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HomeMy WebLinkAbout1922 s;~id mottgagur due~ h~reby fully wa~~ant thc title to said land, and rve~y pa~t thereo(, and will detrnd lhe same against th~ lav?tul claims ot all pc~s~x?s whomscever. PROVIpED AL.NAYS, and these prraents a~e executc~l and deliveced upon the [ollowing conditions, to wit: The mortgagor pgcees to p~y the mo~tgegee, o~ ucdec, the principal sum of NINETE£i~ THOUSAND ONE :i[TNDRm ANO NO/100 Dolla~ (S 19,100.00 as evidenced by a note o( even date herewiih, with intetest f~om date at the cate ot ~~n pet ceatum ( 7 °~r.) per annum on the unpaid bala~ce until pe~d. The said principal and interest shall be payable at the office of 81'OC1Q'~1. M8RT~1! • DAVIN i C~11liY. lOS M~st Bay SttNt. Jack~vill~, rLrida oc at such dher ptace as the holder of the ~ote may designale in writing, in monthly installments ot ~IS t~IUIZDRED ZWENl'Y-SEVIIV AND 21/100 Dollars (S 127.21 coma,encing on the first day of September . 19 71. and on the ticst day of each month therea(ter untiltheprincipal and interest are tuliy paid, except that the final payment of pri~ctpal and interest. iE not sooner paid, stiall be due and payable o~ the first day of August, 2001 . And shall duly, P~omptly, and fully pertorm, discharge, execute, ef[ect, complete, and comply with and abide by~ each and every the stipulations, agreements, conditions, and covenants of said p~omissory note and o[ this mortgage, then this mortgage and the estate heceby created shall cease and be null and void. And the mo~tgagoc further co~•enants as (ollows: 1. That he wil! pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole. or ~n an amount equal to one or more monthly payments on the principal that are next due on the note, on the first day of any month p~ior to maturity: Pr~~~~idrJ, however, that written notice of an iMention 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 an adjusted premium charge of one per centum (1°,~0) of the ociginal principal amvunt thereof, except that ~n no event shall the adjuctec~ premium exceed the aggcegate amount ot premii~m 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 Secretary of Housing and Urban Development on account of mortgage insurance. 2. That, in order mo~e full~ to ptotect the security of this mortgage, the mortgagor, together with, and in addi- tion to, the monthl~~ payments under the terms of the nole secured hereby. on the first day of each month until the said ~ote is fully paid, will pay to the mortgagee the [opowin~ sums: .~i ' An amount sutiicient to provide the hotder hereot with tunds to paT the ne:t mortgage insurance p~em~um th~s instru- ment aad the note srcured hereby are ir.sured, or a monthly charge (~n lieu ot a mortgage insurance prer~ium) if they are held by the Secretary ot Housing and Urban Develupment, as follows: (I1 l( and so long as said note ot ea•en date and thts instrument ore insured or ore reinsured under the provisions of the Natior?al Hous~ng Act, an amount sufttcient to arcumulate in the hands of the holder o~e (1) month prior to its due date the annual murtgage insurynce prem~um. ~n order to prov~de such holder with funds to pay such premium to t6e Secretary• of Hoas~ng and Urban Develnpment pursuant to the National Fious~ng Act. as amended, and applicable Regu- latiuns thereunder; or t1I) If and so long as said note ot ecen date and th~s ~nstrument are held by the Secretary o( Hous~ng and Urban Develop- ment, a monthly chatge (~n lieu of a mortgase insurance premiuml v~h~ch shall be in an amount equal to one-twei[th (1 12) o( one-half ('y) per centum of the aeerage outstanding balance due on the note computed w~thout taking into , account delinquenc~es or prepayments; ~ ti' n sum •~yual to the ground rents, if any, next due, pius the Fremiums that will next 6eco~r.e due and payable on polic~es of (ire and other hazard insu~ance covering the mortgaged ptoperiy, plus taxes and assessments next due on the mort- gaged propert> (all as estimated by fhe mortgagee) tess all sums already paid there[or di~•~ded by the number ot months to elapse before one month prtor to the date when such ground rents, premiums, ta=es, and assessments will become de- linquent, sua~h sums to be held bY mortgagee in trust to pay said ground rents, premiums, ta:es, and spec~al assessneats; and 4 All payments r.~entioned in the two preceding subsect~ons ot th?s paragraph and all payments to be made under the nvte ; serured hereby shall be added together and the aggregate amount thereo( shall be pa~d by the mortgaRor each month ~n a ~ single pa~ment to be applied by the mortgagee to the (ollowing items ~n thr order set torth: (I) pretr.~um charges under the cuntract oE insurance wcth the Secretary of Hous~ng and Urban Development. ..r monthly ~ rharge (~n lieu of mortgage insurance premium), as the case may be; i (II~ ground rents, ta:es, assessments, tire, and other hazard insurance premiums; € (IlI) interest on the nute secured hereby; and ~ ~I\'1 amorttzation ot the pr?ncipal o[ sa~d note. An~• def~ciency in the ar.tiount oE such aggregate monthly pay~ment sha11, unless made good by the mortgagor ~ Qrior to the due date of the next such payment, constitute an event of default under this mortgage. The morigagee ~ may collect a"late charge'.' not to exceed two cents (2~) tor each dollat (S1) ot each payment more than fifteen (15) da~•s ~n arrears to cover ihe extra expense imolved in handling deiinquent payments. ~ 3. That if the total ot the payments made by the mortgagot uneier (6) o[ peragraph 2 preceding shall exceed ~ the amount of the aayments actually made by the mortgagee. tor ground rents, taxes ard assessments and insur- ance prem~u~s,as the case may be. such excess at the option of the mortgagee, shall be credited on subsequent ~ payments to be made by the mortgagor, or refunded to the mort~agor. If. however. the monthly paymems made by ~ the mortgagor under thl o( paragraph 2 preceding shall not be sutficient to pay ground rents, taxes and assess- ~ ° ments and irLSSrance premiums. as the case may be, when the same shall become due and payable, then the mort- ~ gaga shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when pey ~ ment of such ground rents, taxes, assessments, or insurance premiums shall be due. if at any time the mortga- ~ gor shail tender to the mortgagee in accordance with the provisions of the note secured hereby, full payment of the ~ entice indebtedness rePresented thereby, the mortgagee s~all, in computirg ihe amount of such indebtedness, ~ credit to the account of the mortgagor all payments made under the Provisions o( (aJ of paragraph 2 hereo( whichthe ~ mortgagee has not become obligated to pay to the Secretary of Nousing and Urban Development and any balance ~ remaining in the furds accumulated under the provisions of (b) ot said paragraph 2. If there shall be a default un- ~ der an of the ovis~ons o( this mort a e, resultin in a ublic sale ot the remises covered hereb or ~f the ~ Y P~ B B K P P Y. ~ mortgagee acquires the property otherwise atter default, the mortgagee shall apply. at the time o[ the commence- ~ ment of such procPedings or at the time the property is otherwise acquired~ the balance then remaining in the funds ~ accumulated under /b/ of paragraph 2 preceding as a credit against the amount ot principal then remaining unpraid ~ under said note and shall properly adjust any payments which shail have been made ~nder (ul of said paraRraph. ~ ~ - a~ h, ~g4 i921 ~ r E: ~ ~ . Yt _ - ~ _ _ ~ :'c t . . _ : _ , . -.r «u . . . - . . . ~ +~£:rt..