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Home My WebLink About0095 said mo~tg;,gur dc>c~t fieceby (ully w~anant the t~tle to said land, and e~ery pact thereo[, and will defend the same .~gainsl the l~~v?[ul claims of all persons v~rhomsoe~•er. PROVIDED AI,N'AYS. and these pcesents a~e executed and deli~•ered upon the follo~~iag conditio~s, to wit: The ~ortgagor aarees to pa~~ the matgugee, ec ocder, the principal sum of EIGKl`EF.l~I THWS~IND FTVE FNNDRnD AND NO/100 poliacs (S 18, 500.00 a~ e~•idenced by a note of even date herewith, with intecest from dat~ at the :ate oi py~ per centum ( 7 pec annum ~m the unpaid balance until paid. The said principal and interest shall be payable at the o(fice of Si'OC~'011. Ml~TLSY. Dl1VIN i CGl~1P~1t1Y, 100 11~st BqY Str~et. Jecksonviila, lLoricl~ or at su.:h othec place as the holde~. o[ the note may desig~ate in writi~g, in monthly installments of ONS HUNDR~L ~ t 1WE@Tl'Y-TF~2EE AND 21/100 Dollars (S 123.21 commencing on the first da~~ of July . 19 7], , and on the first day ot each month thereafter untiltheprincipal and interest are Eull~~ paid. except that the final payment of principal and intec~st, if not sooner paid, shall be due ~ and payable on the first day of ~ne, 2001. ~ ~ And shali duly. promptly, and fully perform, discharge, execute. effect. complete, and comply with and ab~e by each and every the stipulations, ageeements, conditioeis, and covenants of said promissory note and of this mortgage, the~ this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as follows: l. That he will pay the indebtedness, as hereinbeEore provided: Privilege is reserved tu pay the debt in whole, or ~n an amount equal to one or more monthly p~yments on the principal that are nexE due on the note, on the first dar ot anp month prior ta maturitp: P.o~~ided, however, that written notice of an intention to exercise such privilege is given at least thirty (30) da~~s prio~ to prepayment; and. provided further, that in the event the debt is paid in [ull 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 (19b) of the original principal amount thereof. except that in no e~e~t shall the adjusted premium exceed the aggregate amount oE premium charges which would have been payable if the mortgage had contiaued 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 modgage insurance. 2_ That, in order more fully to protect the security of this mongage, the mortgagor, together with, and in addi- tion to, the monthl~• payments under the terms of the note secuced hereby, on the first day of each month until the sai~ note is full} paid, will pay ta the mortgagee the following sums: r~r; A:i amount su(ticient to provide the holder hereo[ with Eunds to pay the ne:t rnortgage insurance premium it this instru: ment andthe note secured hereb~ are ~nsured, or a monthty charge (in lieu of a mortgage insurance premium) if they are he(d bp the Secretary of Housi~g and Urban Development, as lollows: (11 !E and so lang as said ~ote of cven date and this iastrument are insured or are rcinsured uader the provisions ot the tiattonal iiousing Act. an amount suff~c~ent to accumulate in the hands ot the holder one (1) month prior to its due Sa!e the annual mortgage insurance premlum, ?n order to provide such holder with tunds to pay such premium to the Secretary o[ Housing and Urban Develop~:ent pursuant to the Nationai Housing Act, as amended, and applicable Regt:- lauons thereunder; or il!) I( and so long as said note of e~•rn date and this •nstrument are held by the Secr~tae}-ot Housing and Urban De~elop- ^ient, a monthly charge (~n iieu of a mortgage insurance premium) which snall be in an ~u:ount equal to one-tweltth (1 12) of one-half per centum ot the average outstanding balance due on the note computed without taking into accoyn! delinquenc~es or prepayments; J A sum equal to t!~e ground rents, i[ any. next due, plus the premiums that wit! nezt become due and payable oa polic;e~ of f~:e and other hazard insurance covering the mortgaged property, plus ta:es ~nd assesamer.ts next due on tne mort- gaged property- (all as estimated by the snortgagee) less all sums already paid tl~eretor divided by the number of months ~ ~ to elapse betore one month prior to the date awhen such ground ~ents, premiums, taxes, and assessments will become de- - i !tnquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taies, ~ndspecialassessments; and j r Ali payr.:ents mentio~ed in the two preceding subsections ot this paragraph and alt papments to be made under the note " secured herrby shall be added together and the ag~egate amounl thereo[ shail be paid by the mortgagor each month in a ~ s~ngir payment to be applied by the mortgagee to the [ollowing items in the order set forth: ~ (I) premiua: charges under the contract of insura~ce with the Secretary of Nousing and Urban Development, or monthly ~ charge (in lieu ot mortgage inswance premium), as ihe case m~r be; i (lI) ground rents, ta:es. ~ssessments, [ire, ac~ other hazard iasurance premiums; (ill) interest on the note secured hereby; and (1V1 amortizatien of the principal o[ said note_ Any deficiency in the ar~ount of such aggregate moathly payment shali, unless made good by the mortgagor prior to the due date of the neat such payment, constitute an event of default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2e) Eoc each dollar (S1) of each payment more than fifteen (15) da}•s ~n arrears to co~•er tt~e extra expense involved in handling delinquent payments. 3. That if the total of the peyments made bv the modgagor under (6) of peregraph 2 preceding shall exceed the amount of payments actually rr:ade by the mortgagee, for ground rent~, taxes and assessments and insurance prem~ums. as the case may be, such excess shall be credited by the mortgagee on subseq~!ent payments to be made by the mortgagor. If, however, the monthly payments made by the moctgagor under (b) of paragraph 2 pre- ceding shall not be sufficient to pey ground rents, taxes and assessm.~nts and insurance premiums, as the case ~ may be, when the same shall become due and payable, then the mortg:.gor shall pay to the rrortgagee any amount necessary to make up the deficiency,on or betore the date when payment of such ground rents, taxes,assessments, or insurance premiums shall be ~ue. lf at any time the nortgagor shall tender to the mortgagee in accordance with the pro~•isions of thesote secured hereby, full payment of the entire indebtedness represented thereby, the mort- gagee shali, in computing the amount af such indebtedness, ccedit to the account of the mortgagor all payments made under the pro~ isions of /a1 of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Housing and [:rban Deve:opment and any bala~ce remaining in the funds accumulated under the pro~•isions of (~1 oE said paragraPh 2. lf there shall be a defautt under any cf the previsio~s of this mortgage, re- sulting in a public sale of tne premises covered ~ereby, or if the mortgagee acyuires the property otherwise after def~ult, the mortgagee shall apply, at the time of tbe commencement of such pro:.eEdings or at the time the prop- erty is otherwise acquired, ihe batance then remaining in the funds accumutated undei (b~ of paragraph 2 preceding t a~ a credit against the amount of principal then remaining unpaid under said note and shaU properlyadjust any ~ payments which shall have been made under (a) oE said paragraph. - ; 4. That he will pay all taxes, assessments, water rates, and other governmental or municipai charges, Eines, or im~sitions, for which provisioe has not been made hereinF,e:ae, and in default thereof the mortgagee may pay ; the same; and that he will promptly delivet the o[fir.isl receipts the~eEur to the mortgagee. ~ eooK~93 . 95 - - -