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Home My WebLink About1285 • s~~id moctg~gor dot•s hrreb~~ full~~ wa~cani ihe title to said. land, and e~~ery part thereof, and vrill detrod the same .~ga~nst the lawtul cla~ms o[ all pe~sons whomscever. PROVIDED ALIKAYS. and these presents are executed and delivered upon the tollowing conditions. to virit: Tl~e mortgagor agrees to pay the moctgagee, or ordet, the principal sum ot S~ ~ ~ ~ ~nooN~~~~~~~~~N~s~~~N~~~M~~~N~M~N~~~~~~M Dollacs (S 17,d00.00 as eridenced by a note of even date herewith, with interest from date at the rete of eiq21~ & oat~hilf per ceatum ( 8~ 9G) per an~um on the unpaid balance untit paid. The said principal and ir?terest shall be payable at the office of BTOCI~TON, N~ITLEY ~ DJ1VItii i~ COMPa1NY : 100 iNst ~ Bay Street , Jack~anvill.~. Florida. or at such other p:ace as the holder of the note may designate in writing. in monthly iastallments of pHg Hpi~IDRgp '~IRT7C ~4iltSg 111~ID 81/100--------0ollars (S 133.81 commencing on the ficst day of Febi^uBLy 1 ; 19 71. and o~ the first day oE each month thereafter until the principal and interest ace tully paid, except that the final payment of principal and inte~est. if not sooner paid, shell be due and payable on the fi~st day ot J~mtaty• 200L And shall duly. promptly. and fully perEorm, discharge. execute, eEfect, complete. and canply with e~ abide by each and every the stipulations. agreements. conditions. and covenants of said pranissory aote and of this mortgage. then this mortgage and the estate hereby created shali cease and be nuli and void. And the moctgagor furthec coveaants qs follows: - 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole. or in an amount eqoal to one oc more monthly payments on the principal that are next due on the note. on the first da~~ of any month prior to maturity: Pro~~ided, however. that written notice of aa intention to exercise such privilege is given at least thidy (30) days prior to prepayme~t; and. provided further. that in the event the debt is paid i~ tull prioc to maturity and at that time it is insured under the provisions of the National Housing Act. he will pay to the mortgagee an adjusted premium charge of one per ceMum (196) of the original principel anwunt thereof, except that in no event, shail th~ adjusted premium exceed the aggregate amouat of premium charges which would have been payable if the matgage 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 payments 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 modgagee the folloyring sums: I~~1 An amouat sufticient to provide the holder hereof with (unds to pay the nest mortgage insuronce premium it this instru= ment and the note secured hereby are insured, or a monthly chprge (in lieu oi a mortgage insurance premium) if they are held by the Secretary of Housing and Urban Development, as lollows: _ _ (I) I[ and so long as said note of even date and this insttument are insured w~re reinsured under the pmvisioAS of the Alational Housing Act, an amount su(!'icieat to accumulate in the hands of the holder one (1) month prior to ita due date the annual mortgage iusurance premium, in order to provide such hoider with funds to pay suc6premlum to the Secretary o[ Housi~g and Urbaa Development pursuont to the National HousinQ Act, as amended, oad applicable Reeu- lations thereunder; or (11) It ~nd so long as said note ot even date ond this inatrument are held by the Secretary of Housing and Urban Develop- ment, a monthly charge (in lieu ot a moKgage insuraace premium) which shall be in an amount equal to one-twelfth (l,'12) of one-half (!5) per centum o[ the avenge outstonding bslance due on the note computed without tokiag iato account delinquencies or prepaymeats; A sum equal to the ground rents, if anr; ne:t due,- plus the p~tmlums that will ne:t become due and payable on policies ot tire and other hazard iasurance covering the mortgaged property, plus taxea and assessments ne:t due oa the mort- gaged property (all as estimated by the mortgagee) le~s aU sums alreody paid therelor ~livided by the number ot mont6s ; to elapse betore one month prior to the date when such ground rents, pKmiums, ta:es, aad assessments will become de- ; linquent, such sums to be held by mortgagee in trust to pay said ground rent:, premiums, ta:es, and special asaessments; ~ and I ~ All payments mentioned in the twro preceding subsectiona o! this paragraph and all paymenta to be made under the note secured hereby shail be added together and the aggregate amount thercof ahsll be paid by the mortragor each month in a si~gie payment to be apptied by the mort~agee to the [ollowrinQ items in the order set torth: premium charges under the contnct of insurance with the Seeretary ot Housing rnd Vrbab Development, or monthly charge (in lieu of mo~s~e insurmce ~xemi~e~ ss the e~ae mar be; (II) ground rents, tazes, asseasments, [ire, and other hasard insuraace premiums; (lll) interest on the note secured hereby; w~d (IV) amortisation of the principal ot said oote. ~ Any deficiency in the ar.wunt af such agg~egate monthly payment shall. unless made good by the mortgagor prior to the due date of the next such payment, constitute an event af default under this mortgage. The mortgagee may collect a"late charge" not to exceed t~ro ceats (Z~) for each dollet (Sl) of each payment more than fifteen (15) days in arrears to cover tl~e e:tra expense involved in handling delinquent psyinents. 3. That if the total of the prayments made by tbe aio~tgagoc under (bJ of paragcaph 2 preceding shall exceed the amount of payments actually made by the matgagre, fa gtaund r~tt~, taxes end assessa~ents 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. [E, however, the monthty payments made by the mottgagor under (6J of pacagraph 2 pre- - ceding shall not be sufficient to pay ground rents, taxes and assessmants snd insutance premiums, as the case may be, when the same shall become due and psyable. then the mortg~goc shall pay to the modgagee any amount necessary to make up the deficiency, on or before the date when payment of such grouad cents. taxes, assessments, or insurance premiums shall be due. If at any time the modgagot shalltender to the modgegee in accordance with ~ the provisions of the note spcured hereby, full paya~ent 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 provisios~s of (a) of parag~aph 2 hereof which the mortgagee has not become obligated to payto tbe Secretary of _Housiug and Ucban Development and any balance remaining in the funds accumulated under the ~ provisions of (GJ of said paragraph 2. U there shall be a default under any of the provisio~s of this mottgage, re- sulting in a public sale of the premises covered ~ereby, or if the matgagee acquires the property othenvise after ~ default, the moctgagee shall apply, ~t the time oE tbe coenmencaiaeot of such proceedings or at the time the prop- erty is otherwise acquired~ the balance then remaining in the funds accumulated under (6J of parag~aph 2 preceding ~ as a credit against the amount of principal then remeining unpaid undet said note and sha{I properlyadjust eny payments which shall heve been made under (a) of said paragiaph. ~ 4. That he will pay all taxes. assessments, water rates. and other governmental or municipal charges, fines, ~ or impositions, fw which provision has not been made hereinbeEore, and in default thereoE the mortgagee may pay ~ the same; and that he will promptly delivet the oificial receipts therefor to the mortg,agee. ~~89 ~128Z 1- - ~ ~ _ ~ _ - ~ ~ 3 < < ,r t ~ ~ ' ~ ` ; ~ ,t - ~ _ ~ . _ ~ _ ~ _ • •y