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Home My WebLink About2243 ~ + ~ ~r' ~ ~ ~ i ..,~d r^.•rt~;.~~.~~ d.x•~ hereb~ iulh~ wutranl thr t~tir tu sa~d li+nd, and r~et~~ patt thercuf, and N•~11 delrnd the ~ume t .~gain+t the lawtul rlaims .~f all porsuns whomsoevet. , ? i PFtOVIDED AL11'l11'J, and these pcesents are exeruted and delivered upoe~ th~ iollow~n~ cond~tions, to wit: Thc m~xtgagot agrres to pay the mcxtgMgee, w order, the p~mcipal aum o[ ~ 1~p FIFTY AtZD NO/100 Dollars (516.250.00 as e~-idenced by s notc o[ even date he~ewith, w~th interest from dete at the rate of liqlk i o1N-h~l! per centum ( ~ R) pet annum on the unpa~d balence until pe~d. The s~id principal and interest shall be payable at the otfice ot ~ SPGC1~Ot1, M8i?T~Y, W1Vri~1 g OONA~INY, 100 tirat 8~Y atsa~t, Jackscnvill~. Plorida. or at such other place as the holder Qf the note may designate in w~iting. in monthly inste[tments of Q~ Ht~1~IDR~ ' 1~'Y-P"0~1R 71tZD 96/100 ------------------Dollars (S 1Z4.96 comrt~encing on the first day of P~sbsllasy . 19 71 . and on the first day of each month thereafter untiltheprincipal and interest are Eully paid, except that the final poyment of principal and interest, if not soonec paid. shall be due and payable on the fifst day o[ Jauuary, 2001. And shatl duly, praaptly. and [ully pedocm, discherge, execute, effect. comptete. and comply with end Abide b~• each and every the stipulations. agreements, conditio~s, and covenants of said pcomissory note and of this mortgage, then this mortgage and the estate hereby created shall cease and be nutt and void. And the mottgago~ futther covenants as follows: 1. Thet he will pay the indebtedness, as hereinbetore provided. Pcivilege is teserved to pay the debt io whole, or in an amount equal to one or more monthly payments on the principal that are ~ext due on the note, on the first da~• of an~• month prioc to maturity: P?o~•ided, however, that written notice of an intentior~ to exercise such privilege ,s given at least thirty (30) days prior to prepayment; and, provided futther. that in the event the debt is paid in full prior to maturity and at that time it is insured under the provisions o[ the National Housing Act, he will pay to the mortgagee an adjusted pcemium charge ot o~e per centum (176) of the originel princjpel amount theceof. except that in no e~~ent shall the adjusted premium exceed the aggtegate amount oE premium charges ahich would have been pa~~able 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 account oE modgage insurance. 2. That, in order more fully to protect the security of this moctgage, the modgagor. together with, and in addi- tion to, the monthly payments undec the terms of the note secured hereby, on the first dey of each aanth until the said note is fully paid, wiil pay to the mortgagee the foliovving sums: ~ ' ~r! An amount suf(icient to pro~•ide the holder hereot with funds to pay the ne:t mortgage insurance premium it this inatru- ment and the note secured hereby are insured, or a monthly charge (in lieu of ~ e~ort~~gp 1n~MICt premium) if they ore held by the Secretarp o( Housing and Urban Development, as toltows:_ ; (1} 1( and so long as said note o[ even date and this instrueaent arc insured or ate reiMSnted ut~dei t~e~pr04isions of the 4ational Nousing Act, an amount su[ficient to accumulote in the haads of ~the holdet o~?e (t)~WOOdI'p~ior to its due date the annual mortgage insurance premium, in order to provide such holder with funds to pay spcb ptemiqm to the Secretar~• oi Housing and Urba~ Developmrnt pu~suant to the Nationrl Housing IICt, a!'~me¢fled.iRRd"applic~lble ReQu- lations lhereunder, or tlll I( and so long as sud note ot even date and thts instrument are held by the SEcretary ot Housing a~~ Vrban Develop- r,.ent, a monthl~• charge (in lieu of a rnortgage insurance prcmium) which shall be. in an ~mount equol to one-tweltth (1 12) ot one-half (ii) per centum o[ the sverage outstanding balance due oa the note computed without taking into acceunt delu~quencies or prepryments; r+ A sum equal to the ground rents, i[ any. next due, plus the premiums that will aext become due and payable on policies of fire and other hazard insurance covering the mortg~ged property, plue ta:es and assessmeats next due on the mort- gaged property (alt as estimated b~ the mortgagee) less a11 sums already paid therefor divided by the nu~aber o( months ~ to elapse before one month prior t~ the date wAen such ground rents, premiums, tazes, and ~ssessments wi11 become de- ! l~nquent, such sums to be held by mortgagee in ttust to pay said gtound rents, prcmiums, ta:es, andspeciolassessments; ~ and 4 ~ All payments mentioned in the two preceding subsections o[ this paragraph and all paymeats to be made under the note ? secured hereby shail be added together and thr aggregate emount ther~ot shall be paid by the mortga~or each month in a ~ ~ s~n~le payment to be applied by the morteaQee to the tollowing items in the order set forth: e tl) premium charges ueder the contract of i~suraace w~ith the Secretary o( Housin~ and Urban Development, or monthly ~ : harge (in lieu of mortgage insurance premiua~), as the c~se may be; } (If~ ground rents, t~xes, assessments, (ire, aad other haza~d insurance premiums; 4 (III) ~nterest on the note secured hereby; and r (IVl amort~zation ot the principal of said note. j Any deticiency in the ar.~ount oE such aggcegate 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 coltect a"late charge" not to exceed two cents (2Q) for each dollar (SI) of each payment more than Eifteen ~ (15) days in arrears to cover the extra expense involved in handling delinquent payments. . # 3. That it the total of the payments made by the mortgagor under (6) of paragcaph 2_ preceding shall exceed ~ the amount of payments actually made by the mortgagee, for groand rents, taxes and assessments and insurance ~ prerriums, as ihe 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 moctgagor under (6J of paragraph 2 pre- ' ~ ceding shail r.ot 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 moctgsgoc shall pay to the mortgagee any amount ; ~ necessary to make up the deficiency, on a befae the date when payment of such ground cents, taxes, assessments, ; - or insucance premiums 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 payment of the entire indebtedness represented thereby, the mort- ~ gagee shall, in computing the amount oE such indebtedness, credit to the account of the mortgagor all payments ~ made under the provisio:~s of (al o[ paragraph 2 hereof which the enortgagee has not become obligated to payto tbe Sertetary of Housing and Urban Development and any balance remaining in the funds accumulated under the ~ pro~-isions of (6/ of said paragraph 2. If there shall be a default under any of the ptovisio~s of this mortgage, re- ~ sulting in a public sale of the premises coveced ~ereby, or if the moctgagee acquires the property othecwise after detault, the mortgagee shell apply, at tbe 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 ot principal then remaining unpaid under said note and shall properly adjust any ~ payments which shail ha~e been made under (o) of said paragraph. . ~ r 4. That he wiU pay all taxes, assessments, water rates, and dher governmental or municipal charges, Eines, ~ or ~mpos~tions, for which provisia? has not been made hereinbefae, and in de[ault thereo[ the mortgagee may pay ~ the same; and that he w~U promptly deliver the otficial receipts therefor to the mortgagee. ~ ~ ~ ~~1~9 r~~ ~ d ~ ~ i _ ' ~ I _ ~ . .~a*~;,~-~_: ~ s ~'°.,.,~".4,. ~_x'_. , _ -