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Home My WebLink About0304 said mortK,+kur d~c~s hereby fullp ~carrant the titlc• to•suid land, and et~erp putt the~euf, and w~ll defrnd the same ;+~aintit the lawful rlaims uf a!I pcrsons whomsoe~•er. PROVIDE:D ALN'AYS, and these pcesents are executed and deli~•ered upon the following conditions, to wit: The mortgagac agrees ta pay the mortgagee, o~ order, the principat sum o[ $~;~;~'~~;~y THOUSAIVD NINE HtiNDttED and 00/100----------------------------------------------------------- Dollars (S 17,900.00 as e~•idenced b~~ a note of even date herewith, with interest From date at the rate of SEVEN pc:r centum (--7-- per annum un the unpaid balance until paid. The said principal and interest shall be pa~~able at the office of ATICO MORTGAGE CORPORATION P. O. Box 3131, Miami, Florida 33101 or at such other place as the holder o[ the note ma~• designate in writing, in monthly installraents of Ot1e Huridred Dollacs S 119.21 commencing on Nineteen and 21/100---------- - ( 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 payment uf principal and interest, ii not sooner paid, shall be due and pa~~able on the first day of pctober, 2001 ~ And shall duly. promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide bp each and every the stipulations. ~greements, conditians, and covenants of said promissory note and ot this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further co~•enants as follows: 1. That he will pay the indebtedness, as hereinbefore provided_ Privilege is reserved to pay the debt in whole. ; or ~n an amount equai to one or more monthly payments on the principal that are next due on the note, on the first i ~ da~• oE any month prior to maturity: f'.,~~ ~dFd, however, that written notice of an intention to exercise such privilege : is gi~~en at (east thirty (30) days prior to prepapment; and, provided further, that in the event the debt is paid in ~ tull prior to maturity and at that time it is insured under the p~ovisions of the Nationa! 1~ousing Act, he v~;ill pay to ` the mortgagee an adjusted premium charge o[ one per centum (1 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 mortgage insurance. ~ " 2. That, in order more fuily to protect the securit~ o! this mortgage, the mortgagor, together with, and in addi- ~ tion to, the monthlp 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 mottgagee the following sums: ; „i; An ar.:~_~unt su((~rtrnt to proelde the huldrr hereuf u•ith funds to pay the nest r~urtgage insuranre premium i( this instru- j ment andthe notr secured hereby ere ~nsured, ur a monthly ~-harge (~n I~eu of a mortgaKe insurance prem~um) if the~• are S a held 6y the Serretar~ of Housing and Urban Drvelopment, as folluws: ~ (1~ I( end so long as said note o[ even date and lh~s lnstrumenl are insured or are reinsured under the provisions of the y ; tiational Huucing Act, an amuunt suffic~ent te accumulate in the hands of the holder one (1) month prior to its due i ' datr the annuaf murtgage ~nsuranre prem?um, m arder to provide such holder with [unds to pay such premium to the ~ Serretary of Huusing and Urban De~•elopment purs4ant to the ~Iational Housing Act, as amended, and applirable Regu- ~ lattuns thereunder, or - c II' If and so lung as said nute of r~~rn date and thi~ instrument are held by the Secretary ef Housing and Urban Devclop- r.;rnt, a nzunthly rharge (in l~eu of a murtKage ~nsurance prem~uml which shall be ~n an amount equa! to une-twelfth ~ (1 1?~ ~~f onr-halt per ce~tum o[ the a~•erage ~utstanding balance due un the note computed withuut taking into ucc,~unt del~nquenc~es or prepayments, f A su~: <•yual to the ground rents. ~f any. next due, pius the prem~ums thal will next become due and payable on policies ~~f ttre and uther hazard ~nsurance covertng the r.:ortgaged property, plus taxes and assessments ne:t due on the mort- KaKrd pruperty (all e~ est~matrd bp the mortgagre) less atl sums atrrady paid therefor divided by the number o[ months ~ t~~ c~ia~se bc•fore une munth p:?or t~~ the date vchen such grou~d rents, premiums, taxes, and assessments will become de- _ tinyuen!. such surr:s to be held bq mortgagee in trust to pay sa~d ground rents, premiums, taxes, and special assessments; end - • All pa>r.rnts mentionrd in the twu precrding suhseruons of this paragraph and all papments to be made under the note srr~red h~~reby~ shatl he added together and the aggregate amount thereot shall be Qaid by the mortgagor each month ~n a = s~nKle payr.~rnt to be epplied by the r..ortgagee to the following ltems in !he ordrr set torth: (I1 prrmium charges under the contract o( tnsurance with the Secretary o[ Hnus?ng and Urban Decelopment, or monthly charge (tn l~eu o[ ^:urtgage insurdnrr prerr~:um), as the case may be; il ~ ground rents, taxes, assessments, hre, and other hazard insurance premwms; - fllll ~ntrrest on the nute secu:ed herrby, and tlVl am~~rt~zation ot the princlps~l ot said note. Am~ deficiencY in the amount of such a~regate monthiy payment shall, unless made good by the mottgagor prior to the ~ue date of the next such payrnent, constitute an event of default under thts mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2Q) for each dollar (S1) of each payment more than fifteen (15) da~•s ~n arrears to co~~er the extra expense imol~~ed in handling delinquent payments. " 3. That if the total of the payments made by the mortgagor under (hJ o[ paragraph 2 preceding shall exceed ' the amount of the payments actualty made by the moctgagee, 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 pa~•ments to be made by the mortgagor, or refunded to the mortgagor. If, however, the monthly paymeMs made by - the mortgagor under (h) of peragraph 2 preceding shall not be s~tficient to pay ground rents, taxes and assess• ments and 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 before the date when pay- ment of such ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the matga- ;;z 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 ac^_^^__^_! mortgagor all payments made under the provisions of (a) of paragraph 2 hereof whichthe ~ mortgagee h~ not become obligated to pay to the Secretary of Housing and Urban DeveloPment and any balance remaining in the Eunds accumulated under the provisions oE (6) of said paragraph 2. If there shall be a default un- - der any of the provisions oE this mortgage. resultinR in a public sale of t~~ ~e~~.:~~~ covered hereby, or if the - mortgagee acquires the property otherwise after default, the mortgagee shall apply, at the time o[ the commence- ment of such proc-eedings or at the time the property is othervvise acquired, the balance then remaining in the (unds - accumulated under ~bj of peragraph 2 preceding as a credit against the amount of principal then ~emaining unpcdid under sa~d note and shall properly adjust any payments which shall have been made under (uJ ot said paragraph. BoRK1g6 Pact 304 ~ ,