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HomeMy WebLinkAbout2646 . • ~ . ' said mortgagot does hereby tully wa~rant the titte to said land, and every pad theceoE. end wiU deEend the same against the lawful claims of all pcrsons whomsceve~. , • PROVIDED AI.WAYS, and these presents are executed and delive~ed upon the [oltowing cor~ditio~s. to wit: The mortgagor ag~ees to pay the mortgagee. or order. the principal sum oE EIGHTEEN THOlISA23D NINE iiUNDRED and 00~100•-------••--------------------------------------------------- Dolte~s (S 18,900•00 as evidenced by a note of even date hecewith. with interest f~om date at the ! rete of ~v~1 per centum ( 7 9G) per annum on the unpaid balance until peid. The.~aid principal and interest shall be payeble at the office oi ~1'OC~'~i, ~t~1TI8Y • DAVIN i CCMpAtiY. 10~A T~st Bay StrNt. Jacksoaville. ~l~cida or at such other place as the holder of the note may designate in writing. in monthly i~stallments of ONE HUNDRED TWENTY-FIVE snd 87~100--•--------------•~llars (S 125.87 com~aencing on ~ the first day of September . 1~ 1. e~ ~ the Eirst day of each month thereafter until the pri~cipal ~ and interest are fully paid, except that the Einal payment of principal and interest. iE not sooner paid. shall be due and payable o~ the first day of ~gust~ 2001 % And shall duly. pranptly. a~d fully perform, discharge, execute. effect. complete. and comply with and abide by each and every the stipulations. agreements, conditions. and covenants of said promissory note and of this mortgage, the~ this mortgage a~ the estate hereby cceated shall cease and be nuli and void. And the matgagor further covena~ts as follows: 1. That he will pay the indebtedness, as here'snbefoce provided. Privilege is reserved to pay the debt in whole. or in an arnount equal to o~e or moce monthly payments on the principal that are next due on the note. on the Eirst day of any month prior to maturity: Pro~~ided, however. that written notice of an intention to exercise such privilege ; is given at least thirty (30) days prior to prepayment; and. pcovided further. that in the event the debt is paid in ~ full prior to maturity and at that time it is i~sured under the provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one pec centum (19G) of the original priacipel amount thereof. except that in no event shall the adjusted premium exceed the agg~egate amount oE premium charges which wouid have been payable if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on eccount of modgage insura~ce. 2. That, in order more fully to protect the security of this mat~ege. the moctgagor, together with, and in addi- tion to, the moathiy payments under the terms of the note secuced hereby. on the first day of each month until the - said note is fully paid, will pay to the mortgagee the following sums: ' (a) An amount sufficient to proride the Aolder heteof sith funds to par the tiest mortgage insurapce premium if this tnstru- mrnt and the note secured hereby are insured, or a monthly charge (in lieu o[ a mortgage insurance premium) if they are held by the Secretary o[ Housing and Urban Development, as toilows: (I) I( and so long as said note ot even date and this i~strument are insured or are reinsured mder the provisions ot the National Housing Act. an amount sufticient to accumutate in the hands o( ihe holder one (1) month prior to its due date the annual mortgage insurance premium, in order to prov~de such doider with tunds to pay such premium to the Secretary o( Housing and Urban Development pursuant to the Plationat Housing Act, as amended, and applicable Regu- lations thereunder; or (ll) If aad so long as said note of even date and this instrument rre held by the Secretary o( Housing and Urban Develop- ment, a monthly charge (i~ lieu of a mostgage insurance prem~um) ahich sha:l be in an amoant equat to one-tweltth (1 ' 12) o( one-hal[ (~5) per centum of the average outstanding balar.ce due on the note computed without taking into accouat delinquencies or prepayments; l1,1 A sum equal to the ground rents, it •nr, ne:t due, plus the premiums that wiil ne:t become due and payabte on policies ~ of fire and other hazard insuraace covering the mortgaged property, pius taxes and assessments ne:t due on the mort- I~I gaged property (aU as estimated by the mortgagee) tess ali sums already paid therefor di~ided by lhe number o[ months to elapse be[ore one month prior to the date when such ground rents, premiums, ta:es, and assessments will become de- ~ linquent, such sums to be held by mortgagee in trust tc+ pay said ground rents, prcmiums, tozes, •nd special assessmrnts; and ~ I !cl Atl payments mmtioned in the two preceding subsections o[ this paragraph and all payments to be made under the note ~ ~ secured hereby shall be added together and the aggregate emount thereot shali be paid by the mortgagor each month in a single paymeat to be applied by the mortgagee to the (otlow~ng items in the order set (orth: (I) premium charges uoder tl~e contract of insura~ce w~th lhe Secretary ot Housin; and l?rban Development, or monthly charge (in lieu ot mortgage insurance premium), •s the case map be; (ll) gromd rents, tazes, assessmeats, [irc, and other hazard insurance prea?iums; (III) ~ntereet on the note secured hereby; and (IV) amortuat~on ot the principal o( satd note_ An~• de(iciency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such payment, constitute an event oE default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2`) foc each dollar _(S1) of each pa~•ment more than fifteen ~ (15) days in arrears to cover the e~dra expense involved in handling delinquent payments_ ; 3. That if the tdal d the payments made by tl~e mortgagor ander (b) of P-aragraph 2 preceding shall exceed the amount ot the p~ymeats actoally made by the mwtgagee, for gROUnd rents, taxes a~d assessments and irLSUr- ance premiums.as the case may be, such excc-ss at the option oE the mortgagee. shall be credited on subsequent peyments to be made by the rtwctgagor, or refunded to the matgagor. If, however, the monthly paymer~s made by : the mortg,agor under (6J uf peragraph 2 preceding shall not be sufficient to Pay ground rents. taxes and assess- : ments and insnrance pcemiums, as the case may be, when the same shall become due and payable, then the mort- ± a shaU to the mort a ee an amount necessar to make u the deficienc . on or befoce the date when P Ba8 PeY B B Y Y P Y PeY- i ment d such g~ound rents, taxes, assessments, or insarance premiums shall be due. If at any time the matga- ~ gor sheil 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 computirg the amount of such irdebtedness, ; ccedit to the accouM of the uwrtgagor all payments made under the pcovisions of (a) of para6raph 2 hereof whichthe mo~tgagee has not become obligated to pay to the Secretary of Housing and Urban Deveiop~~ient and any balance remaining in tae funds accumulated ander the provisions of (b) of said paragreph 2. If there shall be a default un- der any d the pravisions of this mortgage, resultinR in a public sale of the premises covered hereby, or i[ the moctgagee acquires the pcoperty otherwise after default, the mortgagee shall apply, at the time of the commence- ment oE such pcoceedings or at the time the property is otherwise acquired, the balance then remaining in the funds eccumulated under (6) of peragraph 2 preceding as a credit against the amouM of principal then remaining unpaid ; under said note and stsall prc~perly adjust aay payments which shall have bean made under (a) of said pacagraph. ! . ~ , ~ a4~K 194 2545 - ~ ~ ~ ~ ~ ~ ~ _ ~ x, ~ _ ~ ~ _ ~ . . P4 . . ~ . .