HomeMy WebLinkAbout1195 ~ .'~.•i' . ..~~e~~ '1r*t-i~~ I...:~ ~.~.~tr.,~i !hr ;~ti~• ..,:d ..~nd. and ~~~c•r~. E~.i*2 t~;rrt~~:. a.^..i :~t~: :rIc:i~: 2~.r .
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.:~<< .....t.:: <:;,~r,:~ ,~f ~,ii pc•r.un~ Ht:um,~k~~rr
PF'(~\'I(~E:li .~~~tAl'S. ynd tttirsr ptc•:i~at~ .,re e~:r'. u:r:~ a.^.d deli~ercd up~n ihe f:•~lou~tn~; ~•ondit:t,n., tc~
Z'::e m.,rt~.~~~,r aK.«•es t.~ ,,N~ thr Tc~r!F:,~:re. or ordec. th~• pr:~cipa: s::m of hIGI$'~I TIIOUSAI~ F'Oj7R -
iIIJHI~:t.'D and 00~100 ;
1~,,;;,,~~ 18~4~~~ .:ti e~~dc•~crd b~ a nute ~f r~~en date herc•uith. u~ith :r.terest frc>m d~!r .~t t!:a .
ec+tstnt r~~~~u.., ~ «.7M ner snnum on the unpasd balance ~
a~~t '~~r+iL~l i : .
.:~tii ~~:~.d. The tiaid princ;pdi and lnterc•st sndll be pa~able ~t the otfice of ATICO ~tORTGaGE CO~PORI?TION,
P. 0. Boz 3131, l[i ami , Fl ori da 33101 ~
,~t <.t ~uch other pl~ce ds the hviurr ~t tiie Zote ma~ desi~nate in u•riting, in month2}• instal::r.ents u1 0:~ ~
T~Fl'Y TMO s~d 54~1 Dol:ars i5 122.54 cos~~a~enczn~ on
tiir tirst dd~ of ~b~~ . 1972 . and on the first da~• ot each month thereafter untilthepriacipai
d,ntr:e~t arr fulls• peid, except that the final pa~•ment of pnncipal and interest, if not sooaer paid, sh~;: he due
~nd t~:f\'~ihlE un thr first dd~ of Jp~~y~ ~2 ~
~\r.d ~hai! d~l}, promptlt. and fuil~~ ~r{orm. d~scharge, execute, effect, complete, and compl~• with ~snd abide
rnrh and r~er~~ the st~pulations, agrerments, c~nd?t~uns. and co~enants of sa~d promissor~• nate and o! this
c~~~;t~~:+,,e, thrn this trio:tRdge ~nd th~ estate rereb~ :reated shali ce~+se and be nui! dnd ~-oid.
~nd thc• .^.~ortKaROr turther co~•eaents as fol~~w~s:
1. That he u ~11 p~~~ tt~r indebtedness, as here~nbeiore pro~•ided. Privilege is rese~ced to pa}~ the debt ~n u~hc}e,
,•r in rn amount equat to one or more monthl~ patments on the principal that are next due on the note. on the f~rsi
r.a~ ~~f dm month pnor to malurtl~: howe~•er. that w~ritten notice of an intention to eaercise such priti•ilege
is e~:~•n :+t teast thirt~~ i3C?) da~s pnor to prepa~•me~t: and. pro~~~ded further. that in the e~~ent the debt is pai~ in
t~i; ,~r~~~r to r.;atunt~ anc ~+t tt~~at t~cne it is ~nsured under the pro~~is~ons ot the tiational Hous:ng Act. he tiill pa}~ to
the rr.nrtc,agee an ~djusted premiu:r char~e of one per centura (1'°:l of the original principal amount thereoE, except
t~~ut ia no e~ent shail the ~diusted prerr:ium exceed the ag~regate amount of pre.^.iium charges which w•ould ha~•e
:~rrn patabie if the mortga~e had continued to be ~nsured until maturit~~: such pa}•ment to be applied b~~ the mort-
~;dKee upon its oblegation to the Secretary of Housing and Urban De~•elopment on account of mortgage insurance.
