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Home My WebLink About1166 ~.~td ~'~~al~;..w.~t .~.K•~ he•trb~ tu;l~ w.~~r.~nt Ihr I~ilr t.~ ..~~d l.~n.1. and e~rn p.irt ihe•tr.~l. .~nd ~ci:l drlrmi t`tir ~.~inc ..~;.~in~t thc• l:aatul cl.~~m~ all {xts~~ns N'IiURI\OC\C:. 1~h'(1\'IDFD AL1\A\'S, and these p~rsent~ :+te excK-ut~~i .ind del~~•r~c~i upon the (oUov?tnK ~und~tiuns, lo wii: , Thr mortKaKur aKr~~es to pa~• the mwtKa~e~c•. .a c~~der. ~he pttnr~pHl sum oI EIGtf1SBN TB~S~ND SIX ~![J1~R~ 1?t~w t~o/100 Lk~llar~ ~S 18,600.00 as e~ ~dencc-d by ~ ~ute u( even date henwith. H~~th ~nte~est ftum d~te ut the r:~te of elqtlt ~ o1~l~h~l~ per centum ~ 8y o) per annum on the unpa~d balance until pa~d. The sa~d pnnc~pal and interrst shall be pa~•able a! the office ot 9TOCi~TON, 1T~ITLEY, pAVIN ~ OOMW?t~1Y: 100 Iirst eap Street. Jacksonvills, Florida, .~r dt such other place as the holder uf the notr may des~gnate ~n writing, in monthly installments of~ Ntl@IDRBD FQtTY-T~ 11t~II) 03/100 Dollars (S 143.03 comnrencing on the first day of F19brila]cy , 1971 , and on the first dey of each month theceaftec untiltheprsacipal and inte~est are fully paid. except that the final payment of principai and interest, if not soone~ paid. shall be due and pa~•abie.on the first dey oi Jsnu~ly, Z001. Aod shall duly. promptly. and fully pecfurm, dischacge, execute, effect. complete, and comply with and abide b~• each and e~•er~• the stipulations, agreements, conditions, and co~~enants of said promissory note and of this mortgage, then this mortgage and the ectate hereby cceated shall cease and be null and ~•oid. And the moctgagor furthe~ covenants as follows: . 1. That he vnill pa~ the indebtedness, as heceinbefore pro~~~ded. Privilege is reserved to pay the debt in whole, ~ or in an amount equal to one or more monthl~• payments on the principal that ace next due on the note, on the first da~• of an~• month prior to matu~it~: 1'r~~~;dCd, however, that written notice of a~ intention to exercise such pri~•ilege is gi~•en at teast thirty (30) da~•s prior to prepapment; and, pro~ ided fuKher, that in the event the debt is paid in fuli prior to maturity end at thet time it is tnsurt~l under the provisions o[ the National Housing Act, he will pa~• to the mongagee an adjusted premium charge of one per centum (1`~) of the original principel amoant thereof.'except that in no e~•ent shall the adjusted prewium exceed the aggcegate amounl of pretaium cherges which would have been payabte if the mortgage hed continued to be insuced until mbturity; such payment to be applied by the mort- gagee upon its obligatio~ to the Secretary of Housing and Urban Development on account of mortgage insurance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together aith. and in addi- tion to, the monthly payments undec the terms of the note secured hereby, on the first day of each month until the ~aid note is lull~• paid, will pay to the mortgagee the following sums: ~ An a:rount sufhclent to pro~•ide the holder hereo[ wiRh tunds to pay the ae:t mortgage msurance prem~ur~ ~f this insw- ment +nd the note secured hereb~ are insured, or a monthly charge (~n Ileu of a mortgage insurance premtum) if they are held b~ the Secretary ot Nous~ng and Utban Develupment, as [ollows: tIl If and so [ong as said note of even date and this insttument are ~nsured or sre reinsured under the provisions of the \at~on+l Ho~sing Act, an amount sutficient to accumulate in the hands ot the holder one (1) month prior to its due date the annuai mort~age ~nsurance premium, in order to pro~•~de such hotder with funds to pay such ptemium to the Secretan~ o( Huuseog and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- latiuns thereunder, or illl If ind s~ long as said note ot even date a~d this instrument are held by the Secretary ot Housing and Urban Aevetop- nent, a monthlc charge (in lieu of a mortgage