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Home My WebLink About0559 • ~~i~ ~~+id ro~tKakot doec he~eh~~ tull~• w•arrant the title to said land, and e~•ery part themof, and ~~~i11 delend ti~e same .+Ka~nst the l.+w•ful cla~ms ~~t aU pcrsons whumsoe~~er. PRO\'lDED AL1CA1'S, and these pcesents are executed and deli~~ered upon the following conditions, to ~vit; The mortKegur agrees to pay the murtgagee, o~ order, the principal sum of EZGNl'B~1 THOU.?~I~ID FOUR HUNDRSD MY ~~VY ~r~~~~~1~~~~r~r~A~~~~~~r~~~~~N~r~AN~~Nr~~~~~N~~~~Y~~.~~~~~~r~~~~~~~~~~~~~~~ ~ Uollars (S j$~q~p~p~ as e~•idenced by a note ot eve~ date herewith, with interest from date at the rate of iq~& flT~e~hOlf per centum ~ 8~ per annum on the unpaid batance until pai~. The said principal and i~terest shall be payable at the office ot ~ti. A'~1Ti.SY. 01?VZIO & QQltPRtdY . 100 W~sst Bay Street, Jacksonville, Florida, ; ; ur at such other place as the ho2der uf the note m~}• designate in writing, in manthly installments of C~dB NUNDRRD ~ P~t1'Y-q~ AND 50/100 Dollars (S 141.50 commencing on # the tirst day of ~il . 19 71 . and on the first day of each month thereafter until the principa! ~ a~d interest are fu11y paid, except that the final payment of principal and interest, iE not sooner paid, shall be due and payable on the first day of MarCh. 2001. ~ And shall duly, promptly . and futly perform, discharge, execute, effect, complete, and coir.ply with end abide ~ b~• each and every the stipulations, agreements, conditions, and co~~enants of; said promissory note and of this t mortgage, then this moctgage and the estate hereby created shall cease and be. nu11 and t-oid. 1 And the matgagor funher covenants as Eollows; I• That he will pay the indebtedness,as hereinbefore pru~•ided. Privilege is reserved to pa~~ the debt in whole. or in an amount equa! to one or more monthly payments on the principal that are next due on the note, on the first da~• of aoy month Prioc to maturity: Pro~ id~•d, however, that written notice of an intention to exercise such pri~•ilege is ~i~•en at least thirty (30) days prior to p~epayr.~ent; and, provided further, that in the event the debt is paid in full prior to maturits• and at that time it is insured under the provisions of the National Housing Act, he will pa~~ to the mortgagee an adjusted premium chacge of o~e per centum (19G) of the original princip~l amount thereof, except ; that in no e~~ent shall the adjusted premium exceed the aggregate emount of premium charges which would have ? been pa~•able if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- ~ gagee upon its obligatian to the Secretary af Housirtg and Urban Development on accouni of mortgage insurance. ~ That, in order more fully to protect the security of this mortgage, the mo~tgagor, together with, and in addi- ~ tion to, the monthly payments unde~ the terms of the note secured hereby, on the ficst day of each month until the said note is full~~ paid, will pay to the mortgagee the following sums: ' i t: An ar...~unt suff~c?ent to pro~•ide the holder hereot wlth tunds to pay the next mortgage insurance p~emsum if this mstru- i :nent and the eote secured hereby ~re insLred, or a n:unthly charge (in lieu ot o mortgage insurance premium) if they are ~ hrld by the Secretary• of Housing and Urb~n De~elopment, as [oliows; j tl % 1t dnd so long as said note o[ e~en date and this ?nsttument are insured or are reinsured under the provisions of the 1.tlor.rl Hous:ng Act, an acount sufticient to accumulate in the hands o( the holder one (1) month ptior to its due date the ~nnual mortgage insurance premium, in order to prov?de such holder with funds to pay cuchpremium to the Secretary of Housing and U?ban Development pursuant to the National Housi~g Act, as smeoded, aad applicable Re¢u- lat~cxis thereunder, or illl It and so long as said note af e~en date ~nd this instrtiment are held by the Secretary ot Hous~ng and Urban Develop- r.,ent, a monthty charge (ln iieu of a mortgage insunoce premium) which