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..,~d mo~~gHgu~ du~•~ lxreb~• fulh w~n.~nt thc~ litlr tu sa~d land, and rre~~• p;rrt theteai, and well drtrnd the s:+me
,~Ka~n~t the law~tul cla~ms of all persons w~hom~ceve~.
PltO~'IDED AI.N'AYS, and these present~ ace executed and delivered upon the following conditions, to wit:
SI T~ ortgu u a rees !o p~yt,~~mSNte~e~~~ay~(er_ the principal sum of
~!v Fwit nunuR~ 1~i~D [~~v w- ~~..-~M__~wM~N__~__~Na___....~
Uollars (S 16~400.00 as eridr~ced b} a ~ote of even date herew~th, with interest from date at the
rate oi eigt~ & one~YMl° per centum ( 8~ 96) per annum on the unpaid balance
until paid. The said p~incipal a~d intecest shalf be payable at the o[fice of
9TOC~ON ~ ppi1~'i~Y ~ p,71VTtt ~ CpypAltY , 100 ~st Bay Street , Jacksonvf l le , Florida ,
or at such other place as the holder of the note may designate in writing, in monthly installments of
pNS HOI~pR~ 'iNatTl'Y-SIX ~I~ 12/100--------- Dollars (a 126.12 commenc ing on
the first day of . 19 71. and on the first day of each month thereafter untii the principal
and intecest are fully paid. except that the final payment of principal and interest, if not sooner paid, shall be due '
and payable on the first day of January. 2001. -
And shall duly. promptly. and fully pedorm, discharge, execute, effect. complete, end comply with and abide
by each and every the stipulations. agreements, conditions, and covena~ts of said promissory note and oi this
mortgage. then this moctgage and the estate hereby created shall cease and be null and void.
And the matgaga Eutther covenants es follows; -
1. That he will pay the indebtedness. as hereinbefore provided. Pcivilege is reserved to pay the debt in whole.
or in an amou~t equal to one or moce monthly payments on the principat that are next due on the note. on the first
day of any month prior to maturity: P?ot~ided, however, that written notice of an intention to exercise such privilege
is given at least thitty (30) days ptior to prepeyment; and. provided fucther. that in the event the debt is paid in
full prior to maturity and at that time it is insured under the provisions of the National Hoosjng Act, he will pa~ to
the modgagee an adjusted premium charge of one pe~ centum (19G) of the original principal atnount thereof, except
that i~ no event shall the adjusted premium exceed the aggcegate amount of premium charges which would have
been payable if the moKgage had continued to be insured until matutity; such payment to be applied by the moct-
gagee upon its obligation to the Seccetary of Housing a~d Urban Development on account of modgage insurance.
2. That, in order more fully to protect the security of this modgage, the modgagor, togethec 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 mortgagee the following sums:
~ul An amuunt sufficieat to provide the hotder hereot with tunds to pay the next mortgage insurance premium if this instru-
ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insutance premium) if they are
held by the Secretary ot Housing and Urban Development, as lollows:
(Il [t and so long as said note ot even date and this instrumeat are insured or are reinsured under the provisions of the
National Housing Act, an amount su[ticient to accumulate in the hands of the holder one (1) month prio~ to its due
date the annual mortgrge insurance ptemium, in order to provide spch holder with fuads to pay suc6premium to the
Secretary ot Housing and Urban Uevelopment pursuant to the National HousinQ Act, as amended, and applicable Regu-
lations thereunder; o~
(11) I[ and so long as said note of even date and this instrument are held by the Secretory of Housing and Urban Develop-
nent, a monthly charge (i~ lieu of a mortgage insunnce premium) which shall be in an amount equal to one-twelfth
(1 ' 12) ot one-hal( (b4) per ce~tum of the average outstonding balance due on the note computed without taking iato
account delinquencies or prepayments;
(6/ A sum equal to the ~und rents, if any, aext due, plus the preeaiums t6at will qe:t become due a~d payable on policies
of fire and other hazard insurance ~covering the mortgaged property, plus taYes and aasessments next due on the mort-
gaged property (all as estimated by the mortgagee) lesa ali sums already paid theretor divided by the number of moaths
; to elapse betore one month prior to the date when such g~ound rents, premiums, ta:es, and assessments wiil become de-
~ linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, tases, ond special assessments;
~ and
~ (rJ AU payments mentioned in the two preceding subsections o[ this paragraph and all pay~ents to be made under the note
secured hereby shatl be added together and the aggregate amwnt thereof sha11 be paid by the mortgagor each moath ia a
~ single payment to be applied by the mortgagee to the tollowing items in the ordec set (orth:
(1) premium charges under the contract ot insurance with the Secretary ot Housing and Urban Development, or monthly
~ charge (in lieu of mortgaQe I~surance premiwn), as the case may be;
(Il) ground rcnts, tases, assessments, tire, aod other hazard iosurance premiums;
~ (III) interest on the aote secured hereby; and
(IV) amortization of the pincipol of said note.
Any deficiency in the ar.+ount af such aggregate monthly paymeet shall, unless made good by the mortg,agor
prior ta the due date of the next such payment, constitute an event of default under this mortgage. The mpdgagee
may collect a"late charge" not to exceed two ceats (24) for esch dollar (Sl) of each payment more than fifteen
(15) days in acrears to cover the extra expense involved in handling delinquent payments.
3. That if the total of the payments made by the mortgegor under (6J of paragraph 2 preceding shall exceed
the amount of payments actuaily made by the mortgagee, for grou~d rents. taxes and assessments and insurance
~ premiums, as the case may be, such excess shall be ctedited by the mortgagee on subsequent payments to be
made by the mortgagor. If, however. the monthly payments made by the mortgagor under (b) 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 become due and payable, then the mortgsgor shall pay to the modgagee any amount
~ necessary to make up the deficiency, oa or before the date whea payment of such ground reaLs, taxes, assessments,
' or insurance pcemiums shall be due. If at any time the mortgagor shalltender to the mortgagee in eccordance with
~ the provisioc~s of the note s~cuced fiereby, 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 mortgegor all payments
made under the provisims of (a) of paragraph 2 hereo[ which the mortgagee has not become obligated to pay to
~ tbe Secretary oE Haisin6 end Urban Devetopment and any balance remaining in the funds accumulated undec the
~ provisions of (bJ of said paragraph 2. If there shall be a default under any of the provisio~s of this mortgage, re-
sulting in a public sale of the premises covered ~eceby, or if the mortgagee acquires the property othecwise after
~ default, the mortgagee shall apply, at fhe tiaie of the co~nmencement of such proceedings or at the time the prop-
erty is othervvise acquired, the balance then remaining in the funds accumulated under (6J of paragreph 2 preceding
as a credit ageinst the amount of principal then remaining unpaid under said note-end shall properlyadjust any "
payments which shall Iwve been made under (a) of said patagraph.
4. That he will pay all taxes, assessments, water rates, and other governmental or municipel charges, fines,
~ a impositions, for which provision has not been made hereinbefore, and in defeult thered the mortgagee may pay
~ the same; and that he will promptly deliver the otticial receipts thereEor to the mongagee.
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