That, ~n order more iull}~ to protect the securitc of this mortgage, the mort~agor, together W:th. and in addi-
~iun t~, :he munthl~• pa~~ments under the terms of the note secured hereb~•. on the first da~~ of each month until the
s,id note is full~ paid, will pa} to the mort~aQee the follow•inR sums:
~ Ar, o:-. ~cn: suifi:irn! 2,~~ pruc~dr thr h~;~e-r hrre.~t ~cith t~ads to pa~ the next mo:tgage insurencr arenium if thts instru-
r.;rnt dndthe nolr ~rcura•d hrrrb~ err :n~urrd, .~r a r~:,nthl~ char~;e iin liru ~I a mortgage snsutancr prrn:iurr.` if the~ are
tirlci t~~ r!;~• lecrrtar~ of H~~u~in~ and l'rhen Dr~•ric,prrnt, es f~ilo~rs:
~rc::c.:.: ~ _
1• 1! dn.: :unK as satd nc:tr ut rcrn uatr anu tni. m.irun.r~u a:r u,su~r.; .,c e:a ~c.:..,~:c.'.
1eti.~ne1 t1~~usin~ Act. an am~~unt ~uffic~rnt t,, eccu~nulate en thr hands of the holder one ~ 1! r:onth pnor to ?ts dve
datr !hr annual II.i~[iFaFY Ii15LL~dIIl'C E~rr.^..~u.^.:. in :rder !c pr~~~ide ~uch hcider t~ith funds tu pa~• suchprer.~iurt: to the
~a•~ rrtar~ ~~f Housln~ end L'rt.,n Dc•crtupmenS pursuaat to the \attonal Housing Act. as amended, and appiicable Re~u-
iat~~~ns t3-«•rrunder, .~r
I1'+ I! end sa lon~, es ~aid ~t~tr .,f rcrn datr and thi~ instrumen! are held b~• the Secretar~ of Hous~ng and Urban De~el:•p-
I c.rr.t, a r.~.~nthlt~ chat~;e ;tn liru of a^:ortgd~;r msurance prea:iuml x•hich shall be i~ an ar.iount equ~I tu one-tue;fth
~ ~ l I~ i ot e~nr-haif prr . rn!ur.. of the acerage ~utstandinQ balcnce due un the note cor.~puted w•ithout taking ~nio
~ acc%~unt del:nquenc u•s ur yn•pa~c.ents.
z ~ A>,.rr e•qua: t:, thr tiround rE•nt~. :f an}. nrxt due, plus the prr~r,iu:rs that wiIl ncxt bec:+me due and pacable on poli.-ies
~ t fire and c•:hrr hdzard insurancr ~aecr:nK the r..crigagrd ptopert}. plus taxes and assrssr.:en:s neat due on the r.,crt-
~ F°F~~~~ DT"Frrtt' ~a!! ati r~ti:na'rd by thr .^..urtKa~er~ iess all sur.;s alrradc ~a~d theretor di~~ided 6}- the aur.:bcr of mon:hs
~ t.. rlep~t~ be(~~rr _~nr r..;~nth pnor tc thr datr wher. such ground rents. prrmiu:-:s, taxes, and assessments a~3i1 becoc*,e de-
}
:~nyurr.!. ~uch .ur..c to br h~-Id b~ --..,rtFeger !n tn:st to pa~• saiQ ground rer.ts. pre^iums, taxes, andspec~alassessr.ients,
~ ..nd.
