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Home My WebLink About1292 • ~ . j i`~ ~ saiJ ~~:~~r:~agoc does heceby tulty warra~t the title to said land, and every pact thereot. and wlll defend the samr againai tne lawtul claims of all persons whomscevec. ['i2U\'IDED AI.IYAYS, and these p~esents are executed and delivered upon the followi~g conditions. to wit: ~f1.L ?nortgagor agcees to pey the mortgagee. or ocder. the p~I~cipal sum of ~i~I ZtiOUSADD FOUR Ht11~D~ FIFTY and 00/100- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Dolla~s (S 10,450.00 as evideac~d by a note of evea date herewitb, v~rith iatecest from date at tlte rete of Six and ttsree~ourth ~ per centum ( 6 3/4 per annum a~ the uapaid balance uatil ~.~.d. The said principal aad interest shall be payable at the oifice a~ S'1'aC1CPON, I~TI$Y, DAVIN & C~lPANY, 100 i~iest Bay Street iu Jucksonville, Florida, a at auc:li other place.as the holdec of the note ~nay designate in writing. in monthly installments of S17CPY-.~'+~SVSN atld 82/100- - - - - - - - - - Dollacs (S 67.8Z commeacing on the fi~~t day of Novembe~C , 19 68. and oa 1he first day of each mont6 thereafter untiltheprincipel and inteiest are fully paid, except that the final payment oE principal and intecest, it not sooner paid, shall be due aad payable an the Eirst day of October, 1998 : And shall duly, pranptly, and fully pecform, discharge~ execute, effect. complete. snd comply with and abide by each and every the stipulations. agreements, conditions, and coveaants of said promissory note and of this mortgage. thea this mortgage acd the estate hereby cceated shall cease and be aull and void. And the mortgagor further covenants as follows: 1. That he will pay the indebtedness. as hereinbefore pcovided. Pri'vilege is reserved to pay the debt ia whole, or in an amount equal to one or more monthly peyments on the principal that are next due on the note. o~ the first day af any month prior to maturity: P?ovided, however. that writtea notice of an intention to exercise such privilege is given at least thidy (30) days prior to prepeyment; and. pcovided fudher, that in the event the debt is paid in full prior to maturity and at that time it is insared under the provisioas of the National Housing Act. he will pay to the mortgagee an adjusted premium charge of one per centum (1%) of We original principel amount thereof, except that in no eveAt shall the adjusted premium eYCeed the aggregate amount of premium charges which would have been payable if the modgage had continued to be insured uatil maturity; such payment to be applied by the mort- gagee upoa its obligation to ~the Secretary of Housing and Urban Development on accouat of modgage insurance. 2. That. ia ocder more fuUy to protect the security of this mortgage, the modgagor, together with~ and in addi- tioa to. the monthly payments under the terms of the not+~ secured heceby, on the first day of each month until the said note is fully paid, will pay to the modgagee the follawing sums: (a) Aa amount sufflcient to provide the hQlder 6ereot wit6 [unds to pay the nezt mortgage insurance premium if this insw- ment and the note secured hereby are insured. or a moathly charge (in Ileu o[ a mortgage insuraace premium) if they are held by We SeCretary of Housing and Urban Development. as foAows: (1) U oad so loag as said note ot evea date and this instrument are iasured or arc celasured under the provisiona of the National Ho~sing Act. an amaiat s~[Ccient to accumulate ia the hands of the holde~ one (1) moath prior to its due date the w~aual mort~age insarance premium. in order to .provide snch holder with funds to pay suchpremium to the Sccretary o[ Housing pnd Urban Development pursuant to the Nptional Housine Aet, os amended, ond applicable Regu- latioas thereunder, ot (II) If and ao long os said aote oE evea date and thia instrument are held by tbe Secretary of Housing and Urbaa Develop- ment. a monthly charge (in lieu ot a mortgage insurance premium) ahich shall be in an am~unt equal to one-twelfth I; (1/12) of ono-hslf (y4) per centum