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Home My WebLink About0547 r . ' { 31 ~ ~ i ~atd mo~tg~+gor doe~ heceby iull~• w~attant the title to said land, and e~~erp patt thereof, and will defend the same , against the :aw~tul claims af all persons w~homsce~•er. PRO~'IDED ALNAYS, and these presents a~e executed and delivered upon the followi~g conditions, to wit: The mortgagor ag~ees to paY the matgagee, o~ order, the principal ~um of SIXTBSN THOUSl1AID SIX HUNORED FIFTY Ai~D NO/100 Rolla~s (S 16,550.00 as e~•~denced by a note ot even date herewith, with intecest Erom date at the rate of i qh~t & one-h~lf pec centum ( 8~ 96) per annum on the unpaid balance until pai~. The said principal and interest shall be payable at the oftice oE ~ 9TpG?TOr:, h'Hi?TLBY. Dl?V2D1 G aQMPANY: 100 t~lsst BaY Stre~t, Jacksonvillra, Florida, ' oc at such other place as the holde~ ot the note may designate in writing, in monthly installments oE ~ HUNDRBD TWE~_gIGI~ 1~ID pq/100 -------------------Dollars (S 128.Od coma~encing on the first day of April . 19 71 . a~d on the first day of each month theceafter untilthepri~cipal and interest are full~~ paid. except that the tinal payment of ~rincipal and interest, if eot sooner peid, shall be due and pa~~able on the Eirst day oi IdaZ'ch, 2001 And shall duly, praaptly~, end fully pedorm, d~scharge, execute, effect, complete, and comply with and abide by~ each and eveq• the stipulations, agreements, conditiorts, and covenants of said promissory note and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as follows: 1. That he will pay ihe indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole. or in an amount equal to one oi more monthly~ payments on the pci~cipal that ere next due on ihe note, on the first da~• of an~• mor?th prior to maturity: P?n~ided, however, that aritten notice of an intention to exercise such privilege is gi~~en at least thirty (30) da~•s prior to ptepayment; and. provided further, that in the event the debt is paid in iuil prior to maturity and at that time it is insured under the ptovisions of the Nationel Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1~) of the original ptincipal aisount thereof, except that in no event shall the adjusted premiam exceed the aggcegate amount of premium charges ~rhich would have ~ been pa~~able if the mortgage had continued to be insuced until maturity; such peyment to be applied by the mott- ' gagee upon its obligation to the Secretary of Housing and Urban Development on account of moRgage insurance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with. and in addi- tion to, the monthiy payments under the terms of the note secured hereby, on the first day of each month until the said note is full~• paid, will pay to the mortgagee the foilowing sums: : An ac:ount suffic:ent to procide the holder hereof with furcds to pay the nexi morteage insurance psemium it this instru- ment andthe note secured hereb~~ arr insured, or a monthly charge (in lieu of a mottgage insurance premium) i[ they are held b~~ the Secrctary ot Housing and Urban Development, as foliorvs: U'~ It .nd so long as said note ot even date and this mstrument are iasured or are teinsured under the procisions ot the !~a210IfaI Housing Act, an amount sufficitnt to accumulste in the hands of the holder one (1) mottth prior to its due da:e the annua! mortgage insurance premium, in order to provide such holder with funds to pay suehpremium to the Secretan• o( Housing and Urban Development pursuant to the National HousittQ Act, as omended, and ~pplicable ReQu- lati•.ms thereunder, or II I! and su long as said note ot eeen date and this instrumeat are held by the Secrttsry o[ Housin~ and Urbsn Develop- ~rnt. a rsonthly charge (m lieu of a mortgage insurance premium) which chall be ia an •mount equal_to oae-t~relfth j ( I 1' ~ of ane-halt per cer.tus of the average outstanding 6alance due on the note computed aithout takiaQ into ~ acceunt delinqueac~es or prepaymmts; i i A svr.. rquat to the ground