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HomeMy WebLinkAbout0774 . . . a.+id r.~oct~,,~~;ut ~+~K~~ hrreh~ lull~ wacr.~nt th~• t~tle tu tiatd land. and r~~•r~~ part iherruf, and ~c~;l detrn~9 the samr ,+K.~~nst the l.~w•fut cla~ma of ali persons w•hum~oeve~. PRQVIDEU AL11'AYS, and these p~esents are rxec•ut~~ and del~vered upon the foUowing condit~ons, to wit: The moctgdgor aqrees to p:.y the mortKa~c~c , or order. !he principal sum of ~~$,u,~p ~~g,p AND NO/100 Vullars (517~1~•~ as e~idrnc~d b~~ a note ot even date hercwith, with tnterest ftum date at the cute ot e~Q~ & Onl~half per cenium ( 8~ °'t) per annum on the unpaid balance until paid. The said principal and interest shall be payable at the office ot BT~OCI~TON, li~Y, DAVIN & ~QMpQ~NY: 100 1i~~t Bey Strest, Jacksonvill~. Florida, ur at such otl~er place as the holder of the note may designate in writing, in monthly installments of THZ&1'Y-Q~1S l1ND 50/100 Dolla~s (S 131.50 commencing on the first day ot g+~~yr . 19 ql , and on the first day of each month thereafter untiltheprincipal and interest are fully paid, except that the final payment of ptincipal and interest, if ~ot sooner paid, shall be due and payable on the fi~st day of JanuatYy, Z001. And shaU duly, promptly. and fully pec{orm, discharge, execute, effect, complete, and comply with and abide by each and every the stipulations, ag~eements, conditions, and co~~enants of said pcomissory note and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further co~enants as follows: ~ 1. That he will pay the indebtedness, as hereinbefore p~o~>ided. 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 o~ the note, on the first da}• of any month prior to maturity: Pro~•idrJ, however, that written notice of an intention to exercise such pri~~ilege is giveo at least thirty (30) days prior to prepayment; and, provided further. that in the e~ent the debt is paid in full prior to maturity and at that tlme 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 original principal amount thereof, except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have ~ been payable if the mo~tgage had continued to be insu:ed 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 insucance. 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 Eull~~ paid, will pay to the mortgagee the Eullowing sums: ~.~1 An amuunt suff~cient to provide the holder hereof with funds to pay the ne:t mortgage insurance premwm i[ this instru- ment and thr note secured hereby are insured, or a monthly charge (in lieu ot a mortgage insurance premium) if the~ are hetd by the Secretary of Housing and U~ban Development, as follows: (I1 I( and so long as said note ot even date and this instrument are insured or are reinsured under the provisions of the National Housine Act, an amount suf(icient to accumulate in the hands ot the holder one (1) month prior to its due date the annuat mortgage insuraace premium, ia order to p~ovide such holder vrith funds to pay such premium to the Secretary ot Housing aad Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- lations ihereunder; or (II) and so long as said note o[ even date and this instrument are held by the Secretary of Housing and Urban Develop- ment, a monthly charge (in lieu of a mortgage insursnce premium) which shall be in an amo~nt equal to oae•twelfth (1 ' 12) ot one-half (!5) per ce~tum of the average outstanding balance due on the note computed without taking into account delinquencies or prepaymer~ts; I A sum equal to the ground rents, i[ any. neat due, plus the premiums that wil! ne:t become due and payable on policies o( (ire and other hazard insurance covering the mortgaged property, pius taxes and assessmeots nezt due on the mort- gaged property (all as estimated by the mortgagee) less all sums already paid theretor divided by the number of months ~ ' to elapse be(ore one month prior to lhe date when such ground rrnts, premiums, taxes, and assessments wilt become de- linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments; and !r/ Alt payments mentioned in the two preceding subsections o[ this paragraph and all payments to be made under the note ! secured hereby shall be added together a~d the aggregate amount thereof shall be paid bp the mortgagor each month in a ' single payment to be applied by the mortgagee to the following items in the order set torth: ~ (I) premium charges under the contract o( insurance with the Secretary o[ Housing and Urban Development, or monthly charge (in lieu of mortgage insurance premium), as the case may be; ~ (II) ground tents, taxes, assessments, fire, and other hazard insurance premiums; (11I) interest on the note secured hereby; and ~ (IV) amortization ot the principal ot said note. i ~ Any deficiency in the ar.iount 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 mortgagee ~ mal~ collect a"late charge" not to exceed two cents (24) for each dollar (S1) of each payment more than fifteen ~ ~ (15) days in arrears to cover the extra expense involved in handling delinquent payments. ~ ~ 3. That i[ the total of the peyments made by the modgagor under (b) of paragraph 2 preceding shall exceed i the amount oE 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 mwtgagor under (6) of paragraph 2 pre- ~ ceding shall not be sufEicient 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 mortgsgor shall pay to the mortgagee any amount ~ necessary to make up the deficiency, on a before 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, [ull 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 ~ tbe Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the ~ ~ provisions of (LJ of said paragraph 2. IE there shall be a default under any of the provisio~s of this mortgage, re- # ~ sulting in a pubiic sale of the premises covered iereby, or if the mortgagee acquires the property otherwise after ~ default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- ~ ~ erty is otherwise acquired, the bafance then remaining in the funds accumulated under (b) 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 (ol of said paragraph. ~ 4. That he will pay all taxes, assessments, watec rates, and other governmental or municipa? charges, fines, ~ ur impositions, tor which provision has not been made hereinbefore, and in default thereof the mortgagee may pay ~ the same; and that he will promptly deliver the otficiel receipts therefor to the mortgagee. ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ' J~ ~~'.~f~z-~~,~~•~ ...w ~ ~ V _ .