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HomeMy WebLinkAbout0880 said mortgagor does hereby [ully wacrant the title to said land, and eve~y pact thereof, and will defend the same against the IAw[ui claims o[ all persons whomscever. PROVIDED ALVYAYS, and these presents are executed a~d delivered upo~ the foltowi~g co~ditioas. to wit: ~ The moctgegw agrees to pay the mortgagee. or order. the principal sum of glG~p ~pp~p g~G~ HUNDRSD AND NO/100 Dollars (S 18,800.00 as evidenced by a note of even date hecewith. with intecest fcom date at the cate of ~v~n per centum ( 7 per annum on the unpeid balance until peid. The said principal and interest shall be payable at the otfice of ~'POC1R'ON. NHATI~c. W?VIN i CCM~1Nlt. 100 lhst 8aY 8tzNt. Jacksonville• FZorida t oc at such other place as the hotder of the note may desig~ate in writing, in monthly instatlments of ONS HUNDitiBD 11~iEN1'Y-FNS ]1ND 21/100 ---------------------pollars (S 125.21 cammencing on the Eirst day of ~?uqust . 1971 . and on the first day of each month thereafter until the principal snd interest ace fully paid. except that the final payment of principal and i~terest. if not sooner paid. she11 be ~ue and payable on the first day of JLtly, 2001. : And shail duly, pranptly, and fully perform, discharge. execute. effect, complete. and comply with and abide by each and eve~y the stipulations, agreements, conditions, and covenants of said pr~aissory note and of this mortgage, then this mortgage and the estate he~eby created shall cease and be null and void. And the matgagor f4rther covenants as Eollows: 1. Thai he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole. or in an amount equal to one ~ more monthly payments on the principal that are next due oa the note, on the [irst day oi any month prior to maturity: Pro~~id~d, however, that written notice a[ 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 Nousing Act, he will pay to the mortgagee aa adjusted premium charge of osie per centum (1~) of the original priacipel amount thereof, except that in no event shall th~ adjusted premium exceed the agg~egate amount of premium charges which would have been payable iE 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 Developsnent on account of mortgage insuranre. 2_ That, in order more fuily to protect the security of this mottgage, the mortgagor, together with, and in addi- tion to, the monthly payments under the terms of the note secured he~eby, on the Ei~st day of each month until the ; said note is fuUy paid, will pay to the mortgagee the following sums: jn) An amount sufticient to provide the holdet hereot wr~th tunds to pay the ne:t mortgage insurance preeaium i[ this ~nstru- ment andthe note secwed hereby are insured, or a monthly charge (in lieu o[ a mortgage insuraoce premium) i( they are hcld by the Secretary ot Housing aad Urban Development, as lollows: (I) If s~nd so long as said note o( even date and this in~trument are insured or are ~einsured uadrr the provisions of the Piational Housing Act, an amount sufficient to accumulate in the hands of the holder one (l) month prior to its due date :he annual mortgage insurance prem?um, in order to prov~de such holder with [u~ds to pay such premium to the Secrrtary of Hous~ng and Urban Developme~t pursuant to the National Housing Act, as amended, and applicable Regu- lat~ons thereunder, or (II) It and so long as said note of even date and thls insttument are held by the Secretary o[ Hous~ng and Urban Develop- ment, a monthly charge (in lieu u( a mortgage ~n~urance premiuml which shall be in +n amount equat to one-twel(th (1. 12) ot oae-~al[ ('..i) per ceatum o[ the average outstanding balance due on the note computed without taking into account delinqucncies or prepay:~ents; !h7 A sum equal to the ground rents, i( any, next due, plus the premtums that will next become due and payable on policies II ~f f~re and other hazard insurance coveting the mortgaged propetty, plus t~xes and assessments ne:t due on the mort- Qaged pcoperty (all as est~mated by the mortgagee) less all sums already Faid there(or divided by the number of months ` to el~ se be[ore one month rior to the date when such round rents, rem~ums, ta:es, and assesser.ents w1t1 become de- { P P K P E l~nque~t, such sums to be held by mortgagec i~ trust to pey said groand rents, p~em~ums, ta:es, andspecialassessments; k and !i 1 All pay-ments mentioned in the two preced~ng subsectwr.s ot this paragraph and all payments to be mede under the note secured hereby shall be added together and the agRregate amount thereo( siall be pa~d by the mortgagor each month in a s~ngle payment to be opplted by the mortgagee to the [ollowing ~tems in the order set (orth: (I) prem~um charges under the contract o( insurance with th~ Secretary o( tloustng and Urban Develupment, or monthly ~ charge (in lieu of mortgage insurance premium), as the cast m~y be; ~ (!I1 ground rents, to:es, asstssments, fire, snd other hazard insurance premiums; ~ tlll) interest o~ the note secured hereby; and _ !!Vl amortuation of the principal of sald note. ~ Any de[iciency in the ar~ount of su~h aggregate mdnthly papment shall, unless made good by the mortgagor pr~or to the due date of the next such pa~•ment, constitute an event o[ default under this mortgage. The mortgagee ~ ma~ collect a"late charge" not to exceed two cents (2~) for each dollar (SI) o[ each payment more than Eifteen ~ (15) days in arcears to co~er tl~e extra expense in~•olved in handling delinquent payments_ ~ 3. That if the tatal of the payments made by the mortgagor urder (5) of paragraph 2 pceceding shalt exceed ~ the amount o( the payments actually made by the mortgagee. for grou~ rents, taxes and assessments and in.sur- ~ ance premiums,as the case may be~ such excess at the option of Ihe ir.octgagee. shall be credited on subsequent ~ peyments to be made by the mortgagor, or refunded to the mortgagor. If, however, the monthly paymer~ts made by ~ the mottg,agor under (b) of peragraph 2 preceding shali nd be sufficient to pay ground rents, taxes and assess- ments and insurance premiums. as the case may be. when the same shal! oeco~e due and payable, then the mort- _ ~ gagcx shall pay to the mortgagee any amount necessary to make up the deficie~cy, on oc befoce the date arhen pay- ~ ment d such ground rents, ta:es, assessments, or insurance pcemiums shall be due. II at any time the r.iatga- ~ gor shall tender to the matgagee in accordance v~ith the provisions of the note secured hereby, ful) payment of the ~ entirc indebtedness represented thereby, the mortgagee shall, in computirg the amount of such indebtedness. ~ credit to the account d the mortgagor all peyments made under the prcrvisions of (a) of paragraph 2 hereof whichthe ~ mortgagee has not become obligated to pay to the Secretary of Housing and Urban Development and any balance = remaining in the funds accumulated under the provisions of (b) o[ said peragraph 2. U there shall be a defa~lt un- ~ ~ der any d the provisions of this mortgage, resultinR in a public sale of the premises covered hereby, a if the ~ j mortgagee acquires the property otherwise after default, the moctgagee shall apply, at the time of the commence- ~ ~ ment ot such proceedings a at the time the property is otherwise acqnired, the balance tben remaining in the funds ~ accumulated under (6) of paragraph 2 preceding es a credit against the amount o( principal then remaining unpeid ~ under said note and shall properly adjust any payments which shail have bean made under (a) of said paragraph. ; ~ ~ L 3 , ~ d~~ ~ t ~ ~ ~ 3 i'. . - .