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Home My WebLink About0493 ~ . t ! . i r ~u?d mortK:~~;ur c~ue. herc~h~ full~• w~~rr.~nt th~~ titlr tu ~tud land, and «rr~ part thereof, und •.viU deic~nd ti~r same .~~;ainst the l.+u•tul claims z~f al! p~rsuns w~hum.oe~er. PROVIDED AL11'Al'S, and these presents are executecl and del~~~ered upon the folloKtng conditiuns, to wit: Tht• martgag.~r aKrees to pa~• the mortKa~er, or order, the principal sum of $I}(~ THWSAND SIX IiUNDRED FIFTY A1~ID NO/100 Uullars ~S 16,650.00 as e~ idenced b~• a note ut even date hercw•ith, with inteiest frum date at the n~te of eiqht & one-h31_`. per centum ( 8~ o) per annum on the unpa~d balance until paid. The sa~d pnnc~pal and inte~est shall be pa~•able at the otfice of 9TOCII~TON, WI~?TIRY, DAVSN & O~MPANY . 100 West Bay Street , Jacksonville, ~ 3orida, or at such other place as the holder ~f the note ma}~ designate ~n writing, in montht~~ installments of ONE HUNDRED ZWENl'Y-EIGI~ AND 04/100 --------------------0ollars (S 128.04 comrt~encing on ' the first dav o[ ~jril . . 19 71 . and o~ the first da~• of each month thereafter untiltheprincipal i and ~nte~est are tully paid, except that the final papment of principal and interest, if not sooner paid. shall be due ? , and payable on the fi~st day of ~rCh 2001 ~ And shall duly, promptly, and fully perform, discharge, execute, effect, complete. and compl}~ N~th and abide ` h~• each and e~•ery the stipulations, agreements, conditions, and co~~enants of said promissory note and of this mortg~ge, then th~s moctgage and the estate hereby created shall cease and be null and ~•oid. And the mortgagor turther co~•enants as fulloWS: 1. That he will pay the indebtedness, as hereinbefore pro~•ided. Pri~•ilege is reserved to pay the debt in whole. or in an amount equal to one or more monthl~~ payments on the principal that are next due on the note, on the first da~~ of ang month prior to maturity: Prn~:d~•,(, hoKever, that written notice ot an intention to exercise such pri~•ilege is given at least thitty (30) days priot to prepa~~ment; and, provided further, that in the event the debi is paid in Eull prior to maturity and at that time it is insured under the ptovisions af the National Housing Act, he will pa~• to the mortgagee an adjusted premium cherge o[ one per centum (1%) of the original principal amount thereof, except that ~n no e~•ent shall the adjusted premium exceed the aggregate amount of premium charges which would ha~~e been papable i[ the mortgage had continued to be insured until maturity; such payment to be appiied by the mort- gagee upon its abligation to the Secretary of Housing and Urban Development on account of mortgage insurance. 2. That, in order more fully to protect 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 until the said note is fullv paid, will pay to the mortgagee the following sums: ~ An ar.:~~unt suff~c~ent to proccde the h~lder hereot v~~th (unds to pay thr next mortgage ?nsura~ce premium if this instru- ment andthe oote secured hereby are ~nsu:ed, or a monthl~• charge (tn tieu o[ a mortgage tnsurance Qrrmwm) the~• are hrid h} the Secretary• of Nousing and Urban Development, as follow~s: iI1 lE and so long as sa?d note uf eern date and this iosicument are ~nsured or are reinsured under the proa•istons o( the \atwnrl Housing Act, an amount su(f~cient to accumulate in the h~nds o( the holder one (1) month pnor to its due Jate the annual mortgage ~nsurance ptem~um. ~n order to ptov~de such hoider with funds to pay such premium to the Secretary ot Housing and Urban Development pursu+nt to the National Housing Act, as amended, and eppl~cable Regu- lattuns theteunder, ot ~ 111) If and so long as said notr uf eern date and this ~nstrument are held by the Secretary ot Flousing and Urban Develop- ~ ment, a monthly charge (in lieu of a mortgage insu~ance premium) wh~ch sha11 be in an amount equal to one-twei[th (1 12) o( one-halt per centum of the average outstandtng balance due on