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Home My WebLink About2315 ~.ud mortg:+gor d~ hereby full~• war~ant the titie tu said land, and e~•e?~• part the~eoi, and will de(rnd the same :~g.iinst the l:+wful claims o[ all persoos Khumsoc~•e~. PROVIDED AI.N'AYS, and these presents a~e executed and deliven•d upon the followic~g conditioo~, to wit: The mo~tgagor agrees to pay the mortgagee, ot orde~, the p~incipal ~um of S~~ THOI)SAPID AND NO/100 Dollars (S 16,000.00 as e~•idenced bp a nate uf even date herewith, with inte~est tcom dete at the rate of ~y~gn per centum ( ? o) per annum o~ the unpaid balance until paid. The said principal and interest shall be payable at the ofiice o[ SPOCKT~1. M~i11TI8Y a DAVIN i~ Ct~SPl1NY. l0A M~St Bay Sti'Aet. JicksOnville. P'l~rlda or at such other place as the holder o[ ehe notz ma>• designate in writing, in monthly installments of ONIE HUPIDREI) SIX AND 56/100 ----------------------------0ollars (S 106.56 coma?encing on the first day of September . 19 '71. and on the first day of each month theceatter untiltheprincipal and interest are fully paid, except that the [inal pa~~ment o( pcincipal and interest, if not sooner E• :id, shat! be due and payable on the first day o! August, 2001. . Artd shail duly, promptly, and futly perform, discharge, execute, effect. comptete, and comply with and abide by each and e~•ecy the stipulations. agreements, conditions, and covenants of said promissory note and of this moctgage, then this mortgage and the estate hereby created shall cease and be null and ~•oid. And the mortgagor [urther co~•enants as [ollows: 1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole. o~ ~n an amount equal to one or more monthly paymenis on the principal that are next due on the note, on the tirst da~ of any month prior to maturity: !'r~~~ ed~•d, however, that written notice of an intention to exercise such privilege is gi~•en at least thirty (30) days prior to prepayment; and, provided further, that in the event the debt is paid in full prior :o maturity and at that time it is insured under the pro~•isions ot the National F~ousing Act, he Nill pay to the mortgagee an adjusted premium charge of one per centum (1 0) of the original principal amount thereof, except Ihat in no e~~ent shall the adjusted premium exceed the aggcegate amount of premium charges which vroL:~ ha~•e been pa~•able if the mortgage had continued to be insure~i until maturity; such payment to be applied by the mort- gagre up.,n its obtigaiion to the Secretarl of liousing and Urban Development on account oE mortgage insurance_ 2. That, in ~rder more futly to protect the securit~~ of this mortgage, the mortgagor, togethec with, and in addi- tion to, the monthl~ payments under the terms of the ~ote secured hereby, on the [irst day of each month until the said note is fuliy paid, will pay to the mortgagee the following sums: ;~11 An an:uunt sufficient to procide the holder hereot with funds to pay Ihe ne=t nortgage insuraace prersiu:n i( th~s ~nstru- ment andthe note secured hereby are ensured, or a monthly charge (in liru of a mortgaRe insurancr pr~mtua) i( the~ are held by the Secretaty ot Nousing and Urban De~•elopment, as tollo~ra: ~ t11 I( end so long as said note ot even date artd th~s instrument are insured or are reinsurrd under the pro~-tsiuns o( the National H~wsing Act, an amuunl sut(~cient tu accumulate in the hands of the holder one (1) month prior to its due Sate the annua( mortgage insurunce premwm. in urdrr to provlde such holdrr vnith fuads to pay suchprem~uo to the Secretary of Nuusing and Urban Drvelopment pursuant to the ~iational Nousing Act. as amrnded, and applicable Regu- latlons thereunder, o: il[) I( and so long as said nute ot r:-rn datr and th~s ~nstrur.:ent are held by the Secretar~ of Nous~ng and Urban Deeelop- ment, a munthly charge (~n