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HomeMy WebLinkAbout2205 . . . ~~~l~J ~ ~ . ~.~td m~xlK.~~;ur d.x•s he~ehy ~ull~~ vratt.~nt the t~tlr tu sa~d I:~nd. ind r~rr~• patt therrof, end wiil det.•nd ti~e s.,n,e .~K.~~nst the Is+w•tul cla~ms o( all pets~u~s whum~oever. PROVIDED ALN'AYS, and these present~ are execut~d end delivered upcm the followtng cond~t~ons, to wit: The mottgdgut ugrees to pay the mo~tgagre, or ocdet, the principal sum of TyCUS~Z,~p SIX ER~~tRp 71ND NO/100 Dolla~s (S 18~600.00 as e~~idrn.;ed by s nole ot even date he~ewith, with interest f~om date at the , ~ate of pec centum ~ per a~num on the unpaid balance until paid. 4~9r~ai~ p4~~"~p~~nd interest shail bc payable at the o(fice oE ~NN~ p~y~~ g pp~p~y: lpp ~,~tast gay StreQt, Jacksonvillo, Florida, or at such other place as the hoider oE the ~ote rtwy designate i~ writing. in monthly installments oE a[+16 HUAIDIiSD F'QtTY-T~ 71ND 03/100 Dullars (S 143.03 commencing on the first dey of p~~y . 19 ~1. aad on the first day of each month thereafter until the principal and interest.are fully paid. except that the final payment of principat and inte~est, if not sooner paid, shall be due and payable on the first dey ot Jas?uary 2001. And shall duly, pranptly. and [ully pedorm, discharge, execute, effect. complete. and comply with and abide by each and eve~yr the stipulations, agreements. conditions, and covenants of said promissory aote and of this mortgage~ then this mortgage and the estate hereby created shal! cease and be null and void. And the mortgagor fudher covenants es tollpws: 1• That he will pay the indebted~ess. as hereinbefore pro~~ided. Privilege is reserved to pay the debt in whole, or in an amount equal to one a more monthly payments on the pri~cipal that are next due on the note, on the first day of any month prior to maturity: P?o~•idfd, however, that written notice of an intention to exercise such privilege is given at least thirty (30) days pria to prepayment; a~d, provided further, that in the evPnt the debt is paid in tuil p~ior to maturity and at that time it is insured under the provisions of the National Housing Act. he will pap to the modgagee ae adjusted pcemium charge of one per centuui (146) oE the ociginal principol amount thereof, except that in no event shall the adjusted preraium. exceed tbe aggcegate amount of premium charges which would have been payable if the moctgage had continued to be insuned until maturity; such payment to be applied by the moct- gagee upon its obligation to the Secretary of Housing and Urban Oevelopme~t on account of modgage insurance. 2. That. in order more Eully to protect the security of this moctgage. the mortgagor, together with. and in addi- tion to, the monthly payments under the tetms of the note secuced hereby, on the first day of each month until the said note is fully paid, wil! pay to the mortgagee the following sums: ~r,1 Ao amount sufticient to provide the holder hereot with (unds to pay the ne:t mortgege insurance premium i[ this instru- ment andthe ~ote secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance ptemium) if thep ore held by the Secretary of Housing and Urban Development, as totlows: (1) It and so long as said note of even date and this instrumeat are insured or ace rc~nsured under the provisions of the hytional Huusing Act, an amount su(ficient to aceumul~te ia the hands ot the holder o~e (1) month pnor to its due - date the annual mortgage insura~ce premium, i~ order to provide such holder with funds to pay suchpremium to the Secretary o( Housing and Urbpn Developmtnt pursuant to the National Housing Act, as amrnded, and apQlicable Regu- lations thereunder; or (11) If and so long as said note uf even date and thts instrument are held by the Secretary oE Housing and Urbao Develop- ment, a monthly charge (in lieu o[ a mortgage insurance premium) which shall be ia an amount equal to one-twel[th (1 ~ 12) o( one-haE( (14) per centum o[ the average outstrading balance due on the note computed without taking into account delinquenc~es or prepayments; (tiJ A suvs equal to the ground rents, i( anr. ne:t due, plus the premiums that wrill next become due and poyrble on policies o( fire and othe~ hazard insurance coveriae the mongaQed property, plus ta:es and ascesaments next due on the mort- gaged property (alt as estimated by the mortgagee) less all sums already paid theretor divtdtd by the number of months j to elapse before one month prior to the date when such ~ouad rents, premiuma, taxes, and assessments will become de- i ' 1?aquent, such sums to be held by mort~ngee in trust to pay said Qround rents, prcmiums, taxes, and special assessments; and i r~~ Al! payments mrntioned ~n the two precediag subsections o[ this p~roeraph and alt pryments ta be made uader the not~ ~ sec~red hereby shall be sdded together and the aggre~ate amount thereo( shall be paid by the mortg~gor each month in a ~ single payment to be apptied by the mortgagee to the (olloMring items in the order set torth: ~ (I) premium charges under the contract ot insuraace with the 3ecretuy ot Housing ~ad Urb~a Deveiupment, or monthly ~ charge (ia lieu ot mortga~e ~osurance prenuwo~ as lhe case m~r bt; . (II) ground rrnts, taxes, asseasmmts, tire, and other hazard insuraoce premiums; ~ (III) interest on the aote secured herebr; and (IV) amortlzation of the principal o[ said note. Any deficiency in the ae:wunt 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 d default under this mortgage. The mortgagee may collect a"late charge" not to exceed two ceats (24) for each dollar (S1) d each pa~•ment mae than fifteen (15) days in arrears to cover the eutn expense involved ia haadling delinquent peyments. 3. That iE the total of the psyments ~aede by the mortgagor under (6) of paragraph 2 pceceding shall exceed ' the amount of payments actually made by the mortgegee, for gROUad rents. taxes and assessments and insurance premiums, as the case may be, such excess shall be credited by the mnrtgagee on subsequent payments to be made by the mortgagor. if, however, the monthly payments made by the moctgagoc under (6J of paragraph 2 pre- ceding shall not be suf[icient to pay ground rents, taxes and assessm.~nts and insurance premiums, as the case may be, when the same shall become due and payable, the~ the matg~goc shall pay to the moctgagee any amount ~ necessaty to make up the deEiciency, on or befae the date when payment of such ground rents, taxes, assessments, or insurance premiums shall be due. U at any time the modgagor shali tender to the mortgagee in accordance aith ~ the provisions o[ the note secured hereby, full payment of the entire indebtedness represented theceby, the moct- gagee shaU, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments ~ made under the provisims of (a) of paragraph 2 hereof which the mortgagee 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 (GJ o[ said paragraph 2. IE there shall be a default under any o( the provisio~s of this mortgage, re- - ~ sulting in a public sale of the premises covered ~ereby, or if the mortgagee acquires the property otherwise after ~ default, the mortgagee ~iwll apply, at the time of the coa~meacemeat of such proceedings oc at the time the prop- ~ e?ty is otherwisr acquiced, the balance then cemaining in the Eunds accumulated under (6) of paragraph 2 preceding ~ as a credit ag~inst the amount of principal then remaining unpaid under said note and shall properlyadjust any ~ payments which shall have been made under (a) of aeid paragtaph. ~ 4. That he wiU pay all taxes, assessments. vrater rates, and dher governmental or municipel chatges, fines. ; or impositions, for which provision has not.been made hereinbefae, and in default therea[ the mortgagee-may pay ~ the same; and that he will Promptiy deliver the offici~l receipts thercfor to the mortgagee. ~ _ ~ ~ . , ~ . ~ = - ' -G'= ~ ~ a~ ~ ~ ~ - " k' ~ - 4~~'~-~~_.