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Home My WebLink About0947 ~aid n;octgago~ daec hereby fully wa~rant the title to said land, and eve~y parl the~eof. aod will defe~d the same ugainst the I~w[uf claims •3f ai! perso~s whomsoever. PRQVIDED AI.WAYS. and these presents are exec:uted and delive~ed upon the toflowing conditions, to wit: The mo~tgaga ag~ees to pay the mo~lgagee. oc ordet. the p~incipal sum of ~IXTF.E:: Tl!OL'SALin Fs::J ::O/I00 y ~ poltacs (S 1G , OOU . CO ) as evidenced b a note ot eve~ date herewith, with interest f~om date at the rate of qVer per centum ( 7 76) per annum on the unpaid balance until paid. The said principal and interest shall be payable at the ottice of aPOC1tTa1. 11W?TI~Y. DAVIN i Cq1?71NY, 100 aest Hqy StrNt. Jacksonvills. Fl+orida oc at such uther place as the holde~ of the note may designate in writing, in monthly installments of 02:~ !'.U;:DP.::~ ~:X 11,\D 5"v/1C~0 Doilars (S 106.SG commencing on the Eirst day oE p;~;::;;t , 19 ?1 , aad on the first day oE eac6 month thereafter untilthe principal ~ and interest are fully paid. except that the final ~ayment o[ principal and interest. it not sooner paid. shall be due and payable on the [irst day of ,~ly , 2002 . : And shaU duly , pranptly, aad fully perform, discharge, execute, effect. complete, and comply with and abide by each and every the stipulations, agreem~nts, conditions, and covenanis ot said promissory note and of this moctgage, ihen this mortgage and the estate hereby created shall cease and be ~uli and void. And the mortgagor Eurthe~ covenants as Eollows: 1. That he will pay the indebtedness, as hereinbeforP provided. Privilege is reserved to pay the debt in whole, or ~n en amount equal to one oc more monthly payments on the principal thal are next due on the note, on the first day of any month prior to maturity: P.oi~id~d, however, that written notice of an intention to exercise such privilege is given at least thirty (30) days prioc to prepc~yment; and. p~ovided furthec, that in the event the debt is paid in full priot to maturity and at that time it is insured under the provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium cha~ge 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 insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretacy of Housing and Urban Development on account of mortgage insurance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together vvith. ~.nd 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 Eully paid, will pay to the mortgagee the following sums: ~n) An amount sutticient to provide the holder hereof with [unds to pay the next moctgage insurance premium if th~s instru- t ment and the note secured hereby are insuzed, ot a monthly charge (in lieu o[ • mottgage insurance premium) i[ they are ~ heid by the Secretary ot Housing aad Urban Uevelopment, as (ollows: ~ (1) I[ and so lon~ •s said note o( even date and this instrument arc i~sured or are reinsured under the provisions ot the ; National Nousi~g Act, an amount sut[icient to accumulate in the haads of the holder onc (1) month prior to its due ~ date the ann~ai mortgage insurance premium, in order to provide such holder with funds to pay suchpremium to the Secretary ef Housing and l7rban Development pursuant to the National Housing Act, as amended, and applicable Regu- lations thereunder; or (II) 1( and so tong •s said note o[ even date Aad this instrument are held by the Secretary of Housing and Urban Develop- ment, a monthly c:~arge (in lieu ot a mortgage insurance premium) which shatl be in an amount equal to one-twel[th (1'12) of one-half (5~) per centum o[ the average outstLnding balance due on the note computed without taksng into account delinquencies or prepayments; Jhl A sum equal w the ground rents, e[ any, nezt due, plus the premium_ ~hat wilt nezt become due and payabte on policies of fire and other hazard i~surance coverir.g the mortgaged property, plus tazes and assessments ne:t due on the mort- ~ gaged property (all as estimated by the mortgagee) less aU sums already paid therefor div~ded by the number of months ~ to elapse before one month prior to the date ~+hen such ground rents, premiums, ta:es, and assessments wili become de- ~ lir.quent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, tazes, andspecialassessmcnts; and i ~c I AIl pavments mentioned ~n the two preceding subsections o( this paragraph and all payments to be made under the note ! secured hereby shall be added together and the aggregate amount thereof shali be paid by the mortgagor each month 1n a ` s~r.gie payment to be applied by th~ mortgagee to the (ollow~ng items in the order set (orth: ~ (I) premium charges under the contract o[ insurance with the Secretary o[ Housing and Urban Development, or monthly charge (in I~eu of mortgage insurance premium), as the case may be; (II) ground rents, ta:es, assessments, (ire, and other hazard insurance premiums; (III) interest on the ~ote secured hereby; and ~ (iV) amort?zauon of the principal o[ said note. ~ Any deficiency in the ar.iount of such aggrrgate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such payment, constitute an event af default i~nder this mortgage_ The mortgagee may collect a"late charge" not to exceed two cents (2Q) for each dollar (S1) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. ~ 3. That if the tdal of the payments made by the aeortgagor under (bJ o[ pacagcaph 2 preceding shail exceed r the amount of the payaxcrts act~lly made by the mortgagee, for groar~d rents, taxes and essessments and ir~sur- ance premiums.as the case may be, such excess at the option of the rnodgagee, shall be credited oo subsequent payments to be made by the moctgagoc, or cefunded to the moctgagor. lf. however. the monthly paymeMs made by ~ the moctgagor under (b) d peragraph 2 preceding sha;l not be sutficient to pay ground rents, taxes and assess- ments and iasurance preoiuc~s, as the case may be, when the same shal! become due and payable, then the mat- ~ a shall to the mort a ee an amount necrssar to make u the deficienc on or befoce the date whea S+sB PaY B B y y P Y. P~Y- ~ ment af such ground rents, taxes, assessments, or iasurance premiums shall be due. If at any time thr matga- ~ gor shall tender to the matgagee in accordance aith the provisions of the note secured hereby, full payment of the ~ entire iidebtedness represented thereby, the mwtgagee shell, in computirg the amount oE such indebtedness. ~ aedit to the acco~~nt d the mortg,agor all payments made under the provisions of (01 ot pacaaraph 2 heceof ~hichthe ~ mo~tgagee has not become obligated to pey to the Sectetary of Housing end UrbRn Development and any balance ~ remaining in the funds accumulated under tbe pcovisions of (6J o[ said paragraph 2. If there shall be a defeult un- ~ der any d the pravisioos of this m~rtgage, resultinR in e publir sale af the premises covered hereby. a if the ~ mortgagee acquires the property otherwise atter deEault, the mortgagee shall apply, st the time of the commence- merst d such pcoceedings or at the time the ptoperty is othecwise acquiced, the bslance then reawining in the funds accumulated under (G) of paragfaph 2 pteceding as a credit egainst the emount of pri~tcipal the~ cemaining unpaid under said note and shall properly adjust aay peyments which shall have been made under (u1 uf said paragcaph. ~ _ ~ ~ ~ Bao~194 947 ~ ~ s~~ _ _