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..~~t! mu~tK,gur d.~. herrby (ull~ w~ttant thc t~tfc• t~ sa~d land, ~nd e~~e~~~ pati thereo(, and w~ll detcnd the same
.~K..~ost the.lawtul cla~ms o( all pc~sons whumsoevcr. •
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PkOVIDE[f ALN'AYS, aod these ptesents arc exeruted and delive~ed upon the following cooditions. to wit:
The muctgagor agcees to pay the moctg~gee. or ordet, the pri~cipel sum of g~ ~ EI~ ~
FIFTY.111~1D NQ/100
[h~llars (S 16,850.00 as eridenred bp • note of evee date herewith, with interest from date et the ~
~ute oi llqht i~ oit~~h~l` per centum ( 8~i 9G) pet annum on the unpoid balance
until pa~d. ~The said pnncipal and i~te~est shall be peyable at the office of
BTOCl~tON, NIATl~sY, D11VIN & OOMAIINY : 100 Weat Be~y Street , Jacksonville. F2orida, •
or at such other place as the hotdec ot the note may designate in w~iting. in manthly instollments of ~~gp ~
1M~1TY-NII+1B 11t~ 58/100 -------------------Dollars (S 129.58 commencing on :
the first day of ~~,Gh . 19 71 . and on the first day of each month theceaftec uniilthepcincipal '
aad interest are fully paid~ except that-Lbe final payment of principal and interest. if ~ot sooner paid. shall be due i
and payable on the first day ot F~9b,xvaYy, 2001. ~
And shall duly, promptly. and fully pedorm, discharge. execute, etEect. complete. and comply with end abide '
by each and every the stipulations. agreements, conditi«?s. and covenants of said pcomissory oote and of this
mortgage, then this mortgege and the estate heceby cceated shall cease and be null and void.
And the mortgagoc fucther covenants as follows:
1. That he will pey the indebtedness. as hereinbefoce provided. Privilege is reserved te pay the debt in whole.
or in an amount equal to one or more monthly payments o~ the principal that are next due on the note. on the first
day of any month prior to maturity: P.o~~ided, however, that written notice of an intention to exercise such privilege
is given at least thirty (30) days prior to prepayment; and. provided further. that in the event the debt is paid in
Eull prior to maturity and at thot time it is insured under the provisions of the National Housing Act. he will pay to
the mortgagee an adjusted premium charge aE one per centue~ (196) of the original principal amount thereof, except
that in no event shall the .adjus,ted premium exceed the a~gregate amount of piemium cherges which wou~d have
been pa~~able if the moctgage hed continued to be insured until maturity; such payment to be epplied by the mort-
gagee upon its obligation to the Secretary of Housing and Urban Development on acconnt of modgage insurance.
2: That, in ordec more fully to protect the security of tbis mortgage. the mortgegor, together with~ aad in addi-
tion to, the monthly peyments under the terms of the note secured hereby, on the fust dtry of each month until the
said note is fully paid, will pay to the mortgagee the following sums:
t~i / An amount su([~cient to provide the hol~er hereot with [unds to pay the nest mottgaQe ipsucance premium it this instru-
ment and the note secured hereby are ~nsured, ot a monthiy charge (in lieu o[ a mortgage insurrnce premium) i[ they are
held by thc Secretary o[ Housing and Urban Development, as follows:
(il I[ and so tong as said note ot evrn date and this instrument ate insurcd or are reinsured uader the p[ovisions ot tt~e
~at~onal Housing Act, an amount sufticient to accumulote in the handa of the holder one (1) month prior to its due
date the annual mortgage insurance premium, in order to provide such holder with funds to p~r suchpreauum to the
Secretary of Housing and Urban Devetopment pursuant to the National Housing Act, as amended. and ~pplicable Regu-
lations thereunder; or •
til) If and so long as said note of even date and this instrument are held by the Secretary o( Housing and Urban Develop-
nent. a monthiy charge (in lieu ot a mortgage insutance prcmium? which shall be in an amount equal to one-twelfth
(1 12) ot one-hat( (S4) per centum of the average outatanding ~•balonce due on the note computed without taking into
secount delinquencies or prepapments;
~ 1• r A sum equal to the ground rents, it any, ne:t due, plus the premiums that will ne:t become due and payable on policies
of fire ~and other hazard insurance covering the mortgaged property, plus ta:es a~d ossessments next due on the mort-
gaged propert} (all as estimated br the mortgagee) lese all sums already psid therefor divided by the number of moaths
to elapse betore one month prior to lhe date when such ground rents, premiums,- ta:es, and assessmeats will become de- ~
i I,nquent, such sums to be held by mortgagee in trust to pay said ground reats, premiums, taYes, and spccial assessments; '
{ and
~ 1 AI! payments ment~oned in the two preceding subsections o( this paragtaph and all payments to be made under the note
E secured hemby shall be added together and the aggregate amount thereo[ shall be paid by the mortgagor eoch month in a
~ single payment to be applied by the mortgagee to the [ollowing items in the order set forth:
~ (1) preminm charges under tbe contract o[ insurance with tl~ Sectetary o[ Honaina ~od lhbae Development, or monthly
~ charge (in l~eu o[ mongage insurance praaium), as the case may be;
ground rents, taxes, assessments, tire, and othe~ hazard insurance premiums;
E (1[1) interest on the note secured hereby; and
g (IV) amort~zation ot the principal ot s~id note.
Any deficiency in the amount of such aggregate monthly payment shatl, unless made good by the moctgagor
prior tc+ the due date of the next such payment, constitate an event of default under this mortgage. The modgagee
may collect a"late charge" ~at to exceed two cents i2t) fa each dollar (S1) of each payment more than Eifteen
~ (15) days in arrears to cover t6e eidre espense involved in handling delinquent payments.
3. That if the total of the payments made by the moctgaga under (6) of paragcaph 2 preceding shall exceed
the amount of payments actuslly made by tl~e mod:a~ee, fat g~ound [et~ts, ta:es and assessments 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. lf, however, the monthly payments made by the matgagor under (bJof 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 mo~tgugot shall pay to the modgagee any amount
necessary to make up the deficiency, on or before the date when peyment of such ground renLs, taaes~ assessments,
ar insurance premiums shall be due. If at any time the modgagor shall tender to the modgagee in accordance with
& the provisions of the note secured heceby, full payment of the entire indebtedaess represented thereby, the mort-
gagee shall, in coraputing the amount of such indebtedness, credit to the accaunt of the mortgagor all payinents
~ made under the provisions of (o) of paragraph 2 here~ ahich the mortgagee has not become obligated to peyto
~ the Secret~ry oE Housing and Urban Development and any balance remaining in the funds accumuleted under the
~ provisions of (L) of said paragraph 2. lf there shall be a deEsult under any of the pcovisio~s of this moctg,age; re-
~ sulting in a public saie of the premises covered ~ereby, or if the mortgegee acquires the property otherwise after
~ default, the matgagee sball aQply, at t6e time of tbe commencement of swch proceedings or at the time the pcop-
~ erty is otherwise acquired, the balaace then remaining in the funds accumulated under (b) of paragraph 2 pceceding
~ as a credit against the amount of principal then.remaining unpaid undec said note and shall properlyadjust any
~ payments which shall have been made under (a) ot said parag~aph.
~ 4. That he will pay all taxes, assessments, water rates, and other governmeatal or municipal charges. finea,
~ or impo6itions, for which provisioa has not been made hereinbefoce, and in default thereof the mortgagee may pay
~ the same; and that he will promptly deliver the a(ficial receipts therefor to the mortgagee.
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