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ti.~~d murt~;.~~;ur dor. herrb~• (uih• wurr,~M thr title tu sd~d land, a~d r~~r~y Part themof, and will defend the sdme
.~~;,i~nst the I:+wtul cl:~~ms o( all pcrsuns whomsoe~•er.
PH'OVIDEU ALII'AYS, and these prrsents are executed and drlive~ed upon the following conditions, to wit:
'1'h~ mortgagor aKrrrs to pay the mu~tguger, oc orde~, the principal sum of ~pU~p p~g
HUNDRRD FIFTY 11ND NO/100
Uuil~+cs (S 16,950.00 as e~idenced bp a note of eve~ date herewith, with interest from ddte at the
r:~tN oi ~i~ ~ Q~ ~l~ per centum ( 8~ per an~um on the unpaid balance
until pai e sa~d pnncipa and intectst sholl be payable at the of ice ot
BTOCI~TON, N~?TLBY, W?VIN & QOIIAIINY: 100 w~at Bay Street, Jacksonvill~. Florida,
ur at such other place as the holde~ ut the note may des~gnate ~n writing, in monthly instellments of fJ[~ MJNDRSD
THIRTY ~1IiD 35/100 Dollars (S 130.35 comrt~encing on
the Eirst day of yay , 19 71, and on the tirst day of each month thereafter unt il the principal
and interest are full~• paid, except that the final payment of principal and inte~est, if not sooner paid, shall be due
and p~yable on the ficst day of ~pril, 2001
And shall duly, promptly. and Eul1y perform, discharge, execute, effect, complete, and comply with and ab~de
b~• each and e~•ery the stipulations, agreements, conditions, and cove~ants of said promissory note and of this
mortg:?ge, then this mortgage and the estate hereby created shall cease and be nutl and void.
r~nd the mo~tgagor further co~•enants as tollows;
1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole.
ur in an amount equal to one or more monthl~~ payments on ihe pri~cipal that are next due on the note, on the Eirst
da~ of any month prior to maturity~: 1'rc.i ~JrJ, however, that written notice of an intention to exercise such privilege
~s given at least thirty (30) daps prior to prepayment; and, provided further, that in the event the debt is paid in
(uil prior to maturity and at that time it is insured under the provisions oE the National Housing Act, he wili pay~ to
the mo~tgagee an adjusted premium charge of one per centum (19G) of the originel pri~cipal amount thereof, except
that in no e~~ent shall the adjusted p~emium exceed the a8ecegate amount of premium cha~ges 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 Develc+pment on account of mortgage insurence.
2. That, in order more full~ to protect the security of this mortgage. the mortgagor, together with, and in eddi-
t~on to, the monthly payments under the terms oE the note secured hereby, on the tirst day of each month until the
said nute ~s fully pa~d, wiil pay to the mortgagee the fullowing sums:
An ..m~~unt sutt~rirnt to pcovide the hulder hereof vctth funds to pay thr next mortguge ~nsurancr premiu~r. tf this tnstru-
ment and the nute securrd herrbp are insured, or a monthly charge (m tieu ot a mortgage insurance prem~uml if they are
he~ld by the Sec~etary oi Nous?ng and Urban Development, •s (ollows:
111 1i and so long rs s~~d note u( evrn date and th~s insitument are incured or yre te~nsurrd under the provic~ons ot the
\atconel Huusin~, Act, an amuunt su(ticient to accumul~te in the hands of the holder one (i) month pnor to tts due
ddtr the unnual mortg~ge insurance prem~um, in orde~ to prov~de such holdet with funds to pay cuch preauum to ihe
Se.retan~ ut Huus~ng and Urban Development purswnt to the National HousinQ Act, as amended, and applicable Regu-
lations thereunder, or
' t1ll I[ •nd so long as satd nute of e~•rn date and th~s instrume~t are held b~• the Secretary ut Housing and Urban Develop-
nrnt, a monthl~• charde ~in lieu o( a mortgage ~nsurance premiurn) which shall be sn an amount equal to one-twelfth
i
(1 1?) of onr-half prr centum ot the average outstanding balancr due on the note computed without toktng into
ec:ount dei~nquenc~es or prep~ymrnts;
r!~- A sua, equal tu the ground rents, if any, nezt due, plus the premtums that w•~11 ne:t become due and paya6le on pol~c~es
