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HomeMy WebLinkAbout1653 ~ suid mortgagor does heceby fully warcaM the title to said land. end every purt thereof. and wiil defend the same ~ ~~gainst the law[ul cleims of all persons whomsoevec. ? ; PROYtDED ALWAYS, a~d these presents are executed and delivered upon the following conditio~s. to wit: ~ The moctgagor agrees to pay the mortgegee, or o~de~, the principal sum of SSVBNTESN THOUSAND FIVB 1 HUNDRED and 00/1Q0--------------------------------------•--------•-•-------------- ' Dollers (S 17 ~ 500.00 as evidenced by a note of even date herewith. with interest f~om dete at the rate of SBV6N _ per cent~im ( --7-- per annum on the unpaid balence until paid. The seid principal end ioterest shall be payable at the o([ice of ATICO t~qRTG~GE OORPORATION ~ P. 0. Box 3131, t`liami, Florida 33I01 _ # or at such othet plece as the hotde~ of the note may designate in writing. in monthly installments of Op~ hundred ~ sixteea ettd 55/100~--------•-~-----•~-~~~ Dollars {S 116.55 coma~en~ing on ~ the fi~st day of Idovember . 1~ 71 , and on the first day of each month thereafter untiltheprincipal and interest are fully peid, except that the final payment of principal end interest, if not sooner paid. shall be due ; end payable on the first day of October~ 2001 ; ~ And shal! duly, promptly. and fully perform, discharge. execute~ effect, complete. and comply with end abide ; b each end eve the sti ulations, a reements, conditions, and covenents of said ~ Y ~Y p g pcomissory ~ote and of this mortgage. the~ this mortgege e~d the estate heceby created shall cease end be null and void. • ! And the mwtgagot further covenants as foltows: ~ 1. Thet 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 [irst day of any month prior to meturity: Pro~~id~d, however, that written notice of an intention to exercise such privilege is given at least thirty (30} days prior to prepayment; and. provided [urther. that in the event the debt is peid in fult prior to maturity and at that time it is insu~ed under the ptovisions of the Nationel Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum {196) of the original principal amount thereof, except ~ that in no e~~ent shall the adjusted premium exceed the agg~egate amount of premium chatges which would have ~ been payable if the mortgage had continued to be insured untit maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Utban Devetopment on account of modgage_insurance. 2. That, in order more fully to protect the security of this mortgage, the modgagor, together with, a~d 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 fully paid, will pay to the mortgegee the following sums: f jn/ An amount sutticient to provide the holder hereof with [unds to psy t6e ne:t mortgage insurance premium i[ this instru- ment and the ~ote secured hereby are insured, or a monthly charge (in Ileu ot a mortgage insurance premium) it they •re held by the Secretary ot Hoasing and Urban Development, as follows: (1) I[ and so long as said note o[ even date and this instrumcnt are insured or are reinsured under the provisioas of the Nationat Housi~g Act, an amount su[ticimt to accumulate in the hands ot the holder one (1) month prior to its due date the annual mortgage insurance ptemium, in order to provide such holder with [unds to pay such premium to the Secretary of•Housing and Urban Developmet~t pursuant to the Nationa! Housing Act, as amended, and applicable Regu- lations thereunder; or (II) It and so long os said note ot even date and this instrument are held by the Secretory o[ Housing pnd Urban Develop- ment, a monthly charge (in lieu ot a mortgage insur~nce premium) which shatl be in an amount equal to one•t~reltth (1'12) ot one-halE per centum of the average outstanding balance due on the note computed withouttaking into account delinquencies or prepayments; (hl A sum equal to the ground rents, i[ any, next due, plus the premiums that wili next become due and payable on policies ol fire and other hazard insurance covering the mortgaged propetty, plus tases and asaessments next due on the mort- gaged property (all as estimated by the mortgagee) less all sums atready paid theretor divided by the number of months to elapse be(ore one mo~th ptior to the date when such ground rents, premiums, laxes, and ssaessments will become de- linquent, such sums to be held by mortgegee in trust to pay said gcound reats, premiums, taxes, and special ossessments; and Ali payments mmtioned in the two preceding subsectiona o[ this paragreph artd all payments to be made under the note secured hereby shall be added together and the ag~~gate amount thereof shall be paid by the mortgagor each month in a single payment to be applied_by the mottgagee to the following items in the order set forth: (n prem?um charges under the contract o[ insurance with the Secret~ry of Houair~g and Urban Development, or monthly charge (i~ lieu of mortgage insurance premium), as the case moy be• f (11) ground ~ents, taYes, asseasmenls, [ire, and other hazard insurance premiums; j (III) interest on the note secured hereby; and ' (IV) amortization o( the principal o[ said note. ~ Any deficiency in the amount oE such aggregate monthly payment shall, un[ess made good by the mortgagor ; prioc to the due date of the next suc6 payment, constitute an event of default under this mortgage. The mortgagee ; may collect a"late charge" noi to exceed two cents (24) for each dollar (S1) of each payment more than fifteen ~ (15) days in arrears to cover the entra expense involved in handling delinquent payments. F ~ 3. That d the total d the payments ~de by the aartgagor emder (6) of petagraph 2 preceding shall exceed the amouM af the peymecrts actually made by the mortgagee, for ground rents, taxes and assessments and in~ur- ; ance premiums,as the case may be, such excess at the option of the aattgegee. shall be credited on subsequent ~ pey~ents to be made by the awctgegor, or refunded to the mortgagor. IE, hawever, the monthly paymeds made by ~ the matg,agor under (6) d paragraph 2 preceding shall not be sufEicient to pey gFound rents, taxes and assess- ~ ments and ir~surance premiums~ aa the case mey be, when the same shall becomr due end payable, then the mort• ~ g,agor shail pey to the mortgagee any amouM necessary to make up the deficiency. on ot beEore the date when pay ment d such g~ound rents, taxes, assessments, or insurance premiums shall be due. 1[ at any time the matge- gor shall tender to the matgagee in accordance with the provisions of the note secured hertby, full poyment of ihe entire indebtedness represented thereby, the mo~tgagee shatl. in computirg the amount of such indebtedness. ~ aedit to the accouM at the mortgagor all peyments made under the provisions of (o) of para~raph 2 hereo( whi~hthe mortgagee has not berome obligated to pey to the Secretary of Nousing and Ucban Devetopment and any balance ' remaining in the funds ecrumulaled under the provisiona of (6) of said potagreph 2. If there slwll be a defauh un• ; der ~ny d the psovisiona of this mortgage, resultinR in a public sale of the pcemises covered hereby~ oc if the } mortg,~gee acquirea the property dherwise etter default, the moctgagee shall apply, et the time o[ the commen~e- ment d such proceedings or ot the time the property is otherwise pcquired. the bolance then remeining in the funds accumulated under (b) o( peregroph 2 prectding as a credit ageinst the amounf of pri~?cip~i then reaurinin~ unppid under said note and g~i~ aoperty .d~~~ eny puyments which shali iwve been nwde under (oJ of said pwragrrph. ~0~195 ~i651 F ~ . - - - .