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Home My WebLink About1994 ~ said mortgagor dues hereby fully warrant the title to said land, and e~•er}• part thereof, and will defend the same .~~ainst the I~+W[ul claims o( all persons whomsce~•ec. PROVIDED A1.1A'AYS, and these ptesents are executed-and delivered upon the following conditions, to wit: The mortgagor agcees to pay the mortgagee, or order, the principal sum of SIXTESN TKWSAND TM10 HUNDRID AND NO/100 Uollars (S 16, 200.00 as evidenced by a ~ote ot even date herewith, with interest from date at the rate oi Siqht per centum ( 8 ro) per annum on the unpaid balance until paid. The said principal and interest shall be payable at the office of Si~OC1cTON, WIiATIEY, DAVIN & COHlPANY• 100 West Bay Street, Jacksonville, F'lorida or at such other place as the holder of the note may designate in writing, in monthly installments of ONE HUNDRED EIGHTEF:~I APID 91/100 -----------------~----0ollars (S 118.91 comn,encing on the first day of May . 19 71 , and on the first day of each month thereaftet untiltheprincipal and interest are fully paid. except that the tinal paymen! of principat and interest, if not sooner paid, shali be due and payable on the first day~ of ]~pril, 2001. And shall duly, promptly, and fully perfocm, discharge, execute, eftect, complete, and comply with and abide b~~ each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this mortgage, then this mortgage and the estate hereby created shail cease and be null and void. . And the mortgagoc Eurther covenants as follows: 1. That he will pa~ 1he indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt ia 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 da~• of am• month prior to matu~ity: P.oe~id~d, however, that written notice of an intention to exercise such privilege is gi~•en at least thirty (30) days prior to prepayment; and, provided further, that in the event the debt is paid in full Qrior ta maturity and at that time it is insured under the provisions of the National Nousing Act, he will pay to the mortgagee an adjusted premium charge o[ one per centum (lio) of the original principal amount thereof, except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been pa~•able if the moctgage had continued to be insured until maturity; such peyment to be applied by the mort- gagee upon its obiigation to the Secretary of Housing and Urban Development on account of modgage insurence. 2. That, in order more fully to protect the secucity of this mortgage, the mortgagor, together with, and in addi- tion to, the monthly payments undet the terms of the note secured hereby, on the first day of earh month until the said note is fuliy paid, will pay to the mortgagee the following sums: :.1 + An amount sutt~c?ent to prov~de the holder hereo( with [unds to pay the next mortgage insurance premium ~t this instru- mrnt and the note secured hereby are insured, or a monlhly charge (in I~eu o( a mortgage insurance premium) if they are hrid b~ the Secretary o! Housing and Urban Development, as (ollows: (I ~ i( and so long as said note o( e~en date and this instrument are insured or are reinsured under the provisions ot the \ationat Housing Act, a~ amount sufficient to accumulate in the hands of the holder one (1) month prior to its due Sate the annuai mortgage insurance premium, ~n order to prov~de such holder wtth funds to pay such premium to the Secretary ot Huusing and Urban Development pursuant to the National Huusing Act, as amended, and applicoble Regu- lations thereunder; or ! 111} I( and so long as said note o[ e~•en date and this instrument are held by the Secretary ot Hous?ng and Urban De~elop- nent, a monthiy charge (in Leu ot a mortgage insurance premwml which shal! be in a~ amount equal to ane-twelfth (1 12) o[ one-halt ('r) per cer.tum o( the average uutstanding balance due on the note computed without taking into a~count delinquencies or prepayments; ~ A sum equal to the ground rents, it any, next due, plus the prem~ums ihat wiil next become due and payabie on policies of t~re and other hazard insurance covering the mortgaged property, plus taxes and assessments nezt due on the mort- y Ka~rd propert~~ (all as est~mated by the mortgagee) less all suma already paid therefor divided by the number oE months € to elapse before one munlh pnor to the date when such ground rents, premiums, taYes, and assessments wiil become de- ~ t~nquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, andspecialassessments, end ~ r~ Atl paper,rnts mentioned in the two preceding subsections o[ this paragraph and all payments to be made under the note secvred hereby shall be added together and the aggregate amount thereo[ shall be paid by the mortgagor each month in a ~ s~aKle payment to be applied by the mortgagee to the (ollowing items in the order set forth: ~ ([1 premium charges under the contract of insurance with the Secretary o[ Housin¢ and Urban Development, or monthly ~ charge (in iieu of mortgage ~nsurance premium), as the case m~y be; ~ ;Il) ground rents, taxes, assessments, [ire, and other hazard ~nsurance prem~ums; ~ (Ill) ~nterest on the note secured hereby; and ~ 11\'1 amortizetion ot the principal oi said note. ~ An~ deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor ~ prior to the due date o[ the next such payment, constitute an event of default under this mortgage. The mortgagee ~ map coliect a"late charge" not to exceed two cents (2a) for each dollar (S1) of each payment more than fiEteen ~ (1S) da~•s 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) of paragraph 2 preceding shall exceed ~ the amount of payments actually made by the mortgagee, for gtound rents, taxes and assessments and insurance 5. prem~ums, as the case may be, such excess shall be credited by the mottgagee on subsequent payments to be ~ made by the mortgagor. [f, however, the monthly payments made by the mortgagor under (bJ of paragraph 2 pre- ~ ceding shall not be sufEicient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case y~ mac be, w•hen the sa~ne shall become due and payable, then the mortgagor shall pay to the mortgagee any amount necessary~ to make up the deficiency, on or before the date when payment ot such ground rents, taxes, assessments, = or insurance prem~ums shall be due_ IE at any time the mortgagor shail tender to the mortgagee in accordance with - the provisions o[ the note secured heceby, full payment of the entire indebtedness represented thereby, the mort- ? gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments ; made under the rovisions of (o) of ara ra h 2 hereof which the mort a ee has not become obli ated to to = P P g P B 8 B PeY the Secretary ot Nousing and Urban Development and any balance remaining in the funds accumulated under the ~ proeisions of of said paragraph 2. If there shail be a default under any of the provisio~s o( this mortgage, re- sult~ng ~n a public sale of the premises covered iereby, or if the mortgagee acquires the property otherwise aEter defauit, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- kr ert>• is otherwise acquired, the balance then remaining in the funds accumulated under (bJ of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid undet said note and shall properly adjust any ~ payments which shall have been made under (al of said paragcaph. 4. That he will pay all taxes, assessments, water rates, and other go~~ernmental or municipal charges, tines, ~s' or ~mPositions. for which pro~ision fias not been made heceinbefae, and in default thereot the mortgagee may pay g- the same; and that he will promptly deliver the o(ficial ceceipts therefor to the mortgagee. , , _<?6 v~'Y 6oa~ 191 i98~9 srr _ _ - ~