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Home My WebLink About0553 ~ . ~ ~ ~ ~ ti~~ ~ s:.id moctgagor does hereby fully v?arrant the title to said land, and eve~}~ part thereof, and will defend the same .+g:,inst lhe lawtul claims of all pe~sonC whomsoever. PROVIDED ALN'AYS, and these presents are executed and delivered upon the following conditions, to wit: ~ The mortgagor agrees to pay the mortgagee, oc order. the Principal sum of S~ THOUS~t+lp ~ND ~ NO/lOO ..______.~..__~__~_____-__.._______M.___~_~.__~___~...~_..______.._____-~____.• ~ Dollars (S 17,0~.00 as evidenced by a note o[ even date herewith, with interest lcom date at the ? rate oi Fiq~ & one-:~lf per centum ( g~ per annum on the unpaid balance ~ until paid. The said principal and intecest shall be payable at the office of ? STOCY~Otl, (nBATLE7t. DAVIN & CQMPAN7t, lOQ W~est 8ay Street, Jacl~sonville, Florida, ~ or a! such other place as the ho[der o[ the note may designate in w~iting, in monthly installments of ~ HVND~RSD THZ~ ~ 73/Z~ Dollars (S 130.73 commencing on ~ the fi~st day of ]1pri1 , 19 ~1 , and on the first day of each month theteaEter untiltheprincipal and interest are fully paid. except that the final payment of pri~cipal and interest, if not soqner paid, shall be due ~ and payable on the first day ot MSrCh, 2001. ~ And shall duly, promptly, and fully pedorm, discharge, execute, effect. comptete, and comply with and abide by each and every the stipulatio~s. agreements. conditions. and covenants oE said promissory note and of this mortgage, then this mo~tgage and the estate hereby cceated shall cease and be nult and void. ~ And the moctgagoc further covenants es follows: 1. That he will pay the indebtedness, as herei~before provided. Privilege is reserved to pay the debt in whole, or ee an amoeint equal to one w more monthly payments on the principal that are next due on the note, on the first day of any month prior to maturity: Prorided, however. that ~uritten 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 full prior to maturity and at that time it is insured under the provisions of tAe National Housing Act. he will pay to the mortgagee an adjusted premium charge of one per centum (196) of the otiginal principel amount theceof. except that in no event shall the adjusted premium exceed the aggregate amount of pcemium charges which would have been payable if the mo~tgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary o[ Housing and Urban Deveiopment on accourtt of mortgage insurartce. 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 oE each month until the said note is full~ paid, will pay to the mortgagee the foltowing sums: /~r! An amount sufficient to provide the holder hereot with [unds to pay the ne:t mortgage insurance premium it this instru- ; ment and the note secured fiereby are insured, or a monthly charge (in lieu of a mortgage inswance premium) if they are f held by the Secretary ot Housing and Urban Developme~t, as follows: 4 (1) If and so lo~g as said note ot even date and this instrument are insuted or are reinsured under the pmvisions of the ! National Housing Act, an amount suf[icient to accumulate in the hands of the holder one (1) month prior to its due ; date the annuai mortgage insurance premium, ?a arder to provide such holder with funds to pay suc6ptemium to the ~ Secretary of Nousing and Urban Development p~rsuant to the National Housing Act, os amended. and appttcable Regu- lations thereu~de~; or (11) 1[ ~~d so long as said note of even date and this it?strument ate held by the Secretary of Housing and Urban Develop- ment, a monthly charge (?n lieu o( a mortgage insurance premium) which sha11 be in aa amount equal to one-tweltth (1 `12) ot one-hal( per centum o[ the average outstanding balance due oa the note computed without taking into accouot delinquencies or prepayments; '(?~1 A sum equal to the ground rents, if aay, ae:t due, plus the premiums t6at will ne:t become due and payable o~ policies o( fire and oiher hazyrd insurance covering the mottgaeed property. plus tazes ond assessments next due on the mort- gaged property (all as estimated by the mortgagee) less ail sums elready paid theretor divided by t6e number of months ? to etapse before one month prior to the date when such ground 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, ta=es, and epeci~l assessments; t and s _ ~ s i ~ i All payments mentioned ?n the two preceding subsections of this paragraph and a21 paymertts to be made under ihe note secured hereDy shal! be added together and the ag~egate amount thereot shalt be paid by the mortQsgor each month in • single payment to be appiied by the mortgagee to the following items in the order set forth: (I) premium charges under the contract of insurance aith the Sectet~ry of Housirr~ and Urban Development, or monthly charge (in lieu ot mortgage lnsurance preenium), as the case may be; (II) g~ound rents, taxes, assessments. (ire, and other hazard insurance premiums; (I[I) interest on the note secured hereby; and (IV) amonization o[ the principal ot said note. ~ Any deficiency in the ar~ount of such aggtegate monthly payment shalt, unless made good by the mortgagor prior to the due date of the next such payment, constitute an event of de(ault under this mortgage. The mortgagee may cotlect a"late charge" not to exceed two cents (2~) for each doilat (Sl) of each payment more than fifteen ~ {15) days in arrears to cover the extra expense involved in handling delinquent payments. ' 3. That if the total of the payments made by the moctgagor under (bJ of paragraph 2 preceding shall exceed the amount of payments actualty 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 payments to be made by the mortgagor. If, however, the monthiy payments made by the mortgagor under (b) of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessments and insurance premiums, as the case may be, when the same shall become due and payable, then the moctgsgor 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. IE at any time the mortgagor shsll tender to the modgagee in accordance with the provisions of the note secured hereby, full payment of ihe entire indebtedness _represented thereby, the mort- 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 mortgagee has not becorae obligated to peyto the Secretary of Housing and Urban Development and any balance remaining in the tunds accumulated under the provisions o! (6J of said paragraph 2. if there shati be a default under any of the provisio~s of this mortgnge, re- sulting in a public sale of the premises covered iereby, or if the mortgagee acquires the property otherwise after default, the mortgagee shall apply, at the time ot tbe commencement of such proceedings or at the time ihe Qrop- erty is otherwise acquired, the balance then remaining in the funds accumulated under (bJ of paragraph Z preceding as a credit against the amount of prlncipal then remaining unpaid under said note and shall propetlyadjust any payments which sliatl have been made urtder (a) of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, Eor which pcovision has not been made hereinbefo:e, and in default theceof the mortgagee may pay the same; and that he will promptly deliver the official receipts therefor to the mortgagee. - a~ 19l 5~ . _ ' L ~ ~ _ dV : 'A'~+.~'i ~ . r . _ . , . . _ _ y~