The URL can be used to link to this page

Home My WebLink About1316 said mottK.+~;or doe~ hereby fully w~atrant the title to said land, and ever~~ part thereu[, and w~ill defrnd the s~me :~Ka~nst the law•fu! claims af all persons whomsoever. P120~~IDED ALN'AYS, and these presents are executed and delivered upon the, follov?ing conditions, to wit: The mu~t~agor a rees to pa~• the murtgagee, o~ o~der, the principal sum of EIGHTEEN TIIOUSAT~ID FIVE , HUIQDRED AI3D NO~100 ~--------------------------------------------------------y---------- ' Uullacs (S 18,500.00 ~ as e~•idenced by a note o[ eve~ date herewith, with interest Erom date at the ~ ~~f1e eight & one~h~l_` per centum ( 8~1 0) per annum on the unpaid batance ~ unt?l paid. The said pnncipal and interest shall be pay~able at the office of ~ ~ STOCKTpN. w~1TLSY, DAVIN & QOliPANY: 100 West Bay Street, Jacksonville, Clorida, i or at such other place as the holder ot the note may designate in w~iting, in monthly installments of Ol~i HUI`mRED ~ ~~~~~~.~~~~~~~~~~~~~~~r j FOR~-'iYiO AND 27/100 Dollars 142.27 comrt~encinR on i the first day of l9a,rch . 19 ~l. and on the first day of each month thereafter untiltheprincipal ; and interest are [ully paid, except that the final payment of principal and iMerest, if not sooner paid, shall be due + and payable on the first day of gp~~~y, 2001 Artd shall duly, promptly, and [ully pecform, 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 mottgagor Eucther covenants as follows: 1. That he will pay the indebtedness, as hereinbefore provided. Privitege is reserved to pay the debt in whole. or in an amount equal to one or more monthly payments on the principal that are next due on the note, on the first d:a~• of ang month prior !o maturity: 1'.0~ ?d~•d. however, that written notice oi an intention 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 ; tult pr~or to matu~ity 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 (196) of the original principel emount thereof, except th<~t in no event shall the adjusted premium exceed the aggregate amouM of premium charges which would have been pa~•able if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- ga~ee upon its obligation to the Secretary of Housing and Urban Development on account of mortgage insurance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with, and in addi- tiun to, the monthly payments under the terms of the note secured hereby, on the first day of each month until the ~ s.~~d nute is fully pa~d, will pay to the mortgagee the Eollowing sums: An ar.~uunt suf[uirnt to pro~•~de the holder hrreot w•ith tu~ds to pay the next morlgage insurance prem~um i( this instru- mrnt and thr nute srcured hereby are msured, ur a monthl~• charge (~n lteu o( a mortgage insurance premwm) it they are hrid b~ the Secrctary o( Nousing and Urban Development, as follovrs: (I r 1[ :.nd s.~ lon~; as sa~d note oi evrn date and th~s ~nstrument are insured o~ are re?nsured under ihe provisions of the Xational Housmg Act, an amount sut(icient t~ accumulate in the hands of the holder one (11 month prior to its due ; datr the annual mortgage msurance premwm. ~n urder to provtde such holder w~th (unds to pay suchpremium to thr j tierretary uf Huusing and Utb+n Drvelopment pursuant to the I3ational Housing Act, as amended, and applicable Regu- ~ l.+t~~ms thcrrunder, or :Ili 1! and ~u lonK as said nvte ~f c•crn date and th~s instcument are held by the Secretary of Housing and Urban Develop• ~ ~ r.:~•nt, a m~nthly charRe (tn lieu of a mortgage msurance premium? which shall be in an amount equal to one-tweltth ~ f il 12i uf onr-hal( 1':) per ~entum o( the a~•erage outstanding balance due on the nott computed without taking into ~ acr~~um delinquencies or prrpayments; e E f A sum equal to tte ground rents, it an}•. next dur, plus the premiums that w~ll next become due and payable on policies ~ { ~~f Ln• and other hazard ~nsurance covering the mortgaged property, plus taxes and assessments next due on the mort- ' f,eKrd propertv lall as rs[~mated by thc mortgagee) less all sums aiready paid lhere(or divided by the number of months 3 t~, e]apsc~ hr(ore one month prtor to the date when such ground rents, premiums, taYes, and assessments will become de- E Imqurnt, such sums to be held by mortgagee in trust to puy sa~d ground rents, premiums, taYes, andsper~alassessments; € ..nc1 ~ , r All p..~•~:~•nts mentu,nrd ~n the two preceding subsecttuns ot thts paragraph and all payments to be made uader the note ~ ~rcure~i3 hrreb)' shall be added togrther and the aggregate amount thereof shail be paid by the mortgagor each month m a s s~ntilr pa~ment to be appl~ed by the mortgagee to the foUow~ng items in the order set forth: ~ il) prrmium charges under the contract ot insurance with the Secret~ry• o[ Housing ond Urban Development, or monthly ~ charKe (in l~eu o( mortgage ~nsurance premium), as the case may be; ~ (II) Kround rents, taxrs, assessments, [ire. ~nd other hazard ~nsurance premiums; ; (III) interest un the note secured hereby; and ~ (IV) art:vrt~zaUOn o( the principai o[ said note. ~ r\ny c3eficienct• in the ar~ount of such aggregate monthly payment shall, untess made good by the moctgagor prior to the due date of the next such pa~~ment, constitute an event of default under this mortgage. The mortgagee ~ ma~~ collect a"late charge" not to exceed two cents (2C) for each dollar (S1) of each payment more than fifteen ~ l15) day~s ~n arrears to cover the extra expense involved in handling delinquent peyments. ~ ~ 3. That ~E the total of the payments made by the mortgagor under (6J ot paregraph 2 preceding shall exceed ~ the amount of papments actually made by the mortgagee, for gcound rents, taxes and assessments and insurance t prem~ums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be : ~ made by the mortgagor. If, houe~~er, the monthly paymenis made by the mortgagor under (bJ of paragraph 2 pre- € ; ced~ng shali not be suf[icient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case ~ ma~• be, a•hen the same shall become due and payable, then the mortgsgor shail pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessments. - or insurance premiums shall be due. It at any time the mortgagor shalltender to the mortgagee in accordance with the Qrovis~ons of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- `Y gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor atl payments y made under the provisions of (v) of paragraph 2 hereof which the mortgagee has not become obligated to payto ~ the Secretary oE Housing and Urban Development and any balance remaining in the funds accumulated under the p~o~•isions of (f.) of said paragraph 2. If there shall be a default under any oE the provisions of this mortgage, re- sultin in a ublic saie of the remises covered iereb or if the mort a ee ac uires the ro rt otherwise aEter - K~ P P Y~ g g 9 P Pe Y default, the mortgagee shali apply, at the time oE the commencement of such proceedings or at the time the prop- ~ erty- is otherwise acquired, the balance then remaining in the Eunds accumulated under (6) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any i ~ payments v?hich shall have been made under (a) of said paragraph. ~ 4. That he will pa} all taxes, assessments, water rates, and oiher governmental or municipal charges, fines, or ~mpositions, for which provision has not been made hereinbefore, and in default thereof the mortgagee may pay k,~ the same; and that he will promptly deliver the ofEicial receipts therefor to the moctgagee. eo~K ~9~ 2314 ~ ~ ~ . . . . . _ . . . - "~i . -