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Home My WebLink About2327 ~ ~ .aEd muctK:~~ur d.x~~ h~•rrby full}• w~a~r.~nt 1h~ tille to said land, and evrr~• p.irt thereu[, .~nd will defrnd the same :~Kainst the la~ctul ~~l:~im~ u( all pcrsons whom~oe~•er. PROVIDE:D ALN'AYS, s;nd these pres<~nts a~e executecl and detive~ed upon the iollowing conditions, to wit; The mo~tg:~gor .+~~ces to pay the mortgagee, Of Of(ICf, the principal sum of S IXTfifi~1 ZliOUSAI~ID NINS HUNDRF~ FIFTY AND N0./100--------------------- ; Dollars (S 16,950.00 as evidenced by a note of e~•en date he~ewith, with interest f~om date at thc~ rate of ~n~ per centum ( ? o) pet :?nnum ~n the unpaid balance until paid. The said principal and inte~est shall be payable a! the office ot 9TOCjQ'~1• MHll~L4Y• ~A~N i CCl~l1I1Y, IOA W~st Bav Street. Jacksoavi2le. ~3+~rida or at such other plxce as the holder ot the nute may desigaate in writing, in monthl~~ installments of ONE HUNDRED R~TELVS AAID 89/100---------------Dollars (S 112.89 commencing on the first day of Septe~nber . 19j1 . a~d on tne first day of each month thereafter untiltheprincipal :~nd ~nterest are iull~• paid, except that the final payment o( principal and interest, if nol sooner paid, shall be due and pa~able on the tirst day of Auqust, 2Q01. . And shaU duip. promptly, and full~~ periorm, discha~ge, execute, efEect, complete, and comply with and abide h~, e•uch and every the stipulations, agreements, conditions, and covenants of ~aid promissor}• note and oi this m~.~t~;:~Ke, then thi~ mortgage and the estate hereby created shall cease and be nuil and void. :1nd the mo?tKagur turthec cot•enants as (ollows: 1. Th;at he will pay the indebtedness, as hercinbetore provided. Privilege is reserved to pa~~ the debt in whole, or in ;~n amount equal to one or more monihl~~ payr.:ents on the principal that are next due on the note, on the Eirst d:~~• uf :~m month prior-to maturity: I'.,•~ id.•d, howeve~, that written notice o[ an intention to exerc~se such p~ivilege , i~ gi~~en .~t least thirt}• (30) da~•s prior to prepayment; and, p~o~•ided further, that in the event the debt is paid in fuU pno~ to matucih• and at that time it is insured under the pro~•isions of the Nalional Nousing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1 0) of the original principal amount thereof, except that in no e~•ent sh:~ll the adjusted premium exceed the ap,gregate amount of premium charges which would ha~•e been pa~•able if the mortgage had continued to be insured until maturity; such payment to de applied by the mort- K~Kee upon its obligatiun to the Secretary of flousing and Urban Development on account oE mortgage insurance. 2. That, in order more futly to protect the security o[ this mortgage, the mortgagor, together with, and in addi- tion to, the monthl~• payments under the term~ of the note secured hereby, on the first day of each month until the said note is (ull}• paid, wili pay to the mortgagee the folloveing sums: An am~unt suff~cient to proeide the holder hereo[ with funds to pay thr ae:t mortga~e ~nsurance premium ~t thts ~nstru- mrnt andthe note secured hereby are ~nsured, or a monthiy charge (in lieu uf a mortgage insurance prem~uml it the~• are hrld b~• the Secretary of Housing and l;rban Development, as tollow•s: Ul If and so lu~g as said note ot ca•rn Satc• and this ~nstrument are insured or are reinsured u~d~r 1he proc~sions of the ; \ational Hous~ng Act, an amount sut(ic?rnt to accumulate in the hands of the holder one (11 month prior to its due S datr the annuat mortgage ~nsurance ptem~um, ~n order to pro~~~Je such hoider with [unds to pay such premium to lhe Secretar~• of Hous~ng aad Urban Decelopment pursuant to thr National Hous~ng Act, as amended, and applicable Regu- i lat~uns therrunder, or t[I1 1( and so lung as sa~d m~te of ee~•n datr an3 th~~ instcument are held b~ the Secretary of Housing