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Home My WebLink About0108 a,~id r.~otigago~ cloes hereb~~ tull~• K•a«ant the title to said land, and ever~• pa~t thereot. aad will delend the seme :~gamst !he ~aw~ful claims of all pe~sons whomsoe~•e~. PROVIDFD 4Ltl'AY~, and these presrni~ a~e executed and delivered upon the follo~ing conditions, ta wit: The mactgagor agrees t~ pay the mortgagee, or orde~. the pcincipal sum of FIFTF~N THOUSAND SEI.'EN HUNDRED RND NO/100 Uollars (SI5,7a0.00 as evidenced b~ a note of even date herewith, with intecest fron~ date at the rate of ~y~ pec centum ( 7 0) per annum on the unpaid balance until paid. The said principal and interest shall be payable at the oftice ot Si'1'OCx'1'~I. kH~1TI~Y. DAVIN i C~iPJ1N~E, 100 M~st Hay Staceet. Jackso~ville. i~3+~rida ~ ur at such other place as the holder of the note may desig~ate in writing. in monthly installments of ONE iNNDRED FOUR AND 56 100 -..Dollacs (S 104.SE coma~encing on / the first day of July . 1971 , and on the first da~~ of each month thereafter untiltheprin~ipal and interest are fully paid. except that the final payment of principal and intecest, if not sooner paid, shalt be due ^ and pa~able on the first day of J~tne, 2001. And shail duly, promptly , and fully perform, discharge, execute, effect, camplete, and comply with and abide b~• each and e~•er~• the stipulations. agre~ments, cunditions, and co~enants o[ sa~d promiss. r: note and of this ~ mortgage, then this mortgage and the estate he~eby created shall cease and be null and void. ~ Aad the moctgagoE-further covenants as follows: ' 1. That he will pa~• the indebtedness, as hereinbefore provided. P~i~•?lege is reserved to pay the debt in whole, ' or in an amount equal to one or more monthly payments on the principa! that ere next due on the note, on the first 1 da~• of any month prior to maturity: Proe~:drd, howevet, that written notice of an intention to exercise such privilege ` is given at least thiity (30) days prior to prepayment; and, provided further, that i~ the event the debt is paid in tull prior to maturits• and at that time it is insured under the provisions ot the National Housing Act. he will pay to the mortgagee an adjusted premium charge of one per ce~tum (1%) of the original principal amount thereof, except that in no e~~ent shall the adjusted premium exceed the aggcegate amount of premium charges which would ha~e 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 ot Nousing and Urben Development on accou~t of mortgage insurance. 2. That, in order more fully to protect the security of this mortgage. the mortgaqor, together with. and in addi- tion to, the monthly payments under the terms ~.f the note secured hereby, on the first day of each month u~til the said note is fully paid, wili pay to ihe mortgagee the following sums: r:+l An amount sut[icient to ptovide We holder hereo[ ~rith funds io pay the next mortga~e insuraac~ premium It this instni- ment andthe note secured hereb~ are~insure~, or a m~nthlf charge (in t~eu o[ a mortgage insurance premiun) if they s~e hetd b~ the Secretary ot Housing and Urban Development, as lollows: . ' I[ and so long as said note of evcn dote and this insteument are insured or ~re reinsured under the provisio~s of the ! \ational Nousing Act, an amount sutficient to accumulate in the hands ot the holder one (1) month prior to its due ~ date ihe annual mortgage insurance prem~um, m order to prov~de such holder with [unds to pay suchpremium to the Secretary of Hous~ng and Urban Decelopment pursuant to the National Housing Act, as amended, and applicable Regu- lat~ons thereunder, or tli) I( and so long as said nute of eeen aate and tF.is insttument are held by the Secretary ot Housing and Urban Develop- nent, a monthly charge (~n lieu of a mortgage insurance premium) whicfi shall be in an amount equal to one-twelflh (i 121 0( one-half (~i) per centum ot the avetage outstanding balartce due o~ the note computed without talcing into , account dEltnquenc~es or prepayments; i ~ A sum equat to the ground rents, if ~ny, next due, plus the premiums that will next become due and payable on policies of h:e and cther hazard insu~ance covenng the mortgaged property, plus taxes and ~ssessments ne:t due on the mort- ~ ' gaged propert~~ (alt as estimated by the mortgagee) less all sums already paid there[or di~ided by the aumber of months ' ~ to elapse be(ore one month prior to ihe date when such ground rents, premwms, taYes, and assessments wi11 become de- linquent. such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assessmcnts; i and , - / Atl payn~ents mentioned ~n the two pr~ced~ng subsections ot this paragraph and ail payments to be made under the note ~ ~ecured herrb~ shal! be added tcgeti?er and the aggregate amount thereo[ shall be paid by the mortgagor each m~nth in a s~nK(e pa~ment to be appiied by the mortgagee to the [ollowing items in the order set torth: tIl prem~um charges under the contract of insurance with the Secretary ot Housing and Urban Development, or monthiy char~e (in lieu of mortgage insurance premium), as the cas~ m~y be; {ll) ground rents, ta:ea, assessmenta, fire, and olher h~zard insurance premiums; ~ ({II) interest on the note secured hereby; and (IVl amortuat~on ot the principal of said note. Any deficiency in the ar.iount of such aggregate monthly payment shall, untess made good by the mortgagor t prior to the due date of the next such pa~.-rnt, constitute an event of default under this mortgage_ The mortgagee may collect a"late charge" not to exceed twvi cents (2¢) for each dollar (S1) of each palment more than fifteen ! (1~) da}•s in arrears to co~~er the extra expe~se involved in handling delinquent payments. ; 3. That if the total of the payments made by the mortgagor under (6~ uf paragraph 2 preceding sha!1 exceed the amount of payments actually made by the moctgagee, for ground rents, taxes and assessments and insurance ; _ premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be made by the mortgagor_ If, however, the monthly payments made by the mortgagor under (6) of pasagraph 2 pre- ' ceding shall not be sufficient to pay ground rents, taxes and assessm.~nts and insurartce premiums, as the case ~ may be, when the same shall become due and payable, then the mortgsgor shall pap to the mortgagee any amount ; necessary to make up the deficiency, ~n or before the date when payrnent of such ground rents, taxes, assessments. ' or insurance premiums shall be due. If at any time thg mortgagor shall tender to the mortgagee in accordance with # the provisions of the note secured hereby, full ~ayment of the entire indebtedness represented thereby, the mort- ~ gagee shall, in computing the amount of such indebtedness, credit to the account of the_mottgagor all payments ~ made under the pro~isions of (o) of paragraph 2 hereof which the mortgagee has not become obligated to payto the Secretary bt Hatsing and Urban Development and any balance remaining in the funds accumulated under the pro~•isions of (G) of said paragraph 2. lf there shall be a default under any oE the provisio~s of this moctgage, re- ' sulting in a public sale of the premises covered iereby, or if the mortgagee acquires the property otherwise aiter defauit, the mortgagee shall appiy, at the time of the commencement of such proceedings or at the time the prop- ~ ert~• is otherwise acquired, the balance then remaining in the funds accumolated under (bJ of pacagraph 2 preceding t as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any ~ payments which shali j~ave been made under (aj of said paragraph. 4. That he will pay all taxes, assessments, water rates, and ather governmental or municipal charges, fines, ~ or ympositions, for which provision has not beca rr.ade heseinb~foce, and in default thereof the moctgagee mey pay ~ the same; and that he will promptly deliver the official receipts therefor to the mortgagee_ ~ e~~ 1~ ' ~ - - ~ ~ -