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Home My WebLink About2724 . ' i t . ~ • _ , r su~d mortgagu~ doc-ia hereby iully wwaant thc litle to sp~d land, ond eve~y p~tt therco(, ond will deteod the same agai~st the lawtul cla~ms of all pecsons whomsoeve~. PROVIDED A1.WAYS~ and theae pceaents ~re execnted aed dellvered upoe the followin~ conditiona. to wit: The mwtga~w egcees to pay the matgagee. w ocdet. the p~incipal sum o( ~ ~ ~ ~ ~'1~N~NN~~~MN~r~~~MNN~~NN~~ Dotlars (Si~ ~pp as evidenced by ~ note ot sven d~te he~ewith. with interest Ecom date ot the ~ate of 8~"~u ~ pe~ centum ( e~~ x.) pe~ a~num on tha unpaid balance until paid. The said p~iocipal oed intecest ahpll bo payable M the otfice of ~i'pC~TON, MN1TtiY. p,11VI11 ~ CONp1NY, 100 11rst 8~t ~t. Jacksoaviil~. ~losida, or at such othe~ place as the Aolder of the note awy desigeate in w~itine. in moethly installments of p1! H~IpR'Rp '1~IR!'Y-ptiE ]11~ 88/100 Dollars (S 131.88 comaiencing on the Eirst day oE J~y ~ 19 71 . aod on the flrat day of each moc~th thereaftec untlltheprincipol a~d intocest are fully paid. except that the final payme~t of p~incipol and intere:t. ff not sooner paid. shall be due and payable on tl~e fi~st d~y of pKy¦~~C~ 2000 A~d shall duly. p~omptly. and [ully-Qedwm. dischor~e, execute. effect. complete. and comply with and abide by each sed evecy the stipuletio~s. pgceements. conditions. a~d covena~ts of said praaissory note ond of this mortgage. thee this mortgage and the estate hereby created shall cease and be null a~d void. And the mat~agoc fucthe~ coveaants as follows: 1. 1'hat he will pay the indebtedness. as he~eiebefore pcovided. Privilege is reserved to pay the debt in whole. i or ~n an amou~t equal to o~e a mae monthty payments on the principal thet are next due on the note~ on the first ; day of any month prioc to maturity; P~o~~ided, however. that wcitten notice of an intentioe to exe~cise such privilege j is given at least thidy (30) days prior to prepeyme~t; and. provided further, that in the event the debt is paid in . i [uli prior to matudty atid a~t th~t time lt ls tnsured undec the provislona oE the NaEional Housing Act, he will pay to the mortgagee an edjasted prsmiuaa charge of a~e per centum (196} of the origlnat principal amount thereof. except ~ that in ~o event s1uU the edjuated premium exceed the o6gcegate amount oE premium cherges which would heve been payable if the matgAge had continued to be insured until metucity; such poymeet to be applied by the mort- gagee upcu~ its obligation to the Secretary of Housing and Urban Developenent on account of moctgage insureace. 2. That. in order eare fully to protect the security of this mortgage, the mortgagor. together wlth. and in addi- tion to, the monthly payments unde~ the tecros of the note secured hereby. on the first day of each month until the said note is fully paid~ will pay to the mortgagee the follo~wieg sums: jul An •moont su[(icient to pwvide the holder heieot wiith [unda to pay the ne:t mortQ~¢e insur~ace promtum lt this instiu- meat +u~d the note secured hereby orc insured, o~ r monthly char~e (in lieu ot a morteage insur~nce premium) I[ they ue held by the Secretaryr ot Housin~ ~nd Urban Development, as tollows: (Il It and so lone as s~id note ot.even d~te and this instn~meat ~rc insured or ~re reinsured uqder the pwrl~ioas ot We Nationol Houai~Q Act, an ~mount sut[icieat to accumulate in the haads of ihe holder one .(1) moath prior to !ts due date the annual mort~aee insuraace premium, ia order to provide such holdei with funds to p~y suc1~ premlum to th~ Secretary ot HousinQ aed Urban Developmeat pursuont to the Natloa~l HousinQ Act, os ~mended. ~nd applicable Re~u- lations thereunder; _ot (ll) It ,~nd so long as said note ot evee d~te this tnstrument ue held by the Secretary o[ Housin~ ~nd Urban Develop- ment, a montAly char~e (ia lien ot • mort~~Qe insuance premium) which shall be In pn ~mouat equ~l to one-tweifth (1 '12) o[ one-h~lf (yL) per centum ot the average outat~~din~ batance due o~ the note computtd writbout