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Home My WebLink About1490 . ~ . ~ ~:~~d r~ortKa~~;ur d.x•~ hereby full~• u•arram the titlr tu said land, and rver~• part theteof, and w~ll defend the same .+Kainst the law•Eul cl:?ims uf all pe~sons w~homsce~~er. Ph'O\'lDED ALN'AYS, and these presents are executE~ and delivered upon the tollowing conditions, to wit: ; The mortg:?gor .+grees to pay the mortga~ee, or order, the principal sum af EIGHTEEN THWSAND THR~ ~iUNDRED AND NO/100 I)ollars (S 18,300.00 ),~as e~•idenced b~• a note of even date herewith, with intecest from date at the rate ut BeveA pec centum ( 7 ~'o) per annum on the unpaid balance until paid. The said principal and interest shall be pa~~able at the otfice of S'POCICPON, NH1?TLBY, D~VIN & CCI~iPANY, 100 West Bay Street, Jackaonville, Florida or at such other place as the holder of the note may designate in writing, in monthly installments of ~iC1 HUNDRF•D ZWENI'Y-OoNE AND 88/100 Dollars (S 121.88 comrt~encing on the first da~• ot May . 19 ~l, and on the [irst day of each month the~eafter untiltheprincipal and interest are fully paid, except that the tinal payment of principal and interest, if not sooner paid. shall be due and pa}•able on the first day of April, 2001 And shall duly, promptty, and fully perform, discharge, execute, effect, complete, and comply with and abide bp each and every the stipulations, agreements, conditions, and co~•enants of said promissory note and of this murtgage, the~ this mortgage and the estate hereby created shall cease and be null and void. And the mo~tgagor furthe~ covenants as follows: 1• That he will pay the indebtedness, as hereinbefore provided. Pcivilege 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~•: Y.v, iJ.•~t. however, that written notice of an intention to exercise such privilege ~s gi~•en at least thirty (30) da~•s prio~ to prepayment; and, provided [u~ther, that in the event the debt is paid in tull prior to maturit~• 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 0) of the original principal amount thereof, except that in no e~~ent shall the adjusted premium exceed the aggregate amount 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- ~agee upon its obligation to the Secretary of Housing and Urban Development on account of mortgage insurance. ~ 2. That, in urder more fully to protect the securit~~ of this mortgage, the mortgagor, together with, and in addi- ~ tiun to, the munthl~• payments under the terms of the note secured hereby, on the first day of each month until the ; sa~d note is [ully pa~d, will pay~ to the mortgagee the [ollowing sums: ~ ~ r An ar.:.>unt suffir~ent to pro~•~de the holder hereuf arith Iunds to pay the next mortgage ?nsurance premium ~t this instru- ~ ment and the nute srcuted hrreb~~ arr ~nsured, or a monthly rharge (in l~eu ot a mortgage insurancr prrm~uml if they are h.•Id h~ the Secrrlar~- of Housing and Urban Ar~•elop~ent, as (ollov~•s: 11 ~ It and so long as said note of ecen date and th~s t~strument are insured or are reinsured undrr the provis~ons of the ~ \a,ional HousinK Act, an amuunt suf(u~ent to accumulate in the hands of the holder one (1) month prior to its due ~ date the annuat mortgagr insuranre premwm. ~n urder to proeide such holder wtth funds to pay such premium to the ~ Serretan- of Huus~ng and Urban De~•elopment pursuant to the National Housing Act, as amended, ond applicable Regu• ~ lati~ms thereunder, or ~ ~ 11l If and so Song as said nute ~f evrn datr and th~s mstrument are held b~ the Secrelery u( Housing +~nd Urbyn Devriop- c:rnt. a r^onthly charKe (~n I~eu ot a mortgage insurance premtuml which shall be in an amount equal to oae-twel(th j ~ 1 12 ~ of une-half 21 per centum o[ the average outstanding balance due on the note computed without taking ~nto ` a:.