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Home My WebLink About2904 . ~r ~ . • s~id mortg;~go~ dces hereby (utly wa~ra~t the titte to said ia~d, aad eve~y part thereot, and will defend the same :+gain~t the faw[ui claims of atl ptrsons whomscevet. PROVIDED AL1A'AYS, and these pcesents are executed and delivered upon the following cooditions. to wit: The mo~tgagor agcees to pay the moctgagee, o~ order, the p~incipal sum oE NINETEEN THOUSAND FaTR ?1V~a~GY aad OO~l00~r~~~~~.~~~~~~.~~~..~~~~~~~~~~~~.~~~~~~~~~~~~~~~~r~~~~~~~~~~~~r~~~~~~ ~ Dollars (S 19, k40.00 as evidenced by a note of even date hecewith, with interest froui date at the ; ~ rate of ~n per centum ( 7 96) per annum on the u~paid balance until paid. The said principal and interest shalt be payable at the o[fice of SPOC~O~t. MH~ITS~c. W?v~t i COl~AiiY, l0A lhst Bay Stxset, Jacksoav~ lle. ~7~rida w at such other place as the holder af the note may designate in writing. in mo~thly i~stallments of ON$ HUNpp.ED : TidENTY•NINE and 20~100~--~-----------------Dollars (5129.20 coma~encing on ~ the first day of September . 1971 . and on ti?e first day of each month thereafter untiltheprincipal and interest are Eully paid, except that the final payment of principal and interest. if not sooner paid. shal[ be due and payable on the first day of Atlgust~ 2001 ; ; And shall duly, promptly, and fully perform, disc6arge, execute, effect, complete, and comply with and abide by each and every the stiputations, agreements, conditions, and covenants of said pranissory note and of ihis - mo~tgage, then this mortgage and the estate hereby created shall cease and be ~ul) and void. i And ihe mortgagor further covenants as follows: i 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole. ~ or ~n an amount equai to one or more monthly payments oe the principal that are next due on the note. on the first da~• uf any month pcior to maturity: P.o~~id~d, however, that written notice of an i~tention to exercise such privilege + is gi~~en at teast thirty (30) days prior to prepayment; and, provided furiher, that in the event the debt is paid 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 of one per centum (19G) of the original prirtcipal amount thereof. except ; that in no event shall the adjusted premium exceed the aggregate amount of premium charges which wouid have ~ bee~ 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 Urbar. Development on account of modgage insurance. ~ 2. That, in order more ful~ly to protect the security of this mortgage. the mortgagor, together with. and in addi- tion to, the monthly payments under the tetms 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: ~ ~~r) An amount sufficient to proviQe the holder hereof aith [unds to pay the nezt morlgage insurance preraium it this instru- ~ - ment and the note secured hereby are insured, or a monthly charge (in lieu ot a mortgage iosurance premium) if they are held by the Secretary of Housing and Urban Development, as [ollows; ~ (I) If and ~o tong as said note of even date and this inst~ument are insured or are reinsured uader the provisions ot the Natio~al Housing Act, an amount su([icient to accumulate in the hands of the holder one (1) mo~th prior to its due ~ date ihe annua! mortgage insurance premium, in order to provide such holder with funds to pay suc6 premium to the ~ Secretary oi Housing and Urban Deretopment pursuant to the National Housing Act, aa amended, and applicable Regu- - lations thereunder, or liI) It and so long as said note o( even date and this instrument are held by the Secretary o[ Housing and Urban Develop- f ment, a month:y charge (in lieu of a mortgage insurance premiuro) which shali be in an amount equal to one-twelflh ~ (1 12) of onr-hatf (1.4) per centum of the average outs!anding baiance due on the note computed without taking into ~ account delinquencies or prepayments; %h/ A sum equat to the grourtd rents, it any, nez! due, p2us the premiums that will nezt become due and payable on poiicies t of Gre and other hazard insurance covering the mortgaged property, plus ta:es and assessme~ts next due on the mort- , gaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number ot months f to elapse betore one monlh prior to the date when such ground reets, premiums, tazes, and assessments will becorae de- linquent, such sums to be held by mortgagee in tnist to pay said ground rents, preniums, taxes, endspecialassessmmts; and ; '•-I Aii payments mentioned in ihe two preceding subsections of this paragraph and all payments to be made under the note secured herehp shal! be added togethe~ and the aggcegate emount thereof shall be paid by the mortgagor each month in a a single payment to be applied by the mortgagee to the foliowing items in the order set [orth: i (ij prem~um chargts under the contract of insutance with the Secretary o( Housing aad Urban Development, or monthly ~ cherge (in lieu o[ mortgage insutance prera~um), as the case may be• F (Ih ground rents, taxes, assessments, Cre, and other hazard insurance premfums; i (Ill) interesl on the note secured hereby; and j (IV) amurtization ot the principal of said note_ Any deficiencs in the arnount of such aggreg~te monthly payment shall, unless made good by the mortgagor ~ prior to the due date oE the next such payment, corrst" te an event oE de[auit i~nder this mo~tgage. The mortgagee ~ may collect a"late charge" not to exceed two cents (2~ Eor each dollar (S1) of each payment more than Eifteen (15) days in arrears to cover the extra expense involved in handling delinquent pay;nents. ' 3. That if the total of the payments made by the mortgagor under (b) of Paragraph 2 preceding shall exceed the amouM of the payments actir<'.,y made by the mortgagee, for ground rents. taxes a~d assessments and iasur• ance premiums.as the case may be, such excess at the option of !he mortgagee. sl~all be credited on subsequent payments to be made by the mortgagor, at refunded to the mortgagor. If, however. the monthly payme~s made by the mortgagor under (6) of paragraph 2 preceding shall not be sufficient to pay ground rents~ ta:es and assess- ments ar~d iasurance premiums, as the case may be, when the same shall becomedue and payable. then the mort- ~agor shalt pey to the mortgagee any am~uM necessary to make up the deficie~cy, on or before the date when pey- ment of such ground rents, taxes, assessments. or insurance premiums shall be due. If at any time the matga- gt,r shal) tender to the matgagee in accordance witi~ the provisions of the note secured hereby, full peyment of the entire irdebtedness represented ti~ereby, the mortgagee shall, in computirg the amount of such indebtedness, ~ credit to the account of the mortgagor all peyments made under the pcovisions oE (o) of paragraph 2 hereoE whi~hthe t mortgagee has aot become obligated to pey to the Secretary of Housing and Urban Development end any balance rema~ning in the Eunds accumulated under lhe provisions of (6) of said paragraph 2. If there shall be a default un• der any o( the prwisions oE this mortgage, resultinR in a public sale of the premises covered hereby, or i[ the ; mortgagee acquires the p~operty othe~rise a(ter defaull, the mortgagee shall aPply, at the time of the commence- ~ ment o( such pcaceedings or at the iime the property is otherwise acquired. the belance then remaining in the turds t accumulated under (b) of peregraph 2 preceding as a credii against the amount of principal then remaining unpaid ~ ; under said note ar~d shal! properly adjust ar~~ payments which shall have been made under (a) of said paragraph. ~ ~ ~ ~ ~