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HomeMy WebLinkAbout0485 ; . . , i . i ~aed mortgagcr does hereby (ully Na~cartt tiec~ tit;z to s~id land, and every part the~euf. aad wttl defend the same i against the !aw[ui ctaims af all persons who:nsoever. $ PROVIDED ALWAYS, 3nd these presents ara executed and delivered upan the ioltowing conditians. to wit: ~ ~ The matgagor agrees to pay the mo~tgagee. oc ocde~. the principal sum of ~Ia T~Tg,J?UD qfE HOIIL~RBD ? ~d W/l~M• ~ ~ • ~ ~ ~ • ~ ~ ~ • w • ~ ~ • • • • • • ~ ~ • ~ • • w ~ • ~ ~ ~ [lollacs (S 9~1~.00 as°~videnced by e note o[ even date herewith, with intetest f~om date at the rate of 3iZ pec ceatum ( 9G) pe~ an~um on the un'paid balance u~til neid. 1'he said principa! and interest stiall be payabte et the office of 8T0~'1'ClT~ Y$ATj$i~ ]~IqIH d~ G~~TY, 100 kest EaT 3treet, ia Jackaoa~rille, Florida or at such other place as the~ holder of the eote may designate in writing, in monthly installments ot ~ ~ ~/1W~ ~ ~ " ~ • ~ ~ ~ ~ ~OIIA[S ~S COIIli11Cf1ClAg OQ the.first ~ay of ,TBnvary . 196? . and on the first day of ea~~h month thereafter untilthep~incipal and interest are fully paid, except that the finel payment of principal and interest. if not sooner paid~ shalt be due and payable on the first day of DeC~lber~ 1~j6. ; ~ And shall duly, pro:aptty. and fulty perform, discha~ge, execute. effect. complete. as~d comply with and abide t by esch a~d every the stipulations, agreements, conditiorss, and covenants of said promissory note and of this mortgage. then this mortgage and fhe estate hereby created shal! cease and be null and void. # And thr matgaga fud:~er covenc?nts as follows: ~ ` i 1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole. _ or in an amount eqral to one ar moce monthly payments on the princioal that are next due on the note. oo the first ' day of any month prior ta matucity: P~ovided, however, ihat writtee notice of an intention io exercise such privilege i is given at least thirty (30) days prior to prepayme~t; and, provided fudher, that in the event the debt is paid in - ~ full prior to maturity and at that time it is insured unde~ the provisians of the National Housing Act. he will pay to ~ the modgagee an adjusted premium charge of one per centum (1~) of t6e original principal amount lheceof. exEept ~ that in no event sf~att the adjusted premium excec-~i the aggc~egate amouni oF premium ehargcs which would have ~ been payable if ihe madgage had continued to be insured until maturity; such payme~t to b~ applied by the mo:t- s gagee upon its obligation to the Secretary of Nousing and Urban Development on account of mortgage insurartce. ; 2. That. in order more fully to protect the security of this mortgage, the mortgagor. together with. and in addi- tion to. the monthly payments under the terms of the note secured hereby. on the first day of each month nretil the said note is fully paid. arill pay to the mortgagee the follaving sums: ' (oj An amouat sufticient to provide the holder hereot writh fuads to pay the nest mortgage insuraace premiwe i( this instru- mrnt andthe note secured heirby are insured, or a monthly charge (ia lieu of a mortgage insuraace prem~um) i[ they are he[d by the Secretary of Housing aad Urbart Deve2opmeat, as fo!lows; (I) ]t and so long as said note of even date and this insttumeat are iosured ot ate reinsured uqder the provisioas o[ the National Housing Act, aa amount sufficitnt to accumulate ia the hands of the holder one (1) month prior to its due date the annual mo~tgage insurance ptemium, in order to provide such holder with Imds to pay suchpremium to the Secretary o[ Housi~g aad Urbaa Development pursuant to the National Housiag Act, as amended, and applicable Regu- latio~s thereunder. or - (II) It ared so loag as said note nf even date and this instrument are held by the Secrelary" of Housing and Urba~ Develop- ment, a monthlr charge (in lieu of a mortgage insuraace premium) which shall be in an amount equel to one-twelfth (1/12) ot one-hal[ (y4) per centum of the