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Home My WebLink About2305 , ~ ~ ~ ~ i s:~id mortgagor does he~ebY fully war~ant the titte to said land, and e~~ery part thereof, and will defend the same against the lawfuf claims of ali persons whomsoever. PROVIDED ALWAYS. and 'hese presents are executed end deli~e~ed upon the following conditions. to wit: The mortgagot agrees to pay the mortgegee. o~ order, the principal sum of g~ Typqgi?~ g~ HtJNDRBD tll~'1'Y AND NO/100-_------~-------~_-N~.»__..____«.____«~_~_.»~___~~_~.._ Dotiars (S 16.650.00 as evideeced by a note ot even date herewith. with interest from date at the 1 rate of per centum ( 7 9G) per annum on the u~paid balance until paid. The seid principal end interest shall be peyable et the office of 1 BrPOCtTON, Ml01TfaY. D71vII1 i Cp1irIlfY. 20Q Mast B+~ Sts~t. Jicksonvill~, tlorida or at such other place as the holder of the note may designate in writing, in monthly instaUments of ONB NUNDRBD TSN ]1ND 89/100----------------flollars (5110.89 coma~encing on the first day of - June . 1971 . and on the first day of each month thereafter untiltheprincipal and interest are fully paid. except that the final peyment of ptincipal and interest. it not sooner peid, shett be due and payable on the first dey of !lay, 2001 And shail duly. promptly. and fully pedorm. discharge. execute. efEect, complete, and comply with and abide by each and every the stipulatior~s. agreements. conditions, and covenants of said pcoc~issory note and of this mortgage. then this mortgage and the estate heceby created shall cease end be nutl and void. And the mortgagor further covenants as tollows: 1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt i~ whole. or in an amount equal to one a mae monthly p~yauentr on tbe pci~cipal that a;e n~xt due on the note. oa tht f irst da~ ot any month prior to maturity: Pro~>ided, however. thet written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and, provided further. thst in the event the debt is paid in tull prior to maturity and at that time it is insured under the provisions of the Natiot~al Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (196) 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 payable if the mortgage had continued to be insuced until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on account of mortgage insurance. 2. That, in order more Eully to protect the security of this mortgage, the mortgagor, togethet aith, and in addi- tion to, the monthly payments undec the terms of the note secured hereby. on the first day of each month until the said note is fully paid, will pay to the mortgegee the following sums: ja1 An amount su[(icient to provide the holder hereof with funds to pay the ~e:t mort~a~e insurance premium i[ this instru- ment and the note aecured h~reby are insured, or t monthly chorge (in lieu of a anortgage insur~rice premlum) !f they -are held by the SecreiatY ~ Housia~ aed Urban Developa~eat,;~s tollo~?s: . (1) II and so tong as sa?d note o[ even dats and Wis instr~oent are insured oc ~rs reinsure{I uade~ ths provisioas o[ the National Houaing Act, •n amount su(Ciclent to acwmulate !n the hands ot~the holder one (1) month prior to its due date the annual mortgsge insurance premium, in order to provide such holder with funda to pay such premium to the Secretary of Housiog ond Urban Development pursu~nt to the Plational Housing Act, •s amended, and applicable Regu- lations thereunder; or (II) It and so tong as said note o[ even date and this instrument are held by the Secretary of Housing and Urban Develop- F ment, a monthty charge" (in lieu of a mortQage irtsutance Rremium) which shall be in an amount equal to one-tweltth ' (1 '12) ot one-half (!5) per centum ot lhe average outstanding balance due on the note computed without taking into account delinquencies or prepayments; /i~/ A sum equal to the ground rent~~ if any. Re~t due, plus the premiums that ~vill ne=t become due and payable on policies [~re and other hazard insuraflf~e covering the mortgaged properly, plus taxes and assessments ne:t due on the mort- gaged property (ail as est~mated by We motteagee) less all sums already paid there(or divided by the number of months to elapse be(ore one month priot to ihe date when such ground rents, premiums, tazes, and asaessments will become de- ~ ' l~nquent. such sums to be held by~morteagee in trust to pay said ground rents, premiums, tazes, aad special assessmente; i and ~ All payments ment?oned in the two p:eceding subsections o[ this paragraph and all p~yments to be made under the note f secured hereby shall be added together and the aggreQate amount thtreo[ shall be paid by the mortgagor each month in a s~nqie payment to be applied by the mortgagee to the following items in the order set torth: ~ (I) premium charQes undsr tht contract ot insurance with the Secretary o( Huusing and Urban Development, or monthly ~ charge (in tieu of mort~aQe insura~ace premium), •s the case m~y be; ~ il1) ground rents, tazes; aaseatsments, Qre, and other hasard insurance premiums; (IIl) ?nterest on the nots secuted heHDy; ~sd (1\') amortization ot the principal ot said note. Any deficiency in the amount 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"late charge" not to exeeed two cents (2a) for each dollar (S1) of each payment more than fiEteen ~ (15) days in arrears to cover the e~dca e:pense involved in handling delinquent payments. ~ 3. That if the total of the payments a?ade by the modgagor.under (b) of para~aph 2 preceding shall exceed ~ the amount of payments actually made by the mortgagee, for ground rents, taxes and assessaients and insurance ~ premiums, as the case may be, such excess shall be credited b~ the mottgagee on subsequent payments to be made by the mortgagor_ If, however, the monthly payments made by the mortgagor under (6J of paragraph 2 pre- ~ ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case may be, when the same shall become due and payable, then the mortgcgvr shell pay to the mortgagee any amount ~ necessary to make up the deficiency, on or before the date when payment of such ground rents. taxes, assessments. or insucance premiums shall be due. If at any time the mortgagoc shall tender to the mortgagee in accordence with ; the provisions of the note secured hereby, full payment of the erttire indebtedness represented thereby. the mort. ~ gagee shali, in computing the amount of such indebtedness, credit to the eccount of the mortgagor all payments ~ made under the pravisions of (a) oE paragreph 2 hereof which the mortgagee has not beco~ae obligated to peyto ~ the Secretary ot Housing and Urban Development and eny balance remaining in the funds accumulated under the ~ provisions d(6) of said paragraph 2. If there shall be e default under any of the provisioas of this mortgage, re- ~ suiting in a public saie of the premises covered iereby, or if the mortgagee acquires the property otherwise e[ter default, the mortgagee shall apply, at the time of the comipencement of such proceedings or at the time the prop- erty is othervvise acquired, the balance then remaining in the funds accumulated under (6) of paragreph 2 preceding ~ as a credit against the amount of prlnciPal then remaining unpaid under seid note and shall praperlyadjust eny ~ payments which shal! have been m~de under (oJ of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmentat or municipal charges, fines, ~ or impositions, for which provision has not been made hereinbefore, and in detault theteof the mortgagee may pay ~ the same; and that he will promptly deliver the otficial ceceipts therefor to the mortgagee. ~ i ~ ~ - do~ 192 2;300 ~ ~ ~ ~ _ - ~ . J~~