The URL can be used to link to this page

Home My WebLink About0175 ! ; . , ~ s~id mortgagor does hereby tulty warrant the title to said land, and e~~ery~ part thereof, and will defend the same against the lawful claims ot all persons whomscever. PROVIDED AI,WAYS. and these presents are executed pnd delivered upon the following conditions, to wit: The mortgagor agcees to pay the mortgagee, or order, the principal sum of ~~~g,]~~ q~ ~ggp ~ FIPTY 11~ID 1~i0/100 ----------------------------------------------j------------------------- Dollacs (S Y7•~0.00 as evidenced by e note of even date herewith, with interest from date at the rate of eiq2Yt i on~~lf per centum ( 8~ per annum on the u~paid batance u~til paid. The said principal and interest shall be pa~•able at the office of 9TOCKTON, i+iffi??T~Y, D71VIN & QO~MP~i~NY, 100 West Bay 8treet, Jacksonvilla, Florida, or at such other plaee as the holder ot the note may designate in writing, in monthly installments of ~ HL1I~IDRED THIRT~f-O[at ]1t~ID 88/100 ---------------------pollars (S 131.88 commencing on the first day oi JautiaL'y . 1971 . and on the first day of each month thereafter untiltheprincipal and inierest are fully paid. except that the final payment of principal and interest. it not sooner paid. shall be due and payable on the first day of DeCe~bex', 2000. And shall duly. pranptly. and fully perform. discharge, execute, efEect, complete, and comply with and abide by each a~d every the stipulations. ag~eem~nts, conditions, and covenents of said promissory note and of this mortgage. then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor tucther covenants as iollows: ~ ~ - 1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt i~ whole. or in an amount equal to one or more monthly payments on the principal that are next due on the note. on the first day of any month pcioi to maturity: Pro~~ided, however. that written notice of an intention to exercise such privilege is given at least thidy (30) days pria to prepayment; and. provided further. that in the event the debt is paid in full prior to maturity and at that time~ it is insured under the provisions oi the National Housing Act, he will pay~to the mortgagee an adjusted premiam charge of one per centum (196) of the original prinCipal amount thereof, ex e t that in no event shall~ the adjusted premium exceed the aggtegete amount of preauum charges which ~vou~ heen payable if the mortgage had continued to be insured until maturity; such payment to be applied by tti~.mort- gagee upon its obligation to the Secretary of Housing and Urban Development on accoant of mortgage insurance. 2. That, in order more 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: (ri/ An amount su[ficient to provide the holder hereof with [u~ds to pay the next mortgage insurance premium i[ this instne- ment and the note secured hereby are insured, or a monthly charge (in lieu o[ a mortgage insurance premium) i[ they are held by the Secretary of Housing and Urban Development, as [ollows: (I) It and so long as said note of even date and this instrument arc insured or are reinsured under the pmvisions af the National Housing Act, an amount sufficient to accumulate in the hands oi the holder one (1) month prior to its due date the annuat mortgage insurance premium, in order to provide such holder with funda to pay such premium to the Secretary of Housing and Urban Development pursusnt to the National Housing Act, as amended, and appticable Regu- tations thereunder; or (lI) If and so long as said note of even date and this instcument are held by the Secretary ot Housing and Urban Develop- ment, a monthly charge (in lieu oi a mortgage insurance premium) ahich shail be ia an amouat equal to one-twel(th (1 12) of one-half (!5) per centum ot the average outstanding balance due oa the note computed without taking into account delinquencies or prepayments; (h~ A sum equai to the ground rents, if any. ~ext due, plus the prem.iums that will oext become due and payable on policies of fire .and other hazard insurance covering the mortgaged property, plus ta:es and assessments next dne on the mort- gaged property (all as estimated by the mortgagee) less ali sums already paid theretor divided by the number of months i to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments will become de- linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, tazes, and special assessments; i and - ' {ci All papments mentioned in the two preceding subsections ot this paragraph and all payments to be made under the note E secured hereby shall be added together and the aggregate amount thereof shali be paid by the mortgagor each month in a ~ single payment to be applied by the mortRagee to the following items in the order set [orth: ~ (I) premium charges under the contract of insurance with the Secretary of Housing and Urban~Developme~t, or monthly fi charge (in lieu of mortgage insurance premium), as the case may be; 4 (II) ground rents, ta:es, assessments, tire, and other hazard insurance premiums; ~ (III) interest on the note secured hereby; and ~ (IV) amortization of the principel ot said note. Any deficiency in the arhount of such aggregate monthly payment shall, untess made good by the mortgagor prior ta the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2Q) for each dollar (Sl) of each payment more than fifteen (15) days in arrears to cover the entra expense involved in handling delinquent payments. 3. That if the total of the payments made by the modgagor undet (bJ of paragraph 2 preceding shall exceed ~ the amount of payments actuaily 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 moctgagor. If, however, the monthly payments made by the mortgagor under (bJ of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessments and insurance premiums, as the case ~ may be, when the same shall become due and payable, then the mortgugor shall pay to the modgagee any amount ~ necessary to make up the deficiency, on or befae the date when payment of such ground rents. taxes. 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 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 mortgagor all payments ~ made under the provisions of (aJ of paragraph 2 hereof which the mortgagee has not become obligated to payto the Secretary~ of Housing and Urban Development and any balance remaining in the funds accumulated under the ~ provisions of (6) 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 otherwise after default, the mortgagee shal! apply, at the time oE the commenceaient of such proceedings or at the time the prop- ~ erty is othecwise acquired, the balance then remaining in the funds accumulated under (6) 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 (a) of said paragraph. k,~ 4. That he will pay all taxes, assessments, water rates, and dher governmentat or municipal charges, fines, or impositions, for which Provisio~ has not been made hereinbefore, and in default thereof the mortgagee may pay ~ the same; and that he will promptly deliver the official teceipts thetefor to the moctgagee. ~ ' ~ i~~89 ~ 1~5 ~ ~ . ~ , _ _ : g~~ ~ : , ~ _ ~