The URL can be used to link to this page

Home My WebLink About0633 4i:~ . : ~.+?d mortgagur does hereby fully w~a~rant the title to said la~d, and every part thereoE, and wiU defend the same ~gamst the law•ful claims of all persons whomscevec. PROVIDED At.K'AYS. and these p~esents are exeruted and delivered upon the [ollowing coaditions, to wit: The mortgagor agrees to pay the mortgagee. or otde~, the principal sum ot $j~ T~p(~~p S~ ~p,Rg,~ ~ ~ Nonoo ~~~r~1~~~~~~r~M~~~~~r~~~~~~~~~~~~~~~M~~~~r~~~~~~r~~~N~~~r~~~~~~~~r Dollars (S 16,650.00 as evidenced by a ~ote of even date herewith, with interest from dat~ at the rate of S~SV8t~1 per centum ( ? per annum on the unpaid balance until paid. The said principal and inte~est shall bc payable at the office of STOCRTCJ~i, MWITIBY, Qi?VIl1 i COl~9?AtY. 100 ~lest Hay Street, Ja?ck~?vill,s, Florida or at such other place as the holder of the note may designate in writing, in monthly installments o[ Q~ HVtiDRBD TSN 11I~ID 89/100 -----+-~-----------------..-Dollars (S 110.89 coma~encing on the first day of ~pril . 19 71 . and on the first da~~ of each month thereafter untiltheprincipal and interest are fully paid. except that the tinal payment of principal and interest, if not soonec paid. shall be due a~d payable on the first day of MirCh, ~p01. And shall duly, promptiy, and fu?ly pe~focm, discharge, execute, effect, complete. and comply with end ebide by each and every the stipulations. agreements. conditions, a~d covenants of said promissory note and of this mo~tgage, the~ this mortgage and the estate he~eby cceated shal! cease and be nult and void. And the mo~tgagoc [urther covenants as follows: - I. That he wiil pay the indebtedness, as hereinbefore provided. Privilege is resecved to pay the debt in whole, or in an amount equal to one or more monthly payments on the ptincipal that are next due o~ the note, on the tirst da~~ of any month-prior to maturity: P?orided, fiowever, that written notice of an intention to exercise such privilege is given at least thirty (30) days prioc to prepayment; and. provided fudher, that in the event the debt is paid in ful! prior to maturity and at that fime it is insured under the ptovisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per rentum (196) of the original principal amount thereof, except that in no e~•ent shall the adjusted premiucn exceed thr aggregate amount ot premium charges which would have been papable if the mortgage had contieued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Developmeet on account of mortgage insurance. 2. That, in order more fully to protect the securit~ oE this moctgage, the mortgagor, together with. and in addi- t~on to, the monthly paymenis undec the tecros of the note secured hereby, on tAe first day of each mont6 until the sa,d note is [ull~• paid, will pay to the mortgagee the follawing sums: r An ar.:ou~t sufficient to provide the holder hereot aith funds to pay the ne:t mortgage insur:nce Qremium if this instru- ment and the note secured hereby are insured, or a monthly charge (~n Iteu of a mort~age iasunpce premwm) if they are hrld b~• the Secretary of Housing and Urban Development, as Eollows: tl) If and so long as said note ot e~en date and this instrument are insured or are reinsured under the provisions ot the \at~~nai Nousing Act, an amaunt sufficieot to accumulate in the hat~ds of the holder one (1) month prior to its due date the annual mortgage ~nsurance premium. in order to provide such I~older with funds to pay such premium to the Secretaz~• ot Hous~ng and Urban Development pursuant ta the N~tion~! Housing ~Rct, es amended, attd ~ppfic~ble ReQu- Iati~ns thereunder; ot i Il> Sf and so long as said note ot even date ~nd th~s instrument are held by the Secrttary of Housing and Urban Develop- nent, a monthl~• charge (?n lieu of a c~ort~age insurance premium) wh~ch shall be in an amouAt equal to one-twelfth (1 12) of one-halt (i;) per centum of the average outstandtng balance due on the note computed•withou! taking into account delinquencees or prepayments; ~ F• A sum equal to the ground rents, i[ any. next due, plus the premiums that will next become due and peyable on policies ot fire ~ad other hazard insurance coveriag the moHgaQed property, plus ta:es snd assestmeats nest due on the mort- gaged property (atl as rst~mated by the mortgagee) less alf sums already paid therefor divided by t6e numbe~ of months to elapse before one month prior to the date when such ground tents, ptemiums, ta:es, and ~ssessments wiil become de- !mquent, such sums to be held by mortgagee in tmst to pay said ¢round rents, premiums, taus, Aadcpecialasseasments; and ? AiI pdyir;rnts mentioned in the two preceding aubsections of this paragraph and all payments to be made under the note secured herrb~~ shail be added together and the aggregate amount thereof shall be paid by the mortQa~or each month in a singte pa~~ment to~be applted by the mortgagee to the lotlowing items in the order set torth: (Ii premium charges undrr the contract of insutance with the Stcrctary of Housing and Urban Development, or monthly ~ charge (in l~eu of mortQaee mcu~ance prtmium), as the case may be; i ! (I!) ground rents, ta:es, sssessments, [ire, and other hazard insurance prem~ums; (!11} interest on the note secured hercby; and (!V) +mortization of the princtpal o[ sa~d note. Any deficiency ~n the ar.iount oE such aggregate monthly payment shall, unless made good by the mortgagor ' prior to the due date of the next seich payrr~ent, constitute an event of default under this mortgage. The mortgagee ~ :.:~y collect a"late charge" not to exceed two cents (2Q) for each dollar (SI) of each payment more than fifteen (15) da~•s in arrears to cover the extra expense involved in handling delinquent payments. ~ 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of payments actually made by the mortgagee, tor ground rents, taxes and assessa~ents and insurance premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be 'i made by the moctgagor_ If, however, ihe monthly paymends made by the mottgagor undec (b) of paragraph 2 pre- ceding shall not be sufticient to pay ground rents, taxes and assessmants and insurance premiums, as the case may be, whea the same shall become due and payable, then the mortg.^.goc shall pay to the mortgagee any amount necessary to make uP the deEiciency, on a before the date when payment oE such ground rents~ texes, assessments, or insurance premiums shalt be due. If at any time the mortgagor shall tender to the mortgagee in accordance with the proti~isions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments made under the provisions of (o) oE paragtaph 2 hereof which !he mortgagee has not become obligated to payto the Secretary of Nousing and Urban DeveloPment and any baiance remainirtg in the funds accamulated undet the pro~•isions of (f~J of said paragraph 2. lf there shall be a default under any of the provisio~s of this mortgage, re- sulting in a public sale oE the premises covered ~ereby, or if the mattgagee aequires the property otherwise after default, the mortgagee shall apply, at the time d the commencement of such proceedings or at the time the prop- erty is otherwise acqui:ed, the balance then remaining in the funds accumutated under (h) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any payments which shall have been made under (aJ of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or imposit~ons, for which prrn~ision has not been made hereinbefore, and in defauit thereoE the mortgagee may pay the same; and that he will promptly deliver the oEficiai teceipts therefor to the mortgagee. ao~~ 1~ ~ _ _ ~ - : ~ ,4.~F,_ ~ ~ „e~. - . u _~r__ L~: