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Home My WebLink About0661 • . ' ~ . f 1 . { s.~id murtK.,~u~ duc•s hercby full~• w~arrant the t~tlc to said land, and e~~er~• patt thereot, and w~ll defrnd the same ~ a~ainst the law[ul cla~ms of all persons whomsocve~. ~ PROVIDED ALIA'AYS, and these presents a~e executed and delivered upon the following conditions, ta wit: ~ The mortgagoc agrees to pay the mortgagee, or order, the p~incipel sum of s=~ ~~p ~p~p uro Nonoo ~ Dotlars (S 18~5~•~ as evidenced by a ~ote of even ete he~ewith, with intetest from date at the ~ rate of Qi9~ ~~'~1~ per centum ( 8~ 9G) per aanum on the unpeid balance t until paid. The said principal and interest shall bc payable et the office of 8TOC1Q'ON, MB1TtiK. W1V'ilff ~ OOM~INY, 100 1i~e Bsy Street. Jackaor?vill,~? Flosida. ; or at such other place as the holder of the note may desig~ate in wciting. in monthiy installments of ~ Ht~ FQ[t'1'Y-ZNO 11ND Z7/100 ---------------------~pollacs (5142.27 commeaeing on the ficst day of g~ . 1971 . and on the first day of each month thereafter untilthepcincipal and interest are fully paid. except that the final payment oE principal and interest. it not sooner paid. shall be due and payable on the first day of J8~il~ary• 2001. And shall duly. pranptly, and [ully pertorm. discharge. execute, effect. complete. and comply with a~d abide by each and every the stipulations. agreements, conditions, and covenants of said pranissory note and of this mortgage. then this mortgage and the estate hereby created shall cease end be nuli and void. And the matgagor further covenaats as follows: ~ 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whoie. or in an amount equa} to one or more monthly payments on the principal that ace next due on the note. on the first day of any month prior to maturity: Pro~•ided,.however, that written ~otice of an intention to execcise such privilege is given at least thirty (30) days prior 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 ptovisions of the National Housing Act, he will pay to the mortgagee an adjusted premiua~ charge of one per centum (19G) of the origi~al principel amount thereof. except that in no event shall the c3djusted premium exceed the aggregate amount of premium charges vvhich would have been payable if the modgage 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 payme~ts 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: ~~+1 An amount su(ficient to provide the holder he~eof with [unds to pay the ne:t mortgage insurance premium it this instru- ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage inaurance premium) if they are held by the Secretary ot Housing and Urban Development, as follows: (I) It and so Iong as said note of even dat~ and ihis instrument are insured or are reinaured under the pwvisions of the National Housing Act, an amount sufficient to accumulate in the handa of the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such holdec with funds to pay such premium to the Secretary of Housing and Urban Developmmt pursuant to the Nationsl Housing Act, as amended. and applicablc Regu- lations thereunder; or (II) If and so long as said note o! even date and this instrument are hetd by the Secretary oE Housing and Urbaa Develop- ment, a monthly charge (in lieu ot a mortgage i~surance premium) wbich shall be in an amount equal to one-twelfth (1 ' 12) ot one-half (!h) per centum ot the average outstanding balaece due on the note computed without taking into . account delinquencies or prepayments; (l~~ A sum equal to the ground rents, if any, neYt due, plus the precniums that wiil ne:t become due and payable on policies of [ire and other hazard insurance covering the mortgaged property, plus ta:es and assessments nezt due on the mort- gaged property (atl as estimated by the mortgagee) less all sums ~tready paid theretot divided by the number ot months to elapse be[ore one month prior to the date when such gmund rents, premiums, taxes, and assessmeats will become de- l~nquent, such sums to be heid by mortgagee in trust to pay said ground rents, premiums, tases, and special assessmeats; and j (r/ All payments mentioned in lhe two prcceding subsections o[ this paragraph and all payments to be made wnder the note ; secured hereby shall be added together and the aggregate amount thereot shall be paid by the mortgagor each month in o f single payment to be applied by the mortgagee to the folloainQ iteios in the order set forth: ~ premium charges under the co~tract of insnrance with the Secret~ry ot'Housing and Urban Development, or monthly ~ charge (in lieu ot mortgage iasurance premium), as the case ma~ be; ~ (II) ground rents, taxes, assessments, [ire, and olher hazard insurance premiums; (IlI) i~terest on the note secured hereby; and qV) amortization of the principai of 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 oE default under this mortgage. The modgagee may collect a"late charge" not to exceed t~vo cents (2e) for each dollar (Sl) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent peyments. 3. That if the total of the payments made by the modgagor under (b) of paragcaph 2 preceding shall exceed the amount of payments actually made by the matgagee, for gtound rents, taxes and assessments and insurance , premiums, as the case may be, such excess shall be credited by the moctgagee on subsequent payments to be ~ made by the mortgagor. If, however. the monthly payments made by the mortgagor under (b) of paragraph 2 pre- ~ ced~g shall not be sufficient to pay ground rents, taxes and assessmants and insurance premiums, as the cese ~ may be, when the same shall become due and payable, then the mortg4gor sl?a_li pay to the mortgagee eny amo~nt necessary to make up the deficiency. on a befoce the date when payment of such ground rents, taxes. assessments, ~ or insurance premiums shall be due. If at any time the mortgagw 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 mortgagot all payments ; made under the provisions of (a) of paragraph 2 hereof which the moctgagee has not becwne obligated to payto ~ the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the ~ provisions of (bJ of said paragcaph 2. If there shali be a default under any of the pcovisio~s of this mortgage, re- ~ sulting in a public sale of the premises covered iereby, or if the mortgagee acquires the propedy otherwise after ~ default, the mortgagee shail apply, at t6e time d the commenceneat of such proceedings or at the ti~ne the prop- ~ erty is otherwise acquired, the balance then remaining in the funds accumulated under (6J 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. ~ 4. That he will pay all taxes, assessments, water rates, and dher governmental or municipal charges. fines, or impositions, for which provision has not been made hereinbefore, and in default theceof the mortgegee may pay ~ the same; and that he will promptly deliver the official receipts therefor to the matta,agee. • ~ 80~ l89 ~E 6 . ~ ~ ~ ~ ~ ~ ~ _ _ t _ _ - a_~~~. s=- ~