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Home My WebLink About0586 ~.ti 'f~* i . ~ . ~ stiid mortgagor does hereby fuil~• w~arrant the title to said land, and e~~er~• part thereoi, and w1U defend the s:ime 3 i .+ga~nst the lav~~[ul claims of al! persuns whomsce~•er. ~ PROVIDED Al.ti'AYS, a~d these presents are executed and delivered upon the following conditions, to wit: The mortgegor agrees to pay the m~~rtgagee, or order, the principal sum of $~gg~ ~{p~~ pjNg tiUNDRED FIFT3t AND NO/100------------------------------------------------------------- Dollars (516,950.00 as e~•idenced by a note ot even date herewith, with intecest frum date at the ~ate of efqht & one~}~lf Pe~ centum ( g~ per annum on the unpaid balance u~til paid. The said p~inripal and interest shall bc payable at the office of ~ 9PaClC'POiv, kHATLSY,, OAVIN 6~!lPANY ~ 100 we~t Bny Street, Jaaksonville, Florida, or at such othec place as the holder of the note may designate in writing, in monthty installments of ONS HUNDRED THZRTY AAID 35/100--------------------------Bollars (S 130.35 comn~encing on the first day oi April . 1971 , and on the first day of each month thereafte~ untilthep~incipal and interest are fully paid, except that the final payment of principal and interest, if not sooner paid, shatl be due and payable on the Eirst day of M+~ch, 2001. And shall duly, promptly, and [ully perform, discharge, execute, effect. complete, and comply with artd abide by each and every the stiFulations, agreements, conditions, and covenants of said promisso~y rtote and of this mortgage, then this moctgage ar~d the estate heceby created shall cease and be null and void. And the matgagor further co~•enants as follows: 1. That he will pay the indebtedness, as hereinbefore pro~•ided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or more monthly payments o~ the principal that are next due on the note, on the first da~~ of any month prior to maturity: Prorided, however, that written notice of an intention to exercise such privilege is givea at least thirty (30) days prior to prepa~ ment; and. provided Eurther, that in the eveni ihe debi is paid in full prior to maturity and at that time it is insured under the provisions of the l~ational Housing Act, he wili pay to the mortgagee an adjusted premium charge of one pet centum (136) of the original principel amount thereof, except that in no e~rent shal! the adjusted premium exceed the aggregate amount af premium charges which wou[d have been pas~able if the mortgage had continued to be insuced untit maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Nousing and Urban Development on account of modgage 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 fult~~ paid, will pay to the mortgagee the follaxing sums: r~+~ An amuunt suff~cient to p~ovide the holdet hereot with funds to pay the ~ext mortgage insurance premium ef this i»stru- ment and the note secured hereby are insured, or a monthly charge (in lieu of a mottgage insutance premiue~l if they are held by the Secretary o[ Housing and Urban Development, as follows: (Il I( and so lung as s~id note of even date and this insttument are insured or are reinsured under the provisions of the ~ational Noustng Act, an amount sufticient to accumulate in the ha~ds o[ the holder one (1) moath prior to its due date the annuat mortgage inswance premium, in order to provide sucb holder with tunds to pay such premium to the Secretary o( Housi~g and Urb++n Development pursuant to the Nationaf Housiag Act, ss amended, and applicabie Regu- tahons themunder, or (II) If and so long as said note of e~en date and this instrument are held by the Secretary o[ Housing ond Urban Dev~top- r..ent. a monthty charge (in lieu ot a mortgage insurance premium) which shall be in an amount equal to one-twelfth ( I 1?) of one-halt per centum ot the average outstanding balance due on the note computed without taking into account delinquenc~es or ptepayments; (l,l A sum equal to the ground rents, i[ any, next due, plus the premiums tha! wil! next become due and payable an poiicies of (tre and other hazard insuru?ce covering the mortgaged property, plus taxes and assessme~ts next due on the mort- gaged property (all as estimated by the mortgagee) less all sums already paid theretor divided by the r?umber ot months to e[apse betore one month priar to the date when such ground rents, premiums, taxes, and assessments v~ill become de- 1?nquent, such sums to be held by mortgagee in trust to pay caid ground rents, prewiums, taxes, pnd aQecial assessments; and r r~ Ail p~yments mentioned in the two preceding ~ubsections of this parograph and all payments to be made under the note secured hereby shail be added together end the aggregate amount thereo[ shali be paid by the mort~agor each month in a single payment to be applied by the mortgagee to the [otlow[ng ilems in the o~der set [orth: (I) premium charges under the contract of i~surance with the Secretary o( Housing and L'rban Development, or monthty charge (in lieu of mortgage insurance premium), as the case may be; (lt) ground rents, ta:es, assessments, f~re, and other hazard insuraace premiums; (III) interest on the note secured hereby; and (IV) amortization ot the principal ot said note. Any deficiency 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 (2~) for each dollar (S1) of each payment more than fifteen (15) days in ar~ears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the payments made_by the mottgagor under (6) of paragraph 2 preceding shall exceed the amount of payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance premiums, as the case may be, such excess •shall be credited by the m~rigagee ai subseqaent paymPnts to be made by the mortgagor. If, howe~er, the monthly payments made by the mortgagor under (6J of parag~aph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts end insurance premiums, as the case may be, when the same shall become due and payable, then the mortgsgor shall pay to the mortgagee any amount necessary to make up the def iciency, on or betae the date when payment of such ground rents, taxes, assessments, or insurance premiums shaii be due. If at eny time the mortgagor sha11 tendet to the mortgegee in accordan~e with the provisions of the note secured hereby, full payment of the entire indebtedness represented theceby, the mort- gagee shall, in computing the amount of such indebtedness, credit to the account af the mortgagor all payments made under the provisims of (a) of paragraph 2 hereof which the mortgagee has not become obligated ta payto tbe Secretary oE Housing and Urban Devetopment and any balance remaining in the fu~ds accumuleted under the provisions of (dJ of said paragraph 2. lf there sball be a default under any of the provisioss of this mo~tgage, re- sulting in a public sale of the pcemises covered iereby, or if the matgagee acquires the property otherwise after de(ault, the martgagee 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 (6) of paragraph 2 precediag as a credit against the amount of principal then remaining ~paid under said note and shail properlyadjust any payments which shall have been made under (a) ot' said paragraph. 4. That he will pay a11 taxes, assessments. water rates, and other governmental or municipal charges, fines, or impositions, for which provision has noi been made hereinbefae, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the official receipts therefor to the modgagee. 6~ ~ - - _ ~ ~ = , ~ - - t~~~r`~ , y _ ' . ~ - - x _ r .Y ~ _ _ . ~~'.x~-.s«~a