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~.~id mortK,,k.~r duFS hereb~~ fully K~ar~ant the title to said land, and e~•er~~ part the~eof, and will defend the same '
.~tia~~st the i~w•ful claims ot all pecsons whomsoever, f
t
PROVIDED 4LN'AYS, and these presents are executed and deli~•ered upon the following conditions, to wit: ~
The mortgagor agrees to pa~~ the mortgagee, o? o~der, the principal sum of gIGt~~I THOUSAND SIX NIJAIDRED ~
]1ND NO/100 j
[k~ilars (S 18,600.00 as evidenced by a aote of even date herewith, with ~nterest Erom date at the ~
rate of eighC ~ one~hal_`_ per ce~tum ( 8~ ro) pe~ e~num on the unpaid balance ~
until paid. The said prin~ipal and interest shall be payable at the office of '
9'1`OG.`~"1'ON, i~T~ITl~lY, OaVIN & OQMPANY . I00 West Pay Strpet . Jacksonville, r^lorid~,
cx at such other place as the hotder of the note maly designate in writing. i~ monthly insiallments of p~ p~~
F`QRTY-THIt~S l1ND 03/100 --------------------Dollars (S 143.03 comnrencing on
the first day ot ~pxil , l9 71 . and on the first day of each month thereaftet until the principal ;
and interest are fully paid, except that the final payment ot principal and inte~est, if not sooner paid, shall be due
and pa~•able on the first day ot March 2001
And shall duly, pramptl~~, and fullp pedorm, discharge, execute, effect, complete, and comply with and abide
b~• each and e~•er~~ the stipulations, agreements, conditions, and covenants of said pcomissory note and of this
mortgage, then this mortgage and the esta:e hereb~ created shall cease and be null and void.
And the mo~tgagor further co~~enants as tollows:
1. That he will pay the indebtedness, as he~einbef~re pro~•ided. Privilege is reserved to pay the debt in whole,
or ~n an amount equal to one a more monthl~~ prayments on the priacipal that a~e next due on the note, on the Eirst
da~• of an~• month prior to maturity: Proe idFd, however, that written notice of an intention to exercise such privilege
is gi~~en at least thirty (30) da~•s prior to p~epayment; and, provided further. that in the event the debt is paid in
iuti pr~or to matu~it~ and at that time it is insured under the provisions of the National Housing Act, he will pay to
the :nortgagee an adjusted premium charge of one pe~ centum (1 0) of the original pri~cipal amount thereof, except
that in no e.~ent shall the adjusted premium exceed the aggregate amount of premium charges which would have
been pa~•able if the mortgage had continued to be insured until maturity; such payme~t to be applied by the mort-
gagee upon its obligation to the Secretary oE Housing and vrban 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- ;
t~on to, the monthl}• pa~•ments unde~ the terms ot the note secured hereby, on the first day of each month until the }
s~id note is full~• paid, W ill pay~ to the mo~tgagee the folloveing sums:
: An a~-:ouot sutflcient to pro~~?de the holdet hereot with (unds to pay the r.ext mortgage insurance premium if this instru-
ment a~d thr note secured herebt• are insured, ur a monthly charge (in lieu o[ a mortgage insurance premium) if they are
h~•td b~ the Secretary of Hous~ng and Urban Developmeat, as foilows:
•1~ If and so long as said note o[ even date and this ~nstrument are insured or are reinsured under the provisions of the
\atcona2 Hous~ng Act. an amount su[ficient tc+ accumalate in the hands of the holder orte (1) moath prior to its due
date tke annual mortg~ge insurance premwm, m order to pro~•cde such holder with funds to pay cuchpremium to the
Secretar~ of Houssng and Urban Developr.eent pursuanl to the National Housing Act. as ameoded, and applicable Regu-
:at~ons thereuader, or
ll; lf and so long as said aute ot ea~rn date and this instrument are heid by the Secretary of Housing and Urban Develop-
r.:rnt. a month:~~ ; harge (in lieu of a mortgage insursnce premium) which shall be ia an amount equsl to one-twelfth
t l l2) ot oae-half (~:1 per rentum of the average outstanding balance due on the note computed without taking into
account delinquencies or prepayments;
~ A su~: equal to the ground rents, i( any, next due, pius the premiums that w•iil nezt become due and payable on policies ~
.~i f3rr and other hezatd insurance covering the mortgaged property, plus ta:es a~d assessments next due on the mort- ?