rents, it any, nezt due, plus the Qrem~ums that Rill ne:t become due and payable on policiec 4 ~~t Lre aad other h~zyrd insurance co~~eru?Q the mortQa`ed property, plus ta:ea and assessments neYt due oa t6e mo~t- ~ ~ F~aKrd yroprrty ia:l ~s estimated by the mortga~ee) less all sums already paid therefot divided by the number of moaths : ~ te riapsr beforr one month prior to the date when sach ground reate, premiums, ta:es, artd aseessmeats wi11 become de- f i:nquent . such sur.:s to be held by mortgagee in trust to pay said ~round rents, premiums, ta:es, aad special assessments; j ~ a!id i ~ Ai: p+~r.r::ts -.enuoard in the tw~o preceding subsections of this paragraph and all payments to be mode under the note a ~ ~ec ~red hrrrby shall be added together and the aggregate amount thereof shall be paid by the mortgyQor each month in • i ~ s~n22r vsyr.,rnt to be appi~ed by the mortgagee to the tollowrmg items in the order set torth: j r~) prrv:iur. charges undrr the contract of insurance w+ith the Setretsry ot Housing and Urban Development, or monthly ; ~ c h.rge (in liru ot mortga¢e ~nsurrnce premium), as the c~se may be; j ~.1 ~ ground rents, t~:es, assessmrnts, fire. and other hszard insurance premtums; ! ~ (III) ?nterest un thr note secured hereby; and ~ ~ tl\': a~:urtiz•rtion o( the prmcipat o( ssid aote. 4 ~ An}• def~c~ency 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 papment, constitute an event d default under this mortgage. The mortgagee znay collect a"late charge" not to exceed tv~o cents (2a) for each doll~r (S1) of each payment more than Eifteen (15) da~•s in arrears to cuver the extra expense invoived in handling delinquent payments. 3. That if the total ot the payments made by the moctgagor under (b) ot paragraph 2 Preceding shatl exceed the amount of pa~~ments actually made by the matgagee, for ground rents, taxes and assessments and insurance premiums. as the case may be, such excess shaii be ctedited by the mortgagee on subsequent payments to be ~ made b~• the mortgagor. If, however, the monthly payments made by the mortgagor under (6J of paragraph 2 pre- ~ ceding sha;l not be sufficient to pay ground rents, taxes snd assessm~~nts and insurance premiums, as the case ~ rnay be, ~•hen the same shail become due and payable, then the mortgsga shell pay to the mortgagee any amount necessary to make up the deficiency~, o~ or befae the date when payment ot such gtound rents, taxes, assessments, ' or insurance premiums sha11 be due. tf at any time the mortgagor shalltender to the mortgagee in accordance with the pro~•ssions oi the note secured hereby, tull payment of the entire indebtedness rePresented thereby, the mort- gagee shall, in computing the amount ot such indebtedness, credit to the account of the mortgagor aU payments ~ madr under the pro~•isio~s of /a/ of paragraph 2 hered which the mortgagee has not become obligated to payto ~ t}se Secretary d Housing and Urban Development and any b~lance remaining in the funds accumulated under the pro~•ss~ons ot (f~) of sa~d paragraph 2• It there sha11 be a default undet any of the pcovisio~s of this mortgage, re- ~ sult~ng in a public sale of the prem~ses covered iereby, or i[ the mottgagee acquires the property othetwise after ~s default. the mortgegee shall apply, at the ticce d the commencemeat of such proceedings or st the time the prop- `=4 ert}• ~s otherwise acqu~red, the balance then remain~ng in the funds accumulated under (I.J of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid u~der said note and shall properlyadjust eny ~ payments which shall have been made under (a) of said paragraph. ~j 4. That he will pay all texes, dssessments, w~ter rates, and other governmental or muniripai chargrs, tines, j d';1 ur impusit~uns, for which prcx•isiun has not been made hereinbefoce, and in default thereot the mortgagee msy pay F the same, and that hr w~ll prumptly deliver the atficiai receipts tl?ereiv~ to the mortgdgee. : ky: - g~i9i 546 ~ ~ ~ _ ~ _ ~ ~x. ~ ~ . : . _ ^ ~ _ - _ ~ ~ ~