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HomeMy WebLinkAbout0865 . ~ ~ l)1 ~ seid mortgago~ does heceby fully wa~rant the titte to said land. a~d eve~y pert thereot, and will detend the seme a¢ainst the lawtul claims oi all pe~soos whamsoever. ~ PROYIDED ALWAYS. and these p~esents ace executed and delivec~d upon the Eollowing conditions~ to wlt: The moctga~o~ se~ees to pay the matgagee, oc ocder. the principal sum of g~yg~g~ THOUSANp THRgg fNNDRBD AND NO/100 Doliars (S 17,3pp~pp as evidenced by ~ note ot even date herewith. with intecest from date et the rate oE Siqht pe~ centua ( g pe~ aaaum ae tbe uapaid balance until paid. The said principal aod interest zh~ll bo payable at the o[fica of s'TOC1~cTON, WH~TLSY, D~VIN & Cd~fP7ltdY. 100 Nest Hay Street, Jacksonville, Florida oc at such othe~ place es the holder of the note may designate in wrltlnQ. in monthly instollments of ONE HUNpEtED ZWSNTSt-SIX ]1ND 98/100 Dollars (S 126.98 coma,encing on the first day o[ ~e . 1971 ~~nd on the Eirst day of each moath thecedter untjltheprincipal and interest a~e Eully paid, except that the final peyment af p~incipal and interest. ii not sooner paid~ sholi be due and poyeble on the (irst day oE Maty, xppl~ And shal! duly. promptly. and fully pedorm. discharge. execute. eEfect, complete. and comply witb and abide by each aod every the stipulations~ agraert~ets, conditions. and covenaats of said praaissory note end oE thts mortgage. theo this mortgage end the estate hereby created shall cease end be null and void. And the matgagor further rovenants as Eollows: - 1. That he will pay the indebtedness. as hereinbefore provided. Privilege is resecved to pay the debt in whole. or in an amount equal to one oc more monthly payments on the pri~cipal that are eext due on the ~ote. on the fir~t day of any month prior to maturity: Pro~~ided, howeve~. that written notice of ae intention to exerci6e such privile~e ; ~s given at ieast thirty (3Gj days pr~or to pcepayment; and. provicied iurther~ that in the event the ciebt is poid in - full prio~ to maturity and at that time it is insured under the pcovisions ot the Notional Housing Act. he wil! pay to the moctgagee ae adjusted premium charge of one per centum (196) oE the originsl principal amount theceof, except that in ~o event shall the adjusted pcemiuaa exceed the agg~egate amount of premiuai charges which would heve been payable if the mortgage had continued to be insured untll maturity; such pnyment to be applled by the mort- gagee upoa its obligation to the Seccetary of Housin~ and Urb~n Developa~ent on account oi mortgpge insurance. 2. That. ie ocder awre fulty to protect the security of tbis mortgage. the mortgagor. together with~ and in addi- tion to, the monthly payaients under the terms of the. ~ote secured hereby. on the first day ~ each month until the said note is fully peid. will pay to the mortgagee the following sums: ~a/ An amount sufticiert to provide the holde~ hereo( ~rith [unds to pay the nest mort~~~e insunact premium if thls insW ment and the note aecured hereby are insured, or • moathlr ch~rQe (i~ Ilen o! • moR~a~e insur~ace premium) If they ~re Aeld by the Secretary ot Housi~ and Urbae Development, a~ [ollows: (1) i[ and so loa~ ss said note o[ even date •nd this IIIS[Nmltll ~f! insund w~re rcinsured unde~ the provisions ot the National Housia~ Act, an amouat sutficieet to aecumulate ln t6e haade ot lht 6older on~ (1) mont6 prior to ita due date the annu~i mortQaQe iasurance premium, in order to pwvide auch holder witb funds to pay such premiuo to the Secretary ot Hou~ia~ ~ad Urban Developmer~t pursu~at to tbe.N~tioasl Housia~ Aet, •s ~merid~d. ~nd ~ppilc~bl~ ReQu- latians thereuader. w (lI) i( and so lons ~s ssid note of even date and this iusttument ue beld bf tbt Serretarp ot HousiaR and Urb~n Develop- ment, a mo~thty charge (in lieu ot a mortQaee insunnce. prsmium) abich shall be ln an amotwt equ~l to one-twreltW ( I.' 12) ot one-half (~!j) per cmtum ot tAe aver~ge outstaadln~ balance due on the note computed xitbout taklnQ iato account delinquencies or prepaymeMs; fti/ A sum equal to the ~rround