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Home My WebLink About0733 .a 7 t • ' s ' ~,ud murtK.~~~ur duc•~ hr~eb~~ full~• w•ariant the title to said land, und e~~rr~• part thereof, and wili deEend the same :~K.unst thr lc+ti~(ul cia~ms of all pcrsons whomsce~•er. PROVIDE[) ALN'AYS, and these presents a~e executed and delivered upon the following conditions, to wit: The mortg:+gur agrees to pay ihe mortgagee, or orde~, the p~incipal sum of EIGHTBEN THWSAND SIX HUIZDRED AND NO/100 Dolta~s (5 18,600.00 as e~•idenced by a note o[ even date herewith, with interest fcom date at the r:~tr o! eiqht & orie~l7~1~ per centum ( g4 0) pe~ annum on ihe unpaid balance unt~l paid. The said principal and intecest shall be payable at the office of STOCXTON, WI~?TLEY, DAVIN & C7~!lPANY: 100 W~est Bay Street, Jacksonville, 'r'lorida, ~r :+t such other place as the holder of the note may designate in writing, in mo~thly installments of pt~ HUPIDRSD FORTY-T}iItES AND 03/100 -------------------0ollars (S 143.03 commencing on the first day of April , 19 71, and on the first day of each month theceafter untilthepcincipal and interest are fully paid, except that the final payment of principal and interest, if not sooner paid, shali be due and pa~•able on the first day of March, 2001. And shall duly, promptly, and full~• perform, dischacge, execute, effect, complete, and comply with and abide by each and e~~ery the stipulations, agreements, conditions, and covenants of said promissory note and oi this m~,rtg:~ge, then this mortgaRe and the estate hereby created shall cease and be null and void. And the mortgago~ further covenants as follows: 1. That he will pay the indebtedness, as heceinbefore provided. Privilege is reserved to pay the debt in whole. or ?n an amount equal to one or more monthly payments on the principal that are next due on the note, on the (irst da~~ of an}• month prior to maturity: P?orid~d, however, that written notice oE an intention to exercise such privilege is given at least thirty (30) da~•s prior to prepayment; and, provided further, that in the event the debt is paid in full prior to maturity and at that time it is insured under the provisions oi the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1;~) of the original principal amount thereof, except th:~t in no event shall the adjusted premium exceed the agg~egate amounl oE premium charges which would have been pa~•able if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on account of mottgage insurance. 2. Tha~, in order more fuily 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 full~• paid, will pay to the moctgagee the following sums: An ..m~~unt sut(~cirnt to pro~•~de the huider hereof with [unds tu pap the next mortgage insurance premium i[ this instru- . rn~•nt and tne notc secured herebv are ~nsured, or a monthlp charge (m Ilru ot a mortgage insurance prem~um) if they are h~•ld b~ the Secrrtar~• of Housing and Urban De~•elopment, as [olloves: :I~ If and so IonK as sa~d note of e~en date and th~s mstrument are ?nsured or are reinsured under the provisions of the \:,tionai FtousinK Act, an amount suft~cient to accumulate in the hands ot the holde~ one (1) month prior to its due .Sa;r the annuat mortgage insurance prem~um, in order to provtde such holder with funds to pay suehptemium to the S~~cretary of H~using and Urban Develupment pursuant to the National Housing Act, as amended, and applicabie Regu- I.+uuns lhrrrunda r; or ,I1) IE and .o IonK as said m~tr ut eern datr and th~s instrument are held by the Secretary o[ Housing aad Urban Develop- r.~rnt, a m~~nthlc :harge (in liru of a mortgage ~nsurance premwm) which shalt be in an amouat equal to one-twelfth i I 121 of une-half (':1 per centum o( ihe a~erage outstandmg balance due on the note computed without taking into ~ account drlmquencies or prepayments; A s~m ryual to the Kround renls, ~t a~y, next due, plus the premiums lhat wili ne:t become due and poyabie on policies ~f fire und other hazard insurance co~~ering the mortgaged property, plus taxes and assessments next due on the mort- K~+Ked propertc (all as rst~mated by the mortgagee) less all sums already paid there(or divided bp the number o[ months ; tu rlapse brfore une month prior to the date when such ground rents, premiums, tazes, and assessments will become de- I~r.qurnt, surh sums to be held bp mortgagee in trust to pay said ground rents, prem~ums, taxes, ~nd special assessments; ' t ur.d AtI pe}-^.rnts rnentionrd m the two preceding subsections of this paragraph artd all payments to be mede under the note ser~rrd herrby shall be added together and the aggregate amount thereo[ shail be paid by ihe mortgagor each month in a s~nkle payment to be applied by the mortgagee tu the [ollowing items ~n the order set [orth: y fl) premium charges under the contraet o[ insurance with the Secretary of Housing and Urban Development, or monthly ~ cherge (~n 1?eu of :nortgage ~nsurance prem~um), as the case may be; ~ ,111 ~,round rents, ta:es. assessments, fire, and other hazard insurance premiums; ~ iltll ~nterest on the note secured hereby; and s tt\`) amort~l'atton of the principal o[ satd note. ~ :\n~~ deficienr~~ 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 ~ ma}• coltect a"late charge" not to exceed two cents (2¢) for each dollar (S1) of each payment more than fiEteen z 11i) dati~s in arrears to cover the extra expense involved in handling delinquent payments. a G 3. That if the total of the payments made by the mortgagor under (6) of paragraph 2 preceding shall exce~ ~ the amount oE pa}~ments 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 mortgagee on subsequent payrt;ents to be ~ made b~~ the mortgagor. If, howe~~er, the monthly payments made by the mortgagor under (b) of paragraph 2 pre- ced~ng shdil not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case ma~• be, wfien the same shall become due and payahle, then the mo:tgsgor shall pay to the mortgagee any amount ' necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessments, r - or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with the pro~~isions of the note secured hereby, fuli payment of the entire indebtedness represented thereby, the mort- i ~ gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments - made under the prov~sions of /u) of paragraph 2 hereof which the mortgagee has not become obligated to payto the Secretary ot I~ousing and Urban Development and any balance remaining in the funds accumulated under the ~ pro~•isions of (i,) of said paragraph 2. If there shall be a default undec any of the provisio~s ot this mortgage, re- : sult~ng in 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 oE the commencement of such proceedings or at the time the prop- ert~~ is otherwise acquired, the balance then remaining in the funds accumulated under (E~) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any - payments which shaTl h:~ve been made under (o) of said paragraph. 4. That he will pay aU taxes, assessments, water rates, and other governmental or municipal charges, fines, or ~mpositions, for which provision has not been made hereinbefore, and in default thereoE the mortgagee may pay _ the same; and that he will promptly deliver the ofticial receipts therefor to the mortgagee. ~o~~g1 '732 ~ ~ ~ _ ~ t , : - : _r~ ~ Y . ~ s - w~.- 5 ~ . _ ..4 ~ _ ~ _ . - , . ~ ~ . _ ~