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HomeMy WebLinkAbout1904 said morta;igor does hereby futly war~ant the title to said land, and Pve~~~ pa~! lhereut, and will defc•nd the same against the lawfu! claims o( all {n~rsons whomsoe~•et. PROVIDED ALIA'AYS, and these pcesenis are eYecuted a~d deli~~e~ed upon the (ollowing co~ditions, to wit• The mo~lgago~ agcees to pay the mortgagee, o~ orde~, the pri~cipal sum of NINETEEI~ THOUSAND • ONE HUNDRE~ AND NO/100 Doltars (S 19, 100.00 as eridenced by a note of even date herewith, with interest from date at the rate of ~VeA per centum ( ~ pe~ ann~m on the unpaid balance until paid. The said principal and i~terest shall be payable at thr ofEice of g1~pC1Ci~Ot~1, 1~?TiaY, DAVIN i~ C~tP11id1C, 100 ~ts~t Bay S'taceet, Jacksonville, Fl~orida or at such othet place as the holde~ of the note may desig~ate in w~iting, in monthly instal(ments of ONE HUNDRED TWENTY-3EVEN aIId Z1~100 ----------------pollars (S12?.21 coma~eocing on the [irst day of September , I9 71 ~ and on the fi~st day of each monih the~eafter until the principal and inte~est are [utly paid, except that the Eina! payment of principal and interest, it not sooner paid, shall be due and payable on t~e fjtst day of AuguSL, 2001 , And shal! duly, promptly, and fully perform, discharge, execute, efEect, complete, and comply with and abide by each and every the stipulations, agreeme~ts, conditions, and covenants of said promissory note and of this moitgage, then this mortgage and the estate heceby created shall cease and be ~ull and void. And the mortgagor further covenants as Eollows: 1. That he will pay the indebtedness, as hereinbefo~e provided. Privilege is reserved to pay the debt i~ whole, or ~n an amount equal tu one or more monthty payment~ on the principa) that are next due on the note. on the first day of any month prior to maturity: P.~,~•id~d, however, that written notice of an intention to exercise such privilege 3 is given at least thirty (30) days prior to pcepayment; and. p~ovided further, that in the event the debt is paid in ful) prior to maturity and at that time it is insured under the provisions ot the National Housing Act, he wilt pay to the mortgagee an ~djusted premium charge of one per centum (1°6) of the o~igina) principal amount thereof, except that in na event shali the adjusted premium zxceed the aggiegate amount ot premiu~e rharges 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 Secretary of Housing and Urban Development on account of mo~tgage insurance. 2. That, in o~der more Eully to protect the security of this mortgage. the mortgagor. together with. and in addi- tion to, the monthiy payments under the te~ms of the note secured hereby, on the first day of each month unEil the said note is fully paid, will ~..,y to the mortgagee the Eollowing sums: ~n1 An am.~unt su[ticient to provide the holder hereot w~th funds to p~y thr ne:t mertgage insurance prem~um it th~s instru- ment and the note secured hereby are tnsured, ur a monthly charge (~n lieu of a mortgage ~nsursnce premium) if they are held by the Secrctary ot Housing aad Urban Development, as [ollows: ill I[ and so long as said note of even date ond this instrvment are insured or are reinsured under the prov~sions ot tte National Nous~ng Act, an amount suft~c~ent to accumulate in the hands ot Ihe hotder one (1) month prior to its due datr the annuai AiC:~~jigP insurance premium, io order ro proti•ide such holder with (unds to pay suchpremium to the Secretary ut Housing and Urban Development pursuant to the Nationat lious~ng Act, as amended, and applicable Regu- ~ lat~.x?s thereunder; or {t!) If ar.d so long as said note ot e~rn date and fh~s instrument ue held bp the Secretary ot lfousing and Urban Develop- ment. ~ monthly charge (in lieu o( a mortgage insuronce premium) wh~ch shall be i~ an amount equal to one-twe(tth (1 12) of oee-half per centum of the