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HomeMy WebLinkAbout0568 4_ ~ _ . . . . . - _ < - - ; . ~ . . _ . , • ~ L.e t_ t, . ~ said mortgagor does heteby fully wairant the title to said laad, and every part the~eof, and will deEend the same against the lawtul claims of all pe~sons whomscever. PROVIDED AI.WAYS~ end these pcesents a~e executed and delive~ed upon the following condltions. to wit: The mortgagor agrees to pay the moctgagee. or ocder. the principal sum of SIXTESN THaUSANI) NINB HUNDRED FIF'1'Y AND NO/100 Dollacs (S 16, 950.00 as evidenced by a note of eve~ date herewith. with interest from date at the rate of i~wei per centum ( y 9G) per annum o~ the unpaid bala~ce until paid. The said principal and interest shall be peyeble at the office of !!'OCA"OA• NlDI~'tiY~ D~VDi i~• 100 Ili~ ~t its+~t~ .TaCk~onvill~. ~'3orLda or at su:.h other place as the holder of the note mey designate in wciting. in monthly installme~ts ot ONS MINDRED 7Y~BLVS ~1IJD 89/100 ------------------------Dollars (S 112.89 comme~cing on the tirst day of Jttne , 19 71 . aed on the first day oE each month thereafter untilthepcincipal and interest are fully paid~ except that the Einal peyment of principal and interest. iE not sooner paid~ shall be due and payable on the first dey of May, 2001. And shall duly, pranptly. and fu!!y pedorm. discharge, execute. effect~ complete, and comply with end abide by each and every the stipuletions. agreements. conditions. and cove~ants of said ptomissory note and of this mortgage. then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further covanants as follows: 1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt ie whole. or in an amount equal to one a more monthly payments on the principal that are next due on the note. on the first day of any month prior to maturity: Provid~d, however. that written notice of an intention to exerrise such privilege is given at least thirty (30) days prior to prepayment; and. provided fudher, tlwt in the event the debt is peid in full prior to 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 of one per centum (196) of the original priacipal 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 untit- maturity; such payment to be applied by the mod- gagee upon its obligation to the Srccetary of Housing and Urban Development on account aE matg~ge insurance. 2. That, in.order more fully to protect~the security of this modgage. the mo~tgagor. together with. and in addi• - tion to, the monthly payments under the terms of the note secured hereby. on the first day of each nwnth until the said note is fully paid. will pay to the mottgagee the folloaring sums: (a/ An amount sufficient to provide the holder Aereot ~rith (unds to pay the ne:t morieaQe inaw~nce premium it this instru- ment and the note secured hereby are insured, o~ a monthly charge (in lieu o! a mortQaQe insurance premium) i[ Wsy are held by the Secretary of Housing and Urban Aevelopment, •s [ollows; (1) I( and so lone as said aote ot even dote and thia instrument are insured or arc reiasured uader the pwvisiaas ot the Idational Housing Act, an amount su[[icient to accumulate in the haads ot the holdtr oac (1) month prior to its due date the an~ual mortgage i~surance premium, in order to pwvide such holder wltb tunds to pay such premium to the Secretary ot Housing and Urban Development pursuant to the National Housina Act, ~s amtaded, and ~pplicable Re~u- I~tions ihereunder; or (11) I[ ~nd so long as said note o[ eve~ date and this instrument are held by the Secretary o! Houslo~ and Urban Develop- ment, a monlhiy charge (in lieu of w mortgage insurance prcmium) ahich shall be ia ao amou~t equal to oae-taelEth (1/I2) o( one-halt (!b) per centum ot the average outstanding belance due on the note computed aithout takinQ iato •ccount delinquencies or prepayments; ~ (h) A sum equal to the ground rents, it any, ae:t due. plus the premiums that wili ne:t become due aad pay~ble on policies of [ire and other h~sard insu~ance coverinQ the mortgaeed pwperty, ptus ta:es and ~ssessmenls ne:t due on t6e mort- gaged p~opertp (ali as estimated by the mortgagee) less all sums already paid therefor divided by the nua~ber of mont6s to el~pse be[ore oae moath prior to the date when such grou~d reats. premiums, t~=es; and sssessments ~rill become de- linquent, such sums to be held by moctgagee in trust to pay said ground rents, premiums, t~xes, and specisl assessments; and (r/ All payments meatioaed in the twro preceding subsections o[ this prragraph and •11 paymeats to be mode under the note secured hereby shatl ~e addcd to~ether aod the aQgregate ¦mount thereo( sha11 be paid by the mort~aQor each month ia a 't s~ngle paymeot to be applied bp the mortgagee to the follo~ring item~ in the order set torth: ~ (1) premium c6~r~es under the contract ot insurance with the Secretary of Housin~ aad Urban Dsvelopment, or moathly ~ chae~e (ia lieu of mort~e tasw~ace premium), as the case msy be; t (It) eround rents, t~zes, assessmeats, tire, and other hasard insurance ~remiums; (lA) intercst ca the aot~ secwed bersbr; and ~ ~ (1{~ amort~ation o[ tbe y~lncip~l at said note. ~ Aoy deficiency in tbe amatnt of such aggregate monthly payment shall, unless made good by the mortgagor ~ prior to the due date of the next such paycaeat. c~stitute an event d default under this mortgage. The mortgagee j may coIlect a"late charge" not to exeeed two cents (2t) for each dol{ar (S1) of each payment more than fifteen (15) days :n arrears to cover t6e extas expense involved in fiandling delinquent payments. 3. That if the tote! of the Qayments made by t6e modg,agor under (6) of paragraph 2 preceding shall exceed the amount of payments actually made by tbe mortgegee, 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 by the mortgagot. If. however, the monthly payments made by the matgagor under (b) of peragraph 2 Qre- ceding shall not be sufficient to pay ground rents. teYes end assessm.~nts and insurance premiums, as the case may be, when the same shall become due and payable, then the mattgsgor shall pay to the mottgagee any amount necessary to make up the def iciency, on a befae the date whea payme~t of such ground rtnts. taxez. assecsments. ~ or insurance premiums shell be due. lf at ony time the mortgagor shall tender to the mortgagee in accordance with ~ the provisions of the note secured hereby. full payment of the entire indebtedness represented thereby, the mort- a gagee shall, in computing the amount of such indebtedness, credit to the account af the mortgagor al! payments ~ made under the provisions ef (a) of paragtaph 2 hereof which the matgegee haa not become obligated to peyto ~ tbe Secretacy of Houaing and Urban Development and eny balance remaining in the funds accumulated under the ~ provisions of (6) of said paragraph 2. If there shall be a default under any d the pcovisioas of this mortgage, re- sulting in a public sale of the p:emises covered ~ereby~ or if the moctgagee acquires the property otherwise after r ' default, the mortgagee shell apply, et the time of the commencement of such pcoceedings or at the time the pcop- t ~ erty is otherwise acquired, the balance then remaining in the funds accumulated under (6J of paragraph 2 preceding ~ as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any ~ ~ paymenta which shall have been made under taJ ot said paragraph. ~ ~ ~ 4. That he will pay all taxes. assessments, water rates, end other'governmental or municipel charges. fines, ° ~ w impositions, for which provision has not been made hereinbe[ore, end in default thereoE the mwtgagee may pay ~ thz same; and that he will promptly deliver the ofticial receipts tbereEor to the mort~~pe~s ~ ~ ~o~l~ 56~6 ~ _ { _ _ _ _ _ ~ ~ ~ ~ Y _ :~~~~s~~~~~~~~» . _ _ .