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Home My WebLink About1445 r PROVIDED ALWAY3, and these presents are executeci and deli~ered upon the follo~ving conditians, to ~~•it : - The mortgagor agrees to pay the mortgagee~ or order. the principal sum of EIG~ THOUSAND NINE : HIINDRI~DFIFq'Yand00~100-•-~•-•-•••-....•••-••--••••---• ` Doltars e, 950.00 as evidenced bv a note of even date herewith, ~vith interest from date i at the rate of Five dc three-fourt,h per centum i 5 3/4 `~o ) per ailnum on the un- . paid balance until paid. The said principal and interest shall be payable at the oflice of STOCKTQN ~ WHATLEY, z DAVII~i & CON~ANY~ 100 West Bqy Street in Jacksonville, Florida or at snch other place as the holder of the note may designate in n~riting. in monthly instaliments of F'IFTY-?P1~10 and 27~100- - - - - - • - - -Dollars 52.27 commencing on ~ the first day of 3eptember , 19 66 , and on the first day of each month thereafter until the principal and interest are fuUy paid. except that the final payment of principal and intereat, if not sooner paid, sha12 be due and pa,vable on the first day of August~ , ~996 ; ~ And shall duly, promptly. an8 fully perform~ discharge. execute, effect; rnmplete, 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 shall cease and be null and void. And the mortgagor further covenanta as fo~loK•s; ~ 1. That he will pay the indebtedness~ a4 hereinbefore provided. Privitege is reserved to pay the debt in whole. or in an nmount equal to one or mo~e monthly payments on the principal that are next due on the note~ on the first da~ of any month prior to maturity : Provided, hoH ever, that ~ rittcn notice of an intention to .~xQrcise.such ~rivilege is gi~~en at least thirty .(30) days prior.to pre~ayment i and, provided further. that in the event the debt is paid in fult prior to maturity and at that time it is insured under the provisions of the National I~ousing 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 aggregate amount of premium charges which would have been payable if the mort- gage had continued to be insured untit maturit~ ; such payment to be applied by the mortgagee upon its obligation to the Federal Housing Commissioner on account of mortgage !nsurance. ~ 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 pay to the mortgagee the following sums: (a) An amount suf~'icient to proride the holder hereof with funds to pay the next mortgage insurance premium if this instrument and the note secured hereby are insured. or a monthty charge (in tieu of a mortgage insurance premium) if they are held by the Federnl Housing Commissioner. as folloH s : (t) If and so IonR as said note of e~en date and this instrument are insured or are reinsured under the pmvisions of the :\'ationai Housing Act, an amount suflicient to accumulate in the hands of the holdei• one (1) month prior to its due date the annual mortgage insurance premium. in order to provide such holder with funds to pay such premium to the Federal Housing Commissioner pursuant to the National Housing Act, as amended~ and applicabla Regulations theneunde~•; or (il) If and so long as said note of even date and this instrument are held bjr the Federal Housing Commis- sioner, a monthly charge (in tieu of a mortRage insurance premium) which shall be in an amount equal to one-twelith of one-half (',4 ) per centum of the averaRe outstanding balance due on the note computed without taking into account delinquencies or prepayments; (b) A sum equal to the ground rents. if any, next due, plus the premiums that will. next become due and payable on policies of fire and other hazard insurance covering the mortgaged property, 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 months to elapse before one month prior to the date when such ground rents~ premiums, taxes, and assessments will become delinquent, such sums to be held by mortgagee in trust to pay said ground i~ents, premiums, taxes, and special assess- ments; and (c) All payments mentioned in the two preceding subsections of this paragraph and all pay- ment,s to be made under the note secured hereby shall be added together and the aggregate amount thereof shali be paid by the mortgagor each month in a single payment to be applie~ by the mort- gagee to the following items in the .order set forth : premiam charAes nnder the contract o~ iasurance vdith the Federal HousinR Commissioner, or monthly charRe (in liea of mmtqa~e insurance premaum), as the case may be; (lt) Rnound rents. taxes, assessmcnts, 6re, and other hazard insnranee premiums; (u[) interest on the note secuiY~ hereby; and (~v) amortization of thti principal of said note. Any deficiency in the amount of such aggregate monthls• payment shall, unless made good by the mortgagor prior to the due date of t}~e next such payment, constitute an event of default under this mort- gage. The mortgagee may cullect a"late charge" not to exceed tHO cents (2~) for each dollar ($1) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handiing delinquent payments. 3. That if the total of the payments niade by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of pa~~ments actnally made bti the mortgagee, for Around rents, taxes and asses.~ments and msurance premiums, as the case may be, such excess shall 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 ahall not be suflScient to pay ground rents, taxes and assessments and insarance premiums, as the case may be~ when the same shall become due and payable. then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency~ on or before the date when payment of such ground rents, taxes, assessments. or insurance premiums shall be due. If at any time fhe mortgagor shali tender to the mortgagee in accordance with the provisions of the noie secured hereby, fall payment of the entire indebtedness represented thereby, the mortgagee shall, ~n com- , puting the amount of such indebtedness, credit to the account of the mortgagor all payments made undei- ~ the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obiigated to pas to the Federal Housing? Commiasioner and any balance remaining in the funds accamulated under the pro~•isions ; of (b) of said paragraph 2. 'If th~i~e shall be a default unde~ any of the'provisions of this mortgage. re- ~ sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the propert~ other- wise after default. the mortgagee shall apply, at the time of the commencement of such prceeedings or at ~ the time the property ia otherwise acquired, the balance then remaining in the fands accumulated under (b) of paragraph 2 preceding as a credit againat the amount of principal then remaining unpaid under ~ said note and shall pmperly adjust any payments which shall have been made under (a) of said paragraph. ; 4. That he will pay all taxes, assessments~ water rates, and other governmental or municipal eharges, ~ _ ; ~ooK 150 244 m~.~ ~ ~J ~ - - iy . ~ 4- F?`-r . I : ~ ~ .I . ~,L} ~ R'.3;