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Home My WebLink About2495 , , ' ~ ~~i ~ ~rt~ ; sa~d m~~ttgagur d~c hrreby~full~~ wetreot the title~to seid land, and every p~tt thereof. and will detend ihe same .~gu~nst the Ic~wful cia~ms o( all petsons whomsoever. PROVIDED ALlA'AYS. and these p~esents are executed and delivcred upon the followin~ conditions, to wit: The mortgago~ agrees to pay the mottgagee. ot ocder, the principal sum of BDCPBlQI '1'~~OUS~ND 1"QIA Hl1tiDR8D ~u ~onoo Dollacs (S 16.400.00 as evidenced by a note of even date he~ewith, with inte~est f~om date at the cate of eig~ p~••~lf per centum ( 8~ 9G) per annum on the unpaid balance until paid. The said principal and interest shall be payable at the office of BTOC~'l~ON, N~1Ti,EY, OJIVIN & CON~?NY: 100 ti~est 8ay Street. Jacksonvill~, FlariAa, or at such other place as the holder of the note may designat~ in writing, in monthly instellments of ~ R~JND~IiBD '11~Y-SIZ ~ lZ/100 --------------------Dollars (S 126.12 commenci~g on the first day of ~ch . 19 71 . and on the first day of each month thereafter untiltheprincipal and interest are Eully paid. except that the final payment of principa! aed interest, if not sooner paid. shall be due ~ and payable a~ the first day of F~Bbru3ry, 2001. And shall duly. promptly. and tully pedorm, discharge. execute, effect~ complete, and comply with and abide by each a~d every the stipulations, agreements. conditions, and cove~ants of said promissory note and of this mortgage, then this mortgege and the estate hereby created shalt cease and be null and void. ~ And the mortgagoc fucther covenants. as follows: 1. That he ~will pay the indebtedness. as heceinbefore provided. Privilege is reserved to pey the debt in whole. or ~n an_amount equal to one or mae monthly payments on the principal that are ~ext due on the note, on the first - day of any month prior to maturity: P~ovid~d. however, that written notice of an intention to exercise such privilege is given at least thlrty (30) aays prior to prepayment; and. provided fudher. that in the event the debt is paid in full prior to maturity and at that time it is inaured under the provisions of the National Housing Act. he will pay to the mortgagee an adjusted premium charge of one per centum (19G) of the original principel omount thereof. except that in- no eveat shall the adjusted premium exceed the ag~cegate amouat of prQmium charges wbich would have been payable if the modgage had continued to be insured until maturity; such payme~t to he epplied by the mort- gagee upon its obligation to the Secretary o[ Housing and Urben Development on account of mortgage insurance. 2. That, in order more fully to p~otect the security of this mortgage, the mortgagor. together with. and in addi- tion to, the monthly payments under the terms of the note secured hereby, on the first day of each month untit the said note is fully paid. will pay to the mortgagee the following sums: l~rl An amount sutficieot to provide the holder hereot aith funds to pay the ne:t mortgagr insurance premium iE this instru- ment and the note secured hereby are insured, or a monthty charge (in lieu ot a mortgage insura~ce premium) it they are held by the Secretary of Housing and Urban Development, as follows: ~ (I) lt and so long as said note o[ even date and this instrumeot are insured or rre reinsured under the provisions of the N•rt~onal Housing Act, an amount sut[icient to accumulate in the hands of the holder one (1) moath prior to its due date the annual mortgage insurance premium, in order to provide such holder witli funds to pay suchpremium to the Secretary of Housing and Urban Development pu~suont to the National Housia~ Act, as amended. and ~pplicoble Re~u- lations thereunder; or (II) I( and so long as said note of even date and this instrument are held by the Secretary of Housing aad llrban Develop- rr.ent, a monthly charge (in'lieu o( a mort~pge insurance prcmi~m) which shall be in an amount equal to one-twelfth (1 ' l2) ot one-hal[ (~fi) per centum o[ the average outstanding ba;ance due on the note computed ~rithout taking into account delinquencies or prepayments; (l,1 A sum equal to the ground rerits, if any, next due, plus the premiums that will aezt become due aad payable on policies ' ot fire and other hazard insurance covering the morigaeed property. plus taxea and assessments ne:t due on the mort- i gaged property (ap as estimated by the mortgagee) less all sums already paid there[or divided by the number of montha ~ to elapse betore one month prior to the date when such grouad rents. premiums, ta:es, and assessments will become de- ~ linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, t~Yes, And speciai asaeasments; j and ~ / All payments mentioned in the two preceding subsections o( this paragraph aad ali payments to be made under the note r secured hereby shalt be added together and the aggregate amount thereot shall bo paid by the mortgagor each month in a ~ single paymertt to be applied by the mortgagee to the (ollowi~g itetns in the orde~ set forth: (i) premium ch~rges nnder the coatract ot insur~nce aith the Secretary o[ Housin` ~nd Urban Development, or a?onthly ~ charge (ia lieu of mortga~e insutance premium). •s the case m~y be; ~ (II) ground rents, taxes, assessments, tire, and other hazard insurance premiuma; (UI) interest on the note secured hereby; and ~ (IV) amortization of the principal o[ 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 mortgagee ~ may collect a"late charge" ~not to exceed two cents (2a} fot each dollat (;1) of each payment more than fifteen (15) days in arrears to cover the estra expense involved ia handling delinquent payments. _ 3. That if the total of the peymenta made by.tbe moAgagor uader (6j of paragraph 2 preceding shell exceed the amount of payments actually made by the mo~tgagee, fot g~QUnd reats. taxes 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. If, however, the monthly payments made by the mortgagor under (b) of paragraph 2 pre- ceding shail 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 mortguga shall pay to the mortgagee any amount ~ necessary to make up the deficiency, on or before the date when payment of such ground rents. taxes, assessments. ` or insurance premiums shall be due. If at any time the modgagor shalltender to the mortgagee in accord8nce with ; the provisions of the note secured here6y, full payrnent of the entite indebtedness represented thereby, the mort- il gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments ~ made under the provisions of (a) of paragraph 2 hereof which the matgagee has not become obligated to pay to ~ the Secretary ot Housing 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 pcovisio~s of this mortgage, re- sulting in a public sale of the premises covered ~ereby, or if the matgagee acquires the property othetwise after ~ default, the matgagee s6a11 apply, at the time of the commenceiaent of such proceedings or at the time the prop- ~ erty is othecwise acquired, the balance then remaining in the funds accumuleted under (b) of paragraph 2 preceding ~ as a credit against the amount of prlncipal then remaining unpaid under said note and shall properlyadjust any payments which shall have been made under (aJ of said paragraph. ~ 4. That he will pay all taxes, assessments, water cates, and other governmental or municipel charges, fines. ~ or impositions, for which provision has not been made hereinbefae. and in defeult thereof the mongagee may pey ~ the same; and that he will promptly deliver the official receipts therefor to the mortgegee. ~ ~ aoaK 189 487 - ~ ~ z ~ ~ ~ ~ :r = _ _ ~ ~ ~ ~ : ~ ~ - ,