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Home My WebLink About1310 ~ ~ ~ ~ ~ T ~ ~.+id mortK.+~;or does hereb~• (ull~• wa~r.~n1 the t~tie tu sa~d land. and r~•rr~• p~tt thereof, and w~ll defend the same .,ga~nst the law~ful cla~ms of all pcrsoos whomsceve~. ~ PROVIDED ALIKAYS, and these p~esents ace executed and delivered upon the followi~g conditions, to wit: The mortga~or agrees to pay the murtga~re, ot order, the principal sum of a=(~ ~ pj{~ t~ 7?tiu ~l0/100 Uollars (S 1$~500.00 as e~•idenced by a note of evert~date he~ewith, with i~terest from date at the rate ot ~ R pec centum ( ~ 96) per annum on the unpaid balance until pa~i~ ~a~idLT~'1 and interest shall bc payable at the office of M9i1TLBY • p,11V~1 lpp yi~at Bap Sts~est , Jacksoaville. Florida, oc at such othe~ place as the holder of the.~ote ma~ designate in writing. in monthly i~stallments of F~'Y-11I0 11t~D 27/100 Doltacs (S 142•27 comn~encing o~ the ficst day ot p~blCU81^y lst . 19 71. and on the ficst dap of each month thereafter untiltheprincipal and interest are fully paid. except that the final payment o[ principal and interest, if not sooner paid, shail be due and payable on the ficst day of .721AUary, 2001. And shal! duly. promptty. and fully perform, dischacge, execute, effect, complete, and comply with and sbide ~ by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this mortgage, then this matgage and the estate heceby created shall cease and be null and void. And the matgaga fucther covenants as foliows: 1. That he will pay the indebtedrtess, as hereinbefore provided. Privi?ege is resecved to pay the debt in whole, or in an amount equal to one a moce monthly payments on the principal that are ~ext due on the note, on the first day of any month urior to maturity: Fro~•ided, however. that written notice of aa intention to exercise such privilege is given at least thitty (30) days prioc to prepayment; and. provided further. that in the event the debt is paid in [ull 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 centum (19G) of the original principal emount thereof, except that in no event shall the adjusted preaaium exceed tbe aggcegate amount oE premium charges which would have been payable if the mortgage had continued to be insured until maturity; suCh payment to be applied by the mort- gagee upon its obligation to the Secretary of Nousing and Urban Development on account of modgege 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 aote secured hereby, on the first day of each month until the said note is fully paid. will pay to the mortgagee the following sums: I~+1 An amuunt sufficient to provide the hotder hereot with tunds to pay the nezt mortgage insurance premlum if this instru- ment and the note secured i?ereby are insured, or a monthiy charge (ie lieu ot a mortgage insurance premium) if they are held by the Secretary of Housing and Urban Development, as follows: (1) !f and so long as said note of even date and this instcument are insured o~ are reinsured under the provisions of the National Housing Act, an amount su[[icieat to accumulate in the hands of the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to pwvide such holder with funds to pay suchpreauum to the Se~,•etary of Housing and Urban Developmmt pursuant to the National Housing Act, as amended, and applicable Regu- tatia~s lhereunder, or (II) 1[ and so long as said note of e~en date and this insteument are held by the Secretary of Housing and Urban Develop- raent, a monthly charge (in lieu ot a mortgage insurance premium) which shall be in on amount equai to one-twelfth (1.'12) of one-half (!4) per centum ot the average outstanding balance due oa 1he note computed without takiag into ' account delinquencies or prepayments; ~ /i,i A sum equal to the ground rents, it any,-next due. plua the premiums that will ne:t become due and payable on policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments neit due on the mort- { gaged property (al! as estimated by the mortgagee) less all sums already paid theretor divided by the number of months • to elapse before one month prior to the date whea such ground reats, premiums, ta:es, and assessmtnts will become de- i linquent, such sums to be held by mortga~ee in trust to pay said grouad tents. premiums, taxes. aad special assessments; f and ~ (c) All payments mcntioned in the t~vo preceding subsections o[ this paragraph and all payments to be made under the note ~ secured hereby shatl be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a single payment to br applied by the mortgagee to the tollowing items in the order set totth: ~ (I) premium charges under ihe contract of insnrance aith the Secretary o( Hoaaing and Vrban Development, or monthly j charge (in lieu of mortgage insurmce premium), as the case may be; ? (lI) ground rents, taxes, assessments, tire, and other hazard insurance premiums; (llil interest on the ~ote secured hereby; and (IV) amoRization of the ~incipal ot said note. Any deficiency in the ar~ount of such agg~egate monthly payment shall, unless made good by the matgagor prior to the due date of the next snch payment, cos?stitute an event af default under this mortgage. The mortgagee may coUect a"late charge" not to exceed two cents (2d) for eaeh dollar (E1) of each payment mae than fifteen (15) days in acrears to cover the entra expet~se involved in ha~dling delinquent payments. 3. That if the total of the payments made by the modgagor under (b) of paragxapfi 2 preceding shall exceed the amount of payments actually made by the mortgagee, for ground rents. Laxes and assessments and insurence - ~ 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 (6J of paragraph 2 pre- ceding shall not be sufEicient to pay ground rents. taxes and assessm.~nts and insurance premiums, as the case ~ may be, when the same shall become due and payable, then the moctgsgor shall pay to the modgagee any amount necessary to make up the deficiency, on or befae the date when payme~t of such ground rents, taxes, assessments, ` `4 or insurance premiums shall be due. If at any time the moctgagor shall tender to the mortgagee in accordance with i ~ ihe provisions of the note spcured hereby, 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 provisions of (a) of paragraph 2 hereof arhich 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 (~J of said paragraph 2. IE there shall be a default under any of the pcovisio~s of this moctgage, re- ~ sulting in a public sale of the premises covered ~eceby. 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 prap- ~ erty is otherwise acquired, the balance then remaiaing in the funds accumulated under (b) of paragraph 2 preceding as a credit against the amount of principal then rea~aining unpaid under said note and shaU properlyadjust any ~ payments which shall~have been made under (e) of said paragraph. ~ 4. That he will pay all taxes, assessments, water rates, and dher governmental or municipel charges, fines. or impositions, for which provision has not been made heceinbefae, and in.default thereof the mortgagee may pay ~ the same; and that he will promptly deliver the official receipts therefor to the mo~tg,agee. ~ ~o~C~~ t ~ - ~ _ - ~ , ~ - ...~_r . _ : - _ _ -~x' ~w _ ~