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Home My WebLink About2068 said mortgagor due~ he~eby fully warrant the title to said land, and ev~rX pdrt thereof, and will deiend Ihe same .~gainst the law[u! claims ot all pc~sons whomscever. PROVIDED ALN'AYS, and these p~esents a~e executed and delivered upon the tollowing conditions. to wit: The mxtgagor ag~ees t~ pay the mortgagee. oc ocder. the principat sum o[EIGHTEEN THWSANQ aIId 00~100••~~-~•••~•~-••----•----------•-------•~•---••--•--•---••-••-•----•-•--•- pollars (518~000.00 as evidenred by a note of even date herewith, with i~terest from date at the rate of ~Ven per centum ( 7 96) per annum on the unpaid balance until paid. The said p~~ncipal and inte~est shall be payf sle at the of[ice oi SSOC1Q~Ot+i, NH]?TIS~t, DAVIN s CGltP'ANY. 100 Nest Bay Stre~t. Jacksonville, FLorida oc at such other place as the holder of the note may designate in writing, in monthly installments of ONfi HUNDRED NINETEEN and 88~100••-•---•--------------••Dollars (S 119.88 commencing o0 the first day of Sep[ember . 19 71 , and on the Eirsl day oE each month thereafte~ untiltheprincipal and interest are fully paid, except that the [inal payment of p~incipal and interest, if not sooner paid, shall be due and payable on the first day of August~ 2001 : And shall duly, prompt:y, and fully prtform. discharge, execute, effect. cumplete, and comply with a~ abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this r?iortgage. then this mortgage and the estate heceby c~eated shall cease and be null and void. And the mortgagor further covenants as follows: 1_ That he aill pay the indebtedness,as hereinbefore provided. Privilege is reserved to pay the debt i~ whole. or ~n an amount equal to one oc moce mo~thly payments on the princip:,l that are aext due on the note, on the first daj of any monit-~ ~rior :o :riaturits: Pr:::~r~i, houeter, that written notice oE an intenticm to exercise such pri~ilege is given at least thirty (30) da~•s prior to prepeyment; and, providc~d [urther, that in the event the debt is ~aid in full prior to maturity and at that timF it is insured under the pro~isions of the National Housing Act, he wilt pay to the mo~tgagee an adjusted premium charge of one per centum (1%) 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 mo~tgage had continued to be insured until maturity; such payme~t to be applied by the mort- gagee upon its obligation to the Secretary of Nousing and Urban Development on accounL of mortgage insurar.~e. 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, will pay to the mortgagee the [ollowing sums: ~~ti An amuunt su(ticient to prov~de the holde: hereo( with funds to pay the ne:t mortgage ~nsurance premwm i( th~s ~nstru- ment aad ~he note secured hereby are ~nsured, or a monthl~ charge (in lieu ot a mortgage insurance premium) if they are held by the Secretary of 1lousing and Urban Development. as tollows: (I) If and so long as said note of e~en date and this instrument are insured o- are reinsured under the provisions of the tiatiunal Housmg Act, an amount su(ficient to accumulxte in the hands of the holder one (1) moMh prior to its due Sate the annual me:tgage msurance premtum, ~n urder to provide such holder with tunds to pay suchp?emium to the Secretary u( Housing apd Urban Developmmt pursuant to the Ivational tlous~ng Act, as amended, and applicable Regu- lat~~xes thereunder, or tlll 1[ and so long as sa~d note ut even date and th~s instrument are held by the Secretary of Hous~ng and Urban Develop- ment, a monthl~ charge (in lieu o( a mortgage insurartce prem~um) which shall be ~n an amounl equal to one-tvicel(th (1 12? of one-hal[ (':1 per centum ot the arerage outstanding balance due u~ the nute computed w~thoul taki~g tnto account delinquenc~es or prepayments; ~ i~' A sur.s equal to the ground rents, if any. ne:t due, plus the prem~ums that will next become due and payable on policies of (ue and other hazard insurance covering the mortgaged property, plus ta=es and assessments next due on the mort- I` qaged property (all as esUmatcd by the mortgagee) less all sums alreadY paid theretor dicided by the number ot monlhs ~ to elapse be[ore one month prior to the date vchen such ground rents, premwms, taxes, and assessments arill become de- I l~nquent, such sums to be held by mortgagee tn trust to pay sa~d qround rents, prem~ums, taxes, ondspec:alassessments; and : Ail payments mentior.ed in the two preceding subsechons o( this paragraph and all payments to be made under thr note secured hereby shall be added together and the aggregatr amount ihereof shal! be pa~d by the mortgagor each month ~n a single pa~~ment to be appl~ed by the mortgagre to the folluw~ng etems Ihe order se1 torth: (I) premium charges under the contract o( Insurance w~th the Secretary• of Ho~s~ng and Urban Development, or monthly charge (~n tieu ot mortgage ~nsurance prem~um), as the case may be; (lll ground rents, taxes, assessments, f~re, and other hazard ~nsurance prem~ums; (lII1 ~nlerest on the note secured hereby; and (IV) ar.,vRUat~on of the prin~i~nt o~ sa~d note. An~• deficienc}• in the ar.~ount of such aggregate monthly payment shali, unless made good by the mortgagor ' prior to the due date of the next such pa}•ment, constitute an event o[ detault under this murtgage_ The mortgagee ~ ma}• coilect a"late charge" not to exceed two cents (2C) for each dollar (SI) of each payment more than fifteen (15) days in arrear~ to cover the extra expense involved in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under (b) o( peragraph 2 preceding shall exceed the amount of the payments actually made by the mcxtgagee. for ground rents, taxes and assessments and iasur- ance prem~ums.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 matgagor. lf, however. the monthly payments made by the mortgagw under (h) of peragraPh 2 preceding shall not be sufficient to pay gtound rents, taxes and assess- } ments and irLSUCance premiums, as the case may be, when the same shalt become due and payable, then the mort- gagor shall pay to the mortgagee any amount necessary to make up the deticiency~ on or before the date when pay- ment of s~ch ground rents, taxes, assessments, or inswance premiums shall be due. If at any time the rnatga- gor shall tender to the mortgagee in accordance with the provisions of the note secured hereby. full payment o[ the - entire indebtedness represented thereby, the mortgagee shall, in computirg ihe amount of such indebtedness. credit to the account of the moctgagor all payme~ts made under the provisions of (n) of paragraph 2 hereof whichthe mortgagee has not become obligated to pay to the Secretary of Housing and Urban Development and any bala:~ce remaining in the [unds accumulated under the provisions of ~6) of said Paragraph 2. 1( there shall be a default un- der any of the provisions of this mortgage, resultinR in a public sale of the premises co~•ered hereby, or if the mortgagee acquires the property otherwise a[tet default, the mortgagee shall apply, at the time ot the comr_~ence- ment d such proceedings or at the time the Property is other~ise acquired. the balance then remaening in the furds = accumula!ed under /6) of paragraph 2 preceding as a credit against the amount oi principal then remaining unpeid under said note and shall properly adjust any payments which shall have been made under (oJ ot said paragcaph. ~ ~ ~ ~ " s~~~~194 206? ~ ~ a~ , - - ~i ~ _ . ,