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Home My WebLink About1966 ~ , - . ItE?,`~ s:+id moctgago~ dces hereby fully w~ar~ant the title to said land, and e~~ery part therrof, and will de(end the same ~ .~gamst the lawful cleims of all persons whomscever. PROVlDED ALWAYS. and these pcesents ace executed and delivered upon the [ollowing cooditions. to wit: The mortgagoc agrres ta pay the murtgagre, or orde~. the p~incipal sum of gZG~ ~~SU,~p gly~ ~p ~Q ~a~ _18~ N ) as evidenced by a note ot even date he~ewith, with interest Erom date at the rate oi per centum ( 7 96) per ennum on the unpaid batance until paid. The said principal and interest shall bcs payable et the office oE - ~l'OCA~. 11Y~'tiY, D~11V=11 i C~1Nft• L00 1Nst D~ Slr~t. Ja~k~oavill~, il~orida ! o~ at such other place as the holder of the note may designate in writing, io monthly instellments of p~ ~p~gp Zl~!!-THItEB 11tdD 2],/100 Dollars (S 123. Zl commenc i~g on the ficst day ot ~e . 19 ~1 . and on the first dey of each month thereaEter until the principel and intecest are fully paid, except that the final paymer~t oE principal and intecest. if not soone~ paid, shall be due ~nd payable on the Eirst day ot May, ZQQl~ And shell duty, pranptly, and [ully pe~torm, discharge. execute. eEEect. complete. and comply with and abide by each a~d every the stipulations. agreements, conditions. and covenants of said promissory note and o[ this mortgage. then this mortgage and the estate he~eby created shall cease and be null and void. And the mortgagor further covenants as follows: 1. Thet he will pey the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or ~n an amount equal to a?e a mae monthly payments on the priacipal that ree next due on the note. on tbe tirst dap of any month prior to maturity: P~oe•idtd, however, that written notice of an intention to exercise such privilege ~s given at least thirty (30) de~s p~ioc to prepayment; and. provided fudher, that in the event the debt is paid in [ull prior to maturity end at that time it is insured undec the provisions oE the National Housing Act, he will pay to the mortgagee an adjusted premium charge oi one per centuw (196) of the otiginal principel omount thereof, except that in no event shall the adjusted premium exceed the eggcegate emount of premium charges which would have been payable if the mortgage had continued to be insured until maturity; such payment to de applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on account of mortgage insurance. 2. That, i~ order more tully to protect the security ot this mortgage, the mo~tgagoc, together aith, and in addi- tion to, the monthly peyments undec the terms of the note secured hereby. on the first day of each month until the said note is tully paid. will pay to the mortgagee the follawing suma: ;~:1 An amuunt sufticient to provide the holder hersot with [unds to pay the next mort~age insurance prenuym i( thas instru- me~t andthe note secured rereby are insured, or a montAty ch~r~e (io tieu of ~ mottgage insurance premium) tt they •ie held by ~he Secretary ot HOUSi~ and Urbael DevelopaeaR as tollo~vs; ' (i) It +.nd so IonQ as said. note of ewp d~te a~d this instrueent ~n it?sy~ed or are e~insur~d under th~ provisiwu ot the N+t~onal Housin~ Act, •n amount sutticient to accumulate in the hands of the holder o~e (1) month prior to its due d+~te the annual mortga~e insurance premium, in order to provide such holder with fund• to pay sechpremium to the Secretary o( Housing and tlrhan Development pursuant to the Hational Housing Act, as amended, and applicable ReQu- lations thereunder, or (II) It and so long as said note ot even date and thia instrumeet are held by the Secretary of Houcing and Urban Devetop- ment, a monthly charQe (in lieu of a mort~oee insuronce prcmium) which shall be in an amount equal to one-twelttl~ (1 12) ot one-hel( (~i) per centum of the average outstaadinQ balance due oa the note computed without taicin~ inlo account delinquencies or prepayments; !?