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Home My WebLink About0571 , ~ ` , ~ ; : • i ~ s:+~d mo~tg:+go~ does hereby fully wanant the title to said land, and every part thereof, and will detend the same ~ i :,gainst the law•[ul ctaims o[ all persons whomscever. ~ PROVIDED ALN'AYS, and these presents are executed and delivered upon the following conditions, to wit: The mortgagor agcees to pay the mortgugee, or ordet, the principal sum of ~IG}fl'SRN THOU.,~AND E2GHr HUNDRBD AND NO/100 Dollars (S 18,800.00 as evidenced by a note oE even date hetewith, with interest f~om date at the S ~ate oi eighE & one~hflf per ce~tum ( g~ per annum o~ the unpaid balence } until paid. The said pri~cipal and interest shall be payable at the office ot 9TpC~CTpll, OCFATI,SY, DAVIN & OQMPANY, 100 we~t Bay Stre~t, Jacksonville, Florida, or at such other place as the holder of the note may designate in writing, in monthly i~stallments of OTIE HUNDRED FQtTY-FQJR AND 57/100 Dnllars (S 144.57 commencing on the first day of April . 19 71. and o~ the first day of each month thereafter untiltheprincipel # and inte~est are [ully paid, except that the final payment of principal and interest, it not sooner paid, shall be due ~ and pa~•able on the first day of MBrch, 2001 And shall duly, promptly. and fully perform, discharge, execute, effect. complete, and comply with end abide b~~ each and e~•ecy the stipulations, agreeme~ts, conditions, and covenants oE said promissory note and of this murtgage, then this mortgage and the estate heceby created shail cease and be null and void. And the mortgagoc further covenants es follows: 1. That he will pap the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, ; or in an amount equal to one or more monthly payments on the principal that are next due on the note, on the first = day ot any month prior to maturity: Pro~;d~d, however, that written notice of an intentio~ to exercise such privilege ~ ~s given at least thirty (30) days prior to prepayment; and. provided Eurther, that in the event the debt is paid in ; full prior to maturity and at that time it is insured under the provisions of the National Housing Act, he will pay to the mortgagee an adjusted p~emium charge of one per centum (1%) of the origina! principal 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 until maturity; such payment to be applied by the mort- _ gagee upon its obligation to the Secretary of Housi~g 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 tully paid, will pay to the mortgagee the following sums: i:rr An amuunt sufficient to prov~de the holder hereot with funds to pay the next mortgage insurance premium if this instru- ment and the note secured hereby are ~nsured, or a monthly charge (in lieu o[ a mortgage insurance prem?um) i[ they are hetd by ihe Secreury of Hous~ng and Urban Development, as (ollows: ~ t1) It and so long as said note of even date and this instrument are insured or are teinsured undet the provisions of the ? \ational Housing Act, an amount snf(~cient to accum~~late ,in the hands of the holder one (1) month prior to its due ! date the annual mortgage ~nsurance premwm, in order to provide such holder with funds to pay auchprcmium to the ~ Serretary o[ Huusing and Urb~n Development pursuant to the National Housing Act, as amended, aad appticable Reeu- lat~~ns thcreunder, or ~ ;II) If end so long as said note of eeen date and this instreiment are held by the Secretary of Housing a~d Urban Develop- ~ r..ent. a monthty charge (in 11eu o( a mortgage insurance premium) which shall be in an amount equal to one•tweitth ~ (1 12) ot one-half (si) per centum of the average outstanding balance due on the note computed without taking into , accoum delinquencrcs or prepayments; ; A sum equai to the ground rents, it any, next due, plus the premwms that will ne:t Decome due and poyable on policies ! of t~re and other hazard insurance covering the mortgaged property. plus taxes and assessments ne:t due on the mort• i Kaged property (all as estimated by the mortgagee) less all suma alresdy paid thert[or divided by the number ot months ~ to elapse before one month prior to the date wheo such ground rents, premiums, taxea, and ~ssessmenta wiil become de- [ ~ l~nquent, such sums to be held by mortgagee in trvst to pay said ground rents, premiums, tazes, andspecialassessments; S and ~ ~ i Alt payments mentioned ~n the two preceding subsections of this paragraph and all payments to be made under the note ; ~ secured hereby shall be added together and the eggregate amount thereot shall be paid by the morteagor each month in a = ~ sinKle payment to be applied by the :uortQagee to the (ollowing items in the order set [orth: ~ ~ (I) p?emium charges under the cont~act of insurance with the Secretary of Housin¢ and Urban Development, or monthiy ~ charge (in lieu of mortgage insurance premium), as the case may be; ~ (TI) ground rents, ta:es, assessments, tire, and other hazard insurance premiums; ~ (Ill) interest on the note secured hereby; and ~ (IV) amurt?zat~on ot the principal ot said note. ~ Any deiiciency 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 payment, constitute an event of default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2e) for each dollar (S1) of each payment more than fifteen ~ t15) days in arrears to cover the extra expense invoived in handling delinquent payments. ~ 3. That if the total of the payments made by the mortgagor undec (b) of paragraph 2 preceding shall exceed ~ the amount of pa}•ments actually made by the mortgagee. for gcound 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 mortga~or. If, however, the monthly payments made by the mortgagor under (6J oE paragraph 2 pre- ~ ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts a~d insurance premiums, as the case ~ may be, when the same shall become due and payable, then the mortgaga shelt p~y to the moctgegee any amount necessary to make up the deticiency, on or beEore the date when payment of such ground rents, taxes, assessments, { or insurance premiums shall be due. If at any time the mortgagor shall tender to the mattgagee in accordance with the provis~ons ot the note sPcured hereby, full payment of the entire indebtedness represented thereby, the mort- ? gagee shall, ~n computing the amount of such indebtedness, credit to the account of the mo~tgagor all payments ~ made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obtigated to peyto tbe Secretary of Housing and Urban Development and any balance remaining in the funds accumuleted under the ~ proti•isions of (~~1 ot said paragcaph 2. If there shall be a default under any of the provisio~s of this mortgage, re- sulc;~g ~n e public sale of the premises covered ieteby, ot if the moctgagee acquires the property otherwise a[ter default, the mort a ee shall a 1 at the time of the commencement of such proceedings or at the time the prop- 8" g PP Y• erty is otherwise acqu~red,the balance then remaining in the funds accumulated under (61 of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properly adjust any ~ ;;f payments which shall have been made under (u) of seid paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, i or impus~ticros. [or which provision has not been made heteinbefore, and in default thereof the mortgagee may pay `ri' the same; ~nd that he will promptly deliver the otficial receipts therefor to the mortgagee. ~ ~ S~i~9i 57~0 ~4` ,5y . ~ S _ - ~ ~ Z 4 .~v~-^U ~ ~ . . ~ ~ . ~ . . ~ r.~ v ~ ~ . ~ . . . ~rY _a v~-.'i`_'c':i ~