HomeMy WebLinkAbout2712 seid mortgagor dces hereby fully warrant the title to seid land. and every part theceof. and will defend the same
against the lawful clai:as of all persor~s whomscevec.
PROVIDED ALWAYS~ end these presents are executed a~d delivered upon the following conditions. to wit:
The mortgagor agrees to pay the mortgagee. or ordet. the principal sum of RIN$ T$OUSAND ~iS HIJNDFtED
FIFrY and 00~100- - - - - - - - - - - - - - - - - - - - - - - - - - - - • - - - - -
notia~ ts 9,150•~ as evidenced by a note of even date herewith, with interest from date at the
rate of siZ per centum ( 6 96) per annum on the unpaid balaace
until paid. The said principal and interest shall be payable at the,office of $~j~p(,q~+~~ ygdT~yy~ IUY.IIi de
C~AriY, 100 Veat Bqy Street in JBCkeonville~ Florids
a at such other place as the holder of the note may desigrtate in writing. in monthly installme~ts of
j~gj~y-~'(yQ$ BT~d 40~100- - - - - - - - - - -Dollars (S ~.90 commenci~g on
the first day of petober . 19 (7 . and on the first day of each month thereafter untiltheprincipal
and intecest are fully paid~ except that the final payment of principal and interest, if not sooner paid, shall be due
and payable on the first day of ~ September~ 199'f ;
And shall duly, promptly. end fully pedorm. discharge, execute. effect. complete, and comply with end abide
by each and every the stipulations. agreeu~ents. conditions. and covenants of said promissory note and 'of this
mortgage. then this modgage and the estate hereby created shall cease and be null and void. ~
And the matgagor further cove~ants as follows: _
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 mae monthly payments on the pri~cipal that are next due on the note, on the first
day of any month prior to maturity: Provided, however. that written notice of an intention to exercise such privilege
is given at least thidy (30) days prior to prepeyment; and, provided further, that in the event the debt is paid in
full prior to maturity and at that titae it is insured under the pro'visions of the National Housing Act. he will pay to
the modgagee an adjusted premium charge of one per centum (1%) of the original principel amount thereof, except
~ that in no event shall the adjusted pcemium exceed the aggregate amount of premium charges which would have
been payable if the modgage had continued to be insured until maturity; such payment to be applied by the mort-
gagee upon its obligation to the Secretary of Honsing and Urban DevelQpment an account of modgage insurance.
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 dey of each month until the
said note is fully paid, aill pay to the mortgagee the follawing sums:
(a) Aa amouat sufticient to provide the holderAereo( with [unds to pay the nezt mortgage inaunnce premium it this instru-
~ ment aad/he note secured hereby ore insured. or a monthly charge (in lieu o[ a mortgoge iasurance premium) if they are
held by the Secretary oE Housing and Urban Developmeat, as follows: . '
(1) I[ aed ao long as said note ot even date and this instrument are insured or are ceinsured uader the pwvisions ot We
National Housing Act, an amount suf[icient to accumulate in the haads o[ the bolder one (1) month prior to its due
date the annual mortgage insurance premium, ie order to provide such holder wit6 tunds to poy suchptemium to the
Secretary of Honsing ~nd Urbon Development pursuant to the National Houaing Act. as aaended, and ~pplicable Regu-
lations thercuader; or ' ' " _
, (II) If and so long os said note o[ even date and this instrumeat are held by the Secretary ot Housing and Urban Develop-
meat, • monthly charge (ia fien of • mortgage insuraace premium) ahich shall be in an amount equal to one-twelfth
(1/12) of one-half (yi) peF centum of t6e average outstanding balence due on the note computed without talcing into
account delinqueacies or prepaymmts;
(6J A sum equal to the grouad rents, if any. ne:t dne, plus the premiums that will aext become due and pavable on policies
of Cue aad other hazard insurance covering the mortgoged property. plus ta:es and assessments aext due on the mort-
gaged property (all as estimated bp the mortgagee) less all sums already paid therefor divided by the number of months
I to elapse before oae monW prior to We date when such grouad rents, premiums, taxes, and assessments will become de-
linquent, such aums to be held by mortgagee in trust to pay said ground rents, premiums, ta:es, ~nd apeciol assessmeats;
~ and
(cJ All payments meationed in the tao preceding subsectiona of this paroQraph and all payments to be mode under the note
secured hereby shall be odded toQether and the aggregate amount thereof shell be poid by the mortQogor each month in a
single paymeat to be applied by the mortgagee to the lollowing items in the order set forth:
(n premium chorges under the contnct of insurance with tLe Secretory of HousinQ and Vrban Developmeat, or monihly
charQe (in lieu of mortgage inswance premium), as the case may be; .
(II) ground rents, taxes. assessmeats. flre, and other haaard inaurance prcmiums;
(III) intercat on the note aecured 6ecebr; ~nd
(I~ amortizotion oE the priacip~l ot s~id note.
Any deficieacy in the emount of such aggregate monthly payment shall, unless made good by the matgagor ,
prior to the due dete of the nest snch paymeat. constitute an event d default under this mortgage. The mortgagee
a~ay collect a"lete charge" not to exceed two cents (2e) for each dollar (Sl) of each payment more than fiheen
(15) days in arrears to cover the e:tra expense involved in handling delinquent payments.
3. That if the total of the paymeats made by the modgagor under (b) of paragreph 2 preceding shall exceed
the amaunt of paymeats ectually made by the mortgagee, Eor gcound rents, taxes and assessments and insurance
premiums, as the case may be, snch excess shall be credited by the mortgagee on subsequent payments to be
made by the mortgagor. If, however, the monthly payments made by the moctgagor undec (b) of paragraph 2 pre-
ceding shall aot be sufficient to pey ground rents, taxes and assessm.~nts and insurance premiums, as the case i
may be, W6en the same shall become dne aad payable, then the matgagor shall pay to the mortgagee any amount
necessary to make up tbe deficiency, on a befae t6e date when payment of such ground rents, taxes, assessments, ~
a insurance premiums sLall be due. If at eny time the modgegor shall tender to the mortgagee in accordance with
~ the p~+isioos of the note secured bereby, full peymeat of the entire indebtedness repceseated thereby, the mod-
gagee shall, in com~ting the emount of suc6 indebtedaess, credit to the account of the mortgagor all payments
mede under the provisioas of (a) af paragFr+ph 2 hereof which the mortgagee has not become obligated to peyto
the Secretary of Housing aad Ucban DevelopmeaY and any balance remaining in the funds accumulated under the
pwvisions of (b) af said psrag~raph 2. If there shall be a default under any of the provisioas of this mortgage, re-
sulting in a public sale oE the pcemises covered ~ereby, ac iE the mortgagee acquires the property otherwise after ;
defeult, the mo~tgagee ahall apply, at the time of the commencement of such proceedin~s or at the time the Qrop- ~
erty is othetwise ~eqnired, the belance then remaining in the funds accumulated under (6J of paragFeph 2 preceding
aa a ccedit ag~inst tbe amonnt of prlncipel then remaining unpaid under said note and shall properlyadjuai any ~
payments which shell have been ~ade under (a) of said paregraph.
4. That he will pay all taxes, assessments, water rates. aad other governmental or muaicipal charges, fines,
a impc~sitioas, for which pravision hes not beeq made hereinbefoce. and in default thereof the mortgagee may psy
the aame; wd that he will praoptly deliver the official receipts theretor to the mortg,agee.
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