~
; pi: po~c.a•-it~ -:rnti:~nc•d ~r. SY1P !Up preceding subsections o[ this paragtaph and all pay'ments to be made under thr nute
~ .rcur_-d 'r.rr~ b~~ ~i~o2i br eddrd togrther and the a~~egate amount thereof sha12 be paid b~ the ^:ort~agur each r.:ontF. :n a
~
~ >~n~~lr pac^.rr.t to be appl~rd b~ [he mortgagee !a the lolloa•ing items in thr order set forthr
a_
•11 prr^.i;:^ .narE.e~ under thr c.~ntra~: of ir.surdn.r ucth the Secretsn- o( Housing and t;rhan Dece:opr.,ent, or ^unt}:1}
- ~ hn-F~e- :~n :~eu of mortRagr insur+nce pterriurr. i. as the casr ma~• be,
II~ Rruund rrnts, taxrs, assessmrnts, tue, and uther haz~rd ~nsur~nce premiums,
~ Ill ~ mtrrrst ~n ?he note secured hrreby; and
~ :1\'+ ar..t~rtizahc~n ot the principal o( sa~d note.
~ An} de(icienct ~n the ar-iount of such aggregate e:onthl~~ pa~~ment shall, unless made good b~• the mort~aKor
~ E~r~or to the due date of the next suc:~ pa~-ment, conttitute an e~•ent of default under this mortgage. The mortgagee
~ c-,~t collect a"iate char~e" not to exceed tw•o cents (2C) tor each doilar (S1) of each pa~•ment rnore than fifteen
~ ~l~i da}s in arrears to cocer the extra expense in~•ol~•ed in handling del~nquent payments.
;
~ 3. That if the total of the pe~~ments made b~• the mortgagor under I6J of paragraph 2 pteced~ng shall exceed
~ the amount ot pacments actuall}• mide by the mortgagee, for.ground rents. taxes and assessments and insurance
premiur:s. as t!~e case ma}• be, such excess shall be credited by the mortgagee on subsequent payments to be
made b~~ the mortgagor. If. however, the monthly pa~~ments made b}• the mortgagor under !bi of paragraph 2 pre-
ced~ng shall not be sufficient to pa~• ground rents. taxes and assessm~~nts and ~nsurance premiums, as the case
-Y r,:a~ be, w-t;rn the same shatl become due and pa}•abie, then the mortg4gor shall pa}~ to the r~ortgagee any~ amount
~ necrssar~ to makr up the defuienc~•. on or before the date when pa}•ment of such ground rents, taxes, assessments,
~ or insurance prer~iums shail be due. If at an}~ time the mortgagor shalltender io the mortgagee in accoraance with
- thr pro~::~ions ot the note s~cured hereb}~. full pa~•ment of the entire indebtedness represented therebt•, the mort-
~ k~Kf•e sha?1. ~n computing the amount o( such indebtedness, credit to the account of the mortgagor all pa}~ments
made under ihe pro~•~sions of iu~ of paragraph 2 hereof which the mortgagee has not become obligated to payto
the Secretan of I~ous:ng and Urban Development and any balance remaining in the funds accumulated under the
prcnis~~~ns of rf•1 ~f said paragraph 2. If there shall be a default under any of the provisio~s of this mortgage. re-
~iilt~n~, ~r a pubilc sale of the premises co~~e:ed ~ereb~•. or if the mortgagee acquires the property otherwise after
def~~utt. the :nortRt+gee shell appi~-. at the time of the commencement of such proceedings or at the time the prop- ;
_ rrt~ is othrrveise acquired.'he balance then remaining in the funds accumuiated under of paragraph 2 preceding
a~ a~red•,; agair.st 'hc a^au.^.t of pr.ncipal ther. remaining unpa~d undet said note and shall properlyadiust any
: pa~meats w•hich shall ha~•e been made under ~a/ of said paragraph.
4. That he u•iIi pat• all taxes. assessments, u~ater rates, and other goti•ernmental or munic~pal charges, fines,
_ ~~r ~mpos~t~uns. for w•hich pro~ tsion has not been made hereinbe.ore. and in default thereot the mortgagee ma~• pa}~
thr same: ~nd !hat he u•ill prumpti~ de~icer the offic~al rece~pts therefor to the mortgagee.
~o~K 198 ~ 1194