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HomeMy WebLinkAbout0121 s:,id mortgdgor does hereby fully warrant the title to satd land, and e~~ery part thereof, and will de(end the same dgainst the lawful claims of alf persons whomsoever. PROVIDED ALN'AYS, aad these presents are executed and delivered upon the tollowing conditions, to wit: The mortgagoc agrees to pay the matgagee, or order. the principal sum of SIxT8Bl~1 1~IOt~ND FIVE HZII~IDRBD tIFTY 711~D N~/100------------------------------------------ Dollacs (516~550.00 as evidenced by a note of eve~ date herewith, with interest from date at the rate o[ eiy~ ~ p~-~~ per centum ( 8~ 9G) per annum on the u~paid balance ' until paid. The said principal and interest shall bc payable at the oftice o[ SPOCI~TON, NHi?TiisY, D7?VIN & 00ltPwllY, 100 t~iest H~y 8treet. Jackaoaviile, Florida, or at such dher place as the holder of the note may designate in writing, i~ monthly installments of Q~Ig HU~1D1t8D TTSNTY-SSVSN atyd 27/100--------9ollars (S 127.27 • coma~encing on _ the first day of Ja=it1A~y . 19 71 . and on the first day of each month thereafter untiltheprincipal ~ and interest ace fully paid~ except that the final payment of principal and interest. if not sooner paid. shall be due and payable on the first day of Dec~be]~, 2000. ' And shall duly. promptly. aod fully pedorm, discharge. execute. eEfect. complete. and comply with aad abide by each and every the stipulations, agreements. conditions. and covenants of said pcaaissory note and of this mortgage. then this modgage and the estate hereby created shall cease and be nul! and void. And the matgagor further coven~ots as follows: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole. or in an amount equal to one oc more monthly payments on the principal that are next due on the note, on the first day of any month prior to maturity: Pro~~id~d, however, that written notice of an intention to exercise such ptivilege is given at least thirty (30) days ptia to prepayment; a~d. provided Eudher, that in the event the debt is peid in full prior to maturity and at that time it is insured under the provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (196) of the otiginal principal amount thereof, except that in no event shall the adjusted pree~ium exceed the agg~egete amount of premium charges which would have been payable it the mortgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on accoant of modgage insarance. _ 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with, and in addi- tion to, the monthly payments under 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 follawing sums: (~1 An amount sufficient to provide the holder hereof with tunds to pay the ne:t mortgage insurance premium it this instru- ment and the nate secured hereby are insured, or a monthty charge (in lieu of a mortgage insurance premium) if they are held by the Secretary o[ Housing and Urban De~elopment, as follows: (I) I( and so long as said note ot even date and lhis instrumeat are insured ot arc reinsured under the proviaions ot the National Housing Act, an amount sutficient to accumulate in the hands ot the holder one (1) month prior to its due date the annuai mortgage insurance premium, in order to ptovide such holder with [unds to pay auc6premium to the Secretary ot Housing and Urban Development pursuant to the N~tional Housin~ Act, as ameaded, and applicable Regu- lations thereunder, or (Il) 1[ and so long as said note of even date and this instrument are held by the Secretary ot Housing and Urban Develop- ment, a monthly charge (in lieu of a mortgage insurance premium) which shall be io aa amount equat to one-tweltth (1 12) ot one-hal( (!5) per centum of the average outstanding balance due o~ the note computed without taking into account delinquencies or prepayments; - (l~1 A sum equal to the ground rents, if any, next due, plus the premiums that will ne:t become due and payable oa policies of fire and other hazard insurance covering the mortgaged property, plus ta:es and assessmeets ae:t due on the mort- gaged property (all as estimated by the mortgagee) lesa all sums already paid therefor divided by the numbet of months to elapse before one month prior to the date wfien such ground rents, premiums, tazes, and ~sseasmeats wrili become de- ; tinquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, ta:ea, aad special assessmeats; f and 0 ~ (r/ A11 payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note secured hereby ahall be added together and the aggregate amoant thereo[ shall be paid by the mortgagor each aioath in a singie payment to be appiied by t6e mortQaQee to the tollowing iteans ie the order set forth: (I) premwm charges under the contract o[ insuraace with the Secretary of Housing and Urban Development, or monthly . chacge (ia l~eu ot mortgoee insursnce premium), as the case may be; ~ (II) ground rents, taxes, assessments, [ire, and other hazard insurance premiums; (lll) interest on the note secured hereby; and (IV) amortization ot the principal o[ said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such payment, constitute an event d default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2~) foc each dollar (Sl) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. Tfiat if the total of the p~ayments mede by the modgagor under (6J of paragraph 2 preceding shall exceed the amount of payments actually made by the matgagee, for gronnd rents, taxes and assessments and insurance premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be ~ made by the mortgagor. If, however, the monthly payments made by the mortgagor under (b) of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm.~nts and insurance premiums, as the case ~ may be, when the same shall become due and payable. then the mortgugoc shall pay to the mortgagee any amount ri necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes. assessments, ~ or insurance premiums shall be due. If at any time the modgagor shall tender to the mortgagee in accordance with - the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- ~ gagee shall, in computing the amount of such indebtedness, credit to the account of the moctgagor all payments ~ made under the pradisions of (a) oE paragcaph 2 hereof which the mortgagee has not become obligated to payto ~ the Secretary ot Housing and Urban Development and any balance remaining in the funds accumulated under the provisions of (bj of said paragraph 2. If there shall be a default undec any of the pcovisio~s of this mortg,age, re- ~ sulting in a public sale of the premises covered ~ereby, or iE the mortgagee acquires the property otherwise after ~ default, the mortgagee shall apQly, at the-time oE the commencement oE such proceedings or at the time the prop- ~ erty is otherwise acquired, the balance then cemaining in the funds accumulated under (bJ of paragraph 2 preceding ~ as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any payments which shall have been made under (o) of said paragraph. ~ 4. That he will pay all taxes, assessments, water rates, and othet governmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefae, and in default thereof the mortgagee may pay ~ tbe same; and that he will promptly deliver the official receipts therefor to the mortgagee. ~ . . ~0~189 r,~ 12'j ~ ~ . _ ~ ~ - . ~ Y y~,. y ~ ~ : ~x -R ~ ~ : ~ _,,t,.. " ~ ~ . : . ~ .