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Home My WebLink About0565 . . t,~ se~d mortgagor do~c hereby full~• warrant the title to said land, and ever~~ part thereof, and will defend the same against the lav?ful claims of aii persons whomscever. PROVIDED AL.VI'AYS, and these presents are executed a~d delivered upo~ the Eollowing cortditions. to wit: M wT~h~e mortgagor ag~ees to pay the mortgagee, ot order, the principal sam ot Aw/ ~~YY ~~~rM~M~~~rM~~M~~1~~r~N~~~~~r~M~~~~~r~~~~~~~~M~~N~~~r~A~NM Dollars (S 18.800.OQ as evidenced by a note of even date herewith, with interest from date at the rate of ~ per centum ( 7 96) pet annum on the unpeid balance uot~l paid. The said principal and interest shall bc payable at the otfice of SR'OC7d'~1. 1Q~A?IBY, A1V=N ~ CL~At+IY, 100 liest Ha~y Street, Jacksonville, Florida, or at such other place as the holder of the note mey designate in writing. io monthly instaliments of a~ H[TlIDrRSD ZMffi~TiR-P'IVa ~tiD 2~/100 ---.~----------------Dollars (5125.$1 commencing on the first da} of ~pril . 19 7]~ , and on the first da~~ of each month thereafter until the principal and interest are fully paid, except that the final payment of principal a~d interest, if not sooner paid. shell be due and payable o~ the first day of Ma=ch~ 2001. And shall duly. pranptly. and fully pe~fo~m, discharge, execute, effect. complete. and canply with end abide b~~ each and every the stipulations. agreements, conditioas, and covenants oE said promissory note and of this mortgage. then this mottgage and the estate hereby created shall cease and be null and void. . And the mortgagor further covenants as follows; 1. That he will pay the indebtedness. as hereinbefare provided. Privilege is reserved to pay the debt in whole, or in an amouat equal to one or more monthly payments on the principal that are next due on the note, on the first da~~ of any moath prior to maturity: Pro~=idrd, however. that written notice of an intentio~ to exercise such pcivilege is ~iven at least thirty (30) days ptia to ptepaye~ent; and. provided fuither, that in the event the debt is paid in ful! priar to maturity and at that time it is insuced under the provisions of the Nationel Housing Act. he will pay to the mortgagee an adjusted premium charge of one pet centum (1~) of the original princip~l amount thereof, except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been payable if the mortgage had continued to be insured u~til maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Devetopment on account of modga~~.iqcurance. That, in order more fully to pratect the security of this mortgage. the iaortgagor. together with, end in addi- tion to, the monthly pa~men3s under the terms of the note secueed hereby. on the fitst day of each month until the said note is fully paid, will pay to the mortgagee the follawing sums: •u ~ An emount sufficieot to provtde the holder hereot with tuc?ds to pay the next mortea~e insuraoce premium i[ thls instru- ment and the note secured hereby are ~nsured, or a monthl}~ charge (en lieu of a mortQage inswpace premium) if they •re hetd b~• the Secretary of Housing rnd Urban Development, as follows: (I i It and so long as said note o( even date and this instrumeet are insured or are reinsured under the pwvisions o[ the !~atlonal Housing Act, an amount suf[icient to acwmulste in the hands of the holder one (1) month prior to its due d~te the annual mort~age insurance prem?um, in order to provide auch holder with fuads to p~y such premium to the Secretar~ ot Hous~ng and Urban De~~elopmrnt pursuant to the N~tioaal Nousit?g Act, as amended, and applics~ble Regu- lations therrunde~; ot i111 It rnd so long as said note of ecen date and this instrument are held by tM Secretary of Housing and Urban Develop- nent, a monthly charge (in lieu of a mortgage insurance Fremium) which shal! be in an amount equol to oae-twelfih ( I l21 u! one-halt (i:) per centum ot the average outstand?n¢ balunce due on the note cotaputed writdout takinQ into account delinquencies or prepayments; A sum equal to the ground rents, if any, ne:t due, plus the premiums that will aext become due and payable on policies ot fire and other hazaad insurance covering the mortgaeed property, plus tates and assessmeats next due on the mort- gaged propert~~ (ail as esttmated by the mortgagee) less all sums already paid therefor divided by We number of moaths to elapse befare one month prioc to the date wfien such ground rente, prtmiums, taxes, and +ssessmeats will become de- l~nquent, such sums to be held by mortgaQee in trust to pay said ground rents, premlums, tazes, and special assessmeats; and Ail papmrnts mentioned in the two precedine subsecuoas of this paragraph aad all paymertis to be made under tht note secured herrby shall be sdded toQether and tl+e aggregate amount thereof sh~li be paid by the mort¢a~or each month in a single payment to be applied by the mortgagee to the (ollowing items in the order set torth: (1) premium cha~Qes under the contract o[ insurance with the Secretary o[ Housing and Urban Development, or monthly char~e (in l~eu ot mortQage insurance premium), as the case may bt; (II) ground rents, taxes, assessments, fire, and other hazard ~nsurance premiums; ~ (IIII interest on the note secured hereby; and (/V) amortization of the principal ot sud note. Any deficiency in the ar~ount of such aggregate monthly payment shall, unless made good by the mortgagoc prior to the due date of the next such payment, constitate an event of deEault under this mortgage. The mortgagee may cotlect a"late charge" not to exceed two ~ents (2R) for each dollar (Sl) bf each payment more than fifteen (15) days in arrears to co~rer the extra expense involved in handling delinquent paymeats. 3. That if the total of the payments made by the mortgagor unda (b) of paragraph 2 preceding shell exceed the amount of payments actually made by the matgagee, for gvund rents, 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 (6J of paragraQh 2 pre- ceding shat! not be sufficient to pay ground rents, taxes and assessmR~nts and insurance premiums, as the case ma~~ be, v?hen the same shall become due and payable, then the matg~gor shall pay to the mortgagee any amount necessary to make up the deficiency, on or befae the date when paymen! of such ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagw shall tender to the mortgagee in accordance with the pro~•is~ons of the note secured hereby, Eull paymertt oE the eniire indebtedness represented thereby, the mort- gagee shall, in computing the amount of such indebtedness, credit to the accou~t of the mortgagor a11 payments ~ made under the prwisions of (aJ d paragtaph 2 hereof which the moctgagte has not become obligated to payto i the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the ! provisions of (61 of said paragraph 2. If there shall be a default under any vE the provisio~s of this mortgage, re- j sulting ln a public sale of the premises covered iereby, ot if the mortgagee acquires the property otherwise after ` defauit, the mortgagee shall apply. at the time of the commencement of such proceedings or at the time the prop- erty is otherwise acquired, the balance then remaining in the funds accumulated under (6J of paragraph 2 preceding as a credit against the amount af principaI then rema~ning unpaid under said eote and shait properlyadjust any payments which shalt have been made uneier (a) d said paragraph. 4_ That he will pay a!1 taxes, assessments, watti rates, and other governmental or municipal charges, fines, or impositians, for which provision has not been madt hereinbefae, and in default thered the mortgagee may pay the same; and that he will ptortiptly deliver the o[ficial receipts thecefor to the mortgagee. ~ ~ - t _ ~ _ - ~ ~ ~ _ ~ ~ . ,.F,w ~ _ _ . _