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HomeMy WebLinkAbout1298 _ • t; e j .1~, ~ ~ ~.~id r~~~rt~;a~;~~r dui•s h~~rrb~• full~• w•.~er.~nt th~• htle to said lund, and e~•er~~ part thereo(, and w~ll drf~•nd the same .~~;:un~t thi• law•tul clu~m~ ot all pcrtions whamsoe~~er. PN(1VIDEU ALN'AYS, and these presents are executecl and delivered upon the following conditions, to wit: Th~• mottK.~gor aKrees to pay lhe muttgaRre, or order, the pri~ripal sum of EIGHTEEN T}iOUSAND oNE livrmttID ArtD ra/100-------------------------------------------------------------------- putl:~cs t5 1~3,100.00 as e~~~denred by a note o( even date hcrewith, with interest (rom d:,te at the r:+te u1 eight & oriQ~!~ilf per centum ( g~ o) pec annum on the unpaid balance i unttl p.~id. The satd pr~ncipt+l and interest shall be ps~yable ut the office of ! 3~OCFTOti, h~i1TLBY, D1?VIN & QOMPANY ~ 100 West 8ay Street, Jacksonville, Floride, ~ u~ .?t such uther place as the holder of the note may desig~ate in wtiting, in monthly installments of ONS NUNDRED ~ T2iIRTY-NINE ~ 19/100---------------------Dollars (S 139.19 commencing on ~ the f~rst day ot Aprfl , 19 71 , and on the first da~~ of each month thereafter until the ptincipal and ~nterest are fully paid, except that the finat payment of principal and interest, if not sooner paid, shall be due and payable on the first day of M~Ch, 2001. And shaU duly, promptiy, and fullp perform, discharge, execute, effect, complete, and comply with and abide by each and everp the st~putations, agreements, cQnditions, and covenants of said promisso~y note end of this mortKage, then this mortgage and the estate hereby created shall cease and be null and void. 3 And the matgagor turther covenants as follows: t 1_ That he will pay the indebtedness.as hereinbefore provided. Privilege is ~eserved to pay the debt in whole. or ~n an amount equal to one or more monthlp payments on the principat that are next due on the note, on the [irst du~• of any month prior to maturit~•: I'.~~~ ~d~•d, however, that written notice of an intention to exercise such pri~ilege i~ ~~~•en at tcast thirty (30) da}~s prior to prepayment; and, ptovided further, that in the event the debt is paid in full prior to maturity and at that time it is insured under the pcovisions oE the National Housing Act, he will pay to the m~~rtg:+~ee an adjusted p~emium charge ot one per centum (1%) of the original principel amount thereof, except ehat ~n no e~•ent shall the adjusted premium exceed the aggrcgate amount of premium charges which would have b~en pa~•able it the mortgage had continued to be insured until matucity; such payment to be applied by the mort- ~aKee upon its obligation to the Secretary of f~ousing and Urban Development on account of mortgage insurance. 2. That, in order more tully to protect the securitp of this mortgage, the mortgagor, together with, and in addi- t~on to. the munthly payments under the terms of the note secured heceby, on the first day of each month until the s~ud nute ~s tull~• paid, w~ll pay~ to the moctgagee the following sums: ~ An .,r.:~.unt suft~rirnt to procide the holdcr hereof w•tth lunds to pay the neYt mortgage tnsutance ptrm?um ~f this instru- S mrnt and the note secured herebv arr insured, or a monthly charge (m lieu of a mortgage insuraace premium) if they are 3 h~•id b~ thc Secrrtury of Hu~sinK and Urban Development, as follows; f f il! If and s, long as sa~d note o( cern date and th~s i~strument are insured or are reinsured under the prov~sions of the ~ ldtwnal Hous~nK Act, an amount sutf~cient to accumulate in the hands o( the holder one (1) month prior to its due ~ datr the annual mortgage insurance prem~um. m order to provide such holder wilh (unds to pay suchpremtum to the ,rcretan .