HomeMy WebLinkAbout2581 ~aid mortgago~ does hereb~~ fulh• e•arr~,n~ ~he title to s:~id !pnd. and e:•er~ p.~rt the~reof. and wil! defend the same
aga~nst the lawful claims ~t ai1 pecsons a•humsoe~•er.
PRO\~1DED ALN'AYS, and these prrsent~ Hre F~e~a~ed ar.d deli~•ered upan ihe fotlo~ving conditions. to veit;
The moitgagor agrees to pay the r.~ortgager. or ucder. ~hr prinripal ~on o(
Nine Thousaud Tvo Hundred and no/100 - - - - - - - - - - -
Dollacs ~S 9~200.~ a` e~ide~red M a ni~ie of e~en da~e hc~ewith with interest from date s+t ihe
rate of 9~ per ceuum 1 ( per annum on the unpaid balance
ant:l paid. The said pr~ncipal and inte~est ~h;,l1 be Fa~~a~le ~t the o[ticr• .~f $tOC~CtOA~ tihatley,
Davin & Compaqq, 100 i~est Bay 3trset, Jacksonville, Florida. 32202~
or at such other place as the holder of the n~~~e ma~• des~gnate in ~critin~.. in }rc~nthh• insta~lments of
FiYty-five 8rid 2V~100 - - - ~ ~ [~o1l~+rs (c e~e)~20 coma~encin~ on
the first da1• of . 19~ .:+nd ~m thc~ firct c~s~• of e;,rh monti~ she~«fter ~ntil the prinripal
and interest are fnU~• paid, except ih~t the fin:+! F•a~°imm i~nnrit~~l ~nd i~~rrest. i( nui s.~oner p;ud, shall b~ ~iu~
and pa~~able on ihe tirst da~• of April, 1998. •
:4nd shall duly, promptly, and fullr petic~rm. di~ch,+rKr. ~ xecutc . c ffc-ct. romplc•te. and r~~m~~l~ H ith ahd ah;d~-
by each and every the stiPulstions, aKrerments, c~ndi~io~s. .+nd ca~•enam~ of said piom~s~orr note and oi this
mortgage, then this mortgage and the e~tate he~eb~ cre..ted shall ceacc and be null and ~•~~id.
And the mortgagur further cuvenants as tullow•s:
1. That he will pa~ the indebtednes~, as hereinbe[~~re pro~-ided. Prlvilegc is resereed to pa~• the debt ~n ~~~hcie.
or in an amount eyual to one or more monthly pa~•ment. nn ~hc principal that are next due un the n~te. on the first
da~- of any month prior to mdturity: 1'.•~rid~ ~i. huw•~ver. ~ha~ ~.~•ritten notice of an intention tu exercise such p~i~•il~~~c
is given at least thirty (301 da~•s ptior lo prepa~•ment; and. pro~•ided turthcr, that in ihe ~~•ent the debt is paid in
full prior to maturit~• and at that time it is insured under the pro~•isions uf the National Housing Act, he W ill Fa~• to
the mortgagee an adiusted premium charge of one per centum (1°-~) nf the original principal amount thereot. exce~t
that in no event shall the :~djusted premium exceed the aggregate amuunt ot premium charge~ which would lia~e
been payable if the mortgage had continued to be insured until maturit~•; such payment 1o be applied b~ th~ mort-
qagee ~pon its ~bligation Io the Secretary of Nousing and Urban De~•elopment on account oi mortgage insuran~e_
2. Tha1, in ordFr rt~ore iullti~ to protect the security of thi~ mortga~e, the mortgagor, togethcr ~vith, and in ;+ddi-
tion to, the monthty paaments under the terms of the nute ~ecured hereby, on the first day of e~rh :nonth until ±h~-
said nute is fu11~• ~>aid. ~~~:1 pa~• to the r.:ortga~ee the tollowing sums:
~rr: An .is•uunt cuflicu•n: ta prucide the h~~ldcr he:cut w~ih fur.ds to pa~' the ne!tl motlKage insurancr pmn:iam if th~s :r.~tru-
m~n: :.nd thr notr =~•curt•d hrnrb~ ere ±nsured, or a monthiy rharge (in lieu ot a mortga~e insurancr pn•rn~ur..l it ~F.r}• a~r
h~•]d the Secrrtarc r.[ Hvu~ ine anJ t'rban Devc lop~:ent. a~ follows: •
(1 i if ~nd so irn~; a. ~nid n. tc• uf rvi•n dete and this inslzumrnt am insured or are retnsured undrr Ihe ~ru~•~s~un~ .~l tLe
\:,tionel Nou~:~r.~ Ac~. .+n .~r.:oiint sufi~cirnt to a~•cu:nulale in the hanJs of lhe holder one tll ~-r~nth {•nar t~: .t~ ~:::e
d~te• tht annua+l r.:nrt~aqr ir:~-urance pr~a.ium. in ordrr to provide such holder hith tunds to pay surhpre:r.ii:^: t~~ tL~•
Secrr:an :~f H~~u~in~ ~nd Vrt•dn Deceloprcent pur~uam tc• tLe 'Vatiuna? Housing Act, as amended, ran~i appli~ .~}~.1~• Re
la~~~•~ns thrn•nr.de r: nr
•II If anci s~~ i~•nz ~a~d n.~!e of e~•en date and ihis instrumrnt :+rc hetd bc the Secretary of H~~u~~nK and (JrLan D~•.-~'••e -
r..tnt. :..~~a~hl~ char~e ~m lieu ot a mortgage ins~rsncr premium~ ~chich shali ne in an emo4nt equal tu une-t:tiritth
~ I 1!~ '•f c~c•-haU ti per cc•ntua: of the aceragc eut~t~ndin~ Ualence due un the note cor.~put~d ~~'ithout lakme in!~
account del~r~qc:Er.c~rs or pr~~peyrr.enls;
~ A sur.. a•qu:+l to tnF grcund rents, if any, next due. ~Ius thr pre:riums that ~vill next brcor.~e du~~ and pa~able ~~n poli•.i~.
