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Home My WebLink About0857 said mortgagu~ does hereby fully warrant the title to said land, and every pact thereot, and will de[end the same against the law[ul claims ot all persons whomscever. PROVIDED ALN'AYS. and these p:.:•~P~ts are execuied and delivered upon the following cond`tions, to wit; _ . The mortgagor egiees to pay the mc~ttgagee, or ocder, the p~incipal sum of Siv'VSNTF~N THOVSAND THRES ' HUNOEiBD l~ND !~10/100 -----------R---------------^--------------------------------------- ~ Dollars (S 17.300.00 as evidenced by a n~te of evea date hecewith, with interest from date at the y cate of ~vgn per centum ( 7 96) per aa~um a? the unpaid balance ~ until peid. The said principal e~d intecest shall be peyable et the office of ~ i ~i~OC1C1~Q1. MH~ITL~t. DAVIN i CGNP71ti1f. 100 N~at Bay S~~t. Jackaonville. Flrorida or at such oiher place as the holder of the note mey designate in writi~g, in monthly installments of Ot~ HUNDR~ ~ 3 FIPT~1 AND 22/100 Dollars (S 115.22 comrtiencing on + ihe first day ot September . 19 71 . and on the Eicst day of each moath thereafter untilthepcincipal ~ and interest ace fully paid, excrpt that the final payment of principal and interest. if not sooner paid. shall be due ' ; and payable on the ficst dey of ~uqust, 2001 : And shall duly, promptly. and fully perfo~m, discharge, execute. effect. complete, artd canply with and abide by each aad every the stipulations, agreements. conditio~s, and covenants of said pranissory note and of this mortgage. then this mongege and the estate herPby created shall cease and be null arn: vo~d. And the mo~tgagor further covenants as follows: 1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reser~ed to pay the debt in whole, oc in an amo~nt equal to one oc more monthly payments on the principal that are next due on the note. on the tirst day o[ any month prior to maturity: Pro.•idrd, however. that written notice of an intentio~ to exercise such privilege is given at least thirty (30) days prior to pcepaymeat; end, provided further, that in the event the debt is paid in full prior to maturity and at that time it is insured undrr the provisions of the National Housing Act, he will pay to the modgagee an adjusted premium cha~ge of one per centum (196) of the original principel 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 until maturity; such payment to be applied by the mort- ~ gagee upon its obligatior~ to the Secretary of Housing and Urban Deveiopment on account of modgage insurance. ' 2. That, in order awre fully to protec! the security aE this mortgage, the mortgagor. together with. and in addi- ~ tion to, the monthly pay~nents under the terms of the note secured heceby, on the first day of each month until the said note is fully paid. vvill pay to the moctgagee the following sums: (n) An a~ount su[ticient to provide the holder he?cot ~vilh funds to pay the ne:t mortgagc insurance premium if this insiru- mmt ard the note secured he~eby are insured, ot a monthly charge (in lieu o[ a mortgage insurance premium) it they •re held by the Secretsrp of Housing and Urban Development, as [otlows: (I) and so long as said note ot even date ond this instrvment are insured or are rcin3ured under lhe provisions of the Nstional Housing Act, an amount sutticient to accumulate in thr hands o[ thc hotder ooe (I) mooth prior to ita due ; date ihe anaual mortg~ge insurance premium, in order to rrovide such holder with funds to pay such ptemium to lhe Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended, and applic~.ble Regu- letions thercunder; or (II) It and so long ss said note d even date and this instrument are held by the Secretary ot Housir.g and Urban Develop- me~t, a monthly chatge (in lieu of a mortgage insurance prcmium) which shall be in an amount equal to one-twel(th (1 ' 12) o[ oat-helt per centum of lhe average outstanding balance due on the note computed without takin~ into accuunt delinquencies or prepayments; :h) A sum equat :o the ground rents, it an~, ne:t due, plus the premiums that will ne:t become due and payable on policies ~I of fire and other hazard insurance covering the mortgaged property, pius ta:es and assessments ne:t due on Ihe mort- ~ gaged property (all as estim~Ced by the mortgagee) fess all sums already paid ihere[or divided by the number o[ months to elapse betoce o~e month prior to the date when such ground rents, premiums, ta:es, and assessments will become de- I I~nque~t, such sums to be held by mortgagee in trust to pay said ground renta, premiums, ta:es, and special assessments; I and ~f !c) Alt payments ment~oned in the two preceding subsections of this paragraph and all payments to be made under the note f secured hereby shall be added t~gethe~ and the aggregate amount thereof shaii be paid by the mortgagor each month ~n a ~ s~ngle payment to be applied by the mortgagee to the tollowing items in the order set (orth: ' (n prem~um charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly charge (in lieu of mortgage insurance premium), as the case m~y be; (Il) grour:d rents, ta:es, assessme~ts, Eire, snd other haz~rd iasurance prcmiums; (III) interest on the note secured hereby; ond (1V) amortizat~on ot the principal o[ said note. Any deficiency in the amount oE such aggregate monthly payment shall, unless made good by the moctgager 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 exceed two~cents (24) for each dollar (S1) of each payment more than fifteen (15) days in arrears to co~er the extra expense involved in handling delinquent payments- 3. That if the tdal of the peyments made by the mortgegor urder (6) of peragraph 2 preceding shall exceed the amount of the payme~rts actuBlly made by the mortgagee, for g~~und rents, texes and assessments and i~uur- ance prem~ums. as the case may be. such e:cess at the option of the enortgagee. s!aall be credited on subsequent ; ~ payments to be made by the mortgagor, or refunded to the mortgagor. If. however. the monlhly payments made by ; ~ the mort~egor under (6) d peragrePh 2 preceding shall not be sutficient to pey ground rents. taxes and assess. ~ ments and i~orance pcemiuros, as ihe case mey be, when the same shall become due and payable, then the mort- : ~ pga shs+ll pey to the mortgagee any amauM necessary to make up the deficiency, on or befae the date when pey- _ ~ ment d such gou.~ rents, taxes, assessments, or insucance premiuras shall be due. If at any time the mortga- gor shnil ter~der to the mortgaqee in accordance with the pcovisions of the note secured heceby. full peyment ot the ~ entire iadebtedness represented thereby, tbe mortgagee shall. in computirg ihe emount of such indebtedness. ~ credit to the account of the mortgagor al1 poyments made under the pcovisions o( (a) of para6raph 2 hereoi whicl~the ~ mo~tgagec has tat become abligated to pey to the Secretary ot Housing and U~bnn Development end any balancr rema~ning in the [unds accumulated under the provisions of (6) of said poragraph 2. lf there shail be e default un- ~ der artyr d the prwisions d this mortgage, ~esultinR in a public sale of the premises covered hereby, x it the ~ mortg,agee acquires the property dherwise s+(ter defwult, the mortgegee aluill epply, at the time of the commerne- ~ o~e~t d s~,ch pro~eed;rgs « ec che e~me ehe aoper~y is otherarise ecquired, the belence then remaining in the tunds ~ accumuiated under (b) of parag~eph Z preceding es o credit egeinst Ihe ~muunt of P~inri?al then r~main~ng unpw~d undec aaid note and shall properly edjust any poyments which shell have been made unde~ (u/ ot sa~d pa~agr~ph. ~ f1 R ~ ' eooK ~.~4 ~57 - # ~ a _ _