•i A sum equal to the ground reats, i(_M?y, aest due, plus the prcmiums that will nezt become due and payable on poficies of (ire and other haxard incurance covering the moctgaged p~operty, plus ta;e: and ossessments ne:t due on the mort- gaged property (~ll as esUmated by U?e aiwt~~Qee) less all sums already psld theretor divided by the number of months , to elapse be[ore one month pnor to the date wheo such eround rents, premjums, tases, and asseasments wiU become de- t~nQuent, sach sums to be held by mort~a~ee in trust to p~y sud grouad rents, premiums, t~xes, ond special aasessments; +nd ~ r'c ~ All payments mmtioned ?n the two preceding subsections of th~s para~raph and alt poyments to be made under the note ' secured hereby shall be added together ar~d the rQereeate •mount lheteot shall be paid bY the mortQaQor each month in a ~ single payment to be applied by the mortQa~ee to the tollowtng iteins in the order set torth: ' (1) prem~um char~es undtr.the contract ot insurance Mrith the Secretary o( Housing and Urban Development, or monthly i charge (~n I~eu ot ~wrt~aQe tnsYr+mce prsmiue~).-as, U?e cass m~y bt; ~ (II) ground rents, tates, assessmenls, [irc, and other has~rd insurance prCmiums; (Ill) interest on th~ note secu?ed hertby; aed ~ (!V) amortuauon ot the principal o[ uid note. ~ Any deficieecy in the ar~ount of such aggregate monthly payment shalt, unless made good by the moctgagor ~ prior to the due date oi the next $uch payment, constitute an event af default under this mortgage. The mo~tgagee may collect a"late charge" not to exceed two cents (2Q) tor each dollar (S1) of.each payment more than fifteen (15) days in arrears to covEr the extra expense involved in handling delinquent pa~rments. ~ 3. That if the total of the pe}ments made, by the mpdgaeor under (6J of paragFaph 2 preceding shall exceed 4 the amount of payments actually made by the mortgagee, for g~ound rents, taxes and assessments and insurance premiums, as 1he case may be, such excess shall be ctedited by the matgagee on subsequent payments to be made by the mortgagor. If, however, the mortthly payments made by the mortgagor under (bJ oE paragraPh 2 pre- ceding shafl not be sufficient to pay ground rents. taxes and assessm.~nts and insurance premiums, as the case ~ may be, when the same shali become due and payable, then the mottg4gor shall pay to the moctgagee any amount ; neceasary to make up the deEiciency, on ot befae the date when payment of such ground rents. taxes, assessments, ' ~ or iasurance premiums shall be due. IE at any time the mortgagor shaU tender to the mortgagee in accordance with ~ the proeisions of the note secured hereby, tull payment of the entire indebtedness represented thereby, the mort- ~ gagee shall, in computing the amaunt oE such indebtedness, credit to the account of the mortgagor all payments ~ made under the provisims of (a) of paragraph 2 hereof which the mortgagee has not become obligated to payto ~ tbe Secretary of Housing aad Urban Development and any batance remaining in the funds accumulated under the ~ provisions of /G) of said paragraph 2. IE thece shall be a default ~nder any of the pcovisio~s of this m«tgage, re- ~ sulting ~n a public sale of the premises covered ~ereby, or if the moctgagee acquires the property othecwise after ~ default, the mortgagee shall apply, at the time of tbe commencemeM d sucb proceedings w at the time the prop- ecty is othecwise acquired, the balance then remaining in the [unds accumulated under (61 of paragraph 2 preceding ~ as a ctedit against the amount of principal then temaining unpaid under said note and shall properly adjust eny ~ payments which shall have been made under (a) of said paragraph. ~ 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, ~ or ~mpositions, (or which Provision has not been made hereinbefore, and in defautt thereof the mortgagee mey pay ~ the same; and that he will promptly deliver the official teceipts therefor to the mortgagee. ~ ~ ~ do~t~~ . " ~ ~ ~ ~ r~, _ _ _ _ - _ ~