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HomeMy WebLinkAbout2802 said mo~tgagoc daes he~eby fully warrant the title to said land, and every p:?rt thereot, and will defend the same against the lawful claims of alt pe~sons whomsoe~~er. PROVIU~D ALN'AYS, and these pcesents are executed and delivered upon the following conditions, to wit: The mo~tgagor agrees to pay the mortgagee. or ocder, the principal ~um of SEVENTEEN THOUSAND FIVE tIUNDRED FIFTY and 00~100•-•--------•-------------------•--•----•---------------- Dollars (S 17 ~ 550.00 as evidenced by a note ot even date herewith. with interest [rom date at the rate of 8~~ per ce~tum ( T 96) pe~ annum o~ the unpaid balance until peid. The said pri~cipal and interest shall be payable at the o(fice oE S'TOCiQ'Ql• MN11Tt8Y• DAVIN i Ct~S?ANY. 100 ~rl~st Bay Street. Jacksonville. F'LYida or at such other place as the holder of the note may designate in writing, in monthly instalime~ts ot ONE HU:VDRED SIXTEEN and 38~100--------------•------- Dollars (S 116.88 coma~e~cing on the first day of September . 19 71 , and on the first day of each month the~eafter uMiltheprincipal and interest are [ully paid, except that the final paymenl of principal and interest, if r?ot soonec paid, shall be due and payable on the first day oE August~ 2001. . . And shall duly, promptly, and Eully 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, then this mortgage and the estate he~eby created shall cease and be null and vo;d. And the mortgagor further covenants as [ollows: 1- That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole. or in an amount equal to one or more monthly payments on the principal that are next due on the note. on the first day of any month prior to maturity: /'ro~•id.•d, however, that written notice of an intention to execcise such privilege is given at least thirty (30) da~~s prior to prepayment; and, provided [urti~e~, that in the event the debt is paid in full prio~ to maturity and at that time it is insured unde~ the provisions of the National Housing Act, he v?ill pay to the mortgagee an adjusted premium chacge of one per centum (1 0) of the original principel amount thereof, except that in no event shaU the adjusted premium exceed the aggregate amount of premium charges which would 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 account of mortgage insurance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with, and in addi- tion to, the monthlp payments under the terms of the note secured hereby, on the first day of each month untii the said note is Eully paid, will pay to the mortgagee the foltowing sums: r~il An amuunt su[ficient to provide the holder hereof with [unds to pay the next mortgage insurance premium i( this instru- j ment and the note se~ure~ hereby are lnsured, or a monthly charge (~n lieu ot a mortgage insurance premium) i( they are held by the Secretary ot Nousing and Urban Development, as tollows: i (i/ I( and so long as sa~d note o( eve~ date and this instrument are insured or are reinsured under the provisions ot the ? ~Iationai liousing Act, an amount sufficieot to accumulate in the hands of the holder one (1) month prior to its due date the annua( mortgage insurrnce prem~um, in onlrr lu pruvide such i~older with (unds to pay such ptemium ta~ the , Secretary o[ Housing and Urban Development pursuant to the National Housing Act. as amended, and applicable Regu- lat~ons thereunder; or (lI) I[ and so long as said note ut ea•en date and this instrument are held by the Secretary o[ Housing and Urban Develop- mrnt, a monihly charge (in t~eu of a mortgage ~nsurance premium) which shall be in an amount equal tu one-twel(th (1 ' 12) of one-half ('i) per ce~tum o( the average outstanding balance due on the aote computed v~ithout taking into I accouni delinquenc~es or ptepayments; A sum equal to the ground rents, t( any. next due, plus the pre:r.iums that witl next Decar.:e due and payable en poticies i ut firr and other hazard ~nsurance covertng the mortgaged property, plus ta=es and assessments nezt due on the mort- ~ gaged property (alt as est~mated by the mortgagee) less all sums already paid there(or divided by the number uf months ~ to eiapsr brt~rr uue month prior ta ihe date when s~ch ground rents, gremiums, taxes. and assessments wiU become de- i i~nquent, such sums to be held by mortgagee in trust to pap said ground rents, p~emiums, ta:es, and special assessments; E and ~ Al! pa~ments mentioned tn the two preced~ng subsections o( th~s paragraph and all payments to be made under the note ( secured herrb~ shatl be added together and the aggregate amounl thereof shall be paid by thr mortgagur each month m a ~ single payment to be applied b~ the mortgagee to the following items in the order set torth: ~ (I) prem~um charges under the coMract of ?nsurance with the Secretary of Nousing and Urban Development, or monthly ~ charge (in lieu of mortgage insurance premium), as the case may be; (II) grnund rents, taxes, assessmrnts, fire, and other hazard insurance premiums; (Ili) interest on the note secured hereby; and (IV) amurt~zation o( the princ~pal o( sa~d no1e. Anp deficiency in the arnount of such aggregate monthly payment shall, unless made good by the mortgagor ~ prior tu the due date of the neat such payment, constitute an event of default under this mortgage. The mortgagee < may coilect a"late charge" not to exceed two cents (2~) for each dollar (S1) oE each payment more than fifteen (15) days in arrears to cover the extra expense im•olved in handling delinquent payments. ~ 3. That if the tatal of the payments 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 assessrnents and insur- ~ ance prem~uc~~,as the case may be, such excess at the option of the mortgagee. shall he credited on subsequent ~ payments to be made by the mortgagor, or refunded to the matgagor. If, hawever, the monthly payme~rts made hy z the mortgagor under (6) of paragraph 2 preceding shall not oe sufficient to pay gFound 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 ihe deficiency, on or befxe the date when pay- ~ ment d such g~ound rents, taxes, assessments, or insurance premiu~ shall be due. IE at any time the matga- gor shall tender to the mortgagee in accordance with the provisions of the note secured hereby, tull payment ot the ~ entire indebtedness represented thereby, the mortgagee shall, in computirg the amount of such indebtedness, ~ $ credit to the account of the mortgagor aU payments made under the pcovisio~s of (o) of paragraph 2 hereof whichthe ~ mortgagee has not become obligated to pey to the Secretary o( Housing and Urban Development and any balance ~ remaining in the funds accumulated under the provisions of (6) oE said paragraph 2. If there shall be a default un- ~ der any of the provisions of this mortgage, resuitinR in a public sale of the premises covered heceby. or if ihe ~ mortgagee acquires the propecty otherwise after de[ault, the mortgagee shali apply, at the time of the commence- ~ ment o[ such proceedings or at the time the property is otherwise acquired, the balance then remaining in the funds ~ accumulated under /G) of paragraph 2 pceceding as a credit against the amount ot principal then remaining unpaid under said note and shall ptoperly adjust any payments which shall have been made under (aJ of said paragraph. ~ ~ ~ ' R .19~ ~0 ~~i~~ . ~ b00+~ 4. ~ - _ .