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HomeMy WebLinkAbout0567 ' . ' . .;~~d mortgagur duec heteby [uil~• w•ar~ant the title to se~d land. and e~~r~}• pa~t thereaf, and will defend the same ~~gainst the law•[ul claims ot all pe~sons whomsoever. PROVIDED Ai,NAYS. and these p~esents are executed and delivered upon the tollowing conditions. to wit: The mortgago~ agrees /o pay the matgagee. or o~det, the principal sum of xv~~ Fn~t ~ro ~to/lo0 Dollars (S 16,350.00 as evide~ced by a note of even date hecewith, with interest from date at the rate o[ ei9~ & pM-~it pec centum ( 8~ 9'.) per annum on the unpaid belance unti! paid. The said principel and interest shall be payable et the oftice of ~ 8TOCIQ+ON, N1~ATiaY, DAVi~t & COMPwNY, 100 ~at H~y 8tfra~t. Jacksonville, Flcrida, or at such other place as the holder of the note may designate in wciting. in monthly iestellments of Q~ Ht~ '11~M-1rIVE 11ND 73/100 Dolla~s (S ~5.73 commencing on the first day ot Pbb~7Riary . 1~1 . a~d on the first day ot' each month thereafter untiltheprincipel and interest are Eully paid. except that the final payment of principal end interest. it not sooner paid. shall be due and payabte on the ficst dey of ~7a~yasy, ZQpl~ A~d shall duly. promptly, end fully perform, discharge, execute, effect. complete, and comply with artd abide by each and every the stipulations. agreements. coeditions, and covenents of said promissory note and of this mortgage, then this mortgage and the estate hereby created shall cease and be null snd void. ~ And the matgaga Eu~ther cove~ants as follows: 1. That he will pay the indebtedness, as hereinbetore provided. Privilege is reserved to pay the debt in whole, or ~n 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 prior to maturitp: Pro~•idPd, however, that written notice ot an intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and, provided fudher; that in the event the debt is paid in full prior to maturity and at that time it is insured under the provisions o[ the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1%) of the original principal amount thereof. except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which aould have been payable if the mortgage had contiaued 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 Eully to protect the security of this mottgage. the mortgagor. together with. and in addi- tion to, the monthly payments under the terms of the note secuced heceby, on the first day of each month until the said note is fully paid. will pay to the mortgagee the following sums: _ jal An amount su[ficieat to procide the holder hereof with tunds to pay the next mortgage insurance premium iE this instru- ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) if they ore held by the Secretary of Housing and Urban Development, as tollows: ~ . (I) If and so long as said note ot even date and this instrument are insured or are reinsured under the provisions of the \atior.al Housing Act, an amount sut[icient to accumulate ia the hands of the holder one (1) month prior to its due date the annual mortgage insurance premium, ia order to provide such holder with funds to pay such premium to the Secretary ot Housing and Urban Developwent pursuant to the Notional Housing Act, as amended, and applicable Regu• lations thereunder; or (II) If a~d so lo~g as said note of even date and this instrument are held by the Secretary o[ Housing and Urban Develop- nent, a monthly charge (in lieu ot a mortgage insurance premium) which shall be in an amount equal to one-twelfth ( i 12) ot one-half (1~) per centum of the average outstanding balance due on the note computed without taking into account delinquencies or prepayments; !~~r A sum eq~al to the ground rents, if any, ne:t due, plus the premiums that will rtext become due and p~yable on policies of f~re and other hazard insurance covering ths mortgaged property, plus ta:ea and assessments ne:t due on the mort- gaged property (all as estimated by lhe mortgagee) less all sums already paid therefor divided by the number of months ' to elapse before one month prior to the date whea such ground reats, premiums, torks, ond assessments will becomr de- - ~ iinquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, tazee, and special assesaments; and ~ i ~c-/ All payments mentioned in the two preceding subsections of this patagraph and all payments to be made under the note i ~ se~ured hereby shail be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a 1 ~ single payment to be applied by the mortga~ee to the followine items in the ordet set torth: ? ~ (I) prem?um charges under the contract of insurance with the Secretary o[ IiousinQ and l7rban DevelopmeaC, or monthly ~ ~ charge (in lieu ot mortgage insurance p?eauwn), as the cas~ may be; , ~ (lI) ground rents, taxes, assessments, tire, and other hazard insurance premiums; i (IlI) interest on the c?ote secured hereby; and t (1V) amortization of the princi{wl of 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 oE default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2~) for each dollar (Sl) of each payment more than fifteen ~ (15) days in arrears to cover the extra expense involved in handling delinquent payments. ~ 3. That if the total of the payments made by the modgagor under (bJ of paragraph 2 preceding shall 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. If, however, the monthly payments made by the mortgagor under (b) of paragraph 2 pre- ceding shall not be suEficient 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 mortgagor shall pay to the mortgagee any amount ~ necessary to make up the deficiency, on or before the dete whea payment of such ground rents, taxes, assessments, _ or insurance premiums shall be due. If at any time the morigagor shall tender to the mortgagee in accordance with ~ the provisions of the note s~cured 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) oE paragRaph 2 hereof which the mortgagee has not become obligated to payto k. tbe. Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the provisions of (bJ of said paragraph 2. IE there shaU be a default under any of the provisio~s of this mortgage, re- ~ sulting in a public sale of the premises covered ~ereby, or if the mortgagee acquires the property otherwise after ~ de(ault, the mortgagee shall apply, at tM time of the commencement of such proceedings or at the time the prop- erty is othecwise acquired, the batance 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 (oJ of said paragraph. ~ 4. That he will pay all taxes, assessments, water rates, and other governmental or municipel ch~cges, fines, _ or impositions, tor which provision has not been made hereinbeEae, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the official receipts therefor to the mortgagee. , ~c ~ ~ N~ ~ ~oo~ 169 ~ ~ ~ ~ - . - ~ ~ ~ ~ ; : : ~ ~ _ . - ~ , s~~.. _t ~ .w_~x~~,