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Home My WebLink About1660 . . : sd~d mortgagor does hereby full~~ w•arrant the title to said land, and e~•ecy part thereof, and w~ll defend ihe same against the lav?tul claims ot all persons whomscevec. PROVIDED ALN'AYS, and these presents ace executed and delivered upon the following conditions. to wit: The mortgagor pg~ees to pay the mortgagee, or order, the principal sum of glp~~ THOUSAND SEVEN . HUNDRSD ANO NO/100 Dollars (S 15,700.00 as eridenced by a note oi eve~ date herewith, with interest Erom date at the rate of per centum ( 7 9G) per annum on the unpaid balance ' until paid. The said principal and interest shall be payable at ihe ottice of BT~Cla.'ai, 9iHATIaY, D71VIN ~ C~11NY. I00 Mesfi Hay Strest, ~ackao~ville. Fl+orida or at such other place as the holder of the note may designate in writing, in monthly installments of ONE Ht1I~DRED FO(lR AND 56/100 Do!lars (S 109.56 coma~encing on the first day ot May , 19 71 , and on the first day of each month thereatter until the principal and interest are full~~ paid, except that the final payment of principal and interest, it not soonet paid, shall be due and payable on the first day of April, 2001 And shall duly. promptly, and fully pertorm, discharge, execute, effect, complete, and comply with and abide b~~ each and every the stipulations, agreements, conditions, and coveaants of said promissory note and of this murtgage, then this mortgage and the estate hereby created shall cease and be null and void. Aad the matgagor Eurther covenants as foltows: 1. That he will pay the indebtedness, as hereinbefore provided. Privitege is reserved to pay the debt in whole. or ~n an amount equal to one or more monthty payments on the principal that are next due on the note. on the first ; da~ oE any month prior to maturity: Fr~t id~•d, however, that written notice of an intention to exercise such privilege ° is given at least thirty (30) days prior to prepayment; and, provided further, that in the event the debt is paid in ~ full prior to maturity and at that time it is insured under the provisions of the National Housing Act, he will pay to ~ the mortgagee an adjusted premium charge of one per centum (1%) of the original pcincipal amount thereof, except ; that in no event shall the adjusted premium exceed the aggregate amount of premium charges ahich would ha~e ' been payable if the morlgage had continued to be insured until maturity; such payment to be applied by the mort- ~ gagee upon its obligation to the Secretary of Nousing and Urban Development on account of mortgage insurance. # 2. That, in order more fully to protect the security ot this mortgage, the mortgagor, together with. and in addi- _ tion to, the monthly payments undec the terms of the note secu~ed hereby, on the first day of each month until the i said note is Eully paid, will pay to the mortgagee the following sums: ~ ~~rt An amuunt sufficient to pru~•ide the holder hereot with funds to pay the next mortgage insurance premium if th~s instru- ~ ment andthe note srcured hereby are ~nsured, or a monthly charge (in Iteu oi a mortQaQe inturance premwm) it the} are held b~• the Secretary of Housing and Urban Development, as toltows: ~ (I) It and so long as said note ot even date and this lnsttument are insured or are reinsured under the provisions ot the . f ~utio~ai tlousing Act, an amount su(ficient to accumulate in the hands ot lhe holder one (1) month prior to its due ~ dete thE an~ual mortgage insurance prem~um, in order to provide such holder with funds to pay such prtmium to the Secretary of tluusing and Urban Development pursuant to the Natio~ai HousinQ Act, as amended, and applicable ReQu- ~ latwns theteunder, or ~ cill It and so tong as said note of eren date and th~s instrument are held by the Secret~ry ot Housing and Urban Develop- ~ ment, a monthly charge (in l~eu ot a mortgage insurance premtum) which shall be in an amount es~ual to one-twel[th (1 12) o( one-halt per centum of the average outstanding b+~lance due on the note computed without talcing into ~ account delinquenc~es or prepayments, :1.; A sum equal to the ground rents. ~t any. next due, plus the premiums that vrili next become due and psyable on policies ; of [~rr and other haz~rd insunnce coven~g the mortgaged property, plus ta:es and assessm~ents ne:t due on the mort- p ; Kaged propert>• (ail as est~mated by the mortgagee) less all sums already paid theretor divided by the number ot months E to elapse befom une month pnor to the date when such ground rents, prem~ums, taxes, ond assessments will become de- F Itnquent, such surr.s to be held by mortgagee in trust to pay saed ground rents, prem~ums, tazes. and special assessmeats; f and ! ~ -~//~Il paymrnts mentioned in the twa preceding subsections ot this paragraph and alt paymenls to be made under the note ; 6 secured hereby shait be added together s~nd the aggregate amount thereot shail be paid by the mortgagor each month in ~ ' single pa~ment to De applied by the mortgagee to the following items ia the ordei set [orih: s } (I) ptemtu~r. charges u~der the contract o[ insurance with the Secretar~ o[ Hous~ne and Urban Development, or monthly ~ charge (in lieu of mortgage ~nsurance premium.), as the case may be; ; (lli ground rents, taxes, assessments, t~re, and other hazard lnsurance pmm~ums; (Ill) interest on the note secured hereby; and (IV) amort~zatiun o( the principai o( said note. Any deticiencp in 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 default under this mortgage. The mortgagee ; may collect a"tate charge" not to exceed two ceets (2¢) for each dollar (S1) of each payment more than fifteen t (15) days in arrears to cover the extra expense involved in handling delinque~t payments_ ' 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed ~ the amount of payments actuaily made by the moctgagee, 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 mortgagor. lf, howevet, the monthly payrttents made by the mortgagot under (bJ of paragteph 2 pre- ~ ceding shall not be sufficient to pay ground rents, taxes and assessmants and insurance premiums, as the case : ~ may be, when the same shall become due and payable, then the mortgEgor shall pay to the mortgagee any amount ~ necessary to make up the deficiency, on or befae the date when payment oE such ground rents, taxes, assessments, or ~nsurance premiums shall be due. If at any~ time the mortgagor shall tender to the mortgagee in accordance with ~ the pro~~isions af the note secuted hereby, full payment o[ the entire indebtedness rep~esented thereby, the mort- i ~ gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments ~ made under the provisio~s of (v) of paragraph 2 hereof which the moctgagee has not become obligated to payto ~ tbe Secretary of Housing and Urban Development and any balance remaining in the tunds accumulated under the ~ ~ prov~sions of (h) of said paragraph 2. It there shall be a default under any of the provisio~s of this mortgage, re- ~ ~ sulting ~n a public sale of the prem~ses covered iereby, or if the mortgagee acquices the property otherv~ise 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 /h1 of paragraph 2 preceding ~ as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any ± ~ payments which shall have been made under (a I of said paragraph. ~ ~i. That he will pay ali taxes, assessments, water rates, and other governmental or municipal charges, fines. ' ~ or imposit~ons, for wh~ch pro~-~sion has not been made hereinbefore, and in default thereo! the mortgagee mey pay - ~ the same; and that he will promptly delieer the officiat receipts therefor to the mortgagee. ; E ~ # ~ ~ O ~ do~ lg2 1656 ~ ~ _ : : k~~ ~ ~ ~ . ~ = - n~~___~~