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Home My WebLink About2856 _ • ~ ~ . . ~ ~ " said mo~tgagur does hereby iully wa~~ant the titte to said land, and every p~ct thereot, end will detend the same against the lawtul claims of all persoos whomsoavec. _ PROVIDED Al,WAYS~ aod these presents are executed and deliveced upon the following conditions~ to wit: The mortga~oc agrees to pay the mortgagee. or ordec, the priecipol sum ot ~ ~ ~ ~ N~~~MN~~~M~~~N~~~~~~~~w~M~~rN~~N~~~~~~~ Dollars (S ~.500.00 as evide~ced by a note ot even date hecewith. with interest fcom dete at the rete of ~q~ ~ plN~l! pec cent~ta pe~ aanum on the unpaid b~lance until paid. The said princip~l aod intecest shall bo payable at the office oE ~OC~!'ON. M1~R`Li~ • O~t i COIIi~lIY . 100 Ilwt ~~tsNt • Jack~om?ill~ • lLosi~da • sa: or at such other place as lhe holder oE the note may desigpate ia w~iting. ia manthly installments of q~ ~~Y~~p ~ Z7/1pp -----------~ollars (S 14Z.~7 commencing on the Eirst day of ~Ta~sY . 1971 .~d on the Eirst day ot each moath the~eafte~ untllthepcincipal a~d interest ere Eully paid. except that the final payment of principal aad iatecest. if not sooner paid. shall be due and payable on the ficst day of D~b~c, ~000. And shall duly~ pranptly. and fully pedocm. discharge. execute, effect. complete. and canply with and ~bide by each and every the stiputations. agreements. conditions. aad cov~nants of said p~aaissory note and of this mortgage. then this moctgege and the estate hereby cteated shall cease and be null and void. And the mo~tgagor fucthe~ covenaRts as follows: , . . . . . 1. That he will pay the indebte~ness, as hereinbefoie pcbvided. Pri'vil"ege is `reserved fo pay the debt in whole, or in an amount equal to one or more monthly payments on the principel that are next due on the note, on the first day of any month prior to matucity: Pro~~ided. however. that written notice of an intentioo to exercise such privilege ~ is given at teast Hllcty (30) deys prEOr to prepayment; and, provided further. that in the event the debt is paid in full prior to mamrity and et that• tio~ it is insuced uqdec t6e provisions of tbe N~tioaal:Housins J1ct. he will pay to the mortgagee, oa adjysted preen~um shacge Qf .onR pet centus-(1%) O~ the o~i~in~l priastpql• ~PwUOt thereof, except that i~ no event shell.the_ ~djusted pcemium exceed; ~he ag~re~,nte amoynt o p~niwq ch~}r~es ,,~?icl! would have been payable ~if the mortgage haa continued to be insured uatil maturity; suc~~payme~t to'be appllea ~y the mort- gagee .upon its obligation to the Secretary of Housieg and Urban Development on account of mortgage insurance. 2. That. in order more fully to protect the security ot this mortgege. the mortgagor. together with. end ie addi- tion to. the monthly payments under tlie terms 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 following sums: /o) An amount sufticient to provide the holder hereot with tunds to pay~the ne:t mort~aQe iasunnce ptrmium it tdis instru- ment and the note secured hereby are insured, or • monthty charQe (in lieu of a mortQage lasura~ce premium) if they ~re held by the Secretary of Housing ~nd Urban Developmeot, as tollows: (I) !f and so Io~Q as said note ot even date aod this instrumeat ore insured o~ are reinsured uader the provisioaa ot the National Housing Act, ~n amount suf[icimt to accumulate in the haads ot the holder one (1) monW prior to Its due date the annual mort¢a~e Iaswance premium, ia order to provide such hoIder aiW funds to pay suc6 prcmium to the Sec~etary o[ Housin¢ and Utban Development pursuant to the N~tional HousinQ Act, •s ameaded. aad ~pplicable ReQU- lations thereunder; or (11) I( and so tong as said note of even date and this instrumeat are held by the Sectetary oI Housin~ ~nd Urban Develop- ment, a mo~thly charge (in lieu of a mortQa¢e iasurance prem m) ~rvhich sh~ll be ia aa amount equ~i to one-hveltW (1.'12) of one-half (~ij) per centum ot the ~verage outstanding ~ila~ce due oa the aote computed ~rit6out t~kiu~ into account delinquencies or prepayments; . (h) A sum