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Home My WebLink About0577 ~ j : i a• s~` s,iid mortgagor dues hereb~• fuU~• warrant the title to said land, and e~•ery part thereuf, and will de[end the same against the law•tul claims ot all pecsons whomsce~~er. i PROVIDED AL,N'AYS, and these presents are executed and delivered upon the following conditions. to wit: The mortgagor agrees to pay the mortgagee, or order, the principal sum ot g~~ N~ ~ {~~'NM 3 --WN/~WY ~ ~ ~V~~~I NA~~~~~~r~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~+~~~~~~~~~~~N~~M~~ [~olla~s (S 16,950.00 as evidenred by a note ot even date he~ewith, with intecest from date at the ~ rate of ~v~D per centum ( 7 0) pet aonum on the unpaid balance ~ until paid. The said p~incipal and interest shall be payable at the oi[ice of ~ ~ Si'CC~!'0li. Ni~l?Tt89r, D7?v2rt i C4~P91~1lt. 100 Mest 8ay street, Jacksoc~vills. l~lor3da or at such othec plare as the holder of the rtote may desigaate in writing, in monthly installments of Q~ l;UNDgEp Z~lLVIS ]1~m 89/100 ----------------------Dollars (S 112.89 co;aa~encing o~ the first day of 1~pti1 , 19 71, and on the first day of each month thereaitec untilthepci~cipal . and i~terest are Iully paid. except that the final payment oE principal artd i~te~est. i[ not sooner paid. shall be due and payable on the first day of M~hi 2Qp1 And shall duiy, promptly. and fully perto~m, discharge, execute, etfect. complete, and comply with and abide i by each a~d every the stipulations, agreements. conditions, and cove~artts of said pcomissory note and of this ; mortgage, then this mortgage and the estate hereby created shalt cease and be nuil and void. ~ And.the matga~oc fuKher covenants as follows: , 1. That he witl pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or moce monthly payme~ts on the principal that are next due o~ the note, on the Eirst da}• of any month prior to maturity: P.o~ i~~d, however, that written notice of an intention to exercise such privitege is given at least thirty (30) days prior to prepayment; and, provided futther, that in the event the debt is paid in tuli prior to maturity and at that time it is i~sured under the provisions o[ the National Housing Act, he will pay to ihe mortgagee an adjusted premium charge of one pet centum (196) of the original principal amount thereof. except that in no event shall the edjusted premium exceed the aggregate amount of premium charges which Kould have been payable i[ the mortgage had continued to be insured unti! maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on account of mortgege insurance. 2. That, in order more fully to protect the security af this mortgage, the mortgagor, together with, and in addi- tion to, the monthly payments under the terms of the note secuced hereby, on the first day of each month until the said note is fully paid, will pay~ to the mortgagee the following sums: ~r+• Aa ar.:ou~t sufhcient to pro~•ide !he holder hereo[ with funds to pay the next mort~age insurance.premium iE this instrei- ment and the note secu~ed hereb~• are insured, or a monthl~ charge ~~n lieu oi a mortgaQe insurance ~+remium) it theg are held b~~ the Secretary of Housing and Urban Development, as [ollows: ~,t) I( and s~ lung as said note of ea•en date and th~s instrument are insured or arc reinsured under t6e provisio~s o[ the ~ rat~onal Houseng Act, an amount sutficient tu accumulate in the hands ot the holder oee (1} month prior to its due d++te the annual mortgage insurance premium, in order to procide such holder with funds to pay suchpremium to the Secretary of Hous~ng and Urb~n Deve[opment pursuant to the National Housin~ Act, as amended, and applicable ReQu- l~ti:x~s thereunder; or (U) it ond so long as sa~d note o( e~•en date and th~s instrumeat ~re held by the Secretary of Housi~Q aad Urban Develop- nent, a menthiy charge (in lieu af a mortgage insurance premwm) which sha11 be ia an amount pual to one-twelfth (1'!2) cf one-half (SI) per centum o[ the average outstanding balance due on the note