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Home My WebLink About1988 . . ~ . .,~td m~~rt~;:~~;ut clu~~s hrrrb~~ fuil~• ~eurr.~nt th~• hile~ tu ~aid I.~~d, and et•er~• p~rt thereot, a~d w~ll detend the same .~~;a~mt tho 1:+~~•ful cluims uf ~11 pcrsun~ a~hums~e~•cr. Pl20VIPEU ALiCAYS, and these pmsents are executed and deliverrd upon the Eollowing conditions, to wit: The• murt~;agot agiees tu pay the murtKa~er, or order, the principal sum of SEV~EN T11a1SAHD O~NE tNNDF2E_') r`IbTY AND NO/100 Uollars l5 17,150.00 us e~•idrnced by c~ note ut even date herewith, with interest fcom date at the r:~te of S~vAA per centum ( 7 per annum on the unpa~d balance until patJ. The said ptenc~p~+l and ~ntrrest sha11 be pa~~able :~t the oHice o[ 9'1`OC1Cl`ON. NH11TI~t, D71VIN i CGMl~At~flt, 100 aest 8ap? 8trest, Julcso~villa, Fl~orida , or at such othcr place ;~s the h~~(der of the note maS• designate in writing, in monthly installments ot dNE tiUNDRF~D FoURTEII~I AND 22/100 Dollars (S 114.22 commencing on thr tirst da~• of May . 19 71 . a~d an the [i~st da~~ of each month the~eafter untiltheprincipal and ~nterrst are fully paid, exrept that the final 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, promptly, and full~• pertorm, dischacge, execute, e[fect, complete, and comply with and abide b~~ rach and e~•er~• the st~Pulations, agreements, conditions, and co~~enants of said promissory note and o( this murt~;,~Kr, then this murtgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as totlows: 1. That he will pay the indebtcdness, as hereinbefore provided. Pnvilege 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 fitst d.+c of an~• munth prior to maturit~•: f'r~~~ id~•~l, hnwever, that written notice of an intention to exercise such privilege ~s g~~~en at least thirty (30) da~•s prior to prepayment; and, provided turther, that in the event the debt is paid in Eull prio~ to maturitt~ and at that time it is insured under the pro~~isions oi the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (l o) of the original principal amount thereof, except th:~t ?n no e~•ent shall the adjusted premium exceed the aggregate amount of premium charges which would have bc•en pa~•able if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- Kagee uFon its obligation to the Sectetary of Housing and Urban Development on account of modgage insurence~ 2. That, in order m~re fully to protect the security of this mortgage, ihe mortgagor, together with, and in addi- : tiun to, the monthly paymPnts under the terms of the note secured hereby, on the first day of each manth until the ~ ~a?d note ~s tully pa~d, will pa~~ to the mortgagee the f:.:lowing sums: r~ An er.~uunt sufhi~c~t to prwide the holder hereut with funds to pa~• the next mortgage tnsurance premwm i( this ~nstru- ment and the note secured hrrrby~ are tnsured, or a monthly chatge (~n l~eu of a mortgage insurance prem~uml if theY are 3 hrid b~~ the Secretary of Housing and Lrban Development, as [ollows: t11 If and su loag as said note of even date and Ihis mstrument are iasured or are reinsured under the provisions of the tiational Hous~n~ Art, an amuunt su(fic~ent to accumulate in the hands of the holder one (1) month pnor to rta due date the annual mortgage msurance premwm, ~n urder to provide such holder rtitth funds to pay suchpremium to the Secretar~ uf Nousing and Urban Deeelopment pursuant to the National Housing Act, as amended, and applicable Regu- iaUonc thereunder, ur ; 1l~ If and so long as said n~>tr ~t evrn date and th~s iastrument are held by the Secretary o( Houstnq and Urban Develop- ~ r..rr.t. a rt:unthlS• char~e (~n Leu uf a mortgage ~nsurance premtuml whtch shall be in an amuunt equal to one-twelfth ~ F (1 12~ o( one-half ~l_) per centum ot the average outsta~d?ng balance due on the note computed wuhout taking intu ; :+r.