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Home My WebLink About1687 ; ~ ~ ' seid moctgagor does hereby fully warrant the title to said land, artd every pa~t thereof. and arill defend the same against the lawEul cleims of all persons whomsoever. PROVIDED ALWAYS. and these presents are executed and delive~ed upon the following coaditions, to wit: The mortgagot agrees to pay the mortgagee, or ocder. the principal sum of FOUR'1'~N THOd5ArD FIFTY and 00/100- - - - - - - - - - - - - - - - - - - - - - - - - - Dollecs (S 14,050.00 as evidenced by a note of evea date hecewith, witb i~terest fcom date at the rate of six per centum ( 6 76) per ennum on the unpaid batance until paid. The said principal and iatecest shall be payable at the office of 9'POCICPON, 1~THATI$Y, DAVIN & CQMP~?NY, 100 t~iest Bay SCreet in Jacksonville, Florida, or et such other place as the holder of the ~ate may designate in writing. in monthly installments of B.IG~SC'3~OOR and 30/100- - - - - - - - - - Dollars (S 84.30 commencing on the first day of .7tiine . 19 68 , and on the first day of each month thereafter until the principal 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 May, 1998 ; And shall duly. promptly. and fully perform, discharge. execute, effect, complete, and comply with ead abide by each and every the stipulations. agreeme~ts. conditions, and covenants of said pcomissory note and of this mortgage, then this modgage and thc estate hereby created shall cease and be nall and void. And the mortgagoc fudher 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 mae monthly payments on the principal that are next due on the ~ote, 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 prioc to prepaymeat; a~d. provided further~ that in ihe eve~t the debt is paid in full prior to maturity and at that time it is insured under tbe provisions of the National Housing Act. he will pay to the modgagee an adjusted premium charge of one per centum (196) of the original principal amount theceof, except that in no event shall the adjusted premium 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 epplied by the mort- gegee upon its obligation to ihe Secretary of Honsing and Urban Development on account of modgage insurance. 2. That. in order more fully to protect tbe 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 of each month until the said note is fully paid. will pay to the mottgagee the following sums: (a) An amount sufticie~t to provide the holder hereot with funds to pay the nezt mortgage insurance premium it this instru- ment oad the aote secured hereby are insured, or a moathly charge (in lieu o[ a mortgage insurance premium) if they ore held by the Secretary of Housiag +u?d Urban Development, as tollows: (I) If and so long as said note ot even date and this instcument are ittsuted or are reinsured ueder the provisions of the National Housing Act, an amount sutficient to accomulate in the hands~o[ the holder one (1) month prior to its due date the annual mortgage itisurance premium, in order to provide such holder ovith funds to pay such premium to the Secretery of Housing and Urban Developmmt pursuaat to the National Housing Act. aa amended, and applicable Regu- lations theieunder; or (II) If and so long es said note of even date and this insttumeat ue held by the Secretary of Housing ond ilrban Develop- ~ meat, a monthly chatge (in lieu of • mortgage insurance psemium) wbich shall be in aa amount equal to one-twel[th (1/l2) of one-hal[ ('iS~) per centum ot the avenge outstonding balance due on the note computed without taking iato account delinquenciea or prepaymeats; (bJ A sum equal to the ground rents. if any. aezt due, plus the Qremiums that will aext become due and payable oo pulicies of rre and other hazard iasuraace covering the mortgoged property, plus taxes aad asaessments aezt due on the mort- ~ gaged property (all as estimated by !he mortgagee) less all sums already paid fhere[or divided by the eumber of months to elapse before one moath prior to the date when such ground rents, premiums, taxes, aad assessments will become de- linquent, such sums to be held by moctgagee in trust to peq said ground rents, premiums, tnzes, ond special assessments; and (cJ 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 togeWer and the eggregate amount thereof shalI be paid by the mortgagor each month in a single payment to be applied by the mortgagee to the follo~ring items in the order set lorth: (n premium charges under the coatract of insurance with t}ie Secsetary of Housing and Urban Development, or monthly charge (ia lieu o# mortgage insnrance premium), as the case may be; (II) gwund rents, ta:ea, assessments. fire, and other hazard insurance premiums; (III) intercat on tLe aote secored hereby; s~nd (I~ amortisation of t6e princlp~l o[ said note. . Any deficiency in the amoant oE such aggregate monthly payment shatl, unless made good by the mortgagor prior to the due date of the next such pa'yment, constitute an event of default under this mortgage. The modgagee may collect a"late charge" not to eacceed two ceats (2~) for each dollar (Sl) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinqueat payments. 3. That if the total af the payments made by the mortgagor under (6J of paragraph 2 preceding shall exceed the amount d payments actually made by the matgagee. for ground rents, taxes and assessments and insurance premiums, as the case may be, such escess shall be credited by the mortgagee on subsequent payments to b~ made by the mortgagor. If, hawever. the monthly payments made by the mortgagor under (b) of paragraph 2 pre- ceding shal~ not be snfficient to pay gro+ind rents, taxes and assessmants and insurance premiurns, as the case may be, when the same shall become due and payable, then the m~tgagor shall pay to the modgegee any amamt necessary to make up the deficiency, on a~ befae the date when payment of such ground rents, taxes, assessments, or insurance pcemiums shall be due. IE at any time the modgagor shall tender to the modgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- gagee shall. in computiag the amount oE such indebtedness. ccedit to the account of the mortgagor all payments made uader the provisions of (aJ of parag~ap6 2 hereof which the matgagee has not becane obligated to payto the Secretacy of Nousing aad Urbaa Developmeat and any balance remaining in the funds accumulated under tbe provisions of (b) of said paragraph 2. IE there si~all be a default under any af the provisions of this mortgage, re- saltiag ia a public sale of the preinises cavered ~eceby, or if the mortgagee acquires the property otherwise after default, the mortgagee shall apply. at the time oE the commencement of such proceedings or at the time the prop- erty is otherwise acquired, the balaace then remaiaing in the funds accumulated under (b) of paragraph 2 preceding as e credit against the amount of principol thea remeining unpeid under said note and shall properly adjust eny ~ paymeMs whic6 shall have beea aade under ra) of said paragraph. ~ 4. That he will pay all taxes, assessa~ents, water rates, and other governmental or municipal charges, fines, or impositiona, foc w6ich pcavisiea has not been made hereinbefae, and in defeult thereof the mortgagee may pay t6e seme; and t6at he will_promptly deliver tbe officiol ceceipts therefor to the modg,agee. ~ ~'~171 ~i685 _ : . . - . . . - 5 ~ - - - - - « ~b ~ . :