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HomeMy WebLinkAbout0739 1 . ! s ..~id r.•ortg.~R.~r d~u~. hrreb~• ful1~• w•acrant the t~tle to ~aid land, and e~•er~~ part thereof, and wiU defend the same ' ,.K,~in~t the ;.,~~•ful cia~ms ot all persons Whomsoeve~. ~ PROVIDED AL.N'A1'S, and these presents are executcd and del~~~ered upon the following conditions, to wit: Thc mortgdgo~ agrees to va~• the mortgagee, oe o~der, the principal sum of SIXT~N THOUS~ND SIX ~it1NDRED FIFTY 71I1D NO/100 D~llars (S 16~650.00 ac e~idenced by a note ot e~•en date hereu~ith, with interest from date at the ' rate of eiq2it & Or.e-~1~ per centum ( g~ o) per annum on the u~paid balance unt~l paid. The said p~~ncipal and interest shall be pa~~able at the oftice oE 9TO~i:, kB~ITLSY, W?VSN & 00~l~lPANY: 100 +nlest Bay 3treet, Jacksonville, Florida, .x at ~uch uther place as the holder o[ the note ma~• designate in writing, in monthl~~ installments of O[~ HUNDRED ~Y-BIGHl' 71ND 04/100 Dollars (S 128.04 comrt~encing on the first da~• of ~pril . 19~j , and on the first day of each month thereafter untiltheprincipal and interest are full~• paid, except that the final pa~•ment of principal and inte~est, if not sooner paid, shall be due ! and pa~~able on the first da~• o[ MarCh~ 2001. And shall dulp, promptl~•, and full}• pecform, discharge, execute, ef[ect, complete, and comply with and abide b~ each and e~~er~• the stipulatiens, agreements, conditions, and co~•enants of said promissory note and of this mortgage, then this mo~tgage ated the estate hereb~~ created shall cease and be null and void. And ~he moctgagor furthec co~•enants as follows: 1. That he will pa~• the indebtedness, as he~einbefore provided. Pria•ilege is ~eserved to pay the debt in whole, or in an amount equal to one or moce monthll• pa~~ments on the principal that are next due on the note, on the [irst da~~ oi an}• month prior to maturit~•: P.o<<d~•J, however, that written notice of an intention to exercise such privilege . ~ is gi~•en at least thirty (30) daps prior to prepa}•ment; and, provided further, that in the event the debt is paid in ' full prior to maturit~• and at that time it is insured under the pco~isions ot the National Housing Act, he will pay to the mortgagee an adjusted premium charge oi one per centum (196) of the original principel amount thereot, except chat ~n no e~•ent shall the adjusted pcemium exceed the aggregate amount of premium charges which would ha~~e been pa~•abie 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 mortgage insurance. That, in order more fully to protect the securit~~ of this mortgage, the mortgagor, togethet with, and in addi- tiun to, the monthl~• pa~menis under the terms of the note secured hereby, on the first day of each month until the said note is futlt• pa~d, w ill pa}• to the mortgagee the folloK ing sums: . An a:r.aunt sufiicirnt to pro~ide the holder hrreo( w~th funds to pay the ne:t mortgage ~nsurance premium it this ~nstru- :r.ent aad :hr note secured hereb~ +re insure~i, or a monthly charge (m lieu o[ a mortgage ins~rance premium) if they are !:c b~ :ne Secretary ot Hous~ng and lirbaa Deeelopment, as toilows: I. I[ a7d ~o tong as said note of even date and ihis ~nstrument are insured or are reinsured under the provlsions o( the \o;i~na: Housin~ Act, an amount sutfic~ent to accumulate in the hands ot the holder one (I) month prior to its Que ,:a;r the dIIf1Ua; mortg~ge insurance premwm, in order to proe~de such holder with funds to pay suchpreauum to the >rcretan of H~using and Urban De~•eiopmeat pursuant to the National Hous~ng Att, as amendtd, and applicable Regu- :at3,ms tFerrundet, or I1• Ii ead so long es said note ot ecen date and this instrument are held by the Secretary o( Housing and Urt~n De~elop- rrn!. a~r.c.ntht~ charge (in Leu uf a mortgage insurance premium) whuh shall be in an amount equal to one-twel[th : i 1: ~ of onr-half per centum of the acerage outstanding balance due on the note computed w~thout taktng into a..