of f:r~- and otF.er F.azard ~n~urancr .:overinR the :r.ort¢agcd property, plus tsxes and assessmrnt~ next due ~n thc• r. ~ r!-
i paged propertg 1811 a~ r~t~mated U~- the Toriga¢ee) ii cs ail ~ums alrcadt' raid therr(ot di~•idc-d h. the nunt~cr o( mvr.~:i~
~ to r2ap~e brfvre one month pnor to the Jatr •shcn s~ch f:r:•ond rrnts, pre~r:~uris, taxes, and assessm~ntv wiil bc-cor.:t• dr-
linyurnt. such =u:~.s to hc• h~•ld Sv :n.-.rteagee in !rust to pa~• said grnund tPi1l5, 4~i1•D71UT5, taxes, andcpecialbssessn.cn!~
~ arid
~ r AII peyr.:i•n:s ^tentior.ed ~n thP tuo precediaQ subsrct:ons ihis pa:agraph and all pa~•mrnts be n~ade undr: tL~ n• :r
cerared ?ierebe +hall L~e added tn¢ether and the aR~Te~ste r~~::.:unt thereot sh~.)i he gaid thc- r.~rt~;~R•.~r each nvnlh a
~ s~n~:1e p:.vrt:rnt t~ Ue applia•d by thr r...~rt~agee to the fullowing items the c•rder set te~rlh:
jI) prrr..~um r?~:.rgrt ::nder thr ~~atract i~t ins~rance :~ith the S~•creta:~• uf }iousing and Crb:sn Decelvpment, ~~r mc r.tiil~•
char~e ~ia iicu of mott~agr msurancr premium j, as thr ca~e mat• be;
~ til) groLnd rent=, taxes. assessrr.ents, fire. and other hazdrd :nsurance pri•rraums;
:Iil) interest un thc note secured hrzebv; and
(IVl an~ortization ef the principal of ~a~d note.
~ any deficiency in the ~nc+unt of such aggregate moathl~ payment shall. unless m~+de ~oad by the mortKagor
prior to the due date of the next such ~ayment. c~nstitute ~n e~•ent ot default under t:~is r.-ortv:+ge. The mort~aRee
~ may coilect a":ate charge" not to exceed tw~o cents (2c) for each dollar tSU of each ps~•rt:ent more than filteen
(15) days in arrears to cover the exlra expense invol~•ed in handling delinquent pa~~ments. . -
~ 3. Tnat if the +otal of the payments :r.ade by the nortgagor under ibJ uf Faragraph 2 preceding shall exceed
~ the amount of payrt:e~ts actually made by the mcxtgagee. Eor ground rents, taxes and assns~ments and insucance
~ premiums, as the case may be, such excesc shall be credited by the mortgagee on subsequent paS•ments to be .
made b~• the ~r:ortgagor. If, ho~ever. the munthlY payment~ made b~• ihe mortgagor under 1 ~f paragraph 2 pre- `
~ ceding ~hall not be snffici~nt to pa~• ground ients, taxes ~nd assessma3:ts and insurance premiums, as the csse :
~ may be, when the sa~;,e shs11 becor,e dae and p~;vable. then !he mortg~gor shall pa~• to the mortgagee an~~ amount ;
= necessary to make ap the deficiencc, on or be[ore the date when pa}•ment c~i ~uch ground rents, taKes, assessments, •
~ cr insurance pre:riiums shall be due_ I( at any iime the r~~ttgagor shali tender to !he mortgagee in accordance with !
~ the provisio~s of the note sccured herebv, ful! payment of the entire i:debtedness represented thereby, the mort-
~ gagee shall, in computing the amc,unt of such indebtedness. credit to the account of the m~rtgagor all payments
= ~ade vnder the pro~~isions of rul of paragrapn 2 hereof :vhich the mc~rtgsgee has not becrmP obligated to pat•to
- the Secretory of Hausing snd Urben Development and am• balance remsining in the tunds accumulated under the
'rt pro~~isic,ns o[ !LJ of sa~d para~raph 2. If there shal) be a detaalt under any of the pro~~isioa~ ot this mortgage, re-
; sultinq in a public saie of the premisc~s cove:ea ierebv, nr if the mort¢agee acquires the properiy otherwise atter
dFfault, the mortgagee shall anpiy. at the t~me of the commencement of scch proceedin~s or at the time the prvp-
~ ertv ts otherv~-ise acquired. the balance ~hen remainine in the funds accumulated under I of paragcaph 2 precedinq
~ as ~ ctedit against the amount of principal then remaining unpaid under said note and shal: properlyadjust an}
p~~cre~ts xhich shall have been made under !u 1 of said pdraRraph.
~ 4. That he will pay all taxes, assessments, a~ater :ates. and other go~~ernmental or municipel charges, (ines,
or impositions, for uhich provision ha~ not been made hereinbefore, and in default thereof the mortgagee may pa~•
~ the same; and that he ~ ill ptomptly deliver the official receipts therefor to the mvrtgagee.
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