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HomeMy WebLinkAbout0902 I I , i _ ~ ! s.~id mortg.~~or d.u~~ hereb~• futh• w.~n.~nt ih~ title tu sa~d tand. and e~~e~~• patl thereof, and wiil defend the sume .~Ka~nst tfir lawtul cla~ms o( all pcrsuns whumsce~~e~. Pt?O\'IDED Ai.11Ati'S, and these pccse~ts ~+~e executecl and deGve~ed upo~ the following conditions, to wit; 'Che mortKaguc aKcees to pa~~ the murtRa~c~e, ur arder, the principal sum of p'Ip~N Ty(7USApp pINE HUNDRSD 71ND NO/100 Uuitars ~S 15~900.00 1, a~ e~~~denced by a note of even date herewith, with interest frum dute at the ~ r:~te ot eight & on!"~it pe~ centum ( 8; ro) per annum on the unpa~d balance ~ unt~l paid. The said pc~nc~W+l and intere~t shull be pa~•able at the ofiice o( 9POCIC~N. 1?~TtSY. Ol?VIN 6 a0~llPJ?NY : 100 W~ast Bay Street , Jaaksonvill~e, Florida, . ur at ~urh other place as the holder ut the not~ ma~~ designate in writing, in monthly installments of a'~ ~ '1M8N1'Y-1110 ]1ND 27/100 --------------------Dollar~ (S 122.27 comn~encing on the iirst dap of ~y , 19 71. and on the first day of each month therea[ter untiitheprincipal and interest are tull~• paid, except that the tinal payment of principal and inte~est, i~ not s~,oner paid. shall be due and payable on the first day of ~pril, 2001.. And shall duly, promptly, and fully perform, discharge, execute, effect. complete, and comply with ~nd abide by~ each and ever~~ the st~pulations, agreements, conditions, and covenants of said promissory note and oi this mortgage, then ihis mortgage and the estate he~eby created shall cease and be nul! and ~~oid. And the martgagor tudhe~ co~•enants as follows; 1• That he will pay the indebtedness,as hereinbefore provided. P~ivilege is reserved to pay the debt in whole. or ~n an amount equal to one or more monthl~ payments on the principal that are next due on the note, on the first da~• of any month prior to maturit~•: I'?o~ idrd, however, that wcitten notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and. provided turther, that in the event the debt is paid in full prior to maturity and at that time it is insured under the provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1~) of the original principel amount thereof, except that ~n no e~•ent shall the adjusted premium exceed the aggregate emount of premium charges which would have been pa~~able if the mortgage had continued to be insuced until maturity; such payment to be applied hy the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on account of mo~tgage insurance. 2. That, in order more fully to protect the secu~ity of this mo~tgage, the mortgagor, together with, and in addi- t~un to, the monthiy payments under the terms of the note secured hereby, on the first day of each month until the said note is fultp pa~d, will pay to the mortgagee the Eollowing sums: r: An ar.~:~unt sutf~c~ent to prov?de the hotder hrreof with funds to pay thr next mortgage insurance premium it this instru- ment +ndthe note secured hereby are ~nsured, or a monthly charge ~i~ lieu o[ a mortgage insurance prem~um) i[ they are hetd bp the Secretar} ot Nousing and Urban Develupment. as follows: 1I1 I[ end ~o long as said note o( even date and this instrument are insured or ~rc reinsured under the provisions of the tiat~onat Housi~e Act, ao amount sutticient to accumulate in the hs~nds ot the holder one (1) month pnor to its due a~te the annual mortgage insurynce premium, in order to provide such holder with funds to pay such premium to the Secretary~ o( Nousing and Urban Development pursuant to the National Housing Act, •s amended, and applicabie Regu- lat~uns thereunder; or ! Ill li and so long as said nute ot ea•en date and this instrument are held by the Secret~ryr of Housing and Urben Develop- mrnt. a monthly charge (~n lieu ot a mortgage insurance premiam) which sholl be in an amount equal lo one-twelfth (1 121 ot one-hal( (~s) per centum ot the average outstond~ng balance due on the note computed a~ithout toking i~to account delinquenc~es or prrpayments; ~ A sucr. equal to the ground rents, any, next due, plus the premiums that v~ill next become due ~nd papable on pol~cies of tire and other hazard insurance covering the mortga¢ed property, plus ta:es and assesaments next due on the rt:ort- Kaged property (all as estimated by the mortg+gee) less all sums already paid there[or divided by the nur.~ber of months to elap~e betore one month prior to the date when such ground rents, prem~ams, taxes, and assessments wtll become de- l~nquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, to=es, ond special assessments; anil ; i Aii pa}•~:ents mentwned in the two preceding sabsections ot this paragraph aad all paymenta !o be nade under the note secured hereby shall be odded together and the aggregate amount thereot shall be paid b~ the mortgagor each month ?n a ; smKle payment to be applted by the mortgagee to the following items io the order set torth: (t) premium charges under the contract o[ ir?surance with the Secretary of Housin¢ and Urban Development, or monthly ; charge (in lieu o( mortgage insurance prem?um), as the case mry be; ; !Il) ground rents, ta:es. assessments, tire, and other hazard insurance premiums; (III) ~nterest on the note secured hereby; and R (IVl amortizatwn ot the pnnc~pal of sstd note. ~ Any deiiciency in the ar.?ount of such aggregate monthly payment shall, unless made good by the mortgagor ~ pr~or to the due date oE the next such payment, constitute an event of default undec this mortgage. The mortgagee e may collect a"late charge" not to excted two cents (2a) fa each dollat (Sl) of each payment more than fifteen ~ f 15) dacs 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 (6) of paragtaph 2 preceding shall exceed the amount of payments actually made by the mortgagee, for gtound rents, taxes and essessments and insurance = prem~ums, as the case may be, such excess shall be c~edited by the mortgagee on subsequent payments to be ~ made by the mortgagor. If, however, the monthly payments made by the mortgagor under (61 of paragraph 2 pre- ~ ceding shall not be su[ficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case _ may be, when the same shall become due and payable, then the mortg:.ga shall pay to the mortgagee any amount necessary to make up the deficiency, on ot before the date when payment o[ such ground rents, taxes, assessments. or insurance premiums shall be due. If at any time the mortgagor shalitender to the mortgagee in accordance with the pro~•~sions o( the note secured hereby, full payment oE 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 _ nwde under the provisions of /a1 of paragraph 2 hereof which the mortgagee has not ~ecome obligated to payto - tbe Secretary oE Huusing and Urban Development end any balance remaining in the funds accumulated under the ; pro.•is~~ns of /L) of said paregraph 2. tE there shall be a deEault under any of the provisio~s of this mortgage, re- sult~ng in a publ~c sate of the premises covered iereby, or if the mortgagee acquires the property otherwise a[ter default, the mort a er slwll ~ I at tbe tio~e of tbe commenCerpent of such roceedin s or at the time thr ro B B PP Y• P B P P- ~s rrty ~s otherwise acquired, the baiance then remaining in the funds accumulated under (b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid undet said note and shall properlyadjust any ~ _ payments which shall have been made under (u) of said paragraph. ~ 4. That he will pay all taxes, assessments, water rate~, and other governmental or municipal charges, fines, ~ or impositicx~s, tor which provision has not been made hereinbefoce, and in default thereo( the mortgagee may pay = the same; ~nd that he will promptly deliver the oificial tece~pts therefor to the mortgagee. i ~ x • ~ .y rbODf(1~~ ~ ~ _ . _ , ~ , : j. ~ - = _ _ _ .