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HomeMy WebLinkAbout2211 . ~ ~1 `f . . ~ ~.~~d mo~tK.,gur d«~ti hrreb~• tully v?attant Ihe htle to sa~d land, and e~~ery part thereot, and wiU de[rnd the same ..K.~~nst the lav?tul cla~ms ot all persons whomscever. PROVIDED ALN'AYS, aod these p~eser?ts erc executed and delivered upon the [olloaing conditio~s. to wit: The mo~tgagoc agrces to pay the mottgagee. or ~der, the princippl sum of g=~ ~pV~p g~ ~Rgp u~u Nonoo Dollars (S 18,600.00 es evideoced by e note ot even date he~~ewith, with interest Erom date et the rate of eiqt~ ~ on~"h~l~ per centum ( 8~ °X.) per ennum on the unpaid balance until pa~d. The said principel and inte~est shall be payable at the o[tice ot SrOC1~TON, N~1T?iRY. DJIVIN & OOMpQ?NY: 100 liisst Bay Street, Jscksonviils, Florida, j oc at such other place as the holder of the ~ote mey desig~ate in writing. in monthly installments of Q~ ~~LIAIDRBp i F~tTY-THItBB 71ND 03/100 -------------------0ollars (S 143.03 cama,encing on the fi~st day of g~~~ . 19 71 . and on the first day of each month the~eafte~ until the principel and interest are Eully paid. except that the final payment of principal and interest. if not sooner paid. shell be due and payable on the first dey oE JanuAly, Z001 And shall duty, pranptly. and fuliy perform. discherge. execute, effect. camplete. and comply with and abide by each and every the stipulations, agreements, conditions. end covenants of said pranissory note and of this mortgage, then this moctgage and the estate hereby created shall cease and be nu11 and void. ~ And the matgagoc further coveaaats as follows: ~ , 1. That he wiU pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole. or ~n an amount equal to one or m«e monthly payments o~ the principal that are next due on the note, on the first day of any mo~th prior to maturity: P,o~•id~d, however, that written notice of an intention to exercise such privilege is given at least thidy (30) days prior to prepayment; and. provided further. that in the event the debt is paid in fuli prio~ to maturity and at that time it is insured unde~ the provIsions o[ the Netional Housing Act~ he will pay to the mortgagee an adjusted pceatium charge of one per centum (1'X.) of the original priacipal amouc~t thereof. except that in no event shall the adjusted pcemium exceed the aggregate amount of pcemium char~es which woutd 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 Housing and Urban Development on accou~t of mortgage insurance. 2. That, in order more fully to pcosect ~the security of this mortgage, the mortgagor. togethet rxith, 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: r~+l An amount suf(icient to p~ovide the holder hereot with funds to pay the ne:l mortgage insuraqce premium i[ this instru- ment and the note secured hereby yre insured, or a moathty charge (in lieu ot a mortgage lnsu~ance premium) if they are ~ held b~• the Secretary of Housing and Urban Development, as follows: (I) I( and so long as said note ot evea date and this instrument are iesuted bt are t~insurad under the pmvisions of the National Housi~g Act, an amount sufficient to accumulate in the haads d• th4holder one' (1) nlonth prior to its due date the annuai mortgage insurance premium, in order to provide such holder wit4, ftu~ds to pa~ tacipremium to the Secretarp of Housing and Urban Development pursuant to the National Housln~ ACt, as pq~4~jld. ~d applicable Reev- latu~ns thereunder, or - ~ ~ - (!1) If and so long as said note o( even date and this instrument are held by tht ~ecretary ot Housing and Urban Develop- , r..ent, a r.~onthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twel(th (1 12) ot une-half (~•i) per centum o! the average outstanding balance due on the note computed without tating into accoant delinquencies or prepayments; ~ A sum equal to the ground rents, if any, next due, plus the premiums that wilt nezt become due and payabie on policies u[ ftre and other hazard insurance covering the mortgaged property, plus taxes and assessments ne:t due on the mort- Ra~ed property (all as estimated by the mortgagee) lesa all sums •Iready paid therefor divided by the number of months to elapse before one month prior to the date when such ground reats, premiums, taYes, artd assessmeots wili become de- linquent, such sums to be held by mortgagee in trust to pay said ground rents. premiums, ta:ea, and special assessmeats; and ! 1 A!1 payments mentioned in the two preceding subsections o( this paragraph and atl payments to be made under the note ~ secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a ~ sinqle payment to be applied by the mortgagee to the tollowing items in fhe order set torth: ~ (I) prem~um charges under the contract of insuraace with the Secrctary ot Housin~ and Urbsn Development, or monthly charge (in lieu of mortgaee insurance premium), ~s the cose m~y be; F (Il) ground rents, taxes, assessments, fire, and other hazard insurance premiums; ~ (lIl) interest on the note secured hereby; and ~ (IV) amortizat~on of the principal ot said note. Any deficiency in the ar.~ount 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 modgagee may collect a"late charge" not to exceed two cents (2Q) Eor each doller (Sl) of each payment moce than fiEteen (15) days in artears to covet the e:tra expet~se involved in handling delinquent payenants. ~ E 3. That if the total of the peymeets made by the moctgagoc under (6) of paragraph 2 pceceding shall exceed ~ ' the amount of payments actually made by the matgagee, fo~ gcound rents, taxes and assessments and insucance ~ 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 undet (6) of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance pcemiums, as the case ~ may be, when the same shall become due and payable, then the mortgugor shall pay to the modgagee any amoant II necessary to make up the deficiency,on a befoce the date when payment of such ground rents, taxes~assessments. _ or insurance pcemiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with - the provisions of the note secured hereby, full paycaent of the entire indebtedness represented thereby, the mort- ~ ~ gagee shall, in computing the amount of such indebtedness, credit to the account of the moctgagor all payments a i made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not becwne obligated to payto ~ the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated undec the ~ provisions of (b) of said paragcaph 2. If there shall be a default under any of the provisions of this mortgage, re- sulting in a public sate of the premises cove:ed ~ereby, or if the moctgagee acquires the property othecwise after ~ default, the mortgagee shall apply, at the time oE the commence~nent of such pcoceedings or at the time the prop- _ erty is otherwise acquired, the balance then remaining in the funds accumulated u~der (6) of paragraph 2 preceding ~ as a credit against the amount of principel then remaining unpaid under said note and shall properlyadjust any ~ payments which shall have been made under (o) of said paragraph. ~ 4. That he will pay all taxes, assessments, water rates, and other governmental or municipel charges, fines, ~ or impositions, for which provision has not been made hereinbeEae. and in default thereof the mortgagee may pay ~ the same; and that he will promptly deliver the o[ficial receipts thetefor to the mortgagee. ~ ~1&9 ~ . ~ . ~ . ~ , : ~ ~a _ .r . s~~.~-~~:~ ~~r~.