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HomeMy WebLinkAbout1505 1 S ' ? ~ ~ f + ; ~ ; ~ ; ~ ~j.; s~t ~ FoR V~u.v~ I~~v~,v, the underalgned promise(s) to pay Qo : ATIGO FINANGIAL C012~'ORATION ~ ! ' ; . , ~ ~ ~ , a corporat~o~ org~anized and exieting under the laws oi Delaware ~ or order~ the princtpa?1 sum oi ~wen~y one thousand ~ ` three hundred and No/L00 ---~___..___~____,.__na~~~r$ 21~300.00 j~with ~ ~ intereat from date at the rate of F ive & One -Qua rt e r per centum ( 5 a q'o ) gex i ~ annum on the unpaid batance until pa~d. The said principal and intereat shall be payabte at the ofi~ce of ~ ATICO FINANCIAL CORPORA,TION ~ in M iam i L, Fl ox id a , or at auch other plar,e as the ~ holder inay design~te in writing~ in monthly insGallment~ of One hundred sevent~en and 79~100 ! ~ ' j ~ Dollara 117 . 79 cammencing on the flret day of February ~ 19 b5 , and ; ' on the first day of each month thereafter until the princigal and interest are fulty paid, except that tho ftnal 6 ; payment of the entire indebtedness evidenced hereby~ if not sooner paid, shall be due anci payable on the ' ! first day of J anua ry ~ 19 95 , ~ t If default be made in the payrnQnt of any installment under this note. and if such deiault i~ not made goai prior to the due date of the next such installment, the entire principal sum and accrued interest shall ~ at once become dus and pxyable without notice at the ogtion of the holder of thi~ note. Failure to exercise this option shall not conatitute a waiver of the right to exereise the same in the e~ent of any subsequent default. In the event of default in the payment of this note~ and if the same is collected by an attorney ~ at layv.the undersigned hereby agree(s) to pay all cost,s of collection, including.a~ r~asonable attorney's f~e, ~ Presentment, pmte~t, and notice are hereby wa~ived. (State Documentary St~mps s~_~harleR J. S11 r4 tt (S~y,~, } ; affixed to original note Charles J. Shortt ; and cancelled . ) « . . . , 8 /..._t~.X.rl c s ~A.~. Myrle F. Shortt ~ - ~ llnd shxll duly, promptly, abd fully periorm, discharge~ execute, efiect~ oa?mplete. and comply with and - sbide by each and ev+ery the atapulationa, agreements~ conditions, and covenants of said prnmissory uote ~nd oi thia mortgage, then this mortgage und the estate hereby created ahall cease and be nuD and void. • And the mortgagor furt~er covenants as follaws: - k ~ . 1. That he will pay the indebtedneas~ as hereinbefore provided. Privilege ia reserved to p~ay the debt in whote, 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 : Provided, however, that written notic~ 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 prior to, maturity and at that time it is insured under the provisions of the Nationat Housing Act, he wiU pay to the mortgagee an adjusted premium charge of one ~per c~ntum (1 ~6) of the original principal amount thereof, excepL that in no event shall the adjusted ~ premium exceed the aggregate amount of premium charges which would have been payable if the anort- gage had continued to be insured untii maturity; such payment to be ~pptied by the mortgagee upon its obligation to the Federal Housing Commissioner on account of mortgage insurance. ~ 2. That, in order more iully to pra?tect thc security of this mortgage~ the mortgagor, together with . aad in addition to~ the menthly payments ander the terms of the note secured hereby, on the firat day o~ . eACh month until the said note is fully paid, will pay to the mortgagee the following aums: (a) An amount auf~icieut to provide the holder her+eof with funds to pay the neat mortgage ~ insuranc+e premium if thia instrument and the note secured hereby are inaured~ oi a monthly charge ~ (ia lieu of a mortgage insurance premium) if they are heId by the Federal ~iousing Commissioner, as followa : . - ~ (i) If and so long sa said note of even date and thia instrument are insured or are reinsured under the + . provisiona oi ths Nstionai Housing Act, an smonnt eufttcient to accumulate in the hands of the holder ~ ~ one (1) month prior to its due date the annual mortgage ineuranae premium, in order to provide such ! . hoider with fanda to pay such premium to the Federsl Housing Commiasioner pnrsus~nt to tbe Nstional ` Housing Act, aa smended, and sppliceble Re~ulationa thereunder; or ; Ii and eo long as said note of evcn date and th~s instrument are hetd b thc Federal Housing Commia- - i' ~ sioner~ a ~rwnthly cha (in lisu of n mortgsge inaurance preraium~ whfch ahall be in an amount ' equal to one-twelfth of one-half ) per centum oi the aversge outatau?ding balance due on the ~ ~ noto tomputed withont talcing into account delinquencies or prepaymenta; ' 3~ t ~ (b) A sum equal to the ground rents, if any, next due, plus the premi~ms thst will next become _ dne and payable on policies of fire and other hazard insurance covering the mortgaged property, plus - s, taaces and assessments ne~ct d~e on the mortgaged property (all as eatimated by the mortgagee) leaa all sums slready paid therefor divided by the number of months to elapse before ons month prior ~ " to the du#e when such ground rents, premiums, taxea~ and assesaments witi become delinquent, such ~ ' sutns to be held b mort • F. y gagee in truat to pay said ground rents, premiums, taxes, and $pecial assess- ~ ~ - - - . menta; and , ~ (c) AU payments mentioned in the two preceding svbsections of this paragraph and all pay- , ments to be made under the note secured hereby shall be added to gether and the ag~regate amount • < thereof ahall be paid by t he mortgs?~or each munth in a single payment to be App l i e d by the mort- ' ; s -i : gagee to the followir,g items in Ehe order set forth: i . ~ (i) preminm chsrges under the contr~et oi insnrance with the Federal Hou~dng Coaruniaaioner~ or monthly : . c.~urge~ in lien of mortgsge insurunce premium), as the case may be; ; : ' ) sro d ts, taze~ s~nents~ ~re, ird other 1?~snrd insuruncs pretutums= _ (tu) fatertst on tlte note secut+~d here~y; and - f~ ' (IY) au~ortisation of tbe prineipRl oi said note. . . r~: ~ ~ ~ Any detfciency in the amount of auch aggregate monthly ~ayment shall, unle~s m~?de good by the } i_~ Yaor~prior to the due date of the next such pa~?ment. canatitute an event of def~ult under this mort- ~ f gag~e. mortgAgee mnAy cwllect s~ "late charge' not to exceed twa centa (2~j for estch dollar (il) o! each psyznent more than fitteea (2b) daya in arrear$ to cover the extra expense involved in handlin~? r ~ ~ . ddinquent payments. ~ ~ ~ S. That if the total of the paym~nta made by themortgagor under (b~ of parag?r~ph 2 preceding ahaU ~ e;eeed the amount of payments actually ms~de by the mortgagee. for pjr~ound renta. t~xes and as~eaamenta ~ - ~ ~ ~~t~! ~U~ 4'~ ' ~ ' ~ _ . . ~ • . C..j ~ 3 5 4it ' . ~ . ~ ~ . . . .