~t H..us~ng ~nd Urban De~•eloprnent pursuant to the National Housing Act, as amended, and applicabie Regu- lau~m. thrnunder, or ~Ili II and s~~ IonK as sa~d nute u( evrn date and th~s insttument are held by the Secretary o( Housing and Urban Develop- nrnt. a monthl~ charKe i~n lieu of a mortgage insurance prem~um) which shall be in an amount equai to one-twel[th ~ 1 1') o( c~r-half t':) per centum o( the average outstand~ng balance due on the note computed without taking intu a.: ount del~nquenc~es ur prepayments, + A~u~r: rqual to the Rruund re~ts, if any. next~ due, plus the premiums that will next become due and payable on pol~cses ~f (~re and uther hazard msurance covenng the mortgaged prope~ty, plus taxes and ossessments next due on the mort- Kagccf yiruprrty (al! as rst~mated b~~ the mortgagee) less all suma already paid theretor divided by the number of months to elaps.~ bcdore ~~nr munth pnor to,the date when such ground rents, prem~ums, ta:es, and assessments will become de- lenquent, such sums to b~ hcld by morigagee in trust tu pay sa~d ground rents, premiums, to:es, andspecialassessments; an~7 ? ~ Ali pa~a.e•nts mentionrd ~n the two prrced~ng subsectwns of this paragraph and all payments to be made under the note ; sec urrd hrrrby shaU be added together and the aggregate amount the~eo( shali be poid by the mortgagur each month in a ~ .~nKir peyment to be appiied by the mortgagee to the (olloWing ~tems ~n the order set forth: i ; i[1 prrrr.ium charges under the contract ot insurance with the Secretary of Housing and Urban Development, or monthly i f rharge ~in lieu o! mortQage insurance prem~uml. ss the case may be; 3 illl ground rents, taxes, assessments, [ire, and other hazord ~nsurance premwms; ~ iltll ~nterest on the note secured hereby; and # (1~') ar.:urtizat~on of the pr?ncipal o( said note. ~ An~• deticiency ~n the arryount of such aggregate monthly payment shall, unless made good by the mortgagor ~ ~ pnor tu the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee ~ ~ ma}• collect a"late charge" not to exceed two cents (2Q) for each dollar (S1) of each payment more than fifteen f ~ (1>l days ~n arrears to cover the extra expense involved in handling delinquent payments. f ~ < ~ 3. That if the total of the payments made by the mortgagor under (bJ of paragraph 2 preceding shall exceed a ~ the amount o[ payments actuaUy m3de by the mortgegee, 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. I[, however, the monthly payments made by the mortgagor under (b) of paragraph 2 pre- ceding shail not be sufficient to pay ground rents, taxes and assessm.~nts and insurance premiums, as the case ~ rra~• be, when the same shall become due and payable, then the mortgsgor shall pay to the mortgagee anp amount . necessary to make up the deficiency, on a before the date when payment of such ground rents, taxes, assessments, f : or insurance prem~ums shall be due. IE at any time the mortgagor shall tender to the mortgagee in accordance with ~ the prov~s~ons of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- ~ - gagee shall, in computing the amount of such indebtedness, credit to the account of the moctgagor al! payments made under the provisions of (u) o( paragraph 2 hereo( which tfie mortgagee has not become obligated to payto the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the ~ pro~•isions of (h) of sa~d parag~aph 2. If there shall be a default under any of the provisioas of this mortgage, re- - suiting in a public sale of the premises covered iereby, or if the mortgagee acquires the property otherwise after K default, the mortgagee shall apply, at the time oE the commencement of such proceedings or at the time the prop- eriy~ is otherwise acquired, the balance then remaining in the funds accumulated under (h) of paragraph 2 preceding as a credit against the amount of principal then ~emaining unpaid under said note and shall properlyadjust any payments which shall have been made under (a) o( said paragraph. = 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, ~t`~ or impositions, for which provision has not been made hereinbefae, and in default thereot the mortgagee may pay the same; and that he will promptly deliver the official receipts thecefor to the mortgagee. i . ~ g~~K 191 1296 ' ~ !5 ~ Y?= ~ . . - . _ . _iv'r~i'