insurance prem~uml which shall be in an amount equal to oae-twelflh li 121 of one-half (1;) per centum o( the averaee outstanding balance due on the note computed without taking into accuunt del~nquenc~es or prepayments; - A sum equal to thr ground rcnts, it aaY, ne:t due. plus the premiums that wi1! ne:t become due and payabie on policies of tire and other hazard insurance co~ering the moRgaged property, plus tases and assessmeMs next due on the mort- gaged propert>• (all as rstimated by the mortgagee) less all sums atready paid theretor divided by *_he number of months to elapse betore one month prior to the date when such ¢rou~d rents, premiums, ta:es, and assessments wrill become de- linqaent. such sums to be held by morteaQee ut trust to pay said grou~~i rents, premiVms, taxes, and special assessments; i rltd j - All payments mentioned ~n the two preced~ng subsections ot thia paragraph and ail payments to be made under the note E secured herrby shall be added together and the aggregate amount thereot shall be paid bp the mortgagor each month ~n a ~ singie piyment to be applied by the mortgagee to the [ollowrtng items i~ the order set torth: : (I) prem~un: charges under the contract of insurance writh the Sectet~ry of Housing and Utban Development. or monthly ~ charRe (~n lieu of mortgage inswance premtum~ as the case mar be; ~ iIl) ground rents, ta:es. assessments, fire, and othet hazard insurance premiums; ~ (llll interest on the note secured hereby; and ~ i~~'1 amortuatian of the principal ot ssid note. Any def~ciency in the ar.~ount of such agg~egate monthty payment shall, unfess 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 may collect a"late charge" not to e:ceed tvvo cents (2t) for eacfi dollar (S1) of each payment more than fifteen 115) days in arrears to cover the extra expense involved in handling delinquent payments. 3_ That if the total of the payments mede by the mortgagor under (6) of paregraph 2 preceding shall exceed the amount of pa}•ments actually made by the mortgages, for gtound reats, 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) oE paragraph 2 pre- ; cedmg shali not be sufEicieet to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case { ~ ma}• be, v?hen the same shall becortse due and payable, then the matgsga shall pay to the mortgagee any amount : = necessary to make up the def iciency, 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 ~ c~: the pro~•isions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- ~ gagee shali, in computing the amount of such indebtedness, credit to the account oE the mortgagor all payments ~ made under the provisio:~s of (a) of paragraph 2 hereof which the mortgagee has not become obligated to payto 's ~ tbe Secret~ry o[ Housing and Urban DeveloPment and any balance remaining in the funds accumulated under the ~ ' pro~•isions of (Lj of said Paragraph 2- lf there ahall be e default undet any of the pcovisio~s of this mortgage, re- ~ ~ sulting in a publ~c sale of the premises covered iereby, oc if the mortgagee acquires the property otherwise aEter ~ i default, the mortgagee shall apply, at the time of the canmencameat of such proceedings or at the time the prop- ; ~ ert}• ~s otherwise acquired, the batance then remaining in the funds accumulated under (L) of paragraph 2 preceding ' ~ as a credit against the amount of principal then remaining unpaid undet said note and shaU properlyadjust any j ~ payments evhich shall ha~e been made under (a) of said paragraph. ~ ~ 4. Thdt he wil! pay all taxes, assessments, water rates, and othet governmental or municipal charges, fines, ~ or impositions, for which proti•ision has not been made hereinbefore, and in defeult thereof the mortgagee may pay i ~ the same; and that he w~ll promptly deliver the officia! ceceipts therefor to the mottgagee. ~ ~ ~ ~ ~ ~OK~~~ PACE11~ i ~ ~ } , , _ _ ~ - _ _ . _ _ . _ ~ ::s.°~~