-oun: delinguenc~es or prepay-m.ents; i ~ A suT equai to the ground rrnts, if anf-. next due, plus the premwms that w~ill ne:t become due and payable on policies vf fire and other hazdrd insurance covermg the mortgaged propertp, plus terrs and assessme~ts next due on the mort- ~~aged property~ (all as rst~mated b}~ the murtgageey less atl sums already pald there(or aic~ded by the aumber of months ~ to rlapse bc[ore one munth pnor to the date w•hen such ground rents, premwms, taxes, and ossessments vr~il become de- ` linqurnt, surh sur.:s to br held b~ c-:ortgagee ~n trust to pay sa~d ground rents, premiums, taYes, andspecialassessments. i f an~ a ~ All payments ment~uned in the two preced~ng subsect~ons of this paragraph and alt payments to be m~de under the note E srcured herrby shall be added together and the aggregate amount thereof sha1l be paid by the mortgagor each month in a z ~inR:e pay~ment to be appiied b~• the mortgagee to thr (ollowing items in the orde~ set forth: ~ (I) prem~ur.~ charges under the contract of insurance x•?th the Secretory o[ Hous?ng and Urban Development, or monthly ? ch~rge (~n l~ru of mortgage ?nsurance premwm), as the case may be; (11~ ground rents, tazes, assessmrnts, fire. and uther hazard ~nsurance premwms; ~ (111) mtrrest on the note secured hereby; and ~ (1\'1 amortizat?on o[ the prtnctpal o( said note. ~ An}~ deficiency in the ar~ount of such aggregate monthly payment shall, unless made good by the mortgagor ~ pr~ur to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee ~ r~ay coltect a"late charge" not to exceed two cents (2C) for each dollar (S1) oi each payment more than fifteen ` 115) da~s in arrears to cover the extra expense in~-olved in handling delinquent payments. ~ ~ 3. That if the total of the payments made by the mortgagor under (61 of patagraph 2 preceding shall exceed the ~mount uf pa~•ments actually made by the mortgagee, for ground rents, taxes and assessments and insurance prem~um~. as the case may be. such excess shaU be credited by the mottgagee on subsequent payments to be ~ made b~• the mortgagor. If, howe~•er, the monthly payments made bS~ the mortgagor under (b) of paragraph 2 pre- ceding shall not be suffic~ent to pay ground rents, taxes and assessm~rnts and insurance premiums, as the case may be, w•hen the same shali become due and payable, then the mortgsgor shall pay to the mortgagee any amount ~ necessar~• to makr up the deficiencp, on or before the date when payment of such ground rents, taxes, assessments, or insurance premiur.,s shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with - the pro~•is~ons of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- : ~gd~ee shall, in computing the amount ot such indebtedness, credit to the account of the mo~tgagor all payments made under the pro~•isions of (al of paragraph 2 hereof which the mortgagee has not become obligated to payto tbe Secretar~• of Housing and Urban Development and any balance remaining in the funds accumulated under the ~ pro~•isions of lf~l of said paragraph 2. If there shall be a deEault under any of the provisio~s of this mortgage. re- sultin~ in a public sale ot the prem~ses covered iereby, or if the mortgagee acquires the property othecwise after default, the mortgagee shall apply, at the time of the commencement ot such proceedings or at the time the prop- en}~ is otherw~se acqu~red, the balance then remaining in the funds accumulated under (!,1 of paragraph 2 preceding ~ as a credit against the amount of princ~pal then rema~ning unpaid under said note and shall properlyadjust any ~ payments w•hich shall have been made under fa)of said paragraph. - 4. That he will pay all taxes, assessments, water rates, and other go~•ernmental or municipal charges, fines, ur impos~tiuns, fos wh~ch pro~•ision has not been made hereinbefore, and in default thereof the mortgagee may pay ~ the same; :+nd that he will promptly deli~~er the oEficiai receipts therefor to the mortgagee. ~ 43 t a~i91 1488 ` ; ~ : ,X "-~.5 j ~ . ~ : - - a - 1 4sr . ' . . ; 3