HomeMy WebLinkAbout2563 said mongagor dces hereby fully waccaet the title to said land. a~d every patt thereof. and will defend ~he same
agai~st the lawful clsims of al! perscu~s whomsoev~r.
PROVIDED ALWAYS. and these presents are executed a~d delivered upon the following conditio~s. to wit:
Th~ mortgagor agrees to pay the mortgagee. or ordec. the principal sum of I~TIi~ THOUSAPD SIX HUI~DR~
FIFTY and 00/100- - - - - - - - - - - - - - - - - - ^ - - - - - - - - - - - - - - -
Dolla~s (S 9,650.00 as evidenced by a note of even date herewith. with interest Erom date at the
rate of six per centum ( 6 X) per annum on the unpaid balance
until peid. The said pr[ncipal and interest shall be payable at the office of S"taC1CrON, W}~TLEY, OAVIN &
CQMPANY, 100 West Say Street in Jacksonville, Florida,
or at such other place as the holder of the note may designate in writing. in monthly instailments of
FIFTY-S~VEN and 90/100- - - - ~ - - - - - Dollacs (S 57.90 commertcing on
the first day of Febluary . 1468 , and on the first day of each month thereafter untilthepcinciFal
and interest are fully paid, except tl?at the final payment of pcincipal and interest. if not soone~ paid. shell be due
and payable on the first day of Janusry, 1998 :
And shell duly, pranptly. and fully pedocm. discharge. execute. effect. complete. and comply with and abide
by each and every the stipulations. agreements. conditions, and cove~ants of said pranissory note and of this
mortgage. then this mortgage and the estate hereby created shall cease and be null and void. .
And the mortgagoc further covenants 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 more monthly payments on the principal that are next due on the note. on t!~e first
day of any month prior to maturity: Provided, however. that written notice of an intention to exercise such privilege
is given at lAast thidy (30) days prior to prepayment; and. provided fudher. that in the event the debt is paid in
Eull prio~ to matucity and at that time it is insured under the provisions of the National Housing Act. he will pay to
the mortgagee an adjusted premium charge of one per centum (196) 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 mortgage had continued to be insured until maturity; such payment to be applied by the mort-
gagee upon its obligation to the Secretary of Hoosing and Urban Development on accou~t of mortgage insurance.
2. That. in order more fully to protect the security of this mortgage. the mo~tgagor. 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 until the
said note is fully paid. will pay to the mortgagee the following sums:
(a) An amount sufticient to provide the holder hereo[ with [uads to pay the ae:t mortgage insunace premium i( this instru-
mmt andthe aote secured hereby are insured. or a monthly charge (~n lieu of • mortgage insurance prea?ium) it they are
held by the Secretary of Hoasing and IIrbaa Development, as [ollows:
(I) If and so long as said note of even date aad this insWment are insured or orc reinsured uader the provisions of the
Natio~al Hwsing Act, an amount sutficieat to accumulate in the hands of the holder one (1) month prior to its due
date the annual mortgage iasurance premium, in order to pwvide such holder with fuads to pay such premium to the
Secretary of Housiag and Urbaa Pevelopment pursuant to the P1~tioaai Housing Act, as amended, and applicable Regu- i
,
latioas thereuader; or .
(II) If and so Iong os said note of even date aad this inst~ument are held by the Secretary of Housing and l)rban Develop-
~ , ment, a monthl~ charge (in lieu o( s mortgage insurance premium) wr6ich ahall be in an amount equal to one-twelfth
(1/12) of one-half ('h) per centuo of t6e average outstaading balance due on the note computed without taking into
'I account delinquencies or prepayments;
~ (b) A sum equal to the ground rents, it any, pe:t due. plus the premiums that wili ne:t become due and paysble on policies
of fire aad oWer hazard insuraace covering the mortgaged property, plus taxes anc' assessments next due on the mort-
gaged propeRy (all as estimated by the mortgagee) less ail sums already paid theretor divided by the number ot months
to elapse betore one month prior to the date when such ground rents, premiums, tazes, and assessments will become de-
linquent, such swas to be held by mortgagee in trust to pay said ground rents, premiums, tazes, and special assessments;
and
(c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note
secured hereby shall be added together and the aggregate amwnt thereof shall be paid by the mortgagor each month in a
single payment to be applied by ffie mortgagee to the tollowing items in the order set torth:
(n premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or mo~thly
charge (in lieu of mortgage insurance premium), as the case may be;
(II) ground rents. tazes. assessments. Eire, and other hazord insurance premiums;
([II) interrst on the note secured herrby; ond
([1n amortisation of the princi~wl of soid aote. -
Any deficiency in the amount oE such aggregate monthly payment shall, unless made good by the mortgagor
prior to the due date of the next such payment, constitute an event af default under this mortgage. The modgagee
may collect a"late charge" not to exceed two cents (2~) for each dollar (S1) of each payment more ths.n fifteen
(15) days in arrears to cover the extca expense involved in handling delinquent payments.
3. That if the total oE the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed
the amount of payments actually made by the mortgagee. for gcound rents, taxes and assessments and insurance
premiums, as the case may be, such excess shalt be ccedited by the mortgagee on subsequent payments to be
made by the mortgagor. If, however, the monthly payments made by the mortgagor under (6J of paragraph 2 pre-
ceding shall not be sufficient to pay ground rents, taxes a~ assessments and insurance premiums, as the case
may be, when the same shall become due aad p~yable, then the mortgagor shall pay to the mortgagee any amount
necessary to make up the deficiency, on or befae the date when payment of such ground rents, taxes, assessments,
or insurance premiums shall be due. If at any time the modgagor shall tender to the mortgagee in accordance with
the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort-
gagee shall. in computing the amount of such indeb~ede~ss, credit to the account of the mortgagor all payments
made under the prwisions of (oJ of paragraph 2 hereof which tl~e mortgagee has not become obligated to payto
the Secretary of Housing and Urban Development and any balance remaining in the Ennds accumulated under the
provisions of (b) of said paragraph 2. IE there shall be a default under any of the pcovisioas of this mortgage, re-
sulting in a public sale of the premises covered ~eceby, or if the mortgagee acquires r:~~.:.:!~ otherwise after
default, the mortgagee shall apply, at the time of the commencement af s¦~=!: proceedings or at the time the prop-
erty is othecwise acquired, the balance then remaining ia the funds ~ccumulated under (b) of paragraph 2 preceding
as a credit against the amount of principal then remaining unpaid under said note ar.d shall properlyadjust any
payments which shall have been made under (a) of said paragraph.
4. That he will pay all taxes, assessments, water rates, and other~overnmental or municipal charges, fines.
oc impositions, Eor which provisian has not been made hereinbeEore, and in default thered the modgagee may pay
the same; and that he will promptly delivet the official receipts therefor to the modgagee.
a~x 169 P~ 2545