Loading...
HomeMy WebLinkAbout1502 tic~id murtg,~~;ur due~ hereby full~• w~arrant the title tu said land, and H~~ei}• patt thercof, and w~ll deiend the same .~Ka~nst the 1.+w•lul cla~ms uI all pe~sons whomsce~•et. PROVIDEU ALN'AYS, and these presents are executed and delivered upon the following co~ditions, to wit: The mortgagor :~gree~ to pa~~ the mo~tgagee, or order, the p~incipal sum of EIGHTEEN THWSAND ONE EiUNDRED AND NO/100 Dollars (S18,100.00 as evidenced by a note of eve~date herewith, with interest from date at the r.+te of per centum ( o) per annum on the unpaid balance unt~i paid. The said principal and inte~est shall be payable at the office o[ ~OCICPCN, NH11TtiY • D~112N ~ C~IpJ1NY, i00 NA~ ~ay atseet. Jacksonvill~s. ~l,ori~da or at such other place as the holder o[ the note ma~• designate in writing, i~ monthly installments of O[dE HUPIIJRED 1WENTY AND 55/100 -------------------------Dollars (S 120.55 commencing on the first day of May . 19I1 , and on the first da~~ of each month thereafter untiltheprincipal and ~nterest are (ully paid, except that the final payment of principal and interest, if not sooner paid, shall be due and payable on the ficst day of April, 2001 And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide b~• each and every the stipulations, agreements, conditions, and covenants ot said promissory note and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor turther covenants as follows: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or more monthly payments on the p~incipal that are next due on the note, on the first da~~ of an~• month prior to maturity: Proi iJr~J, however, that written notice o[ an intention to exercise such privilege ~s gi~•en at least thirty (30) daSs prior to prepayment; and, provided further, that in the event the debt is paid in full 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 cfiarge of one per centum (1°'0) of the ociginal principal amount thereof, except that in no event shall the adjusted premium exceed the aggregate amount of premium charges 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 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- tion to, the monthly payments under the terms of the note secured hereby, on the first day of each month unti! the sa~d note is full~~ paid, will pay to the mortgagee the following sums: ~ An ernuunt sulhc~ent to proc~de the hulder hereot with funds to pay thr next mortg~ge ~nsurance premium i( this ~nstru- mrnt and the note secured hereby are msured, or a mo~thly charge (~n Iteu of a mortgage insurance premium) if theS• are he•ld b~~ thr Secretary of Housing and Urban Development, as (ollov~a: ~I~ I( and so Iong as said note o( evrn date and th~s ~nstrument are insured or are rei~sured under the protiisions o[ the ~:~tional Housing Act, an amount sufticient to accumulate in the haads of the hotder one (1) month prior to sts due da;e the annual mortgage insurance psem?um. ~n urder to provtde such holder with funds to pay such premium to the Srcretar~• ot lioustng and Urban DeveloNment pursuant to ihe Nat~onal Housing Act, as amended, and applicable Regu- lati~ns thereunder, or ill) If and so tong as sa~d note of ecen date and this instrument are held by the Secretary o[ Housing and Urban Deveiop- r..rnt. a monthly~ rhar~e (in lieu of a mortgage ~nsurance premtum) vahich shall be in an amount equal to one-twrifth ~i 12) of one-hal[ per ce~tum ot the average outstanding balance due on the note computed without taking ~nto ac.~unt delinquenctes or prepayments; + A sucr equa! to the ground rrnts. ~f any, next due, plus the premtums that w?11 next become due and payabte on policies ~+f hrr and other hazard ~nsuronce covering the mortgaged property, plus taYes and assessments ne:t due on the mort- Ka~;ed property (al( as est~mated by the mortgagee) less all sums aiready pa~d therefor divided by the number of months f to elapse be[ore ~~ne month pnor to the date when such ground rents, premwms, taxes, and assessments w~il become de- I~nquent, such sums to be hetd by mortgagee in trust to pay said ground rents, premwms, taxes, and special assrssments; and ' Ail pa~mrnts mentionrd ?n the two preceding subsectlons oi this paragraph and all payments to be made under the note ~ ~ecurrd hereC}• shall be added together and the eggregate amount thereo( shall be pa~d by the mortgagor each month ~n a j s~nKle p+yment to be applied by the morteagee to the tollowine items in the ordet set forth: ; premwm charges under the contract o( u~surance wlth the Secretary of Houaing and Urban Devdlopment, or monthly 3 charge (in lieu of mortgage insurance premium), as the case may be; 1111 Kround rents, taxrs, assessments, Gre, and othe? hazard tnsurance prem~ums; ~ (III1 interest un ihe nute secured hereby; and ~ (1\'1 amurtization of the principal of said nate. ~ Any deficiency in the amoant of such aggregate monthly payment shall, unless made good by the mortgagor ~ prior to the due date of the next such payment, constituie an event of default under this mortgage. The mortgagee ~ r.a~~ collect a"late charge" not to exceed two cents (24) for each dollar (S1) of each payment more than fifteen ~ (15) days in arrears to cover the extra expense involved in handling delinquent payments. ~ 3. That if the total oE the payments made by the moctgagor under (6) ot paragraph 2 preceding shall exceed " the amount of payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance U _ premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under /bj of paragraph 2 pre- k ceding shall not be sufficient to pay ground rents, taxes and assessmants and ~nsurance premiums, as the case map be, when the same shall become due and payable, then the mottgsgor shall 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. If at any time the mortgagor sha:l tender to the mortgagee in accordance with _ the pro~~isions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- ~ gagee shal(, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments ' made under the provisions of (u/ of paragraph 2 heteof which the mortgagee has not become obtigated to payto the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated undet the ~ pro~-is~ons of ,'6) of said paragraph 2. If there shall be a default under any of the provisiois of this mortgage, re- suiting ~n a public sale of the premises covered iereby, or if the mortgagee acquires the property otherwise after " default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- - ert~• is otherwise acquired, the balance then remaining in the funds accumulated under (b1 oE paragraph 2 preceding as a credit against the amount of principat then remaining unpaid under said note and shall properlyadjust any payments which shall have been made under (a) of said paragraph. ~ 4. That he will pay aU taxes, assessments, water rates, and dher go~~ernmenta) or municipat charges, fines, ~ or ~mpositions, for which provision has not been made hereinbefore, and in default thereof the mortgagee may pay the same; and that he will promptiy deliver the official receipts there[or to the mortgagee. eo4~ ig1 15~D0