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Home My WebLink About2886 t l . i s: said mortgago~ does he~eby fuily waccant the title to said land, and every part thereoE. and witl defend the san~e against the lawful claims of all persons whomscever. , ; PRdVIDED ALWAYS, aad these presents are executed and delivered upon the fo!lowing conditions~ to wit: The mortgagor ag~ees to pay the mortgagee, or order, the principal sum of SEVENTEEN TROUSAND and 00/100-------------------------------------------------------- Dollars (517,000.04 as evidenced by a note of even date herewith, with interest from date et the rate of SEVEN per ce~tum ( --7_, 96) per annum on the unpeid balence until paid. 'Che said pri~cipal and interest shall be payable at the office of ATICO 1'IORTGAGE CORPORATION~ P. 0. Box 3131, Miami, Florida 33101 or et such other place as the holder of the note :nay designate in writing, in monthly install~nts of Otie Hundred thirteen and 22/1Q0------------------------Dollars (5113.22 comu,encing on + the firsi dey of DeCembet' , 19 71 , and on the first day of each month thereattec 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 November~ 2001 ; And shall duly. promptly, and fully perform, discharge, execute, effect. complete, and comply with sad abide by each and every the stipulations, ag~eements. conditions, and covenants oE said promissory note and of this mortgage. then this modgege and the estate hereby created si all cease and be null and void. And the mortgagor further covenants as follows: ' 1. That he witl pay the indebtedness, as hereinbefore provided. Pri"vilege 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 first day of any month prior to maturity: Provid~d, however, that written ~otice of an intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and. provided further, that in the event the debt is paid in full pr r to maturity and at that time it is insured under the provisions of the National Hoasing Act, he wil! pay to the me gagee an adjusted premium charge of one per centum (196) of the original principel amount thereof, except that i no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been p yable 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 Devetopment on account of mortgage insurance. 2. That, in order more futly to protect the security of this mo~igage, the mortgagor, together with, and in addi- tion to, tl~e monthly payments under the terms of the note secuoed hereby, on the first day of each month until the said note is fully paid. will pay to the mortgagee the following sums: (o/ An amount sufticie~t to pro~ide the holder hereot with [unds to pay the next mortgage insurance premium if this instru- ment andthe note secured hereby a~e insured, or a monthiy charge (in lieu of a mortgage insurance premium) i[ they are held by the Secretary of Housing and Urban Development, as [ollows; (I) If and so lo~g as said note of even date and this instrument are insured or are reinsured under the provisions of the National Housing Act, an amount su[[icient to accumulate in the hands of the holder one (1) month prior to ita due f date the annual mortgage insurance premium, in order to provide such holder with funds to pay auchpremium to the ~ Secretary of Housing and Urban Development pursuant to the Nationol Housing Act, as amended, and appiicable Regu- ` tations thereunder; or ; (11) If and so long as said ~ote ot even date a~d this instrument are held by the Secretary of Housing and Urban Develop- ment, a monthly charge (in lieu of a mortgage insurence premium) which shalt be in an amou~t equat to one-twelfth ~ <1 ~ 12) of one-hal! ('fi) per centum of the average outstanding balance due on the note computed without taking into account delinquencies or prepayments; (F~) A sum equal to tfie ground rents, i[ any, next due, plus the premiums that will aeYt become due and payable on poticies ~ ' of [ire and other hazard insurance covering the mortgaged property, plus ta:es and assessments nezt due on the mort- ~ i gaged property (all as estimated by the mortgagee) less all sums already paid theretot divided by the number of months . ~ to elapse before one monih prior to the date when such ground rents, premiums, tazes, and assessments will become de--`~ ~ linquent, such sums to be held by mortgagee in trust to pay said ground renls, premiums, taxes, and special assessmmts; and (c~ All papments mentioned in the two preceding subsections of this paragraph and all payments to be madt under the note secured hemby shali be added togethe~ and the aggregate amount thereot shall be paid by the mortgagor each moath in a single payment to be applied by the mortgagee to the following items in the order set [orth: (I) premium charges under the contract o[ insurance with the Secretary o[ Housing and Urban Development, ot monthty charge (in lieu ot mortgege insurance premium), as the case may be• (II) ground rents, tazes, assessments, fire, and other hazard insurance premiums; (III) interest on the note secured hereby: nnd (IV) amortization of the principal o[ 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 of default under this mortgage. The mortgagee ~ may coilect a"late charge" not to exceed two cents (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. ; 3. That if the total oE the payments made by the mortgagoc under (b) of paragraph 2 preceding shell exceed ~ the amount of the payments actually made by the mortgagee~ Eor g~round rents, taxes and assessments and insur• 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 mortgagor, or refunded to the mortgagoc. If, however, the monthly payments made by ~ the mortgagor under (bJ of peragraph 2 preceding shall nd be sufficient to pay g~ound rents, taxes and assess- ments and iRSUrance premiums, as the case roay be, ahen the same shall become due and payable, then the mort- , gagor shall pay to the modgagee any amount necessary to mak~ up the deficiency, on or befae the date when pay ment of such g~round rents, taxes, assessments, or insurance pcemiums shall be due. If at any time the matga- gor shall tender to the mortgagee in accordance with the provisions of t6e note secured hereby, iull payment of the ertire indebtedness represented thereby, the mortgagee shail. in computirg tbe amount of such indebtedness, credit to the accourK of the mortgagor all peyments made under the provisions of (a) of para6raph 2 hereof whichthe mortgagee has rat become obligated to pey to the Secretary of Hoosing and Urban Development and any balance remaining in the fu~ds accumulated under the provisioRS of (b) of said paragraph 2. If there shall be a default un• / der any of the pcovisions oE this mortgage, resultinq in a public sale of the premises covered hereby, or if the mortgagee acquires the pcoperty otherwise after default, the mortgagee shall apply, at the time oE the commence- ment of such proceedings or at the time the pcoperty is otherwise acquired, the balance then remaini~g in the funds accumulated under (6) of paragxaph 2 preceding as a credit against tbe amount of principal then remaining unpaid under said note and shall properly adjest any payments which shall have been msde under (aJ of said p~ragraph. - 600K 19~ P~t~~~ BOflK ~~7V PACE ~ , ~