Kaged psopert~ (all as est~mated by the mortgageel less aU sums already paid there[or divided by the ~umber o[ months
to elap~e before one month pnor to the date when such ground rents, premiums, taYes, and assessments will become de-
linquent. ~ach sur.:s to be held by~ mortgagee in trvst to pay said ground rents, premiums, ta:es, and special assessments;
and
~ A:I pa~'r..ents ment?oncd in ihe two preceding subsectcons of this patagraph and a11 payrr.eats to be made under the note
secured herrb~- shall 6e added together and the aggregate amount thereot shall be paid by the mortgagor each mo~th in a
sinKle pay~mrnt to be appl~ed by the mortgagee to the [ollovving items in the order set [orth: }
+I? preT~um charges unde~ the contract ef iasurance wcth the Secretary otliousin~ snd Ur6an Development, or monthly ;
charge (ia lieu ot mortg~ge msurance pceetium), as the case may be;
tTI) ground rents, taxes, assessments, fire, and other hazard insurance premiums;
'[II) ?nterest an the note secared hereby; and
(1~'1 ar..ortizat~on of ihe pttncipal ot satd notr_
An~~ deficiency in the ar.~ount of such aggregate month[y payment shail, unless made good by the mortgagor ;
pnor to the due date of the next such payment, constitute an event of default under this mortgage_ The mortgagee ~
:~a~• collect a"late charge" not to exceed two cents (2Q) for each dollar (S1) of each payment moce than fifteen
t15) da~•s in arrears to cover the extra eapense involved in handling delinquent payments.
3_ That if the total of the payments made by the mortgagor under (bJ of paragraph 2 preceding shall exceed
the amount of pa~•ments actually made by the matgagee. for gtound 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 mortgagor. IE, however, the monthly payments made by the mortgagor ur~der fb) of paragtaph 2 pre-
ced~ng shtlll not be suffieient io pay ground rents, taxes and assessm~~nts and insu~ance premiums, as the case
mas• be, u•hen the same shall become due and payable, then the mortg:.gor shall pay to the mortgagee any amount
ne.:essary to make up the def~ciency, on or before the date when payment of such ground rents, taxes, assessments,
or insurance premiums s6all be due. If at any time the mortgagor shall tende~ to the moctgagee in accordance with
the pro~•is~ons of the note secuced hereby, full payment of the entire indebtedness represented thereby, the mort-
gagee shall, in computing the amount of such indebtedness, credit ta the account of the mortgagor all payments
made under the provisicros of /o) of paragraph 2 hereof which the mortgagee has not become obligated to payto
the Secretary of Nousing and Urban Development and any balance remaining in the funds accumulated under the
pro~~isiuns of l~~) of said paragraph 2. 1( there shal! be a deEault under any of the provisioas of this mortgage, re- ~
sult~ng :n a public sale of the premises covered ~ereby, or if the mortgagee acquires the property otherwise after
default . the mortgagee shall apPly, at the time of the commencement af such proceedings or at the time the prop-
erty ~s otherwise acquired, the balance then remaining in the fynds accumulated under (6J of pacagraph 2 preceding
as a credit against the amount of principat then remaining unpaid under said note and sha11 properlyadjust any ~
payments which sha11 heve been made under (u) of said paragraph. }
4. That he well pa} all taxes, as5essments, water rates, and other governmental or municipal ch~rges, fines, ;
or ?mpos~huns, Ivr wh~ch prov~sion has not been made hereinbefore, and in default thereof the mortgagee may pay !
thr same, dnd that he wil! promptly del~ver the official receipts therefor to the mortgagee.
~a~ i91 638
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