Iieu uf a mortgage insurance premwml which shalt be in an ar.sount equal to une-tweifth (1 12) e[ one-half prr crntum o( the average outstand~ng balance due vn the nute computed without taking ~nt:, II acrount delinquenc~es or prepayments; ~ A sum equat tu the ground rrnts, if any. next due, plus the prrm~ums that a~ill ne:t becorr.e due and pa~~able on policies of firr end other hazard ~nsurance cocering the mortgaged property, plus ta:es and assessments neYt due on the r.:ort- KaKrd pr~pertt- (all as rst~mated by the mortgagee) Icss all sums already paid therefor d~~•~ded by the nur.:ber of months ~ to elapse before une m..nth pnor to the date vchen such ground rents, prem~ums, ta:es, and assessments x:li become de- I~nqurN. such ~ums to ba• held b~• -:ortRagee ~n trust tu pa~ sa~d ground rents, premiums, ta=es. andspec~al~ssessments, and ~ ~ All pacrt:rnts ment?onrd m the tvru preced~ng subsect~uns o( th~s paragrwph and ~II payments to be made uader thr note secured hrreb~- shati be added t+igrther and the aggregate amount thereof shal! be paid b~ the rr.ortgagor each r.:onth in a ~inKle payr.:rnt to be appi~ed bp the mortgagee to Ihr following ~tems ~n the urder set forth: ~ (I) prrm~um rhargec under the contnct ot insurance with the Secretary of Hous?ng snd Urban Deeelopment. or monthR- : charKe (~n l~eu of mortgage msurance premium), as the case may be; t fl!) gr~und rents, taxes, assessments, f~re, and other hazard ~nsurance prem~ums; UII) interest on the note serured hereby; and (1\') ar~~rtization u( ihe pr?ncipal o( sa~d note. , An~• defic~enc~• m ihe amount of such a~regate m~nihly pa}'ment shall, unles~ made good by the mortgagor prior to the due date of the next such pa}•ment, constitute an event of default under this mortgage. The rr.ortgagee map collect a"late charge" not to exceed tv~o cents (2C) fo* each dollar (S1) of each pa~•ment more than fifteen (15) da~~s in arrears to co~•er the extra expense im~oh~ed in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of the payments actually made by the mwtgagee, for ground rents, taxes and assessments and iasur- ance premiums.as the case may be, such ~xcess at the option of the mortgagee, shall be credited or. subsequent prayments to be made by the mortgagor, or refunded to the mortgagor. [f, howeaer, the monthly pa~~ments made by the mortgagor under (h) of paragcaph 2 preceding shall nd be su[Eicient to pay ground rents, taxes and assess- ments and insurance premiums, as the case may be, when the same shall become due and payable, then the mort- ~ gagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when pra}•- ~ ment of such ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortga- ~ gor s;~all tender to the m~xtgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, in computirg the amount of such indebtedness. credit to the account of !he mortgagor all peyments made under the provisions of (a) of paragrapA 2 hereof whichthe mortgagee has not berome obiigated to pay to the Secretary of Nousing and Urban Development a:d an~ bala:.~e remaining in the funds accumulated under the provisions of (f~) of said paragraph 2. if there shall be a defauh un- der any d the provisions of this mortgage, resultinR in a public sale of the pcemises co~•ered hereb}•, or if the mortgagee acquires the properly otherwise after defautt, the mortgagee shall apply, at the time ot the commence- ment of such proceedings or at the time the property is otherwise acquired, the balance then remaining in the funds accumulated under /F.l of paragraph 2 preceding as a credit against the amouat of principal then remaining unpaid under said note and shall properly adjust any payments which shall have been made under !al of said paragraph. ~ ~ R:,~ w i~4 ~314 ~ ~ - - ~ ' ~ t ' 4, ~'~''y`: " _ . . . _ _ . 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