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s~~id mortg:+gor docs hereby fulty warra~t 1he title to said land, and r~•e~y part the~eof, and will detend the sdme
uKainst the laKful claims of all pcrsons whamsoPVer.
PROVIOED AL1A'AYS, and these presents are executed and delivered upon Ihe fullowing conditions, to wit:
The mortgagor ag~ees to pay the martgagee, or ordcr, the principal sum of SEVENTEBN THaSAND '11r10
HUNDREO FIFT1f and 00~100~•-----•••--•-•-•----------•--•--------•--------------•-- '
Dollacs (S 17 ~ 250.00 as evidenced by a note of e~~en date he~ewith, with interest fcom date at the
rate oi pe~ centum ( ? 9:) per annum on the unpaid balance
untit paid. The~a~
d p~incipal and interest shall be payable at the office of
~~~~s~MH~7~Y, W11t~1 i C~i~lff, 10~ 1Nst Bay Stx~at. Jacksaa~ri21~. ~'l+~rcida
or at such ether place as the holder of the nute may desig~ate in writing, i~ monthly installments of QNg ~[~gp `
FOURTEBN and 89~100•---••••------•---•-----Dollars (S 114.89 comrt,e~cing on ~
the first day of September . 19 71 . a~~ on the Eirst day of each month thereafter untiltheprincipal ;
and interest are fully paid. except that the tinal payment ot p~incipal and interest, if not sooner paid. shall be due
and payable on the tirst day oE August~ 2001 : '
And shall duly, promptly, and fully perform, discharge, execute, ef[ect, complete, and comply with and abide
by each and every the siipulations, agreements, conditio~s, and covenants of said promissory note and of this
mortgage, then this mortgage and the estate hereby created shall cease and be null and void.
And the mortga•pw turther covenants as follows:
1• That he will pay the inde~tedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole.
or ~n an amount equal to one o~ moce monthly payments on the principal that are next due on the note, on the first
da~~ of any month prior to maturity: Pr.~~•~d~~d, however, that writte~ notice of an intention to exe~cise such privilege
is gi~•en at least thirtp (30) da~~s prior to prepayment; and, provided further, that in the event the debt is p~+id in
full prior to maturity and at that time it is insured under the provisions of the National Housing Act, he will pay to
the mortgagee an adjusted premium charge ot one pec certtum (1 b) of the original principal amount thereof, except
that in no e~•ent shall the adjusted premium exceed the aggregate amount o[ premium charges which woutd have
been payable if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- i
gagee upon its obligation to the Secretary o[ Nousi~g and Urban Development on account of mortgage insurance.
2_ That, in order more Eully to protect the securit~~ of this mortgage, the mo~tgagor, together with, and in addi-
tion to, the monthiy 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 following sums: ;
An amount sufficient to proc•~de the holder 6ereo( with funds to pay the nezt mortgage insurance premium i( this instru- j
ment aad the note secured hereby are tnsured, or a moothly charge (~n lieu ot a morlgage insurance premium) it they are
held b~• the Secretary of I~ousi~g and Urban Development, as (oltovrs:
(I1 It and so long as said note o( ea•en date a~d this instrumenl are insured o~ are reinsured under the provisions ot the
\ational HoustnR Act, an amuunt suft~c~enl to accumulate in the hands of the holder one (1) month prior !o its due
date the anaual mortgage insurance premium. ~n order to pro~?de such holder with [unds to pay suchpremium to the
Secretary o( Ilous~n~ and Urban De~elopment pursuar.t to the National Flousing Act, as amended, and appli--able Regu-
lat~uns thereunder; or
~IU If and so l.~ng as sai~ nute of eve~ datr and this instrument ~re held by the Secretary of Housing and Urban Develop-
r.ient, a monihl~• charge (in lieu of a mortgage i~surance prem~um) wh~~h shall be ~n an amount equal to one-twelfth
(1 1?1 0( one-hal( per centum o( the average uutstandtng balance due on the note computed without taking into
arcount deltnquencies o~ prepayments;
A~um equal to the gromd rents, if an~. next due, plus the premiums that vc~tl next become due and payable on policies
uf [~re and other hazard insurance cover~ng the mortgaged property. plus taxes and assessments next due on the mort- ;
gaged propert~• (all as estimated b~~ the mortgageel less all su~s already paid there[or divided b} the number of months !
to etapse before one month prior to ihe da:e when such ground rents, premiums, taxes, and assessments will become de-
I~nqurnt, such sur.~s to be held b~• mortgagee in trust to pap said ground rents. premiums, tasrs, and specia! assessrsents,
f and
~ ~ 1 A(1 payments mentioned ~n ihe tuo preced~ng subsechons ot this paragraph and ail payments to be made under the note
~ secured herrby shall be added together and the aggreqate amount thereof shall be paid by the mortgagor each month ~n a
j s~ngle payment to be applied by the mortgagec to the tollow~ng items in the order set (orth:
( (I) premwm rharges u~der the contract of insu~+nce with the Secretar~ o( Housing and Utban Development, or monthly
€ charge (in l~eu o( morigage insurance premium), as the case may be;
~ illl ground rents, tazes, assessments, tire, and othe? hazard insurance premiums;
~ (llll ~nterest on the notr secured hrreb~•; and }
(1\') atr:,:rt~zaticn of the pri~cipat o[ sa:d note.
Any deEiciency~ ~n the arncunt ot such ag~regate monthly payment shall, unless made good by the moc.gagor
prior to the due date of the next such pa~~ment, constitute an event of default under this mortgage. The mortgagee
ma~~ collect a"late charge" not to exceed two cents (2~) for each dollar (S1) of each payment more :han fifteen
tl~l da~-s in arrears to co~•er the extra expense im~ot~~ed in handling delinquent payments.
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3. That if the tdal ot the payments made by the mortgagor under (6) of paragraph 2 preceding shall exceed
9 the amount of the payments actually made by t1w moctgagee. for ground rents. taxes and assessments and insur-
~ ance premiums.as the case may be, such excess at the option of the mortgagee~ shail be credited on subsequent
pa~•ments to be made by the mortgagor, or refunded to the mortgagor. (f, however, the monthly payments made by
~
the mortgagor under (6) of paragraph 2 preceding shall not be su(Eicient to pay gRound rents. taxes and assess-
" ments a~ insu:ance pcemiwns, as the case may be, when the same shall becane 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 pay•
k ment af such ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the mo~tga-
~ gor shall tender to the mortgagee in accordance with the provisions of tne note secured hrrrLy, iull payment of the
~ entire ind~btedaess represented thereby, the mortgagee shall, in computirg Ihe amouni of such indebtedness, ~
~ credit to the account of the mortgagor all payroents made under the provisioas of (a) of paragraph 2 hereot whichthe
r mortgagee has not become obligated to pey to the Secretary of Housing and Urban Development and any balance
~ remaining in the funds accumulated under the provisions of (6) of said parag~aph 2. I( there shall be a default un• ;
~ der any d the pravisions ot this mortgage, resultinR in a public sale of the premises covered hereby, oc if the ~
~ mortgagee acqaires the property otherwise after default. the mottgagee shall apply, at the time of the commence- ~
" ment of such proceedings or at the time the propecty is otherwise acquired, the balance then remaining in the fu~s i
accumulated under (6) of paragtaph 2 preceding as a credit against the amount of principal then remaining unpaid i
under said note and shall properly adj~st an; payments which shall have been made under !a) of said paragraph. ~
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