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Home My WebLink About1140 a.+~d mor~~;a~ur c9~x•. h.•trh~~ full~ w~:~tt.~nl th~• t~tle• tu s.,id land. and r~•rn parl thereol, and Wilt detc•nd the same ..Kainst the l:~u~tul cla~ms uf ali pecsuns whum~oe~er. PRO\'IDED Al.\CAYS, and these pcesents are execut~d and drlt~~r~ed upon the foUowing condttiuns, to wit: The mortgagut ~+grees to pay the m~xtgagrr, o~ o~cier, the princ~pal sum ot S~lVENTSSi~1 ~iOt~'J?ND FZVS HUNDRED l1I~D NO/100--•------------------------------------------- Uullars ~S 1~ ~ 500.00 as e~ iden~ed by a note of even date hereN ~th, N ith ~ntecest fr~m date at the rate oi eiqht & oY1e"half pec centum ( a~ per annum on the unpaid balance until paid. The said princ~pal and inteccst shatl be payabie at the office of 8TpC1~TpN, IiID?TI,Bl, Ol?VIN & Q01~tW1t~lY: 100 wsat Bey Street. Jacksonvill~. Florida, or at such othe~ place as the hoider of the note ma~• designate in writing, in monthly installments of _ ONfi HUNDRED Zl~IItTY-FOUR AND 58/100----------0ollacs (S 134.58 comn~encing on the first day o[ ggtj~gxy , 1971 , and on the fi~st day of each month theceafter untiltheprincipal and interest are tully paid. except that the final payment of p~incipal and interest, if not sooner paid, shall be due and payable on the first day ot Janu~y. 2001 And shall duly. promptly, and [ully pedorm, discharge, execute, effect, complete, and comply with a~d abide hy each and every the stipulations. agreements, conditions, and co~•enants of said promissory note and of this mo~tgage, then this mortgage and the estate hereby created shall ceas~ and be null and ~~oid. And the mortgagor futther covenants as follows: 1. That he will pay the indebtedness, as hereinbefore pro~•ided. Privilege is reserved to pay the debt in whole, or ~n an amount equal to- one a moce monthly payments on the principal that are next due on the note, on the first da~• of any month prior to maturity: P?o~ iJrd, however, that written notice of an i~tention to exercise such pri~~ilege is given at teast thirty (30) days prior to prepayment; and. provided fu~ther, that in the event the debt is paid in fuU prior to matu~ity and at that time it is insured under the provisions of the National Housing Act, he wili pa~ to the mortgagee an adjusted premiam cherge of one per centum (196) oE the original principel amount thereof, except that in no erent shall the adjusted ptemium exceed the aggregate amoant of premium chsrges which would have been payable if the modgage had continued to be insuced until maturity; such payment to be applied by the mort- gagee upon its obligation to ihe Secretary of Housing and Urban Development on account of modgage insurance. 2. That, in order moce fully to pcotect 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 Eirst day of each month until the said note is full~~ paid, will pay to the mortgagee the following sums: r~.1 An amount sufticient to provide the holder hereo[ wilh (unds to pay the next mortgage ~nsurance prem~um i[ this instru- ment andihe note secured hereby are insured, or a monthly charge (~n lieu ot a mortgage i~surance premium) if they are held by the Secretary oI Housing and Urban Develupment, as follows: (1) lt and so long as sa~d note ot even date and this instrument are insured or are reinsured under the provisions of the Nationai Nousing Act, an amount suf[icient to accumulate in the hands ot the holder one (1) month prior to its due d~te the annua! mortgage tnsurance ptemium, in order to provide such hoider with (unds to pay suchpremium to the Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- lations thereunder; or . (II) If and so long as said note ut evrn date and th~s instrument are held by the Secretary ot Housing and Urban Develop- ment, a monthly char~e (in lieu ot a mortgage insurance premium) which shall be in an amount equal to one-tweifth (1 ' 12) ot one-half ('s) per centum of the average outstonding balance due on the note computed without taking into account delinquenc~es or prepaymrnts; ` /~~1 A sum equai to the gruund rents, i[ any, next due, plus the premiums that wifl ne:t become due and payable on policies of (~re .nd other hazard iasura~ce covering the mortgaged property, ptus tases and assessments nezt due on the mo~t- ~ gaged property (all as est~mated by the mortgagee) tess all sums already paid therefor divided by the number of months to elapse be[ore one month priot to the date wrhen such grou~d rcnts, premiums, taxes, and asaessments will become de- ~ linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and speciai assessments; j end . ~ !r/ A1! p+~yments mentioned in the two preced~ng subsections ot th~s paregraph and a!1 payments to be made under the note secured hereby chall be added together and the oggregate amount thereof shall be paid b~ the mortg+~gor each month in a g single payment to be applied by the mortga~ee to the (ollowing items in thr order set [orth: ~ (I) prem~um ch+~rges u~der the centract o( insurance with the Secretary of Housing and Urban Development, or monthly~ charge (ia lieu of mortgage insuraisce premium), as the case may be; (I[) ground rents, tazes, assessments, tire, and other hazard ~nsurance premiums; (Ill) interest an the note secured hereby; and (1Vl amort~2ation of the principal of satd note. Any deficienc~ in the ar~ount of such aggregate monthly payment shall, unless made good by the mortgagor ~ prior to the due date ot the next such payment, constitute an event of default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2~) Ea each dollar (S1) of each payment more than fifteen (15) day~s in arrears to cover the extra expense involved in handling delinquent payments_ 3. That if the -total of the payments made by the mongagw under (b) of paregraph 2 pceceding shall exceed the amount of payments actually made by the mattgagee, for ground renta, 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 (61 of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and 'ensorance premiums, as the case may be, when the same shall become due and payable, then the mortgsgor shall pay~ to the mortgagee an~ 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 shatl tender to the mortgagee in accordance with ~ the pravisions of the note secured hereby, full payment ot the enti~e indebtedness represented thereby, the mort- gagee shall, in computing the amount of such ir~debtedness, credit to the account of the mortgagor all payments ~ made under the provisio:~s of (a) o! paragraph 2 hereof which the mortgagee has not becane obligated to payto ~ tbe Seccetary of Housing and Urbaa 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 pcovisio~s of this mortgage, re- sulting in a public sale of the p~emises covered iereby, oc if the mortgagee acquires the property otherwise after default, the mortgagee shall apply, at the time of the commencea~ent 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 end shall properlyadjust any ~ payments which shall have been made under (a1 of said paragraph. ~ 4. That he will pay aU taxes, assessments, water retes. and other governmental a municipal charges, fines, or impositions. [or which provision has not been made hereinbefore, and in default thered the mortgagee may pay - the same; and that he will promptly deliver the official teceipts thercfor to the mortg,agee. - . ~o~ i89 ~~~37 ~ ~ ~ : - ~ - ~~~~~~'.`~-i~~ . . M{x~~..,,