of the average outstanding b~l~nce dae on the aote comp~ted ~rithout taking iato ~ accouat delinquencies or pcepp~ments; i (6) A sum equal to the Qround rents, if aar. nezt due. plus the premiuma t6at ~rill nezt become due anQ p~yoble oa policies of Cue aad other hazard inauraace covering t6e mortgaged propeKr. plns ta:e: aad assecsments nest due on the mort- ` gaged pwperty (all as estimated by the mortgagee) lesa all sums already paid there[or divided br the aumber of months ~ to elopse before one month prior to the date when such ground reats, prcmiums. ta:es, and assessmeats ~vill become tie- linquent. such swna to be held br mortgagee in wst to pay said gwund reats, premiums. tazes, andspecialassessments; aad ~ I (c) All payments mentioned ia the hvo preceding subsections of this pangropd and all payments to be made uader the note ~ secured hereby shall be added together wtd the agg~e~ate amouot theteof shall be paid by the mortQagor esch month in • ~ single payment to be applied by t6e mortgegee to the following ite~ns in tbe order set forth: (n premium chuges under the contract of insurance with the Secretarq of HausiaQ and Urbao Development, or monthly cbarge (in liea of mortgage inaurance premiua?), aa ihe case may be; around rents, tues, assessmeats, fire, and other hazard insurance premiuma; (IIn ietercst oa the note secured hereby; aad (1~ amortisatioa of the principal of sald aote. , Aay deficieacy in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the ae:t snch peyment, constitnte an event of default under this mortgage. The modgagee may collect e"late charge" not to ezceed tYvo cents (2~) fa each dollar (Sl) of eacb payment ~nae than fifteea (15) deys in anears to cover the e:tra espease iinrolved ia handling delinquent payments. 3. That if the total of the payments made by the modgegor uader (b) of paragRaph 2 pceceding slsall exceed the amount of payments actually made by the moctgagee, foc ground rents, taues and assessments and iasurance premiums~ as the case may be, such excess s6a11 be credited by the mortgagee on subsequent payments to be ~ made by the modgagor. If. however, the monthly payments made by the mortgagor under (b) of paragcaph 2 Qre- . cediog shall aot be sufficient to pay gROUnd rents, taxes and assessmaats aad insurance premiums, as the case rt may be, when the same shall become due and payable, then the mortgega shall pay to the mortgagee any amouat ~ necessary to make up the deficiency, on or befoce the date whea paymeat of such g~ound renta, taxes. assessments, ~ or insucance premiams shall be due. If at anq time the mortgagar shall teader to the mortgagee ia accocdaace witb ~ tbe provisions of the note secnred hereby, full peyment of the entire indebtedness repn~sented thereby, the mort- ~ g,agee shall, ia comp~rtiag the amount of such indebtedness, credit to tLe account of the matgagor all peyments ~ made under the pravisions of (a) af paragraph 2 hereof arhich t6e matgagee has not bec~e obligated to pey to the Secretary of Housing and Urban Developmeat and any balance reawining in the funds accumulated w4der the provisions of (bJ af said paregraph 2. If there shell be a default undet any of tl~e provisions of this moctg,age, re- sulting in a pnblic sale of the premises covered lereby, ar if the matga~eee acqnires the propedy dheraise aftec default, the mactgagee shall apply, at the time of the commencement of sach proceeding~ or at t6e time the pcop- erty ia othetvnise acquired. the belence then cemaiaing in the fnnds accumulated under (b) of peragruph 2 preceding as a credit a~siast tbe amouM of principal t6en remainiag onpaid nnder said note and shall properly adjust any payments which shall have been made uader (a) oE said parag~apb. 4. That he aill pay all tasea, assessments, watet rates, aad other governmental or municipel charges, fines, a impositions, for ahich provisioa has aot been made hereinbeEore, end in default thereof the mortga~eg moY pa~y, the seme; and that he will promptly deliver the oEficial r~ceipts therefor to the mortgsgee. . eoac 17~ ~12$3 ~