HomeMy WebLinkAbout2060 ~ ~ • ,~f ! ; ~
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s.,~d mottK.~gut d~x~ hcre~y full~ w•arrunt Ihe titl~ to sa~d land, and ever~• part thereof, and wiil delrnd the same
.~gatnst the lt+w~tul cla~ms o( ell persons whomsoever. ~
PROVIDED AL11'AYS, end these presents are executed and delive~ed'Lpon the following conditions. to wit:
The mo~tgagoc ag~ees to pay the mwtgagee, or order, the ptincipal sum of
x~ l?tIDto /100
Uollars (S 17~3~•~ as e~•idenced by a note of even date he~ewith, with interest ftom date at the
rate of ~ig~ &!~t'~e-hilf~ pec centum ( g~ per annum on the unpaid balance
until pai e sai principa and interest shall be payable at the oEfice of
grpC'~Tpti, 1T~TLSY, O~VIN & OOMPAt~tY, 100 Wiest BaY Street, Jacksonville, Floricla,
or at such other place as the holder of the note may designate i~ writing, in monthly installments of ~ HOl~ID~tBD
THIRTY-T~ 11I1D 04/100 -------------------Dollacs (S 133.04 coma~enci~g on
the first day of p~g~~y . 19 7~ , and on the first dey of each month thereafter untiltheprincipal
and intecest are fully paid. except that the final payment of principal and interest, if not sooner paid, shal! be due
and payable on the first day of J~itia]Cy, Z001.
And shai! duly, proa?ptly. and fully pedorm, discharge, execute, effect. complete, and comply with and abide
by each and every tbe stipulations, agreeme~ts, conditions, and cove~ants af said promissory ~ote and of this
mortgage, then this morigage and the estate hereby created shall cease and be null and void.
And the moctgagor turther covenants as follows: .
1. That he will pay the indebtedness. as hereinbefore provided. Pr'ivilege is reserved to pay the debt in whole, '
or ~n an amount equal to one or more monthly payments on the principal that are next due on the note, on the first
da~ of any mo~th prior to matucity: Procidrd, however. that written notice of an intention to exercise such privilege
is given at least thirty (30) days pcior to piepayment; and, provided further~ that in the event the debt is paid in
t~~ll prior 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 (1°X) of the original principel amount thereof, except
that in no event shall the adjusted premium exceed the aggregate amount d premiwn charges which would have
been payable if the mo~tgage 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 ptotect the security oE this moctgage. the mo~tgagor, together with, and in addi-
tion to, the monthly payments under the tecros of the note secuced hereby, on the first day of each month until the
said note is fully paid. will pay to the mortgagee the following sums:
iul An amount sufticient to provide the hoider hereof ~xith tunds to pay the ne:t mortgage insurance premium if this instru-
ment and the note secured hereby are insured, or a monthly charge (~n tieu of a mortgage insurance premium) if they are
held by the Secretary of Housing and U~ban Developmenl, as follows:
(1) It and so long as said note of even date and this instrumeat arr insured w are rcinsured under the provisions oi the
iKational Housine Act, an amount su[Eicient to accumulate in the hands o[ the holdrr one (1) manth prior to its due
date the annuat mortgage insurance premium, in order to provide such dolder with fuads to pay such premium to the
Secretary of Housing and Urban Development pursuant to the N~tional Housing Act, aa amended, and opplicable Regu-
lations thereunder; or -
(ll) 1f and so long as said note u[ even date and this instrument ate held by the Secretary of Houaing and Urban Develop-
nent, a monthly charge (in lieu of e mortgage insurance premium) w6ich shall be in aA amount equai to one-tweltth
(1.'12) o[ one-hsl[ (~h) per centum o( the average outstonding balance due on the note computed without taking into
accouat delinquencies or prepayments;
li.l A sum equal to the ground rents, if any, next due, plus the premiums that wrill ne:t become due and payable oe: policies
! ot fire and otheG hazard insurance covering the mortgaged property, plus tasea and assessments ae:t due oa ihe mort-
~ gaged ptoperty (all as estimated by the mortgagee) less all sums already paid thetetor divided by the number of months
to elapse before one month prior to the date when such ground rcats, premiums, ta:es, and assessments will become de-
k linquent, such sums to be held by mortgagee in trust to pay said Qround reats. prcm}uma, tazes, and special assessments;
~ and
All payments mentioned in the two preceding subsectioas of this paragraph and all payments to be made under 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 tollowring items in the order sei [octh:
~ (I) premiu~r. charges under the contract ot insurance aith the Secretary ot Housin~ ond Urbrn Development, or monthly
~ charge (in lieu of mortgaQe insurance preiniwo), as the Case may be•
QI) ground rents, taxes, assessmrnts, tire, and other haz~rd insurance premiums;
(111) interest on the note secured hercby; and
(IV) amortization ot the principol ot said note.
Any deficiency in the ar~oant of such aggregate monthly payment shall, unless made good by the mortgagor
prior to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee
may collect a"late charge" not to exceed two cents (2~) fa each dollar (S1) of each payment more than fifteen
(15) days in arrears to cover the extre expense involved in handling delinquent payments.
3. That if the total of the payments made by the mortgagoc under (6) of paragreph 2 preceding shall exceed
the amount of payments actually made _by the mortgagee. Eor ground 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 matgagor. If, however, the monthly payme~ts made by the mortgagoc 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 mortgegor shall pay to the mortgegee any amount
~ necessary to make up the deficiency, on oc before the date whea payment of such ground reats~ taxes. essessments,
% or insurance premiums shall be due. If at any time the mortgagor shalltenderto the modgagee in accordance with
" the rovisions of the note secured hereb full
~ p y, peyment of the entire indebtedness represented thereby. the mort-
gagee shall, in computing the amount oE such indebtedness. credit to the account of the mortgagor al! payments
~ made under the provisions of (a) of paragraph 2 hereof which the moctgagee has not become obligated to payto
tbe Secretary of Hoasing and Urban Development and any balance remaining in the funds accumulated under the
~ provisions of (6) of said paragraph 2. If there shall be a default under any of the provisio~s of this mortgage, re-
~ sulting in a public sate of the premises covered ~ereby, or if the moctgagee acquires the property otherwise after ~
default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- ~
~ erty is otherwise acquired, the balance then remaining in the funds accumulated under (bJ of paragraph 2 preceding
as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any
~ payments which shall have been made under (a1 of said paragraph:~'
4. That he will pay all taxes, assessments, water rates. and other governmental or municipal cherges, fines.
or impositions, tor wbich provision has not been made hereinbetae, and in default thereof the mortgagee may pay
~ the same; and that he will Promptly deliver the oEfici~l teceipts therefor to the mortgagee.
~ g~i89 ~2053 t.
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