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said mortgugor does hereby tully warrant the title to soid land, and every patt theteof, ond will de(end the same
aga~nst the lewEul claims ot ail pe~soas whomsoever.
PROVIDED A1,WAYS. and these presents are executed and delivered upon the Eollowing co~ditions. to wit:
The mortgego~ ag~ees to pay the mortgagee~ o~ order. the prir?cipal zum of
~ ~ ~ ~ ~ M~N~~~~~~N~~MN~~N~~~N~~~~~~~~~~Nw~~~
Dollars (S 17,500.00 as evidenced by e note of even dete herewith. with intecest from date at the
~ete of a~ ~ Op~~l! pe~ centum ;~f.) pec annum on the uapaid bala~ce
until paid. The said principal and interest shall bo payable at the office o[
~OCk'L~0li • M~i~! • 0~1RN i~, 100 Ilr~t H~ ~srs~l. Jaok~oavill~ • lLosida •
oc at such other ptace as the holder of the note ~oay desigaate in writiag. in monthly iastallmeats of
~ g~ ~y-Z~Q~~ ~ 5$/100 ---------~Dollars (t ~4.58 comme~cing on -
the first day of ~Tannasy , 19 71. end oa the first day of cach moath thereafter untiltheprincipal
and interest ace fully paid. except that the fiaal peyment of principal and interest. iE eot soonet peid, shall be due
and payable on the first day of DeCl~be7t, Z000.
And shall duly, pranptly. and fully pecEorm. discherge. eYecute. effect, comptete. and comply with and abide
by each and every the stipulations, agreements. conditio~s. and coveaants of said promissory note and of this
mortgage. then this mortgege and the estate heceby_created shali cease and be null and void.
And the mat~,p~or jutthe~ cov~n~nts as follows: , . _
1. ThaE he will pay t~e'inde~tedness.~as hereinbefore provided.~ ~ivilege is reserved fo pay t1~e debt in whole,
or in an amount equal to one oc mae monthly payments on the pri~cipel that are ~ext due on the note. on the first
day of any month prior to maturity: Provided. however. that wcitten notice of an intention to exercise such privilege
is given at least thlrty (30) days prioc to prepaymenh and, provided fudher, that in the event the debt is paid in
full prior to maturity and at that tiee it is insueed w~det tbs pca~visions oE t6e Nqtiooal Housias Act, he will pay to
the modgagee aa adjusted pceouum c6acge of one per c~tum (176) o~ the original prie~Epal..qppupt thereof. e:cept
that in no event-sh~~l,the r~?djust4d,pcemiwa exceed,.~he aggre~,ut~ amouat of ptgatium~ qr~e~ wh}Sh;would have
been payable i~ the moitgage had continued to be 'insuced until maturity; suc~ paya~enf to ~e a~plied by the mod-
gagee upon its obligation to the Secretary of Housing and Urban Development on account of mortgage inswance.
2. That. in order moce fully to protect the security of this mortgage. the modgagor, together with. and in addi-
tion to. the monthly payments under the 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:
~n) An amount sutficient to provide the hofder hereo[ with tunds to pay the ne:t mortgaQe insunace ptemium i[ this instru- ~
ment and the note secured hereby are insured, or a monthly charge (in lieu of • mortgage inauronce premium) it they ote
held by the Secretary of Housing and Urban Development, as follows:
(1) I[ and so long as -said note ot even date and this lf1S[NRltlf~ are iasured oc ore teinsured uader the provisioas ot the
1Vational Housing Act, an amount su[ticient to accumui~te in the haads of the holder oae (1) month prior to its due
date the annuai mortgage insurance premium, in order to provide suc6 holde~ wiW funds to pay suc6 premium to the
.Secretary oI Housing and Urban Development pursusnt to the National Housina Act. as ~meaded. and applicable Re~u-
lations thereunder; or
(II) If and so long as said note of even date and this instrament are beld by the Secret~ry of Housin~ and Urban Develop-
ment, a monthly charge (in lieu ot a mortgage insurance prcmium) which sh~ll be ia aw amount equal to one-twel[th
; (1 '12) o[ one-hal[ (yi) per ceatwn o[ the averaee outstanding(bala~ce. due on the note computed aithout taking into
account delinquencies or prepayments; ~
