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Home My WebLink About1280 PROVIDF.D AI.~YAYS, and these pres~~nts are exe~uted and delivereci upoii the follo~ving conditions, to it : The mortgagor agrt~es to pa,r• the mortgagee, or order, the principal sum of ~ICHT T$QL~SAt+Ti1 and 00/100- - - - - - - - - - - - - - - - - _ „ Dollars 8,ppp.00 as evidenced bv a note af even date herewith, ti;•ith interest fram date at the rate of Five and One-fouxth per centum ( ~ ~e ) per annum on the un- paid balanc? until paid. The said principal and interest shall be payable at the office of Si'OCKTON, W&1TLE1', ~AVIh & COI~ANY in Jackaonwll2e, Flor3da or at such other ptace as the holder of the note may designate in ~~•riting, in monthJ3~ installmen~.s af Forty-four and 24~100- - - - - - _ _ _ _ Doltars e~4 ~ 24 commencing on the first day of Zlovember , 1965 , and on the firsL day of each month thereafter unti] the principal and interest are fully paid, except that the final pa,vment of principal and interest. if not sooner paid, shall be due and payable on the first day of October , 19 9~ ; And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this mortgage, then this mortgage and the estate hereby created shali cease and be null and void. And the mortgagor further covenants as foiloK~s: 1. That he will pay the indebtedness, as hereinbefare prdvided. Privilege is reserved to pay the debt in whoie, or in an amount equal to one or mo1•e mc~nthly ~ayments on the principal that are next due on the note, on the first da~• of any month prior to maturity : Provided, hoK•ever, that written notice of an intention to exercise such pri~•ilege ;s given at least thirty (30) days prior to prepayment; and, provided further, that in the event the deGt is paid in full prior to maturity and at that time it is insured unc~er the provisions of the National IIousing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1 ) of the original principal amount thereof, except that in no event shall the adjusted premium exceed the aggregnte amount of premiurn charges which would have been payable if the mort- gage had continued to be insured untii maturit}~; such payment to be applied~ by the mortgagee upon its obligation ta the Federal Housii~g Commissiorier on account of mortgage ~nsui•ance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with, and in addition to, the monthly payments under the terms of the note secured hereby, on the first day of each month until the said note is fully paid, will pxy to the mortgagee the following sums: (a) An amount sufficient to provide the holder hereof with funds to pay the next mortgage insux•ance premium if this in§trument and the note secured hereby are insured, or a manthty charge (in lieu of a mortgage insnrance premium) if they are held by the Feder~? Housing Commissioner, as folla~i~s : (t) If and so lon~ as said note of even date and this instrument are insured oi• are i•einsured under the pmvisions of the National Housin~ Act, an amount suf~icient to accumulate in the hands of the holder one ( 2) month prior to its due date the annual mortgage insurance premium, in order to provi~e such . holder w•ith funds to pay such premium to the Federal Housing Commiasioner pursuani to the Nationat Housin~ Act, as amended, and applicabls Regulations thei~e»nde?•; or (tt) If and so ]ong as said note of e~•en date and this instrumen4, are held by the Fedei•al Housinq Commis- sioner, a monthly charqe (in iieu af a moi~tgage insurance p~•emium) which sha11 be in an amount equal to one-twelfth of one-ha]f ( i~'s ) per centum of the avera~e outstanding balance due on Lhe note computed without taking into account delir.quencies or prepayments; (b) A sum equal to the ground rents, if any, next due, pius the premiums that will next t~come due and payabte on policies of fire and other hazard insurance cover2ng the mortgaged ~roperty, plus taxes and assessments next due on the mortgaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number of munths to elapse before one month prior ta the date when such ground rents, premiums, taxes, and assessments wili become delinquent, such sums to be hetd by mortgagee in trust to pay said grottnd rents, premiums, taxes, and special assess- ments; and (c) All payments mentioned in the two preceding subsections of this paragraph and all pay- m2nts to be made under the note secured hereby shall be added together and tlie aggregate amount thereof shall be paid by the mortgagor each month in a single payment to be applied by the rnort- gagee to the following i#ems in the order set forth: (rj premium charqes under ihe contrart nf insuranee with the Fed~ra] Housin~ Commissioner, or monthly charRe (in lieu of ma~•t~aqe insui•ance pi•emium), as the case may be; (u) Rround rent~, taxes, assessments, fire, and other hazard insurance premiums; (u1) interest on the note secured hrrehy; and (i~•) amortization of the principal of said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mQrtgagor prior to the due date of tt~e neKt such pa}~ment, constitute an event of default under this mort- gage. The mortgagee may cullect a"late charge" not to ex~eed tw~o cents (2ti~) for each dollar ($1) of each payment more than fifteen (15) days in arrears to cover the extra expense invoh~ed in handling delinquent gayments, 3. That if the total of the payments made by th~ rr~ortgagor under (b) of paragraph 2 preceding shall exceed the amount of payments actually made by the mortga~ee, for Rround rents. taxes and assessments and insurance premiuxns, as the case may be, such excess shali be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under {b) of paragraph 2 preceding shail not be sufi'icient to pay ground rents, taxes and assessments and insurance premiums, as the case may be, ~~hen the same shall become due and payable, then the mortgagor shall pay ta the mortgage~ any amount necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, as~sessmeuta~ or inaurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note secured hereby~ full payment of the entire indebtedness represented thereby, the mortgagee shall, ~n com- puting the amount of such indebtedness, credit to the account of thQ mortgagor all paymenCs made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pay to tne Federal Housing Commissioner snd any bslance remaining in the funds accumuiated under the pro~•isions of (b) of said paragraph 2. If there ahall be a defanlt under any af the provisions af this mortgage, re- sulting in a public sale of the premises covered hereby, ar if the mortgagee acquires the propertg• other- wise a#ter defaults the mortgagee sh~ll apply, at the time of the commencement of such proceedings or at the time the property is otherwise acquired, the baiance then remaining in the funds accumuZated under (b) of paragraph 2 preceding as a credit against the amount of pritzcipal then remaining unpaid under aaid note and shall properly adjust an~ paymentg which ahall have been made under (a) of said paragi•aph. 4. Thst he will pay a]1 taxes, assessments, water rates, and other g~vernmental or municipai charges, BQ~x sz9 i - ~ _