average outstanding balance due on the note computed without taking into account delinquenc~es or prepayments, A sum equal to the ground rrnts, i( any, ne=t due, plus the prem~ums that wt11 next become due and pa}able on pol~cies of Sue and other hazard insurance covertng the mortgaged property, plus ta=es and assessments next due on the morl- gaged prope»Y (al! ::s est~mated by the mortgageel less all sums already paid there[or dieided by the number o[ months to et~pse betore one mo~.!h F~.w. to the date when such g~ound rents, prem~ums, ta:es, and assessments v~~11 become de- Imquent, such sums to be heid by mortgagee m trust tu pay sa~d ground rents, premiums, ta=es, aad special assessmrnts; -and 'rl All pr~ments mentione~l m the two preceding subsections of th~s paragraph and all payments to be made under the note secured hereby shatt be added together and the aggregrte amounf thereo( shall be paid py the morlgagor each month ~n a • s~ngle payment to be applied b~ the mortgagee lo the (ollow~ng ~~ems in the order set torth: % (1) premwm charges under the co~tract o( tnsurance a~th the Secretary• o! Nous~ng and Urban Development, or monthiy ` rharge (~n l~eu of mortgage insurance premium), as the case may be; F (!I~ ground rents, ~a:es, assessments, fire, and other hazard ~nsurance premiums; (111) ~nterest un the note secured hereby; and (It') aa:urtizatian v( the prtncipal of sa~d noie_ Any deticiency ~n the amount of such aggregate monthly payment shali, unless ma~e good by the mortgagor prior to the due date of the next such payment, const~tute an event oE default under this mortgage_ The mortgagee may~ collec! a"late charge" not to exceed two cents (2~) for each dollar (S1) of each payment more than fifteen , (t~) da~s ~n arrears to cover the extra expease involved in handling deliaquent payments. 4 3. That if the tdal of the payments made by the mortgagot under (h) of paragraph 2 preceding shall exceed ' the amount of the payments actuaily made by the mortgagee, for ground rents, taxes and assessments and insuc- ance prem~urt~t,as the case may be, such excess at the option of the mortgagee. shatl be credited on subsequent peyments to be made by the mortgagor, or reEurded to the mortgagor. If, however, the monthly paymeras made by the mortgagor under (b) d pe,ragraph 2 precedi~g shall not be sufficient to pay ground rents, taxes and assess- , mrots ar~d insurance premiums, as the case may be, when the same shaU become due and payable, then the ma1- ~ gaga shall pay to the modgagee any amount necessary to make up the deficiency, on or befae the date when pay- + ment d such g~ound rents. taxes. assessments, or insurance premiums shall be due, H at any time the m«tga- j gor shall tender to the mortgagee in accordance with the provisions of the note secured hereby, full peyment of the ; entire indebtedness represented thereby, the mortgagee shall, in computirg the amount of such inde6tedness. ccedit to the account af the mortgagor all paytaents made under the provisio~ oi (a/ of paragraph 2 hereoi whichthe mortgagee has not become obligated to pay to the Secretary of Housing and Urban Devetopment and any balance rema~ning in the [unds accumulated under the provisior~s o( (b) ot said paragraph 2. !f there shal! be a default un- der any of the provisions of this morigage. resultinR in a Public sale of the prem~ses covered hereby, or if the morigagee acqnires the property otherwrise after default, the mortgagee shall apply. at the time ot the commence- me~t 4( soch proceedings a at the time the property is otherwise acquired, the balance then remaining in the furds ' accumulated under (6) of peragraph 2 preceding as a credit against the amount o( principal then remaining unpaid 7 ~ under said note and shall properly adjust aay peyments which shal! have been made under /o) of said paragraph. ~ p_°; ~ ~R1~4 1903 - i ~ _ - ~r•~ _ . - . . - . _ : a.~ u-"~.~'_sr'.