-ovnt delmquenc-~es or prepaymrnts, - t - ~ A.uT ryual tc the gruund rents, if anp. next due, plus the premiums that vciU ne:t become due and pa~able on poltcies .~f (irr and rthrr hazarci ~nsurance covertng the mortgaged propert~•, plus taxes and ~ssessments next due on the mort- ~eKr~: proprrt~ (al! as rst~mated by thr murtqagre) less all sums already pa~d there(or divided by the number o( months t.~ :•lep.r be(:~re one month pnor to the d~te wheo such gruund rents, premiums, ta:es, and assessments v~ill become de- ` ?cnqurnt, surh sur.;s to be he:d b~~ mortgagee in trust to pay said ground rents, premiums, ta=es, and spectol assessments; end i A:1 pa~c.rnts Trntionrd in :he tw~o precedtng subseci~uns of this paragraph and all payments to be made under the note ; sc~rured hereDy shall he addrd together and the aggreg+te amount theceof shall be pa~d by the mortgygor each month in • g s:nklr pa~r,:rnt t~ be appl~ed b~• the mortgagee to ihe lollow~ng items in the order set (orth: i ~S tt~ premiun charges under the contract o( ~nsurance vr?th the Secretary of HousinQ and Urban Development, or monthly ' charKe (in lieu o[ r~ortgage insurance premium), as ;he case may be; ~ ~ lll ground rents, taxes. assessmrnts, G~e. and uther hazard ~nsurance prem~ums; t1111 ?ntrrest on the note secured hereb~; and ~ iI~'i ar..~•Kizetiun of the pr~acipal o[ said nute. ~ An~- dei~cienc~~ ~n 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 deEault under this mortgage. The mortgagee ~ ma~• coilect a"late charge" not to exceed two cents (2~) for each dollar (Si) of each payment more than fitteen (15) da~-s ~n arrears to co~~er the extra expense involved in handiing delinquent payments. ~ 3. That if the total of the pa}•ments made by the mortgagor under (b) of paragraph 2 preceding shall exceed ~ the amount of pa}•ments actually m3de by the mortgagee, for ground 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 b~~ the mortgagor. If, howe~•er, the monthly payments made b}• the mortgagor undec (b) of paragraQh 2 pre- r y ceding shall not be suffic~ent to pay ground rents, taxes and assessm~rnts and insurance premiums, as the case ~ may be, when the same shatl become due and payable, then the mortg~got shall pay to the mortgagee any amount necessar}• to make up the deEiciencp, on or before the date when payment of such ground rents. taxes, assessments, - or i~surance prem~ums shall be due. IE at an}• time the mortgagor shall tender to the mortgagee in accordance with the proc~sions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- ~ - gagee shall, in computing the amount of such indebledness, credit to the account of the mortgagor all payments - made under the pro~•~sions of /c~l uf paragraph 2 hereof which the mortgagee has not become obligated to payto u; ebe Secretar~~ of Housing and Urban Development and any balance remain~ng in the funds accumulated under the `k pro~~s~ons of !bl of sa~d paragraph 2. If there shall be a default under any of the provisio~s of this mortgage, re- - sult~n~ ~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 the commencement of such proceedings or at the time the prop- ert~• ~s otherv~•~se acquired. the balance then remaining in the funds accumulated under (i, / of paragraph 2 precedi~g a~ a credit .~gainst the amount of principal then rema~ning unpaid under said note and shall properlyadjust any ~4~~ pa~ments wh~ch shall ha~~e been made under (ol of said paragraph. 4. That he wil! pay all taxes, assessments, water rates, and other go~~ernmental or municipal charges, fines, - or i:npositions, tor which pro~•~s~on has not been made here~nbefwe, and in defauit thereof the mortgagee may pay the same, ~~nd that he w•ill promptty deti~•er the official teceipts thereEor to the mortgagee. r~ w,3 ~i3 Y , VYlJ11 ( J~1 ~