. !h/ A sum equal to the ground rents, it aAy, ne:t due. plus the premiums Wat will ae:t become due and payable on policiea
o( (ire and other hazard insarance covering the moctgoged property, plus ta=es aad assessments aext due on the mort-
gaged property (all as estimated by the mwtgsgee) iess all aums •Ireadq paid theretor divided by the number of months
to elapse be[ore one month prior to the date when such ground tents, preauums. ta=es. and ossessments will become de-
linquent, such sums to be held by mortgaQee in tn~st to pay said ~ouad reats, preaiums, t~zes, and special assessmeats;
i and ~
(r/ All payments rtientioned in the two preceding subsections of this para~raph and all paymeats to be made under t6e note
secured hereby shall be added together and the •g~eeate amount thereof shall be paid by the mortQaQor each month in •
single payment co bt ~ppiied by the mortgagee to the [ollowing items in the o~der set [orth:
(i) premium ch~r~es wider the cot~traeE o[ insurtlcs ~vitb th~ Sicr~tar~ of Ho~iait~ aad thb~a Devllopment, or monthly
ch~rge (in liou of mortga~ insuraacs pre~ium), as the.sase myr b~; - . ,
(II) ground rents; ta=es, ssseasments, tite, and other haaaid insuronce premiumi;' ~
(IIl) interest on the aote secured hereby; and
(l~ ~mortization of the principal of said nota -
Any deficiency in the amount of such aggcegate monthly payment shall, unless made good by the mortgagor
prior to the due date of the nsit sucb payment, constitute an event of default under this mortgage. The mortgagee
may collect a"late charge" aot to e~cceed two ceMs (2t) Eor each dollar, of each payment more than fifteen
(15) days in arrears to cover tbe extra expen~e involved ip hat~d~ing delinquent payments. "
3. That iE the total of tl~e psymeats made by tLe mortgagat-W?det (6) oE 'p~ng~eph 2 preceding shall exceed
the amount of payments actually made by tbe maStgag~ee. _f~:Apyc~d ren4, ta~es and assessments and irisurence
premiums, as _the case may be, such excess shall be credited by the modgagee on subsequent payments to be
made by the mortgagor. If, however, the monthly peyments made by the matgegor under (b) of paragraph 2 pre-
ceding shall not be sufiicient to pay groand rents, taxes and assessm~~nts and insurance premiums, as the case
~ may be. when the same shall become due and payable, tben the matgagoc shell pey to the mortgagee any emount
~ necessary to aiake up the deficiency, on o~ befae the dete whea payment of such ground reats, taxes, assessments.
~ or insurance premiums shall be due. If at any time the mortgegor shall tender to the mortgagee in accordance with
the provisions of the note secured hereby, tull payment of the entire indebtedness cepctsented the~eby. the mort-
gagee shall, in canputing the amount oE such indebtedness, credit to the account of the mortgagor all payments
made under the provisions of (a) of paragroph 2 hereof which the mortgagee haa not become obtigated to peyto
tbe Secretary of Housing and Urban Developmeat and aay balance remaining in the funds accumuletod under the
provisions o[ (b) of~said paragraph 2. If there shall be a default nnder eny of the provisio~s of this mortgage, rr
sulting in a public sale of the premises covered ~ereby, or iE the moctgag~ee acquires the propedy othetwise aEter
default, the mortgagee slwll apply. aL the -time pE tbe como~eacCp?4nt ot such proceedings or at the time the prop-
erty is otherwiae acquired, the balance then remaining in the fun~s accumulated under (6J of paragceph 2 preceding
as a credit against the amount of principel then remaining unpaid undec said note end shall properlyadjust ony
payments which shall have been made under (a) of said~paragraph. `
4. That he ~rill pay aU taxes. assessments, watec rates, and dher governmental oc municipel cherges, fines,
- ot impositioos, for which provision has not been made hereinbeEae, and in detault thereo( the mortgagee may pay
the same; and that he will promptly deliver the afficial ceceipts thecefor to the mortg,agee.
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