computed writhout taitin~ into acco~nt dtimQuencies oc prepayments; ~f,; A sum equal to the ground rents, if any, next due, plus the premiums that will ne~t become due and p4~sy:t ar. ~;licies of firr snd other hazard insurance cove~ing the mortgsged ptoperty, plus ta=es •nd assessments next due on the mort- ~aged ptuperty (alI as estimated by the mortgagee? less afl surus already paid thetefor divided by the number ot months # to etapse befcre one moath preor to the date when such ground sents, preifiiums, taYes, and aasessments will become de- linquent, such sur..s to be held by~ mortgagee in trust to pay said ground rents, premiums, ta:es, and special acsessment~; and / All pa~•er.er.ts mentionrQ cn the two preceding subsert3ons ot this paragr~ph and all paymen~s to be made under thr note ~ securtd herrby shall be added together and ihe aggregate ~mount thereo[ sha11 be paid by the mortgagor eoch month in a singie parment to be applied b~ the mortgagee to the [olloveiag ~tems ia the order set torth: fI) premium chtrQes under the tonttact o! insurance K~ith the Secretsry o[ Housin~ and Urban Develapment, or monthly char~e Gn tieu o[ mortgage inauranee premium), as the case map be; (!I) ground rent:, taxes. •ssessu~~ents, fire, and other hazard ~nsurance premtums; lill? interrsi oa the note secured hereby; ~nd ; tiVj amurtuation d the principa3 of said note. Any deiic~ency in the amount aE such aggregate monthiy payment shall, unless made good by the mortgagot pnor to the due date of the next such paymeni, constituie an event of default under this mortgage. The mortgagee ma~~ coilect a"late charge" not to exceed two cents (2~) tor each dolfar (S1) ot each payment mae than fifteen l15) da~~s :n arrears to cover the extra expense involved in handiing delinquent payments. 3. That if the total of the peyments tr,ade by the mortgagor_ under (6} of paragraph 2 preceding shall exceed the amount of payments actually made by tht mortgagee; for ground rents, taxes and assess~nents and insurance premiums. as the case may be, such excess sf?ai! be credited by the mortgagee on subsequent paymenis to be made b~ the mortgagor. [f, ho~ever, the monthly payments made by the mortgagot under (b) of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case may be, when the same shall becaue due znd payable, then the mortgagoc shall pay to the mortgagee any amount necessary to make up the deficiency, on a before the date when payment of such g~ound rents, taxes, assessments, or insurance premiums shal: be due. li at any time the mortgagor shall tendet to the mortgagee in accardance with the Pro~•isions o( ihe note s~c~~red hereby, tull payment o[ the entire indebtedness represented thereby, the mort- gagee shall, in computing the amount of such indebtedness, credit to the account d the mortgagor all payments 3 made under the provisio~s of fa; of paragraph 2 hereof which the martgage~ has not become obligated to payto ; tbe Secretary of Housing and Urban Development and any batance remaining in the funds accumulated undet the ' pro~•isions of (6/ of said paragraph 2. lf there shall be a detault under any oE the provisiois of this mortgage, re- sult~ng in a public sale of the premises covered iereby, ot if the mortgagee acquices the property othetwise atter default, the mortgagee shell apply, et the time of the commrncement of such proceedings or at the time the prop- erty is othervvise acqu~red, the balance then remaining in the (unds accumulated under (GJ of paragraph 2 preceding as a credit against the amount of principai then remaining unpaid aader said note and shall propetlyadjust any ; pavments which shall have been made under /o) of said paragraph. ~ 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal chatges, fines, or impositivns, for wh~cfi prrn~is~on has not been made hereinbefoce, and in default thereof the moctgagee may pay ! the same: and that he w~I1 promptly deliver the o[ficial receipts therefor to the mortgagee. s ~ . ~ i~ ~~s _ ~ e~ _ ~ ~ . r ~ = t - ~ . _ _ ` ~,~.v_