equal to the ground rents. i[ any, next due. plua the premiums. tbat wrill next become due and p~yable on policies of fire and other hazard insurance coveriaQ tbe mortQaQed property, plus ta:es and assessments ae:t due oa We mort- gaged praperty (all as estimated by the mortga~ee) less all suma olre~dy p~id therefor divided by the number of montAs to elapse be[ore one month prior to the date w6e~ such erouad rents. preaiums. tlxes. ~nd asaessmeats ~rill beeome de- r linquent, such sums to be held by mortg~Qee in trust to piy said Qround rents. premiums, ta:es, ond speciaUssessments; j and G (c/ All payments mentioned in the two preceding subsections o( this paraeraph and all payments to be made uader the note ~ secured hereby'shali be added to¢ether aad the a~~egate ~mount thereo[ shall be paid by the mo~tQaQor eoc'~ month in • single paye?ent to be ~pplied by the morteaeee to the [ollowinQ items in tt~e order set torW: (n premiun cl~r6es nnd~r- th! contract o( insarapce Mritb tlle Stct~bry ~t Housia~ ~ad Urb~a D~vtloqnent, or monthly ( charge (in lieu ot mort~,a~e insuraace premium), as t6s c~se may bt; , . , [ (Il) ground tents; taxes, ~sstssments, Cre, and other hss~rd in~urance premiums; ([II) interest o~ the note securcd hercby; and (IV) amortisation ot the principal o[ said note. . Any de[iciency in the amount of such agg~egate monthly payment shell, unless made good by the matgagor prior to the due date of the ~st-sucb payment, constitute an event d defeult under this mortgage. The modgagee may collect a"late charge" not to exceed two ceuts (2~j_ ~a ~ch dollu (Sl) of each payment moce than fifteen ~ (15) days in arrears to cover tht sxtra e~pease involved #g hQedling delinquent pqyments. 3. That if the total of the paymeat~ pwdt by t1~ mottgaga uadet (6) ot poragreph 2 preceding s1~.a11 exceed the amount oE payments actuaUy made by the moct~~ee. fa~ aound reqts. ta~ces and essessments and iasnrance premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent peyments to be made by the mortgagor. if, hoarever. the monthiy payments made by the mortgagor under (b) of paregraph 2 pre- ceding shal~l not be sufEicient to pey gcound rents, taxes end assessmants and insuraace premiums, as the case may be, when the same shall becane due aad psyable, then the mortgaga shal! pay to the moctgagee any amount ~ necessery to make up the deficiency, on a befare tbe date when payment of such ground reats. ta:es, assessments. or insnrance premiums shall be due. If at any time the mottgagor Bhall tender to~he mortgagee in accordance with the provisions of the note secured hereby, full peyment of the entire indebtedness repreaented thereby, the mort- gagee shall, in computing the amount of such indebtedness, credit to the account oE the moetgagor all payments made under the pravisions of (a) of paragcaph 2 hereof ~rhich the mortgagee has not becoine obligated to peyto tbe Secretacy of l~oµsic~ and Urben Development aad ony balance remaining in the funds accumul~ted under the provisions of (b) ot'said paregraph 2. U there shall be a default under Any d tbe provisioas of this moctgage, re- sulting in a public sale of the premises covered ~ereby, oc if tht matga~ee acquires the propecty otherwise after default, the mortgagee sball apply. ~t t!w time of tbt comqence~t of such proceedings or at the time the prop- erty is othe~rise acquired, the balance then cemaining in the funds accumulated under (6) of paragreph 2 preceding as a credit against the amount of prIncipol then remaining unpeid under said note and shaU properlysdjust any payments rvhich shal! l~ave been made under (a) of said Q~ragraph. 4. Tfiat he will Qay all taxea, assessments, ~rater retes, and other goveramental a municipol charges, fines, or impositions, tor which provision has not been made hereinbefoce, and in deEault t6ered the mortgagee may pay - the same; and that he witl promptly deliver the afficul receipts thecefor to the mortg,agee. . ~ ~ ~88 2851 ~ ~ ~ ~ ~ ~ ' ~ _ ° ~ ~ x~3~- h ~r°„~ r-~- ~ ~a~;~~i` ~..3~r~,.~'w . .t., ,.-,:n- . p..{' ~ ~ _ ..~`p_; _