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Home My WebLink About2807 . ~ S . . ~ .r ~ t . ..~id mo~lgagut dorc hereby futl~~ w~c~aot ~he title to seid land, and eve~y p~rt therro(, and w~ll delrnd the same aga~nst the lawtul cla~ms ot all persuns whomsoever. PROVIDED AI,N'AYS. and these pcesents aM executed ond delive~ed upon the following conditions, to wit: ~~T~hwe ~m~ortgegoc ag~ees to pay the mortgagre, oc o~det, the principal sum ot ~Y~~~~~ ~ S~ ~ ~P ~~~~~~~~~~MN~~~~~MN~~NNNM~M~~~~M~~~M~~~ Uollars (S 18,600.00 as evidenced by • note of even date he~ewith, with i~tecest ftom dete ~t the rete of ~ig11k i~ ofN~lt pe~ centum ( ~ 7G) per a~aum on the unpaid balance until paid. The said principal and inte~est shall bo peyeble ~t the ottice oI BTOCX'1'Oti. Ml~1T~d!• 011VI~1 ~ OOM~NNY. 100 1ir~C B~r 8ts~eet, J~cksonvill~. L~losidu. or at such other place as the holde~ oE tfie note may designete in writing. in monthly instailments of Olli 8t~ p~~~ ~p 03npp__w.._~~______~_-0ollprs (5143.03 coma~eocing on the tirst day of J~ , 1971 . and on the tirst day of each month thereafter until the principol a~d interest a~e fully peid, except that the Etaal paymeM of pri~cipal and iate~est. if not sooner paid. shall be due and payable oo the fi~st day of O~c~be=• Z000. . And shoil duly. promptly. end fully pedocm. discha~ge. execute. effect. complete. and comply with and ebide by each and every the stipulatio~s. agreements~ conditio~s. and covenanta of said pcomissory note ond of this mortgage. then this mortgage and the estate hereby created shall cease and be nul! a~d void. A~d the a~tgeQa fueth~~ covenanta ss fottows: ~ ~ 1. That he wlll pay the indebtedness. as hereinbefoce prQVided. Privilege is reserved to poy the debt in whole, or in an amount equ~l to one or mae monthly payments on the principal that are next due on the note. on the first day of a~y month prior to maturity: P.o~~ided, however. that written notice of an intention to exercise such privilege is given at least thitty (30) dayra prioc to prepaymeat; and, Qrovjded fu~taer~ th~t in th~ event the debt is peid in [ull p~ior to maturity end et that time it is iosured uader the provlsions of the Nationel Housin~ Act. he will pay to the mortgagee an adjosted premlum charge ot one per centum (1'X) of the otiglnal ptincfpel aidount the~eof. except that in na event shall tAr adjuated preieium exc~ed tl:e aggce~ate amount 'ot ~reyatum• cbor~tes Mrhich would heve been payable if the moctgage had continued to be i~su~ed until meturity; such paya~ent to be applied by the mort- gagee upon its obligatioe~ to the. Secretary of Nousing and Urban Development oe account of moetgage insuronce. 2. That, in order moce fully to protect the security of this mortgage. the moctgagoc. together with. and in addl- tion to, the monthly peyments undec the term~ of the note secured hereby. on the first day of each month until the said note is fully paid. witl pey to the mortgagee the follawing sums: ~~il An amount su[ficient to provide the holder hercoi witb tunds to pay the next morteaQe insuraace premium it thls instru- ment and the note secu~ed hereby are insured, or • monthly charQe (in lieu ot a mortQaQe insurance premium) it they ~re held by the Secretary ot Housing and Urban Devslopmeat. •s [ollowrs: (1) I( and so lone as said note ot even date and this i~stn~ment ore insured or ore rcinsured under the pwvisioas ot the National Housing Act, an amount sufticient to accumul~te in t4e hands ot the holder one (1) month prior to Its due date the annuai mortgage insur~nce premium, in order to pwvide such holder witb [unds lo p~y such premium to lhe Secretary ot Housing and Utban Developmeat pursuant to the N~tioA~l Housin~ Act, as amended. ~nd ~pplicable ReQu- lations thereunder; or • (Il) i[ and so long as said note ot even date and this iast~ument are held by the Secretary ot HousinQ ond Urban Develop- meet, a monthly char~e (in lieu of a morteage insunnce premium) which shail be in ~n amount equrl to one-twel[th (i `12) ot one-hal( (!4) per centum