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Home My WebLink About0908 i 1 , , ~ ~ ~ ~ E ~ s~,id mortg;~gor does hereby fully warrant the title to said land, and eve~y part theteot, and will defend the same ugainst the law[ul ciaims of all persons whomscever. PROVIDEU ALN'AYS, and these presents are executed and delivered upon the following conditions. to wit: The mortgago~ agrees to pay the moctgagee. or order, the principal sum of S~VSt~Tl~N THOUS~IND Tt~tES HUNDRED 7~PID NO/100 Dollars (S 17,300.00 as evidenced by a note o[ even date herewith, with interest fcom date at the rate oi e3ght & oill~hilf per centum ( g~ io) per annum on the unpaid balance ~ until paid. The said principal and interest shall be payable at the office of . j i 9TOQ~Z~ON, h'Ha1TLBY, DAVIN & CQMPJ?idY : 100 west Bay Street , Jacksonville , Florida, i oc at such other place as the holder of the note may designate in writing, in monthly installments of ~ Ht~NDI~D ~ 4 THIR'1'Sf-THRBS ]1I~ID 04/100 --------------------Dotlars (T 133.04 commencing on t the first day ot M8y , 19 71 , and on the first day of each month thereafter untiltheprincipal t and interest are tully paid, except that the Einal paymenl of principal and inte~est, if not sooner paid. shall be due and payable or~ the first day of April, 2001. And shaU duly, promptly, and fully perform, discharge, execute, effect. complete, and comply with and abide by each and e~ery the stipulations. agreements, conditions, and covenants of said promissory note and of this mortgage. then this mortgage and the estate hereby created shall cease and be null and void. And the matgagor tudhe~ covenants as follows: 1. That he will pay the indebtedness, as fiereinbefore provided. Privilege is reserved to pay the debt in whole. or an amount equal to one or more monthl~ payments on the principal that are next due on the note, on the first day oFany month prior to maturity: P~o~•iJed, however, that written notice of an interttion to exercise such privilege . is given at least thirty (30) days prior to prepayment; and. provided further, that in the event the debt is paid in fuil 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 pet centum (1%) of the original principel amount thereof, except ' that in ~o e~•ent shall the adjusted premium exceed tAe aggregate amount of premium charges which would have been payable 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 oi mortgage insurance. 2. That, in order more fully 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 fully paid, will pay to the mortgagee the follawing sums: i u~ An amount sufficient to provide the holder hereot wilh funds to pay the ne:t mortgagr insurance premium it this instru- ment and the note secured hereby are insured, or a monthly charge (in lieu ot a mortgage insurance premium) if they are hrld by the Secretary of Housing and Urban Deseloprent, as follo9rs: (1) It and so long ~s said note of even date and this instrument are insured or are reinsured under ihe provisioas o[ the hat~onal Nous~n~ Act, an amount sut(icient to accumulate in the hands o( the holder one (1) month prior to its due datr the annual mortgage insurance premium, in order to provide such holder with tunds to pay suchpremium to the Secretary ot Housing and Urban Development pursuant to the National Housine ACt, as amended, and sppllcable Regu- latiuns thereunder, or Ill) I( and so long as said note of even date and this instrument are held by the Secretary oi Housing and Urban Develop- nent, a monthly charge (in lieu ot a mortgage insurance premium) which shall be in an amount equal to one-twel[th (1 12) ot one-hal[ (+i~) per centum of the average outstonding balance due on the note computed without taking into account delinquencies or prepayments; (?.t A sum equal to the gruund rents, i[ any, ne:c due, plus the premiums that will next become due and payoble on policies ; of f~re and other hazard insurance covering tht mortgaged property, plus tazes and assessments next due on the mort- E gaged property (ali as estimated by the mortgagee) less all sums already paid therefor divided by the number ot months 3 to elapse betore one month prior to the date when such ground rents, premiums, taxes, and ossessments will become de- € l~nquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, ta=es, a~dspecialasaessments; ~ and € ~ ir~ Atl paymenis mentioned in the two preceding subsections ot this parograph and ali payments to be made under lhe note secured herrby sh~ll be added together and the aggregate amount thereo[ shall be paid by the mortgagor each month in a ~ s~nKle payment to be applied by Ihe mortgagee to the following items in the order set forth: ~ (I) premium charges ander the contract of insurance with the Secretary of Nousing and Urban Development, or monthly charge (in lieu ot mortgage insurance premium), as lhe c~se may be; k (II) ground rents, ta:es, assessments, [ire, and other hazard insurance premiums; ~ (IU) interest on the note secured hereby; and s (1V) amortizauon o( the principal o[ said note. ~ Any de(iciency in the ar.~ount oE such aggregate monthly payment shail, unless made good by the mortgagor ~ prior to the due date of the next such payment, co~stitute an event of default under this mortgage. The mortgagee ~ may collect a"late charge" not to exceed two cents (2t) for each dollar (S1) of each payment more than fifteen a (15) days in arrears to cover the extra expense involved in handling deli~quent payments. ~ ' 3. That if the total of the payments made by the mortgagor undet (b) of paragraph 2 preceding shall exceed ~ the amount of payments actually made by the mortgegee, for ground 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. If, however, the monthly payments made by the moctgagot under (b) of paragraph 2 pre- = ceding shall not be sufficient 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 mortgcgw shall pay to the mortgagee any amount _ necessary to make up the deficiency, on or befae the date when payment of such ground rents, taxes. assessments, ~ or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with ~ the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- gagee shall, in computing the amount ot such indebtedness, credit to the account oi the mortgagor all payments ; made under the provisions of (01 of paragraph 2 hereof which the mortgagee has not become obiigated to pay to , the Seccetary of Housing and Ucban Development and any balance remaining in the funds accumulated under the s provisions of (LJ o[ said paragraph 2. If there shall be a detault under any oE the provisioas of this mortgage, re- - sulting in a public sale of the premises covered iereby, or if the mortgegee acquires the property otherwise after ~ default, the mortgagee shall apply, at the time of the commencement o[ such proceedings or at the time the prop- = 5: erty is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding i ~ as a credit against the amount of principal then remaining unpaid under seid note and shall properlyadjust any ~ ~ payments which shali have been made under (o) o[ said paregraph. ~ 4. That he will pay eU taxes, assessments, wate~ rates, and dher governmental or municipal charg~s, fines, ' or imposiiions, tor which provision has not been mede hereinbefoce, and in default thereof the mortgagee may pey + the same; and that he will promptly deliver the official receipts therefor to the mortgagee. f ~ ~ ~ ~9~ ~ 907 ~ ~ ~ ~ ~ _ _