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Home My WebLink About0627 ; ~ ~ ~r , . . ;r' . • C .;~id mo~t~;ugur dut s hc~eb~~ full~• u•~~rrant thc title to sa~d land, and e~~ety putt thereo(, a~d will defend the same :~ti:iin.t the law~tul cla~ms u[ all petsuns whumsoeve~. PROVIDED ALN'AYS, and these presents are executed and deliveced upon the following cor.ditiops, to wit: The mortgagur agrees to pay the mottgagee, or order, the pcincipal sum of STXTF.EN THWSAND NII~ tNNDRID FIFTY AND NO/100 pullars lS 16,950.00 as evidenced by a note ot even date herewith, with interest from date at the r:,te o[ eight & one~h81_` pe~ centum ( 8~ o) pe~ e~num o~ the unpaid balence i unt~i paid. The said principal and interest shall be payable at the otfice oE ~ ; ~ 9TOC1C1'ON, 1~1TLgY, p11VIN &(70llPANY : 100 W~est Bay Street , Jackaonville, ~ lorida, or at such ather place as the holder of the note may designate in writing, in monthly installments of Ot~ HUNDRED ' ~ commenc~n on ; THII~1'S( AND 35 lOQ Dollars (S 130. 35 g ~ the first day of April . 1971 , and on the first day of each month thereaftet untiltheprincipal ' and interest are full~• paid, except that the final payment of principal and interest, if not sooner paid. shall be due ~ and payable on the first day of March, 2001 t And shall duly, promptly, and fully pedorm, discharge, execute, effect, complete, and comply with and abide b~• each and e~•ery the stipulations, agreements, conditions, and covenants of said promissocy note and of this mortgage, then this mortgage s~nd the e~,tate hereby created shall cease and be null and void. And the moctgagor turther covenants as follows: 1• That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole. or ~n an amount equai to one or more monthly payments on the pcincipal that are next due on the note, on the first d:;~~ of any month prior to maturity: Pro~•idrd, however, that written notice of an intention to exe~cise such privilege ~s gi~•en at least thirty (30) days prior to prepayment; and. provided further. that in the event the debt is paid in tul! prior to maturity and at that time it is insured undec the provisions o[ the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (196) of the original principel emount thereof, except that in no e~•ent shall the edjusted premium exceed the aggregate amount of premium charges which would have been pa~~able if the mortgage had continued to be insuted until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of liousing and Urban Development on eccount of mortgage insura~ce. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with. and in addi- ; tion to, the monthl~~ payments under th~ terms of the note secured hereby, on the Eirst day of each month until the ~ ~aid note is fully paid, will pay to the mortgagee the following sums: ~ r An :.cwunt sutfuient to pro~•~de the holdrr hereo( vr~th (unds to pay the next mortgage i~surance premium it this instru- ment and the note secured herebp are ~nsured, or a monthl~ charge (~n l~eu of a mortgage insuranca premtum) i( they nte hrtd b~• ihe Secretary o( Housing and Urban Development, as [ollows: i,1~ I( and so tong as s~id ~ote ot eveo date and th~s insWment are msurcd or are reioaured under the provisioas of the \ational Fious~n~ Act, an amount su(ticient to accumulate in the hands ot the holder one (1) month prior to its due dat~- the annual mortgagr ~nsurance premium, in order to provide such holder with funds to pay suchpremium to the Sr: retar~ o[ tluus~ng and Urban Developme~t pursuant to the National Housine Act. ~s amended, and •pplicable Regu- ~ letions thereunder, or ttl) 1[ and so Iong as said nute u( e~•en date and th~s ~nstrument are held by the Setretary ot Housing and Urban Develop- ; r..rnt. a moniht~~ charKe (m l~eu oF a mortgage insurance premiuml whish ahall be in an amount equal to one-tweitth ~ ~ 1 l2~ ot one-halt (~i) per centum o[ the average outstandinQ bylance due on the note computed without taking into ` arruunt delinquencies or prepayments; E A~um equal to the ground rents, i[ any, next due, plus the premiums that will ~ext become due and payable on policies € ~•f fire and uther hazard insurance covering the mortgaged property, plus ta:es and assessmenta ne:t due on the mort- ~ ~egc:i propert~~ lal! as est~mated by the mortgagee) tess ail sums aiready paid therefor divided by the number ot months ~ to elap.e before one month pnor to the date when such ground rents, premiums, ta:es, and assessments will become de- , l~nquent, ~uch sums to be held by mortgagee ~n trust to pay said gtound rents, premiums, ta=es, andspecialassessments; g ~ aR~ 3 3 : Ail pa}•:r.ents mentioned m the two preced~ng subsections ot this paragraph and all payments to be made under the note ~ srcurc~d herrby shall be added together and the aggregate amount thereo( shall be paid by the mortgagor each month 1n a s~nK;e pa~•ment to be appl~ed by the mortgagee to the following items in the order set forth: ~ (I) premium charges under the contract oi iasurance with the Secretary of Housing and Urban Development, or monthly ~ ~ rharRe (~n lieu of mortgaee insurance premium), as the case may be; % iII) ~round rents, taaes, assessmentsplire, and other hazard insurance premiums; Q lill) ~nterest on the note secured hereby; a~d ~ IIVI am~rt~zauon of the principal ot said note. Any~ deEiciency in the ar.iount 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 de[ault under this mortgage. The mortgagee ~ ' may collect a"late charge" not to exceed two cents (2a) for each dollar (SI) of each payment more than fifteen ~ i 15) days in arrears to cover the extra expease involved in handling delinquent payments. ~ 3. That i[ the total of the payments made by the mortgagor undec (6) of Qaragraph 2 preceding shall exceed ~ ~ the amount of payments actuaUy made by the matgagee, for gtound rents, taxes and assessroents 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. lf, however, lhe monthly payments made by the moctgagor under (6J oE paragraph 2 pre- ~ ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case ~ may be, w•hen the same shall become due and payable, then the mortg~gor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when paymeat of such ground rents, texes, assessments, ~ ' or insa~ance premiums shall be due. If at any time the mottgagor shalltender to the mortgagee in accordance with i - the pro~•isions of the note secured hereby, fuli payment of the entire indebtedness represented thereby, the mort- ~ gagee shail, ~n computing the amount of such irtdebtedness, credit to the account o[ the mortgagor all payments made under the prov~sions of /a1 of paragraph 2 hereof which the mortgagee has not become obligated to payto ~ the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the pro~~isions of lb) of said paragraph 2. IE there shall be a default under any of the provisio~s of this mottgage, re- x'~ ~ sulting in a public sale of the premises covered iereby, ot if the mortgagee acquires the property otherwise a[ter default, the mortgagee shall apply, at the time ot the commencernent of such proceedings or at the time the prop- s'~ erty is oth-rrv~ ise acquired, the balance then remaining in the tunds accumuleted undet (b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properly adjust eny . payments which shail heve been made under (a) of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, Eirtes, : _ or impos~tions, for which provision has not been made hereinbefore, and in default thereof the mortgagee may pay ' ~Y; the same: and that he will promptly delivet the o~ficial receipts therefor to the mortgagee. ~ i ~ eooK 191 62S ~ ~.:i ~4~ _ . ~ ~ ~ _ _ ~~:~._:M ~ . :