ot the average outstondin~ balonce due on tde nute computed without t~lclne into account delinquencies or prepayments; /ti/ A sum equal to the ground rents, if anr, ne:t due, plus the premiums that will next become due aod p~yable on policies ot fire and other hasacd i~surance coveria~ the mortgaged property, plus tazes and •ssessments ae:t due on the moK- gaged property (all as estimated by the mort~aQee) les• all suma already paiA there[or divided by the numbec of moaths to elapse betore o~e month prior to the d~te when such ground rcats, prnoiums, ta:es, ~nd ~ssessmeats wrill become de- linquent, such sums to be held by mortQa~ee in t~ust to p~r said ecouad rents. premiumr, taYes. ~nd special ~ssessmmts; and _ ~ € /c/ All payments mentio~?ed in the t~ro preceding subsections ot this par4Qraph and al! payments to be made under the note . E secured herebp ahait be added to~ethe~ aad the agg~egate amount therco[ shsll be paid by the mortQr~or each month in a ~ single paymeat to be applied by W! awrt~a~~e to the [ollowjp~ j~pps in the order a~t tottb: (I) premium charees under the coatract ot iusuraace with. the Secretary oI Housin~ aad Urbaa Development, or monthly F charge pn lien o'~ mort~a~r insur~ce premlwn), as the cfse mo~ be; ' ~ (II) grouad rents, tazes, assessments. [ire, and other h~zard Insuranae premiums; (IIl) intercst on thc note secured het+rby; and (I~ amortization o[ the princip~l ot s~id note. Any deficiency in the amount of such aggregate monthly payment shall. unless made good by the matgagor prior to the due date of the next such payment,, constitute an event d default under this mortgage. T'Fe modgagee may collect a"late charge" not to exceed'two cents (2~) fa each dollar_(S1) of each payment more than fifteen (15) days in anears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the peyments made by the mqrtgaRoc under .(b) of paregraph 2 pceceding shall exceed the amount of payments actually made by the mortgagee. for gronnd redts; taxes and assessa~ents aad insurance , premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be : made by the mortgagor. U, however. the monthly payments made by the matgagor under (bJ of paragreph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm.~nts and insurance premiums, as the cese ~ may be, when the same shall become due and p~yeble, then the matgsga shell pay to the mortgagee any amount ~ necessary to make up the deficiency, on a befae the date whea payment of such gcound rents~ taxes, essessments, ~ or insurance premiums shall be due. If at any time the mortgagor shall tender to the modgagee in accordance with ~ the provisions of the note spcured hereby, futl payment of the entire indebt~dness represented thereby, the mort- gagee shall, in computing the amount of such indsbtedness, credit to tht account-of the matgagor all paymeats made under the provisions oE (a) of parag~raph 2 hereaf ahich the moctgagee has not become obligated to payto - tbe Secretary oE Housing and Urban Development and aay bal~nce remaining in the funds accumulated under the provisions of (6J of said pacagraph 2. If there shalt be a default under any of the provisio~s of this matgage, re- sulting in a public sale of the premises covered ~ereby. or if the matgagee ecquires the property other~vvise after default, the mortgagee sh~11 appty, at the tia~e af t!k commene~seat of such proceedings a at the time the prop- erty is othe~rise acquiced, the balance then remaining in the funds eccumulated under (6) of para~raph 2 preceding as a credit against the amount of principel then remaining unpaid under said note and shaU pcoperlyadjust aay payments which shall have been a~ade under (a) oE said Qaiagraph. 4. That he will pay all t~icea, asseasments, water ratea, and dhet governmental a municipel charges, fines. or impositions, for ~rhich provisioc~ has ~ot been mede herei~befae. and in default thereof the mortgagee may pey . the same; and that he wiU promptly deliver the official receipts therefor to the mortgagee. ~188 .~2~~ ; { . _ - ~:~.w < _ -