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HomeMy WebLinkAbout1128 ~ , said mortgabur does hcreby [ull~~ wacrant the title to said land, and every pact thereoi, and will defend the same against the lawful claims o[ all persons whomscevec. PROVIDED ALN'AYS. and these presents are caecuted and deli~•ered upon the follo~~ing conditions, to wit: The mortgagor agrees to pay the mortgagec, or order. the principal sum of ZWELVETHWSAPD O1~~itJPDIimFIFTYand 00/100--------~ Dollars (S 12,150.00 as e~idenced by a note of even date herewith, with interest frum date at the rAte of six per centum ( 6 Rb) per annu~: on the unpaid balance until paid. The said principal and interest shall be payable at the otfice of STOCiCPON, W~TIEY, DAVIN & COMPANY. 100 West Bay Street, Jacksonville, Florida, ar at such other place as the hoider of the note may designate in tiritir~g, in monthly installments of S'IS`VENPY~'iW0 and 90/100- - - - - - - - - ~'Dollars (s 72.90 commencing on the first day of April . 1968 , and on the tirst day of each month thereafter until the principal ar.d interest acr tully paid, except that the final payment of principat and interest, if not soflnec paid, shall be due and payable on the (irst dey of March, 1998 : And shall duly. promptly. and full~~ perform. discha~ge, execute, e[fect, complete, and comply with and abide b~~ each and every the stipulations, agreements, conditio~s, 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 covenants as follows: ~ 1. That he wil! pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt i~ whole, i or in an amount equal to one or more monthly payments on the principal that are next due on the note, on the first } day ut any :nonth prior to maturity: Prui•iJed, however. that written notice of an intention to exercise such privilege _ is given at least thirty (30) days prior to prepayment; and. provided further, that in the event the debt is paid in ' full prior to maturity and at that time it is insured undet the pra~~isions of the National l~ousiag 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 eaceed the aggregate amount of premium charges which would have been payable if the moctgage had conti~ued to be insured until matucity; such payment to be applied by the moct- gagee upon its obligation to the Secretary of Housing and Urban Development on account of mortgage 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 day o[ each month until the said note is fuliy paid. will pay to the mortgagee the following sums: /a) An amount sufficienl t~ provide the holder hereo[ with funds to pay the neYt mortgage insurance premium i[ this instru- ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) i[ they are hetd by the Secretary of Housing and Urban Development, as follows: (I) If and so long as said note of even date and fhis instcum nt are insured or are reinsured under the provisions of the National Housing Act, an amouat sufficient to accun6~ in the hands of the holder one (1) month prior to its due date the annual mortgage insurance premium, in ~+der to_provide such holder with [unds to pay such premium to the Secretary of Housing aad Urban Developmeni pursuanf to the National Housing Act, as amended, and applicable Regu- lations thereunder; or . (II) If and ~SO long as said note of even date and this instrument are held by the Secretary of Housing and Urban Develop- ' ment ~ saqnthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth (li 12) o[ one-half (y,) per centum ot the average outstanding balance due oa the note computed without taking into , account delinquenciea or prepayments; (6) A sum equal to the ground rents, if any, next due, plus fhe premiums that wiil ne=t become due and payable on policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mort- gaged property (ali as estimated by the mortgagee) less ali sums already paid therefor divided by the number of months to elapse be[ore one moath prior to the date when such ground rents, premiums, taxes, and assessments will become de- ~ linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, tnxes, 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 amount thereof shall be paid by the mortgagor each month in a i single payment to be applied by the mortgagee to the following items in the order set forth: t (n premium charges under the contract ot insurance with the Secretary of Housing end Urban Development, or monthly ' charge (in lieu ot mortgage insurance premium), as the case may be; ~ (II) ground rents, tazes, assessments, fire, and other hazard insurance premiums; ~ (III) interest on the note secured hereby; and (IV) amortization of the principel of said note. ' Any deficiency in the amount of such aggregate monthly payment shall, uhless made good by the mortgagor ~ prior to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee ~ may collect a"late charge" not to exceed two cents (2Q) for each dollar (Sl) of each payment more than fifteen ~ ~ (15) days in arrears to cover the extra expense involved in handling delinquent payments. ~ - ~ 3. That if the total of the peyments made by the modgagor under (6J of paragraph.2 preceding shall exceed ° the amount of payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance ~ 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 matgagor under (6J of paragraph 2 pre- ceding shall not be safficient to pay gFound rents, taxes and assessm~~nts and insurance 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 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 indebtedness, credit to the account of the mortgagor all payments made unde~ the provisions of (aJ of parag~aph 2 hereof which the mortgagee has not become obligated to payto the Secretary of Hotising and Urban Development and any balance remaining in the funds accumulated under the provisions of (6J of said paragraph 2. If there shall be a default under any of the pcovisions of this mortgage, re- sulting in a public sale of the premises covered ~ereby, oc if the moctgagee acquires the property otherwise after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- erty is otherwise acquired, the balance then remaining in the funds accumulated under (bJ of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid undec said note and shall properlyadjust any payments which shall have been made under (aJ of said paragraph. 3 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, ot impositions, for which provision has not been made hereinbefae, and in default thereoE the mortgagee may pay the same; and that he will promptly deliver the official receipts therefor to the mortgagee. E ~ ~ s~x 170 ~ 1125 ~ ; ~ Y~ _ } ` ~ ~Y' ~ ' . r~ :