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HomeMy WebLinkAbout0299 ~aid mortg,~gor doE:s hereb~~ fully w•arrant ihe title lu said le,nd, and e~~erV part thereof, and wili defrnd the same ,~K.+intit the t~w~ful ciaims oI all per~ons ~~~homsoever. PROVIDE[) ALN'AYS, and these presents are exeruted and deli~~ered upon the tollowing conditions, to wit: The mortgagor agrees to pay the mortgagee, or urder, the principal sum of SEVENTEEN THOUSA,yD FOUR HUNDRED and 00/100------------------------------------------------------------- Dollars (517,400.00 as evidenced by a note ot even date herewith, with interest from date at the r~te of SCVEN per centum (--7-- o) per annum on the unpaid balance until paid. The said principal and interest shall be pa}~able at the office of ATICO MURTGAGE CORPORATION, P. 0. Box 3131, Miami, Florida 33101 or at such other place as the holder of the note may designate in writing, in montt~ly installments of One hundred Fifteen and 88/100----------------------- n~llars (a 115.88 commencing on the first day of NOVember , 19 71 , and on the first day of each month thereafter untiltheprincipal and interest are fully paid, except that the final pay~ment of principal and interest, if not soc~ner paid, shall be due and payable on the first day ot October, 2001 : And shall duly, promptly, and fuily perform, discharge, execute, effeci, complete, and comply with and abide ; by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this ~ mortgage, then this mortgage and the estate heceby created shall cease and be null and void. - j And the mortgagor further covenants as follows: ~ 1. That he will pay the indebtedness, as hereinbefore pravided. Privilege is reserved to pay the debt in whole, € or i~ an amount equai to one or more monthly payments on the principal that are next due on the note, on the first s day of any month prior to maturity: Pru~ idrd, however, that written notice of an intention to exercise such privilege ~ is given at least thirt}~ (30) da~•s prior to prepayment; and, provided Curther, that in the event the debt is paid in ~ full prior to matu~it~• 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 af one per centum (1 0) of the ociginal principal amount thereoE, except ~ that in no e~~ent shatl the adjusted premium exceed the aggregate amount o( premium charges which would have ~ been payable if the mortgage had continued to be insured until maturity; such payment to be appiied 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 ptolect the security of this mortgage, the mortgagor, together with, and in addi- ~ ti~n to, the monthly payments under the terms oE the note secured hereby, on the first day of each month untii the _ ~ ~ said note is fully paid, will pa} to the mortgagee the following sums: „t! An ar.auunt sufficient to pror•ide thr hoider hereof with funds to pay thr next mortgage insurance premwm if this insiru- ment andthe note secured hereby are insured, ot a monthly charge (in liru uf a murtgage insurance prc•mwm) i( they are hrld by the Secretary~ of Housing and lirban Development, as follovrs: ~ iI~ i( :+nd so lung as said note o( ea•en date and lhis insttument are insured or are reinsured under the provisions o[ the + ~ \atiunal Nuusing Act. an amuunt sulftcient to arcumulate in the hands ot the holder one (I) munth prior to its due ~ date the annual murtgage insurance premwm. ~n c~rder to pruvide such hoider with funds to pay such premium to the ' SecretarY ~f Huusing and Urtan Uevelopment purs~ant to the National Houstng Act, as amended, and applicable Regu- # lations themunder; or s {ll) If and so long as said notr uf even date and this ~nstn:ment are held Uy the Secretary ot Housing and Urban Develop- y ment. a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amuunt equal to one-twelEth : ( I 121 of or.e-hal[ z) per centum of the a~~erage uutstand~ng balance due on the note computed w~thout taking into r account delinquenc~es or prrpay~ments, - ~j.' A sum equat to the ground rents, tif any. next due, plus the prrmiums that ucill next become due and payable on policies ~ u( fire and other hazard insurence covering the murtgaged property, plus taxes and assessments next due on the mort- - ~;aged prupert}~ (all as rstimated by thc mortgagee} less all sums alread~• paid therefor di~•ided by the number ot months ta elapse before one month prior te the date when such ground rents, premiums, taxes, and assessments will become de- -`,-,~-r~' linqurr.t, such surrs to br held by m~rtgagee ~n trust to pay sai~ ground rents, premwms, tazes, and special assessments; - and -y_t ~ AI? pac~rnts mentwnrd in the t~vo preced?ng subsect~ons of this paragraph and all paymrnts to be made under the nute = serured hrrrb}• shati be added together and the aRgregate amount thereof shall be paid by the mortgag~r each month ~n a .ing:e payment to be applied by the mortgagee to thr following ilems in the order set forth: ~I) premlu:a charges under the contract of insurance with the Secretary of Nousing and Urban Deeelopment, or monthiy charge (in lieu of mortgage insurance premium), as the case may be; (IIl ground rents, taxes, assessments, (ire, and ather hazard insurance premiums; (llI) interest on ihe nute serured hrreby; and - (I~'1 am~~rtizauon of the principa: o[ said note. Anv deficiencv in the ar.iount of such aggregate monthly payment shall, unless made good by the mortgagor - prior to the due date uf the next such payment, constitute an event of default under this mortgage. The mortgagee may coltect a"late charge" not to exceed two cents (2Q1 for each dollar (Sl) of ea~h payment more than fifteen :'<3 (15) dat~s ~n arrears to cover the extra expense im~olved in handling delinquent pay~ents. ~ 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of the payments actually made by the morigagee, for ground rents, taxes and assessments and iasur- ance premiums,as the case may be, such excess at the option of the mortgagee~ shall be credited on subsequent _ payments to be made by the mortgagor, or refunded to the mortgagor. If, however. the monthly payments made by the mortgagor under (b) of paragraph 2 preceding shall not he sufficient to pay gtound rents, taxes and assess- - ments ared insurance premiums, as the case may be, when the same shall become due and payable, then the mort- gagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or befoce the date when p~ay- ment of such ground rents, taxes, assessments. or insurance premiums shali be due. IE 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 (n) of paragraph 2 hereof whichthe mortgagee has not become obligated to pay to the Secretary of Nousing and Urban Development and any balance remaining in the funds accumulated under the provisions of (h) ot said paragraph 2. lf there shall be a defauit un- der any ~f the provisions of this mortgage. resultin~ in a public s~te of the premises covered hereby, or if the mortgagee acquires the property otherwise after deEault. the mortgagee shall apply, at the time of the commence- ment of such proceedings or at the time the ~roperty is otherwise acquired, the balance then remaining in the funds - accumulated under (6) of peragraph 2 preceding as a ccedit against the amount of priocipal then remaining unpeid under said note and shall properly adjust any payments which shall have been made under (ul of said paragraph. Ba~K 19~ P~f ~~9 4 . ~ ~ ~ .