o( t?re and other huard iosurance covenng thr mortgagrd property, plus ta:es and assessments next due on the mort- "
! kagrd ptoprrt~ (all as esUmatrd hy thr mortgagee) less all sums atready paid therefor divided by the number of mo~ths
to rlapsr brtore one month pnor to the date when such ground rents, premwms, taxes, and assessments will become de-
:~nquent, such sures to be held b>~ moRgaQee ~n trust to pay sa~d ground rents, ptem~ums, tY:es, and speciai assesaments;
i and
~ All pa.:r,:rnts mentionrd in thr two preced~ng subsections o[ th~a paragraph and all poyments to be m~de under thr note
secun•d hrreby shall be added tugether and thr aggregate amount thereo( shall be paid by the mortgaQor each munth in a
7 smKir peymrnt to be appl~ed by the mortgagee to the tollovring rtems ~n the order set [orth:
x (1) prem~u~r: charges under the contnct of insurance with the Secretary o[ Housir~ and Vrban De~•elopment. or r.ionthly
charKr (m lieu ot mortgage msurance preeiuum), as the c~se may be;
~ UI) ground rents, taxes, assessments, fire, and uther hazard ~nsurance prem~ums;
` (1Il) interest on the note stcured hereby; and
~ tIV) amurtuwt~on ut thr prtnctpal ot said note.
An~~ def~ciency in the ar.~ount of such aggregate monthly payment shall, unless made good by the mortgagor
pr~or to the due date of the next such payment, const~tute an event of default under this mortgage. The mortgagee
r~ay~ collect a"late charge" not to exceed two cents t2t) for each dollar (S1) o( each pa~~ment more than fifteen
~ i1.S) da~•s in arrears to co~•er the extra expense involved in t~ac~dling delinquent peyments.
; 3. That if the total ot the payments made by the mortgagot under (6) ot paragraph 2 preceding shall exceed
~ the amount of pa}•ments actuaUy made by the mortgagee. for ground rents, taxes and assessments and insurance
premium_=, as the case may be, such excess shail be credited by the moctgagee on subsequent Qayments to be
; made by the mortgagor. If, howe~•er, the monthly payments made by the mortgagor under (b/ of paragraph 2 pre-
= ceding shall not be sufficient to pay ground rents, taxes and assessm~rnts and insurance premiums, as the case
~ ma~• be, when the same shall become due and payable, then the mortg~gor shall pa~• to the mortgagee any amount
;k necessary~ to make up the deficiency, on or befoce the date when payment of such ground rents, taxes, assessments,
~ or insurance premiums shall be due_ I( at an}~ time the mortgagor shalltendet to the mortgagee in accordance v?ith
the pro~•~s~ons of the note sacured hereby, lull payment of the entire indebtedness represented thereby, the mort-
- gdgee shall, in computing the amount of such irtdebtedness, credit to the account of the mortgagor all payments
made under the pro~•isio~s of (al of paragraph 2 hereof which the mortgagee has not become obligated to payto
; tbe Secretary ot Nousing and Urban Development and any balance remaining in the funds accumulated under the
pro~•isions of ll,~ of said parag~aph 2. If there shall be a default under any of the provisio~s of this mortgage, re-
sult~ng ~n a public sale of the prem~ses covered iereby, or if the mortgagee acquires the property otherwise after
~ default, the mortgagee shall apply, at the time of ihe commencement of such proceedings or at the time the prop-
ert~~ is otherwise acquired, the balance then remaining en the funds accumulated under (G) of parag~aph 2 preceding
as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any
payments which shall have been made under (uj of said paragraph.
4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines,
or ~mpositions, for which pro~•ision has not been made hereinbefore, and in default thereof the mortgagee may pay
r~ the same; and that he wili promptly deliver the ot[icisl receipts therefor to the mortgagee.
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so~K 191 1308
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