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Home My WebLink About1419 . . r i ~ i . • ~ • ~ ~ 4 ~.+~d mo~tKegu~ does hereby fulh• vrarrant the t~tle tu sa~d land, and r~•rr}• p+rt thrrro(, a~d w~l1 drfrnd thP same .~ga~nst the tav?ful cla~ms o( all persons whomsoe~•er. PROVIDED AI.N'AYS, and these pcesrnts are executcd and delivered upo~ the following conditions, to wit: The moct~agor agrees to pay 1he m~xtgag~e, ot ocdet, the pti~cipal sum of g~ ~ a=~ ~ ~ ~r~u~ru Nonoo Lkaltars (S 16,850.00 as e~~idenced by a note of even date herewith, with i~te~est from date at the rate a~iq2~dt ~ on~-hu1! pe~ centum 96) per artnum on the unpaid balance until paid. 1'he said principal and interest shall be payable at the office of ~OC1~T0li• N~1Tia!• D~Yi~I ~ OOM1~i1N1[, 100 t~sat Hsy Strett. Jackaonvill~. Flosid~, o~ at such other place as the holder of the note may designate in writing, in monthly i~stallments of ~1'Y-NII~ ~ 58/100 Dollars (S 129.58 comrt~encing on the Eirst day of P~b~uaxy . 1971 , and on the first day of each month theceafter untiltheprincipal and interest ace tully paid. except that the finai payment of principal and interest, if not sooner paid, shall be due and payable oe the first day of J~uaucy. 2001. A~d shall duly. promptly. a~d [ully perform; discharge. execute, efEect. complete. and comply v~ith and abide by each a~d every the stipulations, agreements. conditions. and covenants of said praaissory note and of this mortgage. then this mortgage and the estate hereby created shall cease and be null and void. And the aortgagoc further covenants as follows: 1. That he will pay the indebtedness. as hereinbefore pcovided. Privilege is reserved to pay the debt in whole, or in an amount equal to one oc mae monthly payments on the principal that are next due on the note. on the first day of any month prior to maturity: P.o~•idrd, however, that written notice of an intentio~ to exercise such privilege is given at least thidy (30) days prior to prepayment; and, provided Eudher. that in the e~ent the debt is peid in full prior to maturiry and at that time it is insured under the provisions of the National Housing Act. he will pay to the modgagee an adjusted premium charge of one per centu~s (176) of the ociginal principol amonnt thereof, except that in no event shall the adjusted premium exceed the aggcegate emount of prea~ium charges which would have been payable if the mortgage had continued to be insured until maturity; such pay~aent 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 oE this modgage. the mortgagor, togethec aith, 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, wilt pay to the mortgagee the following sums: ~u) An amount su[ticient to provide~the holder hereot with tunds to pay the ne:t mortgage insuraace premium if this instru- ment and the note secured hereby are insured, or a monthly charge (in lieu o[ a mortgage insurance premium) if thep are held by the Secretary of Housing a~d Urban Development, as tollows: (1) It and so long as said note o[ even date and this instrument are insured or are reinsured under the provisioas o( the Nationai Housing Act, an amount su[ficieat to accumulate in the hands of the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such 6older with [unds_ to pay suchpremium to the Secretary o( Housing and Urban Development pursuant to the Notional Houeiag Act, as amended, aad applicable Regu- latioos thereunder; or !!I) I( and so long as said note of even date and this instrument are held by tde Secretor~ ot Housine and Urbao Develop- ment, a monthty charge (in lieu of a mortgage insurance premium) wrhich shall be in aa amouat equal to onrtwelftf+ (1'12) of one-hatf (',4) per ceatum of the avera~e outstandiag ~balaace due oa the note computed without takiag into account delinquencies or prepsymeats; ~ (h/ A sum equal to the ground rents, i[ any, ae:t dus, plus the pretoiums that will aext become due and payable on policies i ot fire aad other hazard insurance covering the mortgagcd property, plus tazes and assessmeats nezt due on ihe mort- ~ gaged property (atl as estimated by the a:ortgagee) leas all sums already paid Weretor d'svided by tbe namber of months ; to elapse before one month prior to the date ~v!?en such ground rents, premiums, ta:es, and assessments ~rill become de- ; tinquent, such sums to be held by mortga~ee in trust to pay said ground rents, premiums, tazes, and special assessmeats; and E (c/ All payments meationed in ihe two preceding subsectioas ot this parograph and all payments to be ~aade under the note F secured hereby shail be added together and the aggregate amount thereot shall be paid by the mort~RQor each month ia a E single payment to be applied by the mortQagee to the (oilowring items in the order set forth: ~ (I) premium chargea u~der the conlract ot insarsace wr(th tM Secretary of fiousing and Urban Development, or oonthly ~ charge (ia liru ot mort~aQe insmance premium), as the case may be; (11) ground rcats, ta:es, assessments, [ire, and other hazard insurauce premiums; (IIl) interest on lhe aote secured hereby; and ~ (1V) amort'uation of the princip~l of said ~ote. ' Any deticiency in the amount af such aggregate monthly payment shall, anless made good by the mortgagor prior to the due date of tfie next such payment, constitute an event d default under this mortgage. The moctgagee may collect a"late charge" not to e~cceed two cents (2t) foc each doliar (Sl) of each payment more than fifteen ~ (15) days in arrears to cover the extta expense iAvolved ia haedling delinquent payments. ~ 3. That if the total of the peyments made by the mortgagor under (6) of paregiraph 2 preceding shall e:ceed the amount oE payments actually made by the mortgagae, fa ground reats, ta:es and assessmeats 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. Ii, however, the monthly payments made by the mortgagor under (b) of paragraph 2 pre- ceding shall not be sufficient to pay groand rents. taxes and assessm.~nts and insurance premiums, as the case ~ may be. when the same shall become due and p4yable, then the moctgsgoc shall pay to the mortgagee any amount ~ necessary to make uP the deficiency, on o~ befae the dste ahen payment of sach ground reats, taxes. ~ssessments, - or insurance pcemiums shall be due. If at any time the modgagor shall tender to the mortgagee in accocdance with the provisions of the note secured heceby, full payment of the entire indebtedness represented thereby, the mort- _ ~ gagee shall, in computing the amount of such indebtedness, ccedit to the account of tt~e matgagor all paymeats . ~ made under the provisions of (a) of parag~eph 2 hereof ~vhich the matgagee has not become obligated to payto ~ tbe Secretary oE Housing and Urbaa Developmeat and aay balance remaining in the funds accumulated under the ~ provisions of (6) of said pacagcaph 2. lf there shall be a default undec any of the provisio~s oE this matg,age, te- ~ sulting in a public sale of the premises covered ~ereby, oc if the mortgagee acquires the property dhenvise after ~ default, the mortgagee shall apply, at tbe time d the commencemeqt of such proceedingS or at the time the prop- erty is otherwise acquired, the balance then remaining in the funds accumulated undec (b) of paragcaph 2 Preceding as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any ~ payments which shall Iwve been made under (a) aE said paragraph. ~ 4. That he will pay all taxes, assessments, watec rates. and other governmental or municipel c6arges, fines, or impositions, for which provision has not been made hereinb~foce, and in defeult thereof the mortgagee may pay the same; and that he will promptly deliver the dficial ceceipts thereEor to the mortg~gee. S ~ ~i~ ~14i6 - ~ ~ ~ - - - ~ Y ~ _ ~ ~u~;~a : _ _ _ ~~.e _