HomeMy WebLinkAbout1860 said moctgagor does hereby Eully warraet thc title to said land. and every part the~eof, and will deEand the same
against the lawtu: claims af all persons whw~soeve~.
PROVIDED Ai.WAYS, aed tbese preseats are esecded and deliveted upon tba folfaMriag conditions, to wit:
Tbe mo~tga~ot agrees to pay tbe wott~a~e. or ader, tbe prjoclpal su~ ~f IIII~S T[~OUSAI~D 1N0 HUADI~Bi1
FIFTYand00/100------
Doliars (t 9,Z50.00 as teced 6y • aute d eres date 6erewitb. wit6 iatecest fcom date at the
cate of sfx pei cedo~ ( 6 x.) per annum oa tl~e uapaid balance
uatil paid. The said princip4l oad Iateres? shall be p~yable at t6e ogice of
ST~~N, ~TIBY, DAVIN & CaliFi~NY, 100 liest eay Street, Jacksonville, Florida,
a at such othe~ place as the holder of tLe aote a~y de$ig~wte is ~Hting, in ooat6ly instailments of
FIPTY~IVB tu~id 50/100- - - - - - - - - - Dollars (s 55.50 commenci~g on
the first day of Fe1~~? . 19 68 . aod oa t6e ficst day of eecl? ~onth tl~eceafter untiltheprincipal
and iaterest ere fally paid. ezcept that the final pay~ent af priocipol and interest. if ad sooaer paid. shall be due
and peyable oa the first day of January, 1998
And shall duly. promptly. aad fully pedon, discharge. ezecute, effert~ comptete. aad comply ~rith and abide
by each and eveiy tbe stipulatioas. agFeemeats, conditioos. and coveaaats oE said pcomissory aote and of this
a~odgage, then this mortgage and tlre estate hrreby created aball cease and be null end void.
And the a~atgagor feuthe: covenants as follaws;
1. That he will pay the indebtednes,s, as hereiabeEore pcavided, pri'vilege is reservetl to pay the debt ie whole.
oc in an amount equa! to one oc more moathly p~yments on the principal that ate oe:t due oa the note. oo the first
day of aay manth prior to maturity: Providel. ho~?ever. that written aotice af aa iateatioa to exercise such privilege
is given at lesst thirty (30) days prio~ to prepeymeet; and~ provided f~uther, t6at in the eveat the debt is paid in
full prior to maturity and at that time it is insured nader tbe provisio~ of t6e Natioaal Housiag Act, he will pay to
the modgagee an adjusted premium cbarge of one per ceatum (1X) of t6e origiaal priacipel amouat thereof, except
that in no event shall the adjusted premium e:ceed the aggreg,ate amount of premium charges which would have
been payable if the mortgage bad coatinued to be Insnced nntil mat~rity; sach peyneat to be applied 6y the mod-
gagee upoa its obligatioa to the Secretary oE Housing ard Urban Development an account o[ matgage ins~uaace.
2. That, in order awre fully to protect the secnrity af this oo~tgsge, tbe moctgagpr, toget6er with, and in addi-
tion to. the awathly payments uader the teres of t6e nde secuied here6y, on tbe first day d each month until the
said aote is fully paid, will pay to the matgagee t6e followiag suos:
(a) An amount sut[icient to provide Uee bolder 6ereof witb t~mds to p~~ the nc:t ~o~tgaee iasorance pemium it fhis iustru-
ment ond We note secured hereb~? are iusnred, or • sonthl~ chute (in lieo o( a wort~sge insnrance premium) if ther are
held bp the Secretaq ot Housing and Urb~n be~elop~eot. as foUows:
(I) I[ and so long as said aote of even date and 1Lis instto~reffi ar~ insmed a are reiffi~red onder the provisioas ot We
Natioaal Housing Act. as ~moant sntHcleat to accoaalate is ths hands of t6e 6older oae (1) moat6 prior to its due
date the aaaual morl~aage msnrance p~ios, iq pder to pro~ide mcb bolder with fimds to pa~ svch pr~mium to the
Secretanr ot Housiag and Urban Developaent panusnt to fbe Natiooal Housio~ Act, aa ~mended. aud applicable Regu-
l~tioas theeeunder. or
~ (Ih I[ and so [ong as aa'sd aote of eoen date tud tbis ~ustra~effi are beld b~ tbe Seesetar~ of Housiag nad Urban Develop-
meat, o monthly charge (in lieu of a sorttnge iasnraoce peeoio~) whicb s6a11 pe in aq amount equal to one-tw~eltth -
(1/12) of ono-hal[ (y~) per ceetam ot fbe a~aa~e omstaodi~oq baiance Aue an t6e note c
•ccount delinquencies or prepapments; ~P~ted ait6aut taking into
