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Home My WebLink About2899 said mo~tgagor does hereby fully wa~rant the title to said land, and c~~ery pu~t the~eot, and will defend the same :~gainsl the lawful rlaims of all pe~sons whomscevec. - PROVIDED AL1A'AYS. and these pcesents a~e executed and delivered upor~ the tollowing conditions. to wit: The mortgagor ag~ees to pey the mortgagee, or order, the principal sum o( SBVENTEEN THOUSAND FIVE HUNDRED and FIFTY and 00~100•--~----••------•---_••----------••--•----------•--•- Dollacs (S 17 ~ 550.00 as evidenced by a note ot even dete herewith, with interest from date at the ~ate oE ~y~ per centum ( 7 ~G) per annum on the unpaid dalance until paid. The said p~incipal and i~terest shall be payable at the of[ice of 8'POCxZ~CN. MiD?Tii~Y ~ ~AV2~l i CtNi11Nlf, 10~ N~st Bay St~c~st. Jacksoavilla. lLri~a o~ at such other place as the holder o[ the note may designate in w~iting. in monthly installments of ONE NUNDRED SLXTEEN and 88~100--•---------------••--- Dollars (s116.88 comme~cing on the first day ot September , 19 71,~and on the tirst day of each month theceafter untilthep~incipal and intecest ace [ully paid. except that the final payment of principal and interest. if not sooner paid, shall be due and payable oa the first day of Atlgust~ 2001. ; And shall duly. promptly. and fully perto~m, discharge, execute. effect. complete. and comply with and abide by each a~d every the stipulations, ag~eements, conditions. and covenants of said promissory note and oE this mortgage. then this mortgege and the estate heceby created shall cease and be null and void. And the matgagoc further covenants as follows: 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 payments on the principal that ace next due on the note, on the first day of any month prior to maturity: P.o~•id~•d, howeve~, that written notice of an intention to exercise such privilege is given at least thirty (30) days prio~ to pcepayment; and. provided fudher, that in the event the debt is Qaid in Eull prior to maturity ~nd at that time it is insured unde~ the provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (196) of the original principel amount thereof, except that in ao e~~ent shall 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 accoun: of modgage insurance. 2_ That, in order more fully to protect the security of this mortgage. the moctgagor. together with. and in addi- tion to, the monthly payments undec the terms of the note secured hereby, on the first day of each month until the said note is fully ptid, will pay to the mortgagee the following sums: {vl An amount suff~cient to provide the holder hereo( with tunds to pay the next mortgage insurance premium if this instru- ment and the note secured hereby are i~sured, or a monthly charge (in lieu o[ a mortgage insurance premium) if they are held by the Secretary of Housing and Urban Development, as foUows: (I) It and so long as said note of even date and this instrument ~re insured or are reinsured under the nrovisions of the \ational Housing Act, an amount su[[icient to accumutate in the hands ot the holder one (1) month prior to its due date the annual mortgage insurance prem~um, in order to pror•ide such holder with [unds to pay suchpremium to the Secretary of Housin~ and Urban De~elopmcnt pursuant to the National Hous~ng Act, as amended, and applicable Regu- , lations thereunder; or (11) I[ and so long as said note ot even date and this instrument are held by the Secretary o[ fiousing and Urban Develop- ment, a munthiy cAarge (in I~eu of a mortgage insurance premium) which shall be in an amou~t equal to one-twelfth {1 121 of one-halt per cent~m ot the average uutstanding batance due on the note computed wnthout taking into account delinquenc~es or prepayments; ~f•; A sum equal to the ground rents, i[ any, next due, plus the premiums that wili ne:t become due and payable on policies o( f~re and other hazard insurance covering the mottgaged propertr, plus ta:es and assessments nest due on the mort- 'I gaged propen~ (ai! as estimated by the mortgagee) less all sums nlready paid therefor di~•ided by the number of months to elapse betore one month prior to the date when such ground rents, premiums, ta:es, and assessments will become de- ~ I~nquent, such sums to be held by mortgagee i~ trust to pay said ground re~ts, prem~ums, ta:es, and special assessments; ~ ~nd i Afl pa~~ments mentionrd ~n the two preced~ng subsecUons of th~s paragraph and atl payments to be mode under the note ! secured hereby shall be added together and the aggregate amount thereot shall be paid by the mortgagor tach monlh in a ~ single payment to be applied by the mortgagee to the (ollowi~ng items in the order set (orth: ~ (I) premium charges under the contract of insurance with the Secretary ot Housine and Urban Devetopment, or monthly ~ charge (~n lieu of mortgage insurance premium), as the case may be; s ~ (II) ground rents, ta:es, assessments, fire, and olher hazard insurance prcmiums; ! ~ (III) inlerest on the note secured hereby; and (IV) ~mortizat~on ot the principa! o[ satd note. ~ Any deficiency in the amount of such ap,gregate monthly payment shall, unless made good by the mortgagor [ prior to the due date of the next such payrt+~ nt, constitute an event d defeult under this mortgage. The mortgagee ~ may collect a"late charge" not to exc•K~d two cents (2t) tor each dollar (S1) o( each payment mae than fifteen { (15) days in arrears to cover the extra expense involved in handling delinquent payments. ~ ~ 3. That if the tdal of the payme?~ts made by tne mortgagot u~er (6J of paregraph 2 preceding shall exceed ~ the amount of the P-ayments actually made by the mottgagee, foc ground rents, taxes and assessments and it~ur• ~ ance prem~ums,as the case may be, such excess at the option of the mortgagee, shall be credited on subsequent peyments to be made by the moctgagor, or re(unded to the mortgagor. If, howeve~, the monthly payments made by r the mortgagor under (6) of paragraph 2 preceding shall nd be sutficient to pey gFoand rents, taxes and assess- ments and ir~surance premiums, as the case may be, when the same shall become due and payabie, then the mort- ; ~ g,agar shall pey to the mortgagee any amaunt necessary to make up the deficiency~ on or brfae ihe date vrhen pey- ~ ~ ment d such gound rents, taxes, assessments, or insurance premiums aheli be due. If at any time the matga- ~ 5 gor shall tender to the matgegee in accordance with the provisions of the note secured hereby. full peyment of the ~ ~ entire irdebtedness cepresented tliereby, the mortgagee slwll. in computirg Ihe amount oE such indebtedness, ~ ~ cred~t to the account d the mortgagor all peymenta made under the pcovisioas ot (u) oE para~raph 2 hereof whichthe ~ mortgagee has not become abtigated to poy to the Secretacy o( Nousing end Ucban Development and any balHnce ; ~ remaining in the Funds accumulated under the povisions of (6) ot said peragraph 2. If there shall be a de(eult un- ~ ~ .ier any d the prwisions o[ this mc~rtgage, cesultinR in a pubiic sale d the premises coveced hereby, or ~f the - ~ e~ortgagee acquirea the property otherwise after de(oult, the m~rtgogee st~eU epply, at the time ot the commence- ~ ment d such ptocetdings or at the I~mr the p~operty is othrrw~se erquued, Ihe balance then remeining in the [urds ; ~ xcumu{ated under ~ peragr~ph 2 prereding as o credit age~nst the aawunt ot principel then rem~ining unpY~d ~ ~ under s~id nde end sFwll properly s.djuat any p~yments which shall Iwve been mudc under ~ul o( sa~d p~ragraph, ~ ~ b ~ . f ~ ~ ' s~~194 2~97 ; ~ ~