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Home My WebLink About1526 ~ ~ • ;,1.! ~ ~ ~ ~~1~~'; ~ ~ f : L) ~ i Fo~ VALU~ R~cstv~n~ tiie undersigaed promise(sa to pay to , ~ ~ ~ . 3 • ~ ATICO FINANCIAL COTtPORA~'ION ' , a corporatian organi~ed and exieting under ~ ~ the laws of De~aware , or order, the principal aum of E ighteen thousand ' and No/Zd0 ___.._....___.._..--------___....__Dollara (~J.8,000.00 )~with ~ 'f interest froan da:s at the rate of Five & One-Quarter per centum ( 5 4 ryo) per I ~ nnnum on th~ unpai~ ~alance until paid. The ~aid prineipal and intereat shall be payable at the office of ~ ~ ~ ~ ATZCO FINANC~AL CORPORATTON ~ ~ in Miami 1, Florida , or at such other place'~s the ~ i~~ holder may designate in ~vriting, in monthly installments of Ni,nety nine end 54~I00 ' ~»A~ 99.54 commencing on the firat day of February ,1s6~ ~ and ~ t on the firat day of each mont~i thereafter until the principal and interest are fully paid, except that the final _ •~ayment of the nntirA indebtedness ~vtdenced hereby~ if not sooner paid, shal! be due and payable on the fii~st day of J anuery ~ i9 94 , - ~ ~ ; ~ If default be made in the payment of any installment under t1~is note~ and if such default is not made 'I ~ good prior to the due date of the next ~uch instxllment, the entire principal sum and accrued interest ahall at once become due and ~ayable without notice at the option of the holder of this note. F'ailure to exercis8 I , f this ogtion ahalt not co:~stitute a waiver of the right to exercise the same in the event of any subsequent i def~ult. In the event of default in the payn~ent of this note, and if the same ia collected by an attorney i st larv.the undersigrned hereby agree(s) to puy all costs ~f coll~ction, including.s reasonaUle attorney's fee. ~ - Presentment, pmtest, and notice are hereby waived. ~ 1 ~ (Sta~e Documentary S~ampa .$,~..~iill i~i~ ,y e McCorm~ck _.~3EAL) ~ affixed to ori~ir?al note and • William J. McCormick cancel~ed.) ~ ~ . . ~ ; ! ; . ~ ' g/...~a..~~:._.~5~._.~. i.~.k----._...~ ~._.._S.SE~L) Fay D. MeCormick ~ • ` ~ . And ehall duly, promptlp, and 4ully p~erform, discharge, execute, effect, complete, and comply with and , f~bide by each and every the atipulation~, agreements, conditiona, and covenanta of s~id promissory note ~ i aad of this mortgage, then thia mortgage and the eatate hereby created ahalt cease and be null and void. And the mortgagor further covenarits as followa ; . . - l. That he wiA pay the indebtedness, as hereinbefore provided, Privilege is reserved to pay the : debt in whole, or in an amount equal to one or more monthty payments on the principal that are n~act due ~ oa the note, on the first day of any month prior to maturity: Prnvided, however, that writt~en notice of an intention to exercise such privilege ia given at least thirty (30) daye prior to prepayment; and, provicled ~ further, that in the event the debt ia paid in full prior to, maturity and at that time it is insured under ' the pmvisions of the National Housing Act, he wili pay to the mortgagee an adjusted premium charge of ? one per centum (l~yoj of the original principal amonnt thereof~ except that in no event shall the adjusted ~ premium exceed the aggregate amount of premium charges which woutd have been payable if the mort- ~ • gage had continued to be insured until maturit~•; such payment to be applied by the mortgagee upon its ~ ~ obligation ta the Federal Housing Commissioner on account of mortgage insuran~e. ~ 2. That, in order more fully to protect ~the security of thia mortgage~ the mortgagor, together wlth, ' a~d in addition to. the monthly payments under the terms of the note securec~ hereby, on the first day ot each month until the said nate is fully paid, will pay to Lhe mortgagee the Yollowing sums: - (a) An amount sufticient to provide the holder hereof wit,h funds to pay the next mortgage ~ - insnrance premium if thi$ inatrument and the note secured hereby are ineureci, or a monthly charge (in lieu of ~ mortgage insurance premium) if they are held by the Federal Housing Commissioner~ . as followa : ~ (t) If and so long ss said note of even date and this inatrument are insared or are seinsured under the o e~ 1~ monthhe ortto ita due datge the~ annual~mort uflfcient ta ac~cumulate in the hande of the holder p gage insuranoa pretnium, in order to provide such holder~v,rith funds to pay auch premium to the Federat FIousing Commissioner purauant W the National ~ Nousing Act, as amended, s?nd app]lsable Re~ulationa thereunder; or ' ; - (n) If and so long as said note of even date and thia inatrument are held by lhe Federal Housing Coramis- ; sioner~ a monthly cha (in lieu of a mortgage insurance premium) whirh ahal! be in an amount ~ equal to one-twelith of one-half ('h ) per centum oi the ave~~age outatanding balsnce due on the i ~ note eomputed without taking into account delinquencies or prepayrnents; t._ : ~ . ; 3~_ (b) A aum equal to the ground renta, if any, next due, plua the premiuma that wili next became ) due and payable on policiea of Sre and other hazard insurance covering the mortgaged property, plus ts~ces and assessments next due on the mortgaged property (all as estimated by the mortgagee) leas • ' all sums already paid therefor divided by the nutnber. of m~nths to elapse before one month prior ; r to the date when such ground rents, premiums, taxes, and assessments will become delinquent~ auch suma to be held by mortgagee in trust to pay aaid ground rents, premiums, taxes, and speciat assess- . _ : ments; antl r~~~ (c) All payments mentioned ia the two preceding subsections of this paragraph and all p~y- : - ments to be made under the note aecured hereby ehall be added together and the aggre ate amount thereof shall be paid by the mortgagor each month in a single payment to be applied ~y the moi°t- gagee t~ the following items in the order set forth: ~ I (t) premium chargea under the eontrsct~ oi insurancs ~vith the Federal Hausing Commiseioner~ or monthly ' • chsrge (In lieu oi mortgage insuranee premtum), ~s the csse m~ty be; ~ (tt graund rent$, taxes, asseaaments, Sre, snd other hss~td insurance premiums; (tu interest on the note secured hereby; snd • ~ ~ . . ' (tv amortization af !he pdneipa! of ~aid note. . r.; Any deRciency in the amount of such aggregate monthly payment shall, unleaa mAde good by the ' - mortyp~orgprior to the due date of the next such pa~?ment, constitut~ an event of default under this mort- s; ~~ge, mortgagee may cullect a"late charge' not to exceed two cents (2,~j for each dollar (~1) o~ e~ch p~yment more than fifteen (16) daya in arreara to cover th~ extra expense iavolved in handling ~ ~ ddinquen~ psymeata. S. Tha?t ii the total of the payments made by the martgagnr under (b) df paragraph 2 pre~eding shnll ~coeed the amount of payments actually made by the mortgagee, for qround rents, taxes and asaeaamente ~ ' ` z ~ . I . ' ~ . . 0. ~ ~ ~ _ ~ t~t}'i~ t~bt;~ e)~~ ~ ~ ~