rents, i[ any, aext due. plus the preauums that ~rlll nezt become dt~e aod payable on policies of f~re a~d other haz~rd iasurance coverinQ the mortgoQed property, ptus toxes ~nd assessa?ents next due on the mort- gaged property (all as estimated br the mortgaeee) less all sums •lreadr pald thtrt[oc divid~d by the number ot moatds to etapse beton one month prior to the date wl+ea such grouad re~?ts, prenlams, t~:es. ~nd ~ssessmeats wili become de- l~nquent, such sums to be held by mortQagee in trust to pay said Qround nnts, premlums. tases, aad special asseasmeats; +~nd ~ !r) All payments mentioned in the two precedinQ subsections of this para~aph aad all payments to bs m~de under the aote E secured hereby sh~ll be added together and the •~,re~ate ~o~oant tt~ereo[ shali be paid by the mort~a~or each month in a E singlc payment to be applied by the mortQa~ee to the follo~viag items in the order set [orth: ~ (n premcum cdarQes under the contract of insurance with the Secretary ot Housins aad Utb~n Development, or monthly t charQe (in lieu ot mo?tgaQe insucance premium), •s the c~se may be; (II) around rcnts, tases, •ssess~cnts, tire, oad othet hazard losuraaee premiums; ~ UII) interest oa tbe note secured hetebr; and (I{~ amortuation of the prlncip~l oE said aote. ~ Any deficiency in the ar.iount o( such aggregate monthly payment sl~elt, unless made good by tbe mortgagor ~ prior to the due date of the next soch payment, constitute an event of default under this mortgege. The mortgagee may collect a"late charge" not to exceed two cents (2~) for each doller (tl) of each peya~ent more than fifteen (15) days in arrears to cover the erira expense involved in handling delinqueat payments. 3. That if the total of the p~yments msde Dy the mortgagor tu~dec (b) of paragcaph 2 preceding shall exceed the amount of payme~ts actually made by tbe wortgagee. Eor gtound renta, taxes and assessments aad insurance ~ premiums, as the case may be, such excess shall be credited by the matgagee on subsequtnt payments to be ~ made by the mortgagor. If, however, the monthly payments made by the matgagor uader (b) of peragcaph 2 pre- ceding shalt not be sufficient to pay graund rents, taxes and assessm.~nta aad insurance premiums, es the cese ~ may be, when the same shall becane due and payable, tbea the matgaga al~all pay to tbe mortgagee any amoant ~ necessary to meke up !he def iciency, on a befae tbe dete whe4 peyment of such gcound cents. ta:es, asseasments. ~ or insurance premiums shal! be due. If at any time the mortgagor shall tender to the mortg,agee in eccordaace with the ovisions of the note s~cured hereb , full pr y ~ pr y payment oE the eatire indebtedness re esented thereb , the mort- ~ gagee shall, in canpnting the amount of such indebtedness, credit to the account af the mo~tgagor ell payments ~ a~ade under the pravisions of (o) oE peragtaph 2 hereof whicb the martgagee has not become obligated.to peyto ~ tbe Secretary ef Housing and Urben Developmeat and any balance remaining in the f~nds accumulated ur~der the ~ provisions ot (6) of said paragraph 2. lf there sl~all be a default undec any d the pcovisions of this mortg,age, re- ~ sulting in a public sale of the premises covered iereby, or if the mortgegee acquires the property otherwise aiter ~ ~ default, the mortgagee shall apply, at tbe time eE the co~nmeacement of such proceedings or at the time the prop- ~ edy is otherwise acquued, the balance then remaining in the funds accumulated under {6J of paragraph 2 preceding ~ ~ as a credit against the amount ot prlncipel the~ remaining unpaid under said note and shall properlyadjust any ~ payments which sha11 have been made under (a) of said paragraph. ~ 4. 'That he will pay aU taxes, assessments, water rates, and other governmental or municipel charges, fines. or impositions, for ~vhich provisian has not been made heceinbefore, end in defeult thereof the mortgagee may pay ~ the same; and that he will promptly deliver the official ~eceipts thecefor to the mortg,agee. , ; i, 1 ;y ~ ~ ~ ~ ~o~ 1~ ~ ~ . - - : - „r r p x y ~ ~f ,c~•'~~.~'~,~x~TM":c~.~+L,'.r.'r._.~~,.-,:.~ x.~._...