The URL can be used to link to this page

Home My WebLink About1279 .+'~\y~~ i~..~.. . , ~~ud mo~tKagot doc~ hereby (ull~• K•arct+nt the title t~. said land, r~nd even~ patt therro[, and w~li delend the same a~a~nst the l:+w~tul cla~ms ot all persons whomticeve~. PROYID~D ALN'AYS, a~d these pcesents are executed and delivered upon the follow~ng conditions, to wit; , The mortgago~ agrees to pay the mortgagee, oc order, the principal sum of Ej(~ ~~jy~ xv~ ~ro Ho/loo Dollacs (S ~.500.00 as e~•idenced by a note ot eve~ date herewith, with intecest from date at the r~,te ot eiq2~ i~ oM~hOrl~ per centum ( 8~ per annum a~ the unpaid balance until paid. The said principal and intecest shall be payable at the o(iice of S~p~,•~p~~ 11~~~~ D11VI~1 6 OOMp~I,~Y: 1pp pi~eat Bsy Street, Jacksonvill~, Florida, oc at such othe~ place as the holder of the note may designate in writing, in monthly installments of Q+~ ~ ~ FQZTY-1M0 711ZD Z7/100 ----------------------Dollars (S 14Z.Z7 comn~encing on the first day of Fbb~^ualy . 19 71 . and on the first day of each month thereafter until the pcincipel and interest are fully paid. except that the final payme~t of principal and interest. iE not soonec paid, shall be due and payable oa the first day of Jatil~axy, 2001. And shall duly. promptly. and fully pedorm, discharge. execute. effect, complete, and comply with and abide by each and every the stipulations. agreements. conditions. and covenants of said pranissory note and of this mortgage, then this moctgage end the estate hereby created shall cease and be null and void. And the matgega further covenants as follows: . ~ 1. That he will pay the indebtedness. as hereinbeEore provided. Privilege is reserved to pay the debt in whole. or in an amount equal to one or mae monthly payme~ts on the principal that are next due on the note, on the first dap of any month prior to maturity: P.o~•ided, however; that written notice of an intention to execcise such pcivilege is given at least thirty (30) days prior to prepayment; and. provided further. that in the event the debt is paid in tull prior to maturity and at that time it is insured under the provisions of the National Housing Act, he will pap to the modgagee an adjusted premium charge of one per centum (19G) 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 mortgage 6ad continued to be insured until maturity; such payment to be apptied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on account of mortgage insucance. 2_ That, in order more fully to protect the security of this mortgage. the modgagor. together with, and in addi- tion to, the monthly payments u~der the terms of the note secured heceby. on the first day of each month until the said note is fully paid, will pay to the mortgagee the following sums: ~~el An amuunt sv(ficient to provide the holder hereot with [unds to pay the next mortgage insurance prem~um if this instru- ment and the note secured hereby are insured, or a monthly charge (in lieu o[ a mortgage insurance premium) i( they are held by the Secretary of Housing and Urban Development, as [ollows; (I) I( and so long as said aote ot eveo date a~d this i~strumeat are iasured or are reinsured under the provisions of the National Housing Act, an amou~t sutticient to accumulate in the hands of the holder one (1) mont6 prior to it~ due date the annual mortgage insurance premium, in order to provide such holder with funds to pay such premium to the Secretary o( Housi~g and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- lations thereunder; or (II) It and so tonq as said note of even date and this instrument are held by the Secretary of Housing and Urban Develop- ment, a monthly charge (in lieu ot a mortgage insurance premium) which shall be in an amouot equal to one-twel(th (I'12) of one-hal( (',•i) per centum of the average autstanding balance due on the note computed aithout taking into account delinquencies or prepayments; • (1~/ A sum equal to the ground rents, i[ any, ne:t due, plus the premiums that aill next become due and paya4le on policies o( fire a~d other hazard insurance corering the mortgaged ptoperty, plus taxes and assessments ne:t due on the mort- ~ gaged property (a11 as estimated by the mo~tgagee) less a11 sums already paid therefor divided hy We aumber of months to elapse before one manW prtor to the. date wheo such ground rents, prea?iums, ta:es, and ossessments will become de- ! linquent, such sums to be hetd by mortgagee in trust to pay said ground rents. premiums, taues, and special assessasents; E and ~ (ci Atl payments mentioned in the two preceding subsections of this paragraph a~d all paymeats to be made uader the note secured hereby shall be added together and the aggregate amount thereot shall be paid by 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 of insurance wlth the Secretary ot Housi~g and Urban Devetopment, or monthly ~ charge (in lieu of mortga~e insurance premiuas), as 1he caae may be; (II) ground rents, tazes, assessments, tire, and other hazard insurante premiums; ([tl) interest on the note secured hereby; a~d ~ (IV) amortization of the principat ot said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the moctgagor pcior to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee may collect a"iate charge" not to exceed two cents (2~) for each dollar (sl) of each payment mae than fifteen (15) days in arrears to cover the extre expence involved in handling delinquent payments. 3. That if the total of the payments made by the modgagor unde~ (b) of paragceph 2 preceding shall exceed the amount of payments actually made by the mortgagee. for grwnd 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 (6) of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case may be, when the same shall becoroe due and payable, then the mortgsgor shall pay to the mortgagee any amount necessary to make up the deficiency. on « befoce the date when payment of such ground rents. taxes, assessments, ~ or insurance premiums shall be due. If at any time the mortgagor shaUtender to the mortgagee in accordance with ~ the provisions of the note secured heieby, 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 provisio~s of (a) of paragcaph 2 hereof which the matgagee 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 (L1 of said paragraph 2. If there shall be a default under any of the provisions oE this mortgage, re- ~ sulting in a public sale of the premises covered ~ereby, or iE the moctgagee acquires the property otherwise aEter default, the mortgagee shall apply, a! tbe ti~ne of tbe commencement of such proceedings or at the time the prop- ~ erty is otherwise acquired, the balance then remaining in the funds accumulated under (6J of pacagcaph 2 preceding as a credit against the amount of principal theo remaining unpaid under said note and shall properlyadjust eny ~ payments which shatl have been made under (a) of said paragraph. ~ 4. That he will pay all taxes, assessments, water rates, and other governmental a municipal charges, fines, or impositions, for which Pravision has not been made hereinbefoce, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the oificiel receipts therefor to the mortgagee. ~ ~o~r'1~9 ~ ~ ~ ~ ~ ~ _ - - ~ ~~=4~:~ ~5 = _ . ~ _