(6) A sum equal to the grouad rents. if tn7l, nezt dne, plns f6e preai~s that will ne~ become dne aad payable on policies
o[ Cue and other hazard insncaace co~eriag tLe~ mo~tgaged propert~~ plns tases and assesamc~ts ne~ct due oo the mort-
gaged propedr (all aa eatimated b~r t6e mafgagee) Iess aU sn~s alrcad~ paid 1Lerefm dioided b~ the aumber of-awnths
to elapse betore one month prior to the d~te wden snch gROUed rents~ peeeios, ta:es~ aad assesaments will become de-
linquent, such sums to be held br mortgagee ia tinst to p~~ said gto~md rents~ premiuss~ t~es, a~dspecialassessments; '
and
(c) All payments mwtioaed ia the two preceding subsectims ot tbis por~rap6 aod al! ~
p~~ments to be made under the note ~
, secured herr.bp shall be added toget6er ~od tbe aggFegate a~o~mt Niereot ahal! be paid b~ tLe mortgagor each month in a
single paymeat to be applied b~ tht mortgagee to the foDowing itess in t6e order set tort6:
(n premium charges under tLe contract of iasoraace ~Ifb tbe Secretar~ of Hoasiag and Urbaa Developa?ent. or monthly t
cdrrge (in lieu of mortgage insurance pre~imj~ aa t6t case sa~ be;
(II) gwund rents, tues, asscssments, Cue, aod otber hazasd iffiaraace p~eainss; .
(III) iaterest on the note secwed hereb~; aod
(I{~ amortization of t6e principal of safd oote.
Any deficiency in the amount af sach aggregate mont6ly payment shall, unless made goai by the mortgagor
prior to the due date of tl~e ne:t snch Qayment. canstitde an event d defanlt under this mortgage. The modgagee
may collect a"late charge" not to exceed t~vo cents (Z~) far each dollar (Sl) af esc~ payment more than fifteen
(15) days in arrears to cove~ the eztra e:peose involved ia handling delinqoent payments.
3. That if the total of the paymeats mrade hy tbe mptg,agor u.ndet (bJ of pacag~aph 2 prereding shall exceed
the amouat af payments actually made bq tbe mortgagee, foc g~raaod reats, taxes aad assessments and insurance
premiums, as the case may be, such ezcess s6a11 be credited by tLe oatg,agee m subsequent payments to be ~
made by the mortgagor. If, hoqvever, the monthly peyoents made by the owctgagoc andec (bJ of paragraph 2 pre- ~
ceding shall not be sufficient to pay gronad rents, tazes and assess~nts and insurance premiums, as the case
may be, when the same s6a11 become due and peyable, tLen tbe matgagor shall pay to the moctgsgee any amount
necessary to make up the deficieacy. oa ar befare the date whea p~yoent of sacb g,round reai~s, ta~tes, assessments,
or insurance premiums shall be due. If at any time tLe matg,agor sLalltender to the mortgagee in accordance with
the pcovisions of the note secared hereby, fn11 payoent af the eatire indebtedness repc~esented thereby, the mort-
gagee shail. in computing the amount of sach indebtedn~s, ctedit to tbe accoont af tbe ~ortgagor all payments
made under the pravisioas of (a) af paragRaph 2 hereof which tLe oatg,agee hss nd become obligated to payto
the Secretary of Housiag and Ucban Develapeeat md auy bnlance remaining in the f~ds aocuraulated under the
pmvisions of (b) of said parag~aph 2. If t6ere s6ell be a defantt ander any d tbe prwisions of this mortg,ege, re- "
sutting in a pubtic saie of the premises covered ~e~eby, or if tbe aortga~ee acquirES the property ot}~er~vise after
deEa~li, the mortgagee sball apply, at tLe time af tbe af soch proceedin~ or at the time tne prop-
edy is othecwise acqnired, t6e balance then ~e'aining in tbe faods accoaulsted ander rb) of P~B~P6 2 preceding
as a credit against the amount of principal then remaieiug mpeid mder said note and s6a11 properiyadjust any
. payments ahich shall have been made nndec (a) d said p~ragRaph.
4. That he will pay all tazes, assess~ents, water rates, and etber gaveramental or mnnicip~l charges, fines,
a impositioos, for Whicb provision has not been made heeeinbeEace, and in defaalt the:eof t6e mortgagee may pay
the same; and that he will pcaoptly deliver t6e dficial ceeeipts tLerefor to the eatpgee.
8~~169 P~1845
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