgagor each month in o single payment to be applied by the.mortgagee to the [oltowing items in the order set torth: (n premium charges under the contract of insura~ce ~rith the Secretary of Housing and Urban Deveiopmenl, or monthly charge (in lieu ot mortgage insurance premium), as the case may be; (lI) ground rents, ta:es, assessments, [ite, and other hazatd insurance premiums; (III) interest on the aote secured hereby; and ~ (IV) amortization of the principal oE 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 d default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cen.ts (2Q) for each dollar (S1) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. f 3. That if the total of the peyments made by the mortgagor under (b) of peragraph 2 preceding shall exceed ( the amount of the payments actually made by the moctgagee, for ground rents, taues and assessments and iasur• ? ance premiums.as the case may be, such excess at the option of the mortgagee, shall be credited on subsequent peyments to be made by the awrtgagw, a refunded to the mortgagor. If, hawever, the monthly paymeMs made by _ the mortgagor under (6J of peragraph 2 preceding shall nd be sufficient to pey gound rents, taxes and assess- ~z ments and insurance premiums, as the case may be, when the same shail becane due and payeble, then the mort- ~ g,aga shall pey to the modgagee any amount necessary to make up the deficiency, on oc before the date when pay- ~ ment af such g,~ound rents, taxes, assessments, or insurance premiums shall be due. If at any time the matga- ~ gor shall tender to the mortgagee in accordance with the provisions of the note secured hereby, full payment of the ~ entire indehtedness represented thereby, the mortgagee shaU, in computirg the amount of such indebtedness, credit to the accourK of the mortgagor all payments made under the pravisions of (a) of paregreph 2 hereof whichthe mortgagee has not become obligated to pay to the Secretary of Housing and Ucban Development and any balance ~ remaining in the Eunds accumulated under the provisions of (6J of said paragraph 2. If there shall be a default un• der any oE the pcavisions of this aartgage, resultinR in a public sale of the premises covered hereby, or if the mortgagee acquires the property otherwise after default, the arortgagee shall apply. at tl~e time o[ the commence~ ~ k= men! of snch proceedings oc at the time the propedy is otherwise acquired, the balance then remeining in the funds ~ accumulated under (6) of peragreph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properly adjust any payments which shell I~ave been roade under (a) of said peragcaph. aooK 195 PA~f 1582 ; 1 - v - _ - - - .r _ _ -