ahall be in an amount equal to one-twelfth !1 12) of one-half per centum of the average outstanding balance due on the note computed without taking into account delinquencies ot prepayments; ~ F.? A sum equai to the ground rents, i[ any, next due, plus the premiums that wiU next become due and payable on policies o( [ire and other haz+rd insurance covering the mortgaged property, plus tates and assessments next due on the mort- ~age6 propert}• (all as rstimated by the mortgagee) less all sucns already paid theretor Qivided by the uumber of months to etapse he(ore one month prior to tAe date when such ground rents, premiums, taxes, and asaessme~ts will become de- I~nquent, such sums to be held b~ mortgagee in trust to pay said ground rents, premiums, taYes, pnd special assessments, - afld ! A11 pas•ments mentioned u? the two preceding subsections o( thia paragraph and all paymenta to be made under the note secured herrby shall be added fogether and the aggreg~te amount thereot shall be paid by the mortgagor each month in a s~ngle payment to be appl~ed by the mortgagee lo the [oltowing items in the order set forth: fl) premium charges under the coatract of insu~ance witb the Secretary of Housing and Urban Developmer~t, or monthly charge (in lieu of mortgaee insurance praniuen), as the case may be• ' tI13 ground rents, ta:es, assessmenta, [ire, and other hazard insurance premiums; i IIII) ~nterest on the note secured hereby; end S (IV) amortuation ot the principsl of said note. # Any deficiency in the ar.~ount of such aggregate monthly payment shall, unless made good by the moc:gagor ~ prior to the due date of the next such paymeat, constitute an event of default under this mortgage. The mortgagee may coflect a"late charge" not to exceed tao eents (24) for each dollar (S1) oE each payment more than fifteen (15) da~•s in arrears to cover the extra expense involved in handling delinquent payments. 3. That it the total of the payments made by the matgagor under (b) of paragreph 2 preceding shalt exceed € the amount of payments actually made by the moctgagee, Eor ground rents, taxes and assessments and insurance i premiums, as the case may be, such excess shail be credited by the mortgagee on subsequertt payments to be f made by the mortgagor. If, however, the monthly payments made by the mwtgagor under /6) of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts end insurance premiums, as the case ma}~ be, w6en the same shall become due and payable, then the moctgsgor shall pay to the mortgagee any amount necessary to make up the deficiency,on oc before the date w6en payment of such ground rents~ taxes,assessments, ur insurance premiums shalt be due. If at any time the mortgagor shaIl tender to the mortgagee in accordance witb the prv.•isivns of the note secured hereby, full payment ot the 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 provisio:~s of (u J of paragraph 2 hereof which the mortgagee has not become obtigated to pay to tbe Secretary of Housing and Urban Deveiopment and any balance remaining in the Eynds accumulated under the pro~-isions of /61 of said paragraph 2. !f there shall be e default under any of ihe provisio~s of this mortgage, re- sulting in a public sale ot the premises covered ~ereby, or if the moctgagee acquires the property otherwise after detault. thr mortgagee shall aQply, at tbe time of tbe commencement of such proceedings or at the time tfie prop- erty is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding as a credit against the amount of principa! then remaining unpaid undet said note and shall properlyadjust eny payments which shall have bern made under (o) o( said paragraph. 4. That he will pay all taxes, :,ssessments, water rates, and other governmental or municipal charges, Eines, or impositions, for wh~ch provision has not been made hereinbefore, and in default thereof the mortgegee may pay the same; and that he will promptly deliver the o{ticial receipts thecefor to the mortgagee. ~ a~ ~91 558 ~ . _ - - ~ - ~ ~ -