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Home My WebLink About1496 . , . ' ' : ~ , . , Y, ~ ~ .:~id murtK:~F;ur du~~. hereb~• full~~ ~+•arrant th~• I~tle to sa~d land, and e~~rry p:~rt thereof, and will delrnd the s~~me c~~;.~inst the laH~(ul cla~ms of all persons whomsoe~•e~. P120VIUED AL11'AYS, and these presents are executecl and del~vered upon the following conditions, to wit: The mortgdgar aKrres to pay the mortgagee, u~ oeder, the ptincipal sum of SIXTF.EI~ THO[xS+'1ND NINE HUNDRED FIFTY AND ~O/100------------------------------------------------------------- [k~llars (S16,950.00 as e~•idenced b~~ a note o[ even date herewith, with interest frum date at the rete ui eigh~ & oAe-:i~lf per centum ( g~ per annum on the unpaid balance until paid. The said principal and interest shall be pa~•able at the office o[ ~'TOCY~OiI, •.~HATL6Y~ DAV2N & DOMPANY: 100 West Bay 3treet, Jacksonville, Florida, or at such other place as the holder of the note may designate in writing, in monthly installments of ONfi HUNDRED Tt1IRTY AND 35/?00--------------------------pollars (S 130.35 commencing on the first day ot April . 19 71 . and on the first da~• ot each month thereafter untiltheprincipal and interest are tully paid, except that the final payment of principal and interest, if not soone~ paid, shall be due and pa}~able on the ficst day ot MaY'Ch, 2001. And shall duly, p~omptly, and full~• pertorm, discharge, execute, eEfect, complete, and comply with and abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note and o[ this murt~age, then this mortgage and the estate he~eby created shall cease and be null and void. And the matgagor turthet covenants as follows: 1• That he will pay the indebtedness, as he~einbefore provided. Privilege is resen•ed to pay the debt in whole, or ~n an amount equal to one or more monthly payments on the principal that are next due on the note, on the Eirst da~~ ot any month p~ior to maturity: P.u~ id~~d, however, that written notice of an intention to exercise such pri~~ilege is ~iven at least thirty (30) days prior to prepayment; and, provided (urther, 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 Nousing Act, he will pa~• to the mortgagee an adjusted premium charge of one per centum (lio) of the original principal amount thereof, excepi th~t ~n 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 apptied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on account of modgage insurance. 2_ That, in order more fully to protect the security oE this mortgage, the mortgagor, together with, and in addi- t~on to, the monthl~~ payments under the terms of the note secured hereby, on the first day of each month until the sa~d note is full~• paid, will pay to the mortgagee the following sums: - r~ An ~mount suff~cient to proa•~de the holder hereof w~th tunds to pay thr next mortgage insurance premium if this instru- mrnt and the note secured herrDy are ~nsured, ur a monthl~ charge (in t~eu of a mortgage insurance premwml if they are hr?d by~ thc Secrctary o( Housing and Urban Dea•elopment, as (ollow•s: 11) I( ~n.i so long as said note ot e~•en date and this instrument are insured or arc reinsured under the provis?ons ot the \at~ona! Nous~ng Act, an amount su(f~cient to accumulate in the hands of the holder one (1) month pnor to its due date the annual mortgage insurance premium, in order to provide such holder w~th funds to pay such premium to the Secretan- o( Hous~ng and Urban Development pursuant to the National Housing Act, aa amended, and applicable Regu- ! lat~uns thereunder, or tll) lf and so long as sa~d note ot e~•rn Jate and this instrument are held by the Secretary ot Housing and Urban De~elo~- ; rrnt, a monthlt' ~harge (m lieu of a mortgage insurance premium) whtch shall be in an amounl equal to one-twelt!:: i (1 12) o( one-half per centum ot the average outstanding balance due on the note computed without taicinQ lntu ; ar.^uu~t delmquenc~es or prepayments; ~ A sum equal to the Kround rents, if any, next due, plus the premiums lhat will next become due and payable on policies ~,f t?rr ar.d other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mort- $ Kaged propert~• (aU as est?mated by the mortgagee) less all sums already paid therefor divided by the number ot months ` to elapse before one month prior to the date when such ground rents, prem~ums, taxes, and assessments w'ill become de- ~ I~nquent, such sums to be held by mortgagee ~n trust tu pay said ground rents, premiums, taxes, andspecialassessments, dnd ~ ~ r p~i paymrnts menuoned ~n the two preceding subsections ot this paragraph and atl payments to be made under the note ~ srcured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a s~nKie payment to be applied by the mortgagee to the following items in the order set torth: < iI) prem~um charges under the contract of insurance Kith the Secretary o[ Housing and Urban De~•elopment, or monthly t charge (in lieu of mortgage ~nsurance premiuml, as the case may be; £ ~ (11) gcound rents, ta:es, assessments, (ire, and other hazard ~nsurance prem~u:ns; ~ (1I1) interest on the note secured hereby; and ~ (IV) amurt~zat~on of the principai o[ said note_ ~ Any deficiency in the ar.iount of such aggregate monthly payment shall, unless made good by the mortgagor ~ prior to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee ~ may collect a"late charge" not to exceed two cents (2Q) for each dollar (S1) of each payment more than fifteen (15) da}~s in arrears to cover the extra expense involved in handling delinquent payments. ~ 3. That i[ the total of the payments made by the mortgagor under (6J of paragraph 2 preceding shall exceed y the amount of payments actually made by the mortgagee, for gcound 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. [f, however, 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~~nts and insurance premiums, as the case : ma~• be, when the same shall become due and payable, then the mortgsgor 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 oE the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- gagee shali, in computing the amount ot such indebtedness, credit to the account of the mortgagor all payments a made under the provisions of (a% of paragraph 2 hereof which the mortgagee has not become obtigated to pay to f the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the « pro~~isions of (h) of said paragraph 2. If there shall be a default under any of the provisio~s of this mortgage, re- i; sulting ~n a public sale ot the premises covered ~ereby, or if the mortgagee acquires the property otherwise atter default, the mortgagee shalt apply, at the time of the commencea~ent of such proceedings or at the time the prop- ertp es otherwise acquired, the balance then remaining in the funds accumulated under (t~) of paragraph 2 preceding ~ as a credit against the amount of principal then remaining unpaid under said note and shali properlyadjust any 3 payments which shall have been made under (n) of said paragcaph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, = oc ~mpositions, for which provision has not been made hereinbefoce, and in default t6ereof the mortgagee may pay S~ ~y the same; and that he will promptly deliver the official receipts therefor to the mortgagee. ~5 ~~~i9i i~9~ ~ . ~ _ _ - _