average outstanding batance due oR the note computed xithout taking into account deliaquencies or prepaymmts; (b) A sum equat to the ground reats, if any, ne~! due, plu5 the premiums that will next become due and payable on policies ot fire and other hazard insurance covering the mortgaged proper[y, plus tazes and assessments next due on ihe mort- ~ gaged propertq (aii as estimated by the mortgageej tess all sums already paid therefor divided by the number ot mont6s to elapse be[ote one ma?th pcior to the date when such ground rents, premiums, ta=es~ and assessments will become de- tinqueat, such sums ta be held by mortgagee in tsust to pay said ground rents, premiums, taxes, andspecialassessments; and (c) All payments mentioned in the two preceding subsections of t6is paragraph and all payments to be made under the note seccred hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a single payment to be applied by the mortgagee to the foll.,wing items in the order sei forth: premium charges under the contract of inswance with the Secretary o( Flousing and Urban Deve[opment, or monthly charge (in lieu of morigage insurance premium), as the case may be; (II) ground eents, tazes, assessments, fire, and other hazard insurance premiums; (III) interest on the note securcd hercby; and (IV) amortization of the principal of said aote. Any deficiency in the amount of such aggregate monthly payroent shall, unless made good by the matgagor prior to the due date of the next s~ch payment, constitute an event of defaudt under this mortgage. The mortgagee may collect a"tate charge" not ta exceed tato cents (2¢) far each dollar (SI) of each peyment more thsn fifteen (15) days 4n arrears to cover the exira expense involved in handlirrg delinqueni paqments. 3. That if the tota! of the peyments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amoant of payments actually m~de t~y the mortgagee, fot groun~ rents, taxes and assessments and insurance premiums, as the case may be, such escess shall be credited by the mortgagee on subsequent payments to be made by the mortgagor. [f, however, the monthty payments made by the mortgagor under (bJ of paragraph 2 pre- ceding shalt not be sufficient to pay ground rents, taxes and assessm~~nts and insarance premiums, as the case ~ay be, when the same shall become due and payable, then the mortgagor shall pay to the modgagee any amount necessacy to make up the deficiency, on o~ befoce the date when payment of such ground rents. taxes, assessments, or insurance premiums shali be due. If at any time the modgagor shall tender to the modgagee in accadance with the provisions of the note secured herehy, full payment of the entire indebtedness re~esented thereby, the mort- gagee shr~ll, in computing the ar.~ount of such indebtedness, credit to the accoant of the mortgagor all payments made under the provisions of (a) of paragraph 2 hereot which tt,e mortgagee has not become obligated to payto the Secretary oE Hatsing and Urban Development and any bnlance remaining in tHe funds accumulated under the provisions of (6J of said paragraph 2. If there shall be a default urtder any of ihe provisions of this mortgage, re- sulting in a public sale of ihe premises covered ~ereby, or if the mortgagee acquires the property othecwise after default, the mortgagee shall apply, at the time of the commencement of such proceediags or at the time the prop- erty is othecwise acqfeired, the balance then remaining in *_he fands accumulated under (b) of paragc ~ph 2 preceding ~ as a credit agair~st the amount of principal then remaining unpaid under said nate and shaU propr_rlyadjnst aay payments which shai?~have beea made under (a) pf said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges. fines, or impositions, for which pravision has not been made hereinbefae, and in default thereof the mortgagee may pay ' th~ same; and that he will promptiy deliv 8~e~~jgil receipts therefor tu the mortg,agee. ~ i l _ ~r..~~t ~ = ~ ~ ; x,~:~-~- - ~ _ _ 9~, ~raw ~ -a~ i~ r-~= ~ ' i! r - , r_ _ ~ - _ .