HomeMy WebLinkAbout0294 s,+id morl~agur durs herc~by lully t~•arrant the titie to said land, and r~•er~~ p;~rt thereof, and :vtl! defend the sc,me
:~Kainst the taw•[ul claims of all persans whomsoc~•ec.
PKnVIDED ALti'AYS, and these presents are executed and deli~~ered upon the following cenditions, to wit:
The mortg~got agcees to pay the mottg~gee, or order, the principal sum of SEVENTEEI~ THOUSA2vD FOUF.
tiUyDREll and 00/lOQ------------------------------------------------------------=---
Dollars (S 17,400.00 as e~~idenred b~~ a note of even date herewith, with interest from date at the
rate of SEV1~:N per centum ( --7-- o) pe~ annum on the unpaid batance
until paid. The said principal and interest shall be pay~able at the office of ATICO MORTGAGE CORYOKATION,
P. 0. Box 3131, Mi~~ni, Florida 33101
o~ at such other place as the hotder of the note may designate in writing, in monthl~• installments ot (lnP h~~ndred
fifteen atld $$/100--------------- Dollars {S 115.88 comniencing on
the first day of Yovetnbez' . 19 , and on the first day ot each month thereafter untiltheprincipal
and interest are fully paid, except that the final payment of principal and interes!, ;E ~et sooner paid, shall be due
and payable on Ihe first day of October, 2001 .
And shall duly, promptly, and full}• pe~form, discharge, execute, effect, complete, and comply with and abide
by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this
mortg<+ge, then this mortgage and the estate hereby created shatl cease and be null and void.
: And the mottgagot further covenants as follows:
1. That he will Pa~• the indebtednecs,as hereinbefore provided. Pr~vilege is resen~ed to pay the debt i~ whole,
~ or in an amount equal to one or more monthiy payments on the principal that are next due on the note, on the Eirst ;
' da~• of any month p~ior to maturity: P?~~~ iJ~~d, however, that written notice of an intention to exercise such privilege
= is given at least thirty (30) da}•s prior to prepayment; and, provided further, that in the event the debt is paid ire
: (ull prior to maturity and at that time it is insured under the provisions ot the National l~ousing Act, he will pay to
R the mortgagee an adjusted premium charge of one per centum (1 0) of the original principal amount thereof, except
~ that in no e~•ent shall the adjusted premium exceed the aggregate amouM of premium charges whic:~ would have
= been payabie 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 mo~e fufly to protect ihe security oi this mortgage, the mortgagor, together with, and in addi-
tion to, the monthly payments under the terms oti the note secured hereby, on the first day of each month until the
~aid note is fully paid, will pay to the mortgagee the following sums:
~u! An em~unt sufhc~ent to pro~•ide the holder hereof with [unds to pay the next mortgage ~nsurance premium i( this instru-
ment a:id the note secured hereb}~ arr insured, vr e monthly charge (in lieu ui a mortgaKe insurance prrm~uml i( they are
hrid by the Secretarp of Housing and lhban Development, as foUows: ;
l11 If and so long as satd note uf even date and this instrument are insured or are reinsured under the provisions of the
- \ational fiuus~ng Act, an amuunt tiuft~c~ent tu ac-cumulate in ihe hands ot the holder one (1) month prior to its due
- datc the annual mortgage insurance pmmwm, in order to provide surh holder w~th funds to pay suchpremium to the -
; Secretary of Huusing and Urban Development pursuant to the National Hous~ng Act, as amended, and app2icable Regu- '
tations thereunder; or
(II1 If and ao li~nR as said note of e~~rn date and this instrument are held by the Secretary of Nousing and Urban Develop-
mrnt. a munthly charge (in lieu c~f a mortgage insuranre premium) which shall be in ar, amouni equal to one-twelfth
(1 J~) of one-hatt (~l) per centurn of the a~•erage outstanding balance due on the nute computed without taking into
ac: ount delinquencies or prrpay~ments,
3 A su~ rqua( to the ground rents, ~f any~. next due, plus the prem~ums that w~lt next become due and payable un policees
:~f flre and oiher hazard insurancr corering the mortgagrd propert}~, plus taxes and assessments next due on the murt-
KaKed propert}• (all as estimated bq She mortgagee) 2ess all sums already paid therefor di~•ided by the number of months
to elapse betore o~e month prior to the date ~~hen such ground renis, premcums, taxes, and assessments will become de-
` I~nyuent, such su^;s to be heid by murtgagee ~n trust to pay said ground rents, premiums, taxes, and special assessments;
' and
; Ali pacmrr.ts .^.:enttonrd in tne tK~a pre~~ed~ng subsections o( th~s paragraph an~ ail payments to be made under the nute
= secured herebp sha11 br added tugrther and the agKrrgete amount theceof shall be paid by the mortgagor each month in a
- s~ngle pay!r.ent to tie applied b}• the mortgagee to the [ollow~ng items !n Lhe order set torth:
(I) premium charges under thr contra~-t of insurance w?fh the Secretary o( Ho~sing artd Urban Development, or monthly
' charge (en lieu of r„ortKage insurance premium), as the case may be;
t1U g.ound rents, taxrs, assessments, (ire, and uther hazard insurance prem~ums;
' (lll) ~nterest on the note secured hereby; and
- ~I~'1 ar.:ortizaLon uf the principal of sa~d note.
_ An~• deficiency in the amount of such a~regate monthly~ payment shall, unless made good by the mortgagor
: prior to the due date of the next such pay~ment, constitute an event of defauit under this mortgage. The mortgagee
may coilect a"tate charge" not to exceed two cents (2~) for each dollar (S1) of each payment more than fifteen
- (15) da}•s in arrears to cover the extra expense im~olved in handling delinquent payments.
- 3. That if the tota[ of the peyments made by the mortgagor vnder (b) of paragraph 2 preceding shall exceed
the amount of the payments actuaily made by the rrtortgagee, for ground rents, taxes and assessments and insur-
~
_ ance premsums.as the case may be, such excess at the option of the mortgagee, shail be credited on subsequent
- pc~yments to be made by the mortgagor, or refurded to the mortgagor, If, however~ the monthly payments made by
the mortgagor under (h) of paragraph 2 ptecedinR shall not be sufficient to pay ground rents, taxes and assess-
ments and insurance premiums, ~s the case may be, when the same shall become due and payable, then the mo~t-
gagar shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when pray-
_ ment of such ground rents, taxes. assessments, ot 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 indebtedness represented thereby, the mortgagee shall, in computirg the amount of such indebtedness,
' credit to the account of the mortgagor all payments made under the provisions of of paragraph 2 hereof whichthe
;
mort~agee ha; nat ~Sec~me obligated to pay to the Secretary of Nousing and Urban Development and any balance
remaining in the funds accumulated under the provisions of (b) of said paragraph 2. It there shalt be a default un-
der any of the provisions of this mortgage, resaltinR in a public sale of the premises covered hereby, or if the
- mortgagee acquires the property otherwise aEter default, the mortgagee shall apply, at the time of the commence-
ment of such proceedings or at the time the property is otherwise acquired, the balance then remaining in the Eunds
accumulated under /b) af peragraph 2 preceding as a credit against the amount o[ prfncipat then cemaining unpaid
_ under said note and shall properly adjust any payments which shall have been made under ~ai of said paragraph.
. 60aK1~V f~ ~~~`t