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Home My WebLink About2086 ' ~ . ~ . ~:iid morigagur doec hereby iully wacrant ihc+ title t;, said l:ind, and eve~y patt the~eo(, and will ds[end the same against the lawtut claims of all persons whomsoever. PROVIDED AI.WAYS, and lhese pcesents a~e executed and delive~Pd upon the tollowing conditions, to wit: 'The mortgagor ag~ees to pay the mortgagee, or ordec, the principal sum of NINETEEN THOUSAND AND N0~100••--•----~---•---------••••-..••--•--~-••---•-----------•---•-•---------••-- Dollars (S 19~~40.00 as evidenced by a note of even date herewith, with inte~est trom date at the ~ rate of SeVgn per ce~tum ( 7 76,) per annum on the unpaid balance until paid. The said principal and interest shall be payable et the oEfice oE yl~~~, ~T~Y, DAVIN i COI~iPAt~llt. 100 weat eay Stre~t. Jacksonville, Fl~orida oc at such other place as the holder of the ~ote may desig~ate in writing, in monthly installments of ONE HUNI~tED ~ '1~IENTY•SIX and 54~100•-•----------•-------- Dollars (t 126.54 coma~encing on the first day ot Septe~ber , 1971 , and on the first da~~ of each month thereafter untiltheprincipal and interest are fully paid. except that the final payment ot principal a~d interest. if not sooner paid. shali be due ~ and payable on the [irst day of August~ 2001 : ~ And shall dul~. promptly, and fully pertorm. discharge, execute, effect, complete, and comply with and abide ! by each a~d every the stipulations, ag~eements, conditions, and covenants of said promissory aote and o[ this mortgage, then this mortgage and the estate hereby c~eated shall cease and be null artd void. And the mortgagor [urther covenants as follows: 1• That he will pay the indebtedness.as hereinbefore provided. Privilege is reserved to pay the debt in arhole. or in an amount equal to one or more monthly payments on the principal that are next due o~ the note. on the first day of any month prior to maturity: P.u~~id~d, however, that arcitten notice of an inte~tion to exercise such p~ivilege is given at least thicty (30) days prior to prepayment; and, p~ovided further. that in the eve~t the debt is peid in full p~ior 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%) of the original principal amount thereof. except ~ that in no event shall the adjusted pcemium exceed the aggregate amount of premium charges which would have been payable if the mortgage had continued to be insuced until maturity; such payment to be applied by the mort- gagee up~n its obligation to the Secretary of Housing and Urban Development on account of mongage insurance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor. together with, and in addi- t tion to, the monthly payments under the terms of the note secu~ed hereby, on the first day of each aronth until the } said note is [ully paid, will pay to the mortgagee the [ollowing sums: t !~i? A~ amount sufficient to provide the holder hereot with (unds io pay the ne:1 morteage insurance premium if this instru- ment and the note secured hereby are ~nsured, or a monlhty charge (~n lieu of a mortgage insurance premium) i[ they are heid by the Secretary of Housing and l7rban Devetopment, as (ollows: (I1 It and so long as said note of even daie and this instrument are insured or arc reinsured under the provisions of the Nation9l Housing Act, an amount sut(~cient to accumuiate in the hands ot the holder one (1) moath prior to its due date the annuai mortgage insurance premium, in order to provide such holdr? with [unds to pay suchpremium to the Secretary of Housing and Urban Devetopment pursuant to the National Housing Act, as amended, and •ppiicable Regu- lat~ons thereunder; or i11) If and so long as said note ot even date and this insirument are held by the Secretary o[ 1lous~ng a~d Urban Develop- , ment, a munthiy charge (~n lieu of a mortgage insurance premium) which shail be in an amount equal to one-tweifth (1'12) of one-hal( per centum of the average outstanding balance due on the note computed without taking into account delinquene~es or prepayments; fh~ A sum equal to the ground rents, it any. ~ext due, pius the premiums that will ne:t become due and payable on policies of lire and other hazard insurance coveri~g the mortgaged property, plus ta:es and essessments ne:t due on the mort- ~ ~I gaged property (alt as est~mated by the mortgagee) less all sums already paid therefor dicided b~ the number af months ~ ~ to elapse betore one month prior to the date when such ground rents, premiums, ta:es, and assessments will become de- I~nquent, such sums io be held by mortgagee in trust to pay said ground rents, prem:ums, taxes, a~d special assessments; k and ~ All payments mentioned tn the two preceding subsections ot th~~ paragraph and all payments to be made under the note E secured hereby shall be added together end the aggregate amount thereot shall be patd by the rt:ortgagor each month ~n a ~ single payment to be applied by the mortgagee to the following items in the order set (orth: (I) premium charges under the contract of insurance with the Secretary of Hous~ng and Urban Development, or monthly charg. (~n lieu of mottgage insurance premium), as lhe case mar be; (II1 ground rents, tazes, assessments, Gre, and other hazard insurance premiums; (III) inter~st on the note secured hercby; and (I~') amurt~zation ot the principal o[ sa?d note. Any deficiency in the ar.~ount of such aggregate monthly payment shall, untess made good by the mortgagor - prior to the due date of the next such paymeni, constitute an event of default under this mortgage. The mortgagee ~ may collect a"late charge" not to exceed two cents t2e) 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 aE the peyments made by the mortgagor under (6) of paragraph 2 preceding shall exceed the amount of the payments actually made by the mortgagee, for ground rents, taxes and assessments and insur- ance premiums,as the case may be, such excess at the option af the mottgagee, shall be credited on subsequeni peyments to be made by the mortgagor, or refunded to the moctgagor. If, hawever, the monthly payments made by ~ the mortgagor under (hJ of paragcaph 2 preceding shall not be sufficient to pay gtound ren's, taxes and assess- ~ ments and insurance premiwos. 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 deEiciency, on or before the date when pay- ~ ment d such greund rents, taxes, assessments, or insurance premicros shall be due. If at any time the matga- < ~ gor shall tendet to the mortgagee in accordance with the Provisions of the note secured hereby, full peyment of the ~ ~ entire i~debtedness repcesented thereby, ihe mortgagee shall~ in computirg the amwnt of such indebtedness, ; p credit to the accouM of the mortgagor all payments made under the provisions ot (aJ of paragraph 2 hereot 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 (bJ of said peragraph 2. If there chall be a de[ault un• ~ der any of the pcovisio~s ot this mortgage, resultinR in a public sale o[ the premises covered hereby. .x ~f the ~ mortga~ee acquires the propecty othecwise after default, the modgagee shall apply, a! the time of the commence- ~ ment of such prc~ceedings or at the time the property is otherwise acquired. the balance then remaining in the funds ~ accumulated under (bJ of paragraph 2 preceding as a credit against the amount af pcincipal then remaining unpaid ~ under seid note and shall properly adjust any payments which shall have been made under (o) of said paragraph. ~ ~ . - ~ e~~~i94 2085 ~ : - ~ - - ~f.~_ f_.~_. _ ~ -_s..._