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Home My WebLink About0152 3 ~;~tJ muttg,,Rur du~~s herebq futh• w•arr.~M tho title tu said land. and e~'e~rt p:+tl the~euf, a~d will deicnd ihe s~me ~ eg.+~~st ihe lawful cla~ms of ali persons v~homsoN~•er. j PROVIDED AI.NAYS, and these presents are executed and delivered upon the following conditions, to wit: j The mortgagot ag~ees to pay the murtgagre. ot aider, thr principal sum of 1rII~1'6a1 T~lO(18~i~D a"O~At NOI~RBD ~ FIFTY ~ ~10/100 ' Dollars (S 15~450.00 as e~~ide~ced by a note of even date hecewith, with inte~est from date at the rate of eiq2lt & OM~h~l~ per cen!um ( 8~ per annum oo the unpaid balance E until paid. The said principal and interest shall be payable at the office ot ~ 8TpC14~ON, Mpi~TIBY, DAVIN & OOMPQ~NY: 100 w~est Bay Street, Jac}:sonville, Florida, } or at such other place as the holder ot the note may designate in writing, in monthly installments of ~ 8~1I~~SD EIG~'!~1 ~t~1D 81/100 Dollacs (S ~.81 commencing on the first day ot Ja=itila~y . 19 71, and on the first dey oE each month thereafter untiltheprincipel and interest are fully paid, except that the tinal payment of principat and inte~est, if not sooner paid. shall be due and payable on the first day ot DeCesbar, Z000. And shalt duly, protaptly, and fully pertorm, discharge, execute, effect, complete, and comply with and abide by each and every the stipulations, agreements, conditians, and covenants of said pcomissory note and of this mortgage, then this mortgage and the estate herebx created shall cease and be null and void. And the mortgagor turthe"r covenants es follows: 1. That he will pay the indebtedness, as hereinbefore pruvided. Privilege is reserved to pay the debt in whole, or ~n an amount equal to one or mo~e monthly payments on the principal that are next due on the note, on the first da~• of any month prior to maEurity: P?o~~ided, however, that written notice of an intention to exercise such privilege is given at leact thirty (30) days prior to prepaymeut; and. p~ovided fudher. that in the eveat the debt is paid in full prior to maturity and at that time it is insured under the provisioas of the National Housiag Act, 6e will pay to the mongagee an adjusted premium charge of one pe~ centum (196) of the original principal amount thereof, except that in no event shell the adjusted premium exceed the aggregate amount of pte~nium chargss ahich would have been payable if 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 account of modgage insurance. 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 terms of the note secured hereby, on the first day of each month until the said note is fully paid. wi!! pay to the mortgagee the following sums: , ~~+t An amount sufficient to pravide the holder hereof with (unds to pay the ne:t mo:tgage insurance premium i[ thia instru- ment and the note secured hereby are insured, or a monthly charge (~n lieu of a moKgage insurance premium) if ihey are held by the Secretary o[ Housing and Urban DeveloPment, as follows: (I) It and so long as said note of even date and this instrument are insured or are reinsured under the provisio~s o[ the National Housing Act, an amount su[ficient to accumulate in the hands o[ the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such holder with [unda to pay suc6 premium to the Secretary o( Housing and Urban Development pursuant to the National Housing Act, aa amended, •nd applicabie Re¢u- lations thereunder, or !lt) I( and so long as said nQte ot e~en date and this instrument are held by the Secretary of Housing and Urban Develop- ment, a monthly charge (in lieu o[ a mortgage insurance premium) vvhich shall be in an amount equal to one-twelfth (1 12) of one-hal( (!i) per centum of the average outstanding balance due on the note computed without taking into account delinquencies or prepayments; ~ ~ /h/ A sum equai to the ground rents, i[ any, nezt due, plus the premiums tdat will next become due and payable on policies o( tire and other hazard insurance covering the mortgaged property, plus taxes and assessments nezt due on the mort- gaged propeHy (all as estimated by the mortgagee) leas all sums olready paid there[ordivided by the number of months ~ to etapse betore one month prior to the date when such ground rents, premiums, taxes, and assessments will become de- ! linquent, such sums to be hetd by mortgagee in trust to pay said ground rents, premiums, ta:es, aad special assessments; and ~ /r/ All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note ~ secured herebr shall be added together and the aggregate amount thereof shall be paid by the mortgagor each moath in a " ; single payment to be applied by the mortga~ee to tde [ollowing items in We order aet fu~tlr. ~ premium charQes under the contract of insurance with the Secretary of Nousin~ end Urban Development, or monthly a charge (in iieu of mortgage insurance premium), as th! case may De; ~ (II) ground rents, taxes, assessments, [ire, and other hazard insurance premiums; ~ (III) interest on the note secured hereby; and (!V) amortizatioa o[ the principal o[ said note. ~ Any deficiency in the ar.~ount 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 of default under this mortgage. The mongagee ~ may collect a"late chacge" noi to exceed two cents (2a) for each dollar (S1) of each payment more than fifteen ~ (15) da~~s in arrears to cover the extca expense involved in handling detinquent payments. 3. That if the total of the peyments made by the raodgagor under (b) of paragraph 2 pceceding shail exceed ~ the amount of payments actually made by the mortgagee, for ground 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. [f, however, the monthly payments made by the moctgagor under (6) of paragraph 2 pre- ~ ceding shall not be sufficient to pay ground rents, taxes and assessn~~nts and insurance premiums, as the case ~ may be, when the same shall become due and Payable, then•the moctgsgot shall pay to the mortgagee any amount necessary to make up the deficiency, on a before the date when payment of such ground rents, texes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note sPcured 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 mortgagor all payments + ~ made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to payto + ~ tbe Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the ~ ~ provisions of (L) of said paragraph 2. If there shall be a default under any of the provisio~s of this mortgage, re• ~ ~ sulting in a public sale of the premises covered iereby, or if the mortgagee acquires the property othe~wise after ~ detault, the mortgagee shall apply, at the time of the commene~ment of such proceedings or at the time the prop- erty is otherwise acquired,the balance then remaining in the (unds accumulated under (6j of pa~agraph 2 preceding ~ as a credit against the amount o[ principal then remaining unpaid under said note and shall properlyadjust any ~ payments which shall have been made under (a1 of said pacagtaph. ~ 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, ' ~ or imposilions, for which provision has not been made hereinbefore, and in default thereof the mortgagee may pay i ~ the same; and that he wiU promptly deliver the official teceipta therefor to the mortgagee. ~ ~ ~ ~ g~~~.~ ~ ~ ~~2 ~ s~'.+4~. _ ' 1 - ~ ~ ~ _S~rr..v - . . ~ _ . , . . = c e':.~Pr