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HomeMy WebLinkAbout0251 . ,t;~ said mottgagor does hereby fully werrant the tlUe to said land, and every part thereof, and will defend the same against the lewful claims of all persa~s whomsoevet. PROVIDED ALWAYS. and these preseats are executed and delivered upon the following coaditia?s, to v~it: The mortgagoc ag~ees to pay the matgagee. a order, the pri~cipal sum of Ti1i THOOBiUp litls ~1lD~p • aad 00/100 - - - - - - - - - - - - - - ~ ~ - - - - - - ~ ~ ~ - - - - - ~ ~ - - _ Dolla~ (S 10 ~900.00 as evidenced by a note of evea date herewith~ with interest from date at the rate af ai7t per centum ( 6 y~) per annum on the unpaid balance until paid. The said pri~ipal and interest shall be payable at the ofEice of f 9!'aC~TOM• Mi~TIaY, D11VI1~ ~ CalIPA,MX. 100 ltsst 8ay St.rsst, J~?Cksom?ille • tloti.da, or at such other place as the holder of the aote may designate in ariting, in monthly installments of 8I1TY'~Vi ~ ~0/100- - - - ~ - ~ - - - Dollars (S 65.40 commencing on the ficst day of ~y . 196$ , snd oa the first day of each month thereafter untiltheprincipal and iaterest are fully paid, except that the final payment of principa! aad iaterest. if not sooner paid, shall be due and payable oa the first day of Jturl, 1998 ; And shall duly, promptly. and fully perform. discbarge, execute, effect, complete, and comply with and abide by each and every the stipulations, agreeme~ts, conditions, and covenaats of said pranissory note and of this ~ modgage, then this mortgage and the estate hereby created shall cease and be null and void. ~ ~ Aad t6e matgaga further covenants as follovva: • - - ' i 1. That he Will pay the indebtedness, as hereinbefore provided. Pri'vilege is reserved to pay the debt in whole. ~ or in an amount equal to one or more monthly p~ymeats on the principal that are next due oa tbe note. on ine ficst day of any month prior to meturity: Provided, howevec, that written notice of an intention to exercise such privilege ! is given at least thirty (30) days prior to prepayment; and, provided further, that id the event the debt is paid in ! full Qtior to maturity and at that time it is insured under the provisions of the National Housing Act. he will pay to ~ the modgagee an adjusted premium charge of oae per centum (1%) of the original pcincipal emount thereof, except that in no event shall the adjusted ,preminm exceed the aggregate amount of premium charges which would have 1 been Qayable if the mortgage had continued to be insured until maturity; such psyment to be applied by the mod- gagee upon its obligation to the Secretary of Housing aad Urban Development on account of modgage insurance. 2. That, in order more fully to protect the security of this modgage, the modgagor, together with. and in addi- tion to, the monthly payments under We terms of the note secured hereby, on the first day of each month until the said note is fully paid, will pay to t6e moctgagee the follaving s~ms: (a) An amount sutflcieat to provide t6e l~oldet heteof with funds to pay the ae:t mortgege insurance prea?ium if this instru- ment and the note secured hereby oro iasnred~ or a awnthly charQe (ia lieu of r mortgag~ insurance premium) i[ they are held by the Secretary of Housing and Urb~n Development. as [oitowra: If and so long aa said note af evan date and tlus Instrument arc inswed or are ceinsured nnder the provisions o[ t2~e National Honaing Ac~, Aa amount sniGcimt to accumalate ia the hands of the holder one (1) month prior to its due date the anaual mortgage inswance premium, in ordee to provide r~;~h hoider ~vith~ tunds to pay such peemium to the Secretary of Housing and Urban Development punuont to the Na4oaal Housing Act, os ameaded. aad npplicable Regu- lations fhereuader; or (II) If aad so loag as said aote of evea date rnd this Instmme6t are held by the Secretary of Housing and Urban Develop- meat, a monthly charge (in lieu of a moetgage insunnee' premium) which shall be ia an amouat equal to oae-twelfth (1/12) of oarhalE (yS) pet centum o[ the sverage outataudirig.balance due on the aote computed wit6out taking into accouat detiaquenciea or prepapments; ~ _ (b) A sum equal to the gronnd rents, if any, ne:t dae, plus the premiums W~t ai11 nezt become due and payable on policies of fire and other haaard insuraace covering the mortgaged property~ plus tates and assessments next due on the mort- gaged property (all as estimated by the mortgaqee) less ali sums already paid Weretor divided by the number of months to elapse be[ore oae month prior to the date ~rhen such g~ound reats~ premiums, ta:ea, aad assessments will become de- 1'~ina ent. such sums to be held by mortgagee in trust to pay said ground rents, premiums~ tazes, andspeciaiasaessments; t (cJ All paymeats mentioaed in the two preceding subsectioas of this paragraph and all payments to be made under the note ' secwed herebq shall be added together aad the agg~egote amount thereof ahall be paid by the mortgagor each month in a single payment to be applied by the mortgagee to the following items in the order set forth; , , (n premium charges uader the contract of insurance aith the Secretary o[ Housing and Urban Development, or monthly charge (in lieu of morteage ias~u~nce premium), as the case may be; - (Iq ground rrnts. tazes, assessmeats, fIze. aod oWer hazud insusance premiums; (IA) intereat on the note secured hercby; and (I~ amortization o[ the princlp~l ot said aote. ~ ' Any deficieacy in the amouat Qf such aggregate ~onthly 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 modgegee may collect a"late charge" no: to eaceed two cents (2~) for each dollar (Sl) of each payment more than fifteen (15) days in arrears to cover t6e extra expense involved in handling delinquent payments. 3. That if the total of the payments made by the modgagor under (6J of psragraph 2 preceding shall exceed the amount of payments actuaIly made by the mortgagee. for ground rents, taxes and essessments sad insurence premiums, as the case may be, such excess shall be c:edited by the mortgagee on subsequent payments to be i made by the mortgagor. ff, however, the monthly payments made by the mortgagor under (b) of paragraph 2 pre- ~ cediag shall not be sufficient to pay ground rents, taxes and assessments and insucance premiums, as the case i may be, wheq the same shall become due and payable, then the m~tgaga shall pay to the modgagee any amount i necesssry to make up the deficiency, on or before the date whea payment of such ground rents, taxes, assessments, or insarance premiums shall be due. If at any time the modgagor shall tender to the mortgagee in accordance with ; the provisions of the nate sec~ued hercby, full payment of the entire indebtedaess represented tbereby, tbe mort- i gegee shall, in computing the amount of such indebtedness, credit to the account e# the mortgagor alI peyments ~ made under the pravisions of (a) of parag,raph Z hereof which the matgagee has not become obligated to psy to the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the ! provisions of (b) of said paragraph 2. If there shell be a default under aay of the provisions of t6is mortgpge, ce- 1 sulting in a public sale of the premises covered ~ereby, oc if the mortgagee acquires the property otherwise after ~ default, the matgagee shall apply, at the time of the commeacement of such proceedings or at the time the prop- edy is otheewise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding as a credit against the amouat of prtncipel then remaining nnpaid under said note and shall properlyadjust any peyments which shali have beee made under (aJ of said pacagraph. . 4. That he will pay all taxes, assessmeats, water rates, and other governmental ~ municipal charges, fines. oc impositions, for which provision has not been made hereinbefae, aad in defauit thereof the mortgagee may pay the same; and that he witl promptly deliver the officiat receipta thecefor to the mortgagee. ~ ~ BOOK 17.2 PAGE 251 r , ~ . ' ~ ~ _ _ ~ . Q ~ . - - - - - . ~ _ _ _ .