and lirban De~•rlop- ment, a monthl~ charge (in liru o( a murtgaKe ensurance premiuml w~hich shall he in an amuunt equal to une-twei(th (1 12) uf onr-hal( per rentum of the a~•erage o~tstand~ng bafance due on the nute computed x•~!hout taking ~nto account del~nquencies or prepa~~ments, A sum rqual to the ground rents, i[ any. ne~t due, plus the prem~ums that vcill next become due and payable on policies <,f (~re and :~thrr hazard insurance ~ovenn~ the mortgaged property, plus taxes and assessments next due on the r~ort- ~a c;i ,r.. rrt • a? as rshmated M• the raurt a ee) (ess all sums alread~• aid th~retor di~•~ded by- the nur.iber ot munths ~ i K K - P w K F V I tu rlap~a- br[orr onr munth prior to the date when such ground rents, prem~ums, tdxes, and assessments w~il become de- 'I l~nyuent. ~u. h sur.ns to be held b~ r.:origagre in t:ust tu pa~ said ground rents. premiums, ta:es, and sperial assessments, and A11 pa~r,..•nt+ mentiunrd ~n the tuo preced~ng subsrct~uns of this paragraph and all payments tu be nade under thr n~te srcured hereby shall be added toKcther and the a~Rregate amount thereuf shall be paid by lhe mortgagor each month ~n a sinKle paymenf to be applied by the mortqagre tu ihr foltovcmg ~tems m thr ordet set torth: (I) premium charges under the contract o( msurance w~th lhe Secretary uf Hous~ng and Urban De~•e(upment. or monthl~ charge (in l~ru o[ r.:ortgade insuran~e prem~u:r.;, as the case may be, (11~ ground rents, taxes, assessments, tire, and other hazard insurance prem~ums; tllll interest on thr note secured he~reLc; and (Il') am~~rt~zattan ~~f the prtnr~pal ot ~atd n.,te. :~m• def~cienc~• in the ar.iount of such a~regate monthly payment shall, unless made good by the mortgagor prior to the due date oE the neat such pa~-ment, constitute an event ot default under this mortgage. The mortgagee ma~• coltect a"late charge" not to exceed tw~o cents (2~) for each doUar (31) of each pa}•ment more than fifteert (1~) da~•s in arrears to couer the extra e~cpense im•ol~.ed in handling delinquent payments- S 3. That if the total of the pa~~ments made by the mortgagor under (f,J of paragraph 2 preceding shai! exceed ~ the amount of the payments actually made by the mortgagee, for ground rents, taxes and assessments and ir~ur- ance premiums.as the case may be. such excess at the option oi the mortgagee, shall be c:edited on subsequer.! prapments to be made by the mortgagor, or refunded to the mortgagor. If, however, the monthly payments made by the mortgagor unde~ (h) of paragraph 2 preceaing shall not be sufEicieni to pay ~ound 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 deEiciency, on or before the date when pay- ment of such ground rents, taxes, assessments, or insurance premiums shall be due. If at any time ttie mortga- 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 romputirg Ihe amount of such indebtedness, credit to the account of the mortgagor all payments made under the provisions o: (o) o[ pacagraph 2 hereot whichthe mortgagee has not become obligated to pay to the Secretary o[ Housing an:i Urban Development and any balance remaining in the funds accumulated under the provisions of (h) of said paragraph 2. If there shall be a default un- de_ any of the provisions of this mortgage. resultinR in a public sale of the premises covered hereby, or if the mortgagee acquires the property otherv+ise after default, the mortgagee shall appty, at the time oE the commence- ment ot such proceedings oc at the time the property is otherwise acquired, the balance then remaining in the funds accumulated under (b) oE paragraph 2 preceding as a credit against the amount of principal then remaining unpeid under said note and shall properly adjust any payments which shall have been made under (a) of said paragraph. • 5~ R+~ 194 ~i, ~ ~ y3 ~ - i c . - . . . - _ ;y - ~ - - :.a . : _ . ~ . . ~ _ . . _ . ~ ' . - ' '3r