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Home My WebLink About0872 said mortgugor does hereby fu!ly wa~rent the title to said land, and every part the~eot. and will de[end the same ; agai~st the lawful claims o[ all pe~sons whomscever. : PROVIDED ALWAYS. and these p~esents are executed a~d delivered upon the following conditions. to wit: ' The cnortgago~ agrees to pay the moctgagee, or order. the principal sum of gIGl~gg~,~ THQUS~II~D FIVS H(JNDit~ 71ND NO/100 ~ Dollars (S 18,500.00 as evidenced by a note of even date herewith. wit6 inte~est fcom date at the ' cate of ~y~n pe~ centum ( 7 per annum on the unpaid balance ~ until paid. The said principal and irtterest shall be payable et the ofEice oE + 9TOC1Q'~1. MliUTYaY. Dl1VIN i Cq4~71NY. 100 t~est ~Y ~~t• Jacksonvi114. FLorida ~ or at such other plece as the holder of the note may designate in writing, in monthly installments of ONS HUNDRED 11~1SNrY-TtIIt~s6 71I~ID 2~/100 Dollars (S 123.21 commencing on the [irst day of ]luqust . 19 ~l. and on the first day oE each month thereafter untiltheprincipal and interest are fully paid, except that the final payment of pri~cipal and inte~est. if not sooner paid. shall be dne and payable on the first dey of ~ly~ 2QpI~ : And shall duly. promptly. and fully pedorm, discharge, execute, eEfe~t. complete, and comply with and abide by each and every the stipulations, agreements. conditions, a~d covenants of said promissory note and of this mortgage. then this mortgage and the estate heceby created shall cease end be null a1d void. And the mortgagor further covenants as follows: 1. 'fhat he will pay the indebtedness. as hereinbefore p~ovided. Pcivilege is reserved to pay the debt in whole. or in an amount equal to one or more monthly payments or? the principal that are ~xt due on the note. on the first day of any month prior to maturity: Proi~ided, however, that written notice of an intention to exercise such privitege is given at least thirty (30) days prior to prepayment; and. provided fu~the~. that in the event the debt is peid in i Eul! prior tQ maturity and at that time it is ins~:sed under the provisions oE the National Housing Act, he will pay to ; the mortgagee an adjusted premium charge oE one per centum (1%) of the original principal amount thereof. txcPpt ; that in no event shall the adjusted pcemium exceed the aggregate amount of premium charges which would have bee~ payable if the mortgage had continued to be insured u~til maturity; such paymeni to be applied by the mort- gagee upon its obligation to the Seccetary of Housing and Urbsn De~elopment ort account of mortgage insurance. 2. That. in order more fully to protect the security of this mortgage. the mortgagor. together with. and in addi- tion to, the monthly payments under the terms of the note secured hereby. on the first day of each month until the said note is fully paid. wiil pay to the mortgagee the [ollowing sums: (o/ An amount sutficient to provide the holder hereot with tuads to pap the ne:t mortgage insurance premium i( this instru- ment nnd the note aecured hereby are insured, or a monthly charge (in tieu of a R:ortgage insurance premium) i[ they are held by the Secretar~ of Honsing and Urban Development, as tollows: (i) I[ and so long as said ~otr ot even date and this instrument are insured or a~e reinsurcd'under the pw~isioas of the lYational Housing Act, an amount su[ficient to accumulate in the hands of the holder one (1) month prior to its due date the artnual mortgage insurance premium, in order to provide such holder with [unds to pay s~ch premium to the Secretary o[ Housing aad Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- y , lations theieunder, or (II) It and so long os said note ot even date and tAi~ instrumrnt are held by the Secretary of Housing and Urban Develop- ~ ment, a monthly charge (in lieu of a mortgage insurance premiumj which shall be in an amount equa: to one-twelflh (l!12) ot oae-hal[ (5S) per -entum o[ the average outstanding balance due on the note computed without taking into ~ ~ account drlinquencies or prepayments; (h) A sum equal to the ground rents, i[ anr, ne=t due, plus the premiums that aill ne:t become due and payable on policies of fire and other hazard lnsurance covering the mortgaged property, plus ta:es and assessments next due on the mort- ~ gaged property (all as estimated by the morfgagee) less all sums already paid therefor divided by the number of months to elapse before one month prior to !he date when such ground rents, premiums, ta:es, and assessments will become de- linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, ta=es, and special assessments; and !c1 All payments mentioned ~n the two preceding subsec:ions of this paragraph and all payments to be made unde~ the note srcured hereby shall be added together and the aggregate amount thereo[ shall be paid by the mortgagor each month in a single payment to be applied by the mortgagee to the toliowing items in the order set [orth: • . i (n preaium charges under the contract ot insurance with the Secretary ot Housing and Urban De•aiopment, or monthly i charge (in lien o( mortgage insurance premium), as the case may be; (II) ground rents, tazes, assessments, fire, aad other hszard insurance premiums; ~ (Ili) interest on the note secured hcreby; and ' (!V) amortization of the principal o( said note. ~ Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor priur 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 (2a) for each dollar (S1) of each payment more than fifteen (IS1 days in arrears to cover the extra expense involved in handling delinquent payments. ~ 3. That if the total of the payments made by the mortgagot under (bJ of peragraph 2 preceding shall exceed ~ the amount of the payments actually made by the mortgagee, for ground rents, taxes and assessme~ts and i~ur- ~ ance premiuRS.as Lhe case may be, such excess at the option of the mortgagee. shall be credited on subsequent peyments to be made by the uwrtgagor. ot refunded to the mottgagor. If. however, the monthly paymeirts made by the matgaga under (6J of paragraph 2 preceding shall not be sufEirient to pey ground rents, taxes and assess- - ments and insurance pcemiwns, as the case may be, when the seme shall become due and payable, then the mort- ~ g~gor shall pey to the mortgagee any amount necessary to make up the deficiency, on or befae the date when pay- ~ ment d such gFnund rents, ta:es, assessmeats, oc insurance pcemiums shall be dne. If at any time the matga- ~ gor shell tertder to tM mortgagee in accordance ~vith the ptovisions oE the ~ote secured hereby. full peyment of the ~ entire indebtedness represeM~d thereby, the mortgegee shall, in computirg the amount of such indebtedness. ~ credit to the accourrt d the moctgagor all peyments made under the provisions of (a) of paraaceph 2 hereof whichthe ~ mortgagee has not become obligateJ to pay to !he Seccetary of Nausing and Urban Development and any batance remaining in the funds accumulr.ted under the pcovisions of (6) of said paragraph 2. If there shall be a default un- ~ der any of the provisions oE this mortg~ge, resultinR in a public sale af tfie premises covered hereby, a if the ~ moctgsgee acquirea the property dhetwise a(ter delault, the mortgagee shali apply, at the time of the commence- t w ment d such proceedings a at the time the property is otherwise acquired, the belance then remeining in the funds ; accumulated under (6) of peragraph 2 pteceding as a credit egainst the amount ot principal then rtmaining unpeid undcr said note and sFwll properly adjust any payraents which shall heve been made under (u) o( said peregraph. ~ R ` ~ - Po~ly4 872 ~ ~ ~ _ , . ~ : _ . _ ~