the note computed wrthout taking into ~ account delinquenc?es or prepayments; 'r ~ .l•; ~ sum eyual to the ground rents, it any. next dur, plus the premiums that ~ill next become due and payable on policies i o( (~re and other hazard ~nsurance covering the mortgaged propert~, plus taYes and assessments next due on the mort- ~ Kaged property (all as est~mated by the mortgagee) less all sums already paid lherefor divided by the number of months e to elapse before one munth prior to the date when such ground reats, prem~ums, taxes, and assessments vei11 become de- ~ ~ Ii~quent, such sums to be held by mortgagee tn trust to pay said ground rents, premiums, taxes, and special assessments, ~ :+nd ~ i All pa~•rr.ents mentioned ~n the two preced~ng subsect~~ns of th~s paragraph and all papments ;o be nade under the note ~ srcured herrby sh~ll be added together and the aggregate amount thereot shall be patd by the mortgagor each month in a g smKle papment to be applied b~• ihe mortgagee to thr (ollowing items in the order set [orth: ~ (1) prem~um charges under the contract o( insurance with the Secretar~ of Housing and Urbaa Development, ur monthl~• ' charge (in l~eu o( mortgage lnsurance premwm), as the case may be; R (1[) ground rents, taxes, assessments, fire, and other hazard insurance premiums; o IIII) interest on the note secured hereby; and ~ UVl amurtuaUon ot the principal o( said note. ~ Any deficiency in the ar.rount of such aggregate monthly payment shall, unless made good by the mortgagor ~ pr~or 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 (2C) for each dollar (S1) of each payment more than fifteen ~ ~ (15) da~•s in arrears to co~~er the exlra expense involved in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under (b) oE pategcaph 2 preceding shall exceed ~ ~ the amount of payments actually made by the mortgagee, for ground reats, taxes and assessments and insurance ~ ~ premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent papments to be ~ ~ made bp the mortgagor. If, however, the monthly payments made b}• the mortgagor under I61 of paragraph 2 pre- ~ ceding shall not be sutficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case i ~ may be, w~hen the same shall become due and payable, then the mottg~gor shali pay to the mortgagee any amount # _ necessary to make up the def iciency, on or before the date when payment of such ground rents, taxes, assessments. ~ = or insurance premiums shall be due. If at any time !he mortgagor shali tender to the mortgagee in accordance with ~ tne pro~~isions of the note secured hereby, full payment of the entirr- indebtedness represented thereby. the mort- gegee shaU, ~n computing the amount of such indebtedness, credit to the account of the mortgagor all payments ~ _ made unde~ the provtsions of (a/ of paragraph 2 hereof which the mortgagee has not become obligated to payto , ~ tbe Secretary~ of Nousing and Urban Development and any balance remaining in the tunds accumulated under the ; pro~•~sions of /f.) of said paragraph 2. It there shall be a default under any of the provisio~s ot this mortgage, re- T sultin~ ~n a public sale o[ the premises covered iereby, or if the mortgagee acquires the property otherwise after ; - default, thr mortgagee stwl! apply, at the t~me o[ the cammencement of such proceed~ngs or at the t~me the prop- ~ = rrt~~ is otherwsse acqwred, the balance then remaining in the funds accumulated under (i,) of paragraph 2 precedi~g es a credit against the amount of principai then remaining unpa~d under said note and shall properlyadjust any ~ payments which shdll have been made undet (a1 of said paragraph. ~ _ 4. That he will pay all taxes, assessments, water rates, and other go~~ernmental or municipal chargrs, fines, ~ or ~mposiUuns, (ur which prov~sion has not been made heceinbefore, and in default theceo[ the mortgagee ma~• pa}• ~ the same; and that he w~ll promptly deliver the official rece~pts there(or to the mortga~ee. e~ ~ ~19 - ~ ~ 4~ - , r:~~