taklnQ Iato account delinquencies or prepaymeets; (h! A sum equal to the gwund reata. it aay, ne:t due, plus the premiums th~t ~vill ne:t become due and payabie oa polic[es o( tire and other hazsrd insurance coverinQ the mortQo~ed property, plus tates ~nd ~ssessments ne:t due on the mott- gaged property (ail as estim~ied by the mortg+~~ee) l~ss all sums already patd Werefo~ divided br the number o[ months to elapse betore one moath prior to the date when such eround rcnts, premiums, taxes, ~nd ~ssessmeats ~rili become de- linquent, such sums to be held by mortQa~ee in trust to p~y s~id around re~ts, premiums, tutes, ~odspeci~lassessments; ' and . 4 (c/ All payments mentioned in the twro precedine suDsections oE this par~~raph aad all payments to be made under the note securcd hereby shall bt added toQether and the a~ere~ote amount theroot shall be paid by the taort~aaor each month ia a ~ single payment to be ~pplied br the mon~a~ee to the [ollo~riae itema ia the order set torth: ~ (h premiwn char~ea nnder the contract of insurance ~vith lhe Secretary ot Housin~ and Urban Development, or monthly f charge (ia lieu of moK~e insarance pramium), •s tb~ c~se mar b~; ~ ~ (II) eround rents, taYes, assessments, tire, and other has~rd insurance premiums; (III) interost on the aote sccured herebr; and . (IV) s~ortu~tioa ot the ptincip~l of said note. Any deficiency in the art~nt of such agg~egate monthly payment shall. unless mede good by the mortgagor prior to the due date of the next such~ payment. coastitute an event d default under this mortgage. The modgagee may collect a"late charge" not to e:ceed two cents (2t) for each dollar (SI) of each peyment more than fifteen (15) days in anears to cover the exta eYpense involved la handling delinquent payments. 3. That if the total of tl~e.peymeats mede by the moctgagor under (6) of paragraph 2 preceding shall exceed the amount of payments actually made by the matgagee. foc ~oand e~eats, tazes and essessments and iasurance premiums, as the case may be, such e:cess shall be credited by tbe moctgagee ot~ subsequeat paymeats to be made by the mortgagor. [f, however, the monthly peyments made by the awrtgagor under (6J of paragreph 2 pre- ceding shall not be sufficient to pay ground rents. taxes and assessmants sad insuraace premiums, as the case may 6e, when the same shall become due and payable, then t~ matgagoc shall pey to the mortgagee any amount ~ necessary to make up tl~e deficiency, on a befae the date whea peyment of such ground reats. tazes, assessments, ~ or insurance poemiums shall be due. If at eay time the modgaga shall tender to the mortgagee in accocdance with the provisions of the note secured hereby, full peyment of the entire iadebtedness represented thereby, the mort- gagee sball. in c~pnting the amount oE such indebtedeess, credit to the account af tl~e mortgagor all payments made under the pravisions of (a1 d poragraph 2 hereof which the matgogee has not become obligated to peyto the Secretaiy of Housiag and Urban Devetopmeat and any balence remaining in the funds accumulated under the provisions of (6) oE said paragraph 2. If thece shali be a default under aay af the provisions oE this moctgage, re- ~ sulting in a public sale oE the premises covered iereby, oc if the mortge~ee acqtures tbe property otherwise after default, the mortgagee sholl apply, at the time d the caamepce~t of such proceeding~ ur at the time tbe prop- erty is othecwise acquiced. the balence thea remaining in the fnnds accumulated under (bJ of paragcaph 2 preceding as a credit against the amouM oE principol tben remaining unpaid under said aote aad shall properlyadjuat aay payments which shall have been aiade under (01 of said pangraph. 4. That he aill pay all taxes, essessments, water rates, aad other govemmental a municipol charges, Eines, a impo~itions, for ~rhic6 provision has not been made hereinbefae. and in default thereof the moctgagee may pay ' the same; and that he will promptly deliver tbe dficial receipts thereEor to the mortg,sgee. ~i88 ~2719 , ~ - _ . _ _ _ .r