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Home My WebLink About2586 ~ ~ , • . . ~ , ~ ~ , . ~ ~ ~ ~ ~OR VALUP RHCBIY~, the undereigned prnmise(s) to pay t,o , 3 . ~ ATICO FINANCIAL t;OR1'~RATION ; ~ , a o~rporation organized and existing under the law~ oi Delaware , or ordero the prinGipat ~um of gixteer~ thous~nd four ~ hundred ansi No/100 Dollara 16,l~00.40 with ; interest from date at the rate of Five d~ (}ne-Quarter per centum ( 5~ g'o? per . . annum on the unpaid balance unttl paid. The said principal and interest shall be payable at the ofi~ce of - . ATICO FIIVANCIAL CORPORATION in Miem~ 1, Fl.orfda CJ , or atauch other place as the ` holder may desiqnate in writi~g~ in monthly inatallments of Ninety ~nd 69/100 ; Dollars 90. ~i9 commencing on the first day of ~ ebruary ~ 19 S5, and on the first day of each month thereafter until the principal and interest are fully paid, except that the final ~ , payment og the entire indebtednea~ eviden~ed hereby, if not sooner paid~ ahall be due and payable on the ~ ~ first day of ~January ,19 95 . , j If default be made in the payment of any installment under thia note, and if such default is not m~de goad prior to the due date of the next such installment, the entit~e principal sum and accrued interest shall ~ at once become due and payabte without notice at the option of the holder of this note. Failure to exercise this option shall not constitute a waiver flf the right to exercise the same in the event of any subsequent default. In the event of defaalt in the payment of this note~ and if the same is collected by an attorney ; at law~ the undersigned hereby agree(s) to pay all co~ts of collection, including.a reasonable attorney's fee. ' Presentment, protest, and notice are hereby waived. . (State Docucaentary Stamps aff ixed to s~.., Donald E. Su~l ivan ~SF„~~, original note and c~ncelled.) Donald E. Sullivan ~ ~ ~ ~ ._.__...__..~..n i . sl.Sara ~u.~~Y~D_.~____.~.----..___.___._.._....__~;S~AI,.~. ~ Sara Sul~ivan . ~ ~ i i ~lnd ahall duly, pmmp~ly~ and fully perform, discharge. execute, effec~, comptete, and comply with and ~ abide by each and ~very the atipulationa, agreements~ conditions~ and covenants of said promissory note ~ and of this mortgage, then this tnortgage and the eat~te hereby created ahall ce~ase and be null and void. j And the mortgagor further covenants as follow$: ~ 1. That he will pay the indebtedness, as hereinbefore provided. Privilege 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 duQ on the note, on the first day of sny month prior to maturity : Prnvided, however~ that written notice of an . intention to exercise such privilege is given at least thirty (30) days prior to pre~ayment; and, provided ~ further, that in the event the debt is paid in fult ~r~ar to maturity and at that time it is insured under the provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge af ~ one per centum (1%) of the original principal amount thereof, ~xcept that in no event shalt the adjusted ~ premium exc~ed th~ aggregate amount af premium charges which would have been payable if the mort- i gage had continued to l~ insured until maturitl•; such payment to be applied by the mortgagee upon its ~ obligation to the Federal Housing Cummissioner on account of mortgage insurance. ~ 2. That, in order more fully to prot~ct thc seeurity of this mortgage, the mortgagor, together vsrith, ~ ~ and in addit~on to, the monthly payments under the terms of the note secured hereby~ on the first day of ! each manth until the said note is fully paid~ will pay to the mortgagee the following sums: (a) An amount aufficient to provide the holder hereof with funds to pay the next mortgage insurance premium if this instrument and the note secured hereby are insurec~, or a monthiy charge ~ • (in lieu of a mortgage insurance premium) if they are hetd hy the Federal Housing Commisafoner, . as follows : (c) If and soiong as saed note ot even date and this instrument are insured or are reinsured under the pmvisions oi tJ~e National Housing Act, an amount suRicient to accumulate in the hands of the holder ~ . one (1) month prior to ita dne date th~ annuat mortgage insurance premium, in order to provide such - holder with funde to psy such premium to the Federal Housing Commieaioner purauant to the National t Housing Act, ss amended, nnd applicable Regulationa the~~eunder; ur (u) If and eo long as said note of even date and thia instrument are held by Lhe Federal ~~ousing Commie- j ~ eeoner, a monthly eh~rg~e (in lieu of a mortgage insurance premium) tvhich ehall be in an amount ~ • equ~l to one-twelfth of one-half ) per centum ot the average outstanding balance due on the j r. note cornputed withont talcing into sacount delinquencies or prepayments; ! (b) A sum equat ta the y, p . ; ground rents. if an next due~ plus the remiums that will next become due and payable on policies of fire and other hazard insurance covering the mortgaged property, plua ~ taxes $nd assessments next due on the mortgaged property (all as estimated by the mortgagee) lesa ; all s~ms already paid ther~for diyided by the numt~er of muntha to elxpse before one month ~rior to the date when such ground rents, premiutns, taxes, and assessments wilt became delinquent, such ~ sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assess- ments; and . f; (c) All payments mentioned in the two preceding subsections of this paragraph and all pay- ~ ments to be made under the note secured hereby shall be added together and 41ie aggregate amount ~ thereof shall be paid by the mortgagor each menth in a aingle payment to be applied by the mort- gagee to the follawing items in the order set iorth: (t) pr~mium chsrgea ander the eontract of insurance with the Federai Housing Commisaioner, or monthly ch~rge (in litn of mortgage insurance premiwn) ~ as the case mAy be; ' . (t~) ground rents, taxea~ assessn~enta, lire~ aad other h~?zard iaiurance premiuras; ~ (ni) interesi on the note eecured hernby; and ~ - (iv) sunoriiz~?tion of the princips! oi asid notc, - ~ Any deticiency in the amount of such aggregate monthly payment shall, unless made good by the nwrtgagor prior to the due date of the next such pa~rment~ conatitute an event of defauit under this mort- ? ~ gage. The mortgagee may cultect a"late charge' not to exceed two cents (2~) for each dallar {$1) o~ ~ each payment more than fifteen (15) days in arrears to cover the extra expense invoive~d in handling delinqu~nt paymenta. ~ S. Tha# if the total of the paymenta made by themortgagor under (b) of paragraph 2 preceding ahall ~ .,e~;ceed the amount of payments actually made by the mortgagee. for qround rents. taxes and asses.amente ~ • ~ 0. R.' 0. R ' Q ~ t ' . ~ , Bi1~K fk:~f ~ Bp~K Pd(:E t)~ ~