-~~::nt de3:nquenc~es or prepayments; • A su~r. rq~a: to the ground rents, if anp. next due, plus the premiums that wiU next become due and payable on policies .f f~re and other h.zard insurance covenng the c.origaged property, plus taxes and assessmen~s next due on the mort- ~a~rc proprrt~ (all as est~mated by the mortgagee) less all sums already patd therefor dividrd by the number of months E !u e2apse before onr month prtor to the date v`hen such ground rents, premiums, taxes, and assessments will become de- t l~rq~ent. such sur..s to be he.d by mortgagee in trust to pay said ground rents, premiums, taxes, andspecialassessments; end tlii ;,a}r..rnts rr.entzoned .n the tMU preceding subsectwns of th?s paragraph and a11 payments to be made under the note E sec:~red herrb7 shall be added together and the aggregate amount thereo( shall be py~d by the mortgagor each month an a a ~in¢le • a rnt to be ~ S~ed b the mort a ee to the [ollow;n items in the order set forth: ; PP Y ~ K B ~ prfn.iu~-. ch.rges under the contract of insurance with the Secretary• of Housing and Urban Development, or monthly cherge tan lieu ot mortgage insurance prem~um), as the case may be; ~11> greund rcnts, ta:es, assessments, fire, and uther huard insurance premwms; ~Ilt) interest an the note secured hereby; and F iI1~') :r. omz:uon o( thr pr?ncipal of sa~d note. # Any deficiency in the anount of such aggregate month:y payment shall, unless made good by the mortgagor ' prsor to the due date of the next such payment, constitute an event of detault under this mortgage. The mortgagee ~ :nay collect a"late charge" not to exceed two cents (2t) for each dollar (S1) of each payment more than fifteen ~ ~lSi da~•s ~n arrears to cover the extra expense invoi~-ed in handling delinquent payments. ~ 3. That if the total of the payments made by the mortgagor under (6) of paragraph 2 preced~ng shall exceed ~ the amuunt of papments actually made by the mortgagee, foc gtound rents, taxes and assessments and insucance ytern~ums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be ~ rrbde by~ :he mortgegor. If, however, the monthly payments made by the mottgagor under (6Joi paragraph 2 pre- _ ceding shall not be sufficient to pay ground rents, taxes and assessm~rnts and insurance premiums, as the case - ~:ev be, w6en the same sha11 become due and payable, then the mortg:.gor shall pay to the mortgagee any amuunt w necessary tu make up the def~c~ency, on or befae the date when payment of such ground rents, taxes, assessments. ~ or insurance premiums shall be due. lf at any time the mortgagor shall tender to the mortgagee in accordance with the pru~•isi~~ns of the note secured hereby, ful! payment of the entire indebtedness represented thereby, the mort- ~ gagee shall,,~1~ comput~ng the amount of such indebtedness, credit to the account of the mortgagor all payments ~ ~ mede under t~ie prcn•is~ons of /u/ o[ parap,raph 2 heceof which the mortgagee has not become obligated to psiyto ~ the Sectetary of Nousing and Urban Uevelapment and any balance remain~ng in the funds accumulated under the ~,ro~ ~s~uns ot of sa~d parograph 2. !f there shall be a de[ault undet any ot the provisio~s of this mortgage, re- ~ sutt~n~ ~n ~ public sele uf the premises covered iereby, or if the mortgagee acquires the property otherwise after default, the mvrtgager shall apply, at the time of the commencement ot such procred~ngs or at the time the prop- ert}• is utherw~se acqwrrd, the belance then remain~ng in the funds accumulated under (L) of paragraph 2 preceding ~ a5 e cred~t aga~nst the amount o( princ~pal then cemaining unpa~d under sbid note and shall properlyadjust dny ~ y:~ payrr~nts wh~ch shall have been made under (u) o! said paragtaph. - 4. That he w~ll pey ali tdxes, assessments, water rates, and dher govrrnmental or munic~pel charges, tines, - ur i:.~pus~ti<ms. for wh~ch prcrv~sian has not been made here~nbetore, and in de(ault tF~ereof the murigagee may pay - thr s~mr, end that he w~ll prumpily delivet the dttc~al rece~pts there(or to the mortgagee. ~ QR a~19i 738 ~ : . - ~ . _ : ~ ~ r _ _ _ _ - _ 'S _ - . -~e; ~y''?~'~~ r_ . . _ - ~ .