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Home My WebLink About0114 s ) ~:ud m~i~tk:~~~u d.x•~ hereb~• full~• wa~runt the titlo tu said fanci, and e~•~r~~ pa~t thc~eo(, and will de(end the s~ime :~~;:u~i~t the laN[ul c•la~m~ uf .+ll per.on~ whumsoe~•er. Pl?nVIDE D ALN'AYS, and these pcesrnts are executcd s~nd deli~~ered upon the (ollowing conditions, to wit: The mur~gaKot :+~rers to p.~y the mortgugc~e, o~ order, the principal surt~ o( S1XtlQII Thousand Six Hundred Fif ty and 00~109~~~~~~~~~~~~~~~~~~~~w~~~~~w~~~~~~~~~~~~~~~~~~s~~~~~~~~~~~~~~~~~~w~~~~~• (sotlars tS 16,650.00 as ~~•idenced by a note ot even date he~ewith, ~ith inte~est f~om date at the c:~te oi per ce~tum ( 7 n) pe~ annum on the unpaid balance unt~: p:+id. The said ~rinciE.:il and interest sl~all be payable at the affice of., 8'1'OCILL~011• M~1T?aY• D71VIN i C01[P31N~t. 100 M~st Bay 8t~n~t. Jackaonvill.s• Ploacidi? :x at such other place as tfic holder o( the aote may designate in w~iting, in monthly installments of ORR Hnudred ~ Ten and 89~100~•~•~~y~••~~••~••-•••~••••~ nollars (S 110.89 ~omr.~encing oR ~ tt.e t~~st day of July . 19 71. and o~ the first da~• of each month thereafter untiltheprincipal ` and interest ace full~• paid, except that the final payment of principal a~d i~terest, if not sooner paid, st~all be due ~ and pa~•able o~ the first day of Jypg~ ~QQ1 And shall duly, promptly, and fully perform, discharge, execute, e(fect. complete, and comply with and abide by each and e~•e~~• the stipulations, agreeme~ts, conditions, and covenants o[ said pro~s~issory note and oi this r.~ortk:~ge, then this moctgage and ~he estate hereby created shall cease a~d be null und void. And the morigagor further co~~enants As follows: 1. That he uill pay the indebtedness, us hereinbefore provided. Privilege is reserve~ to pay the debt i~s whole, or ~n an amount equal to one or moce monthl~• payments on tl:e Ptincipal that are next due on tne note, on the Eirst da~- of any ~onth prio~ to maturity: Pro~•iJcd, however, that wtitten notice of an intention to exercise such privilege ~s gi~•en at teast thirty (30) days priar to prepayment; and. provided further, that in the event the debt is paid in tull prior :a maturit~• and at that time it is insured under the provisions o[ the Nationai Housing Act. he will pay to the mort~agee an adjusted premium chargc~ of one per centum (1~) of the otiginal p~incipal amount thereof, except that ~n no e~•ent shall the adjusted premium exceed '+he agg[egate amount ot premium charges which would have been paya~,le if the mongage had continued to be insured urttil maturity; such payment to be applied by the mott- gagee upon its obligation to the Secretary of Housing and Urban Davelopment on account of modgage insurance. ~ 2. That, in order more fully to protect the security of this mortgage; the mortgagor. together with. and in addi- ! tion to, the monthly pa}•nients under the terms of the note sec:ured hereby, on the first day of each mo~th until the ~aid note i~ futl~• paid, will pa5~ to the mo~tgagee the following s~ms: .r+ An amount suf[~cieM to provide ihe holder hereof with [unds to pap the ne:l mortgaee insuraace premium it this instru- ma•nt and the note secured he~e'~~ are insured, or a monlhly charge (in lieu of o mortgage insuraace premium) if they are - held fi~ thc C~rreury of Housing and Urban Development, as [ollows: iil It :~nd ao lung as said note ot e~en ~iate and this i~stru~ent ere insured or are reinsured under the provisions o[ the ~dtiunat Fiousing Act, an amount sutficient to accumulate ln the hands of the holder one (1) month prior to its due dree the anwat mortgage insurance premwm. ~n orde~ to prov~de such holder v~ith funds to pay suchpremium to the Srrretary of Hous~ng and Urban Development pursuant to the Notional Housing Act. as amended, and applicable Regu- lauuns thcrounder, or ~111 If and so long as said note of rern date and this instrume~t +~re held by the Secretary of Housi~g and Urb~n Develop- r.:ent. a monthty charRe (in Qeu o( a mortgage i~suranct premiuml vrh~ch shall be in an amount equal to ane-twelfth (1 1:) o[ one-halt per centum o[ the averaRe outstanding batance due on the note computed without taking into I account deltnquenc~es or F•epayments; ~ A sum equa! to the ground rents, i[ any, next due, plus the premiums that w111 ne:t become due and payable on poticies li uf hre and other hazard ~nsuronce covering the mortgaged property, plus ta:es and assessments ne:t due on the mort- ~ gaged Fropert~~ (zll as estimated by the mortgagee) less all sums already paid theretor divided by the ~umber of months 3 ~ ~ to ela; se be[ore une month prior to the date when such ground rents, premiums, ta:es, and assessments will become de- Itnquent, such sums to be hetd by mortgagee ~n trust to pay said ground rents, premiums, ta=es, and special assessments; ~ and _ All pa~cr.ents mentianed in the two preced?ng subsections ot this parag~aph and ali payments to be m~de undet the note secured herrby shall be added together and the aggregate amount thereof shali he paid by the mortgagor each month in a i sinKle payr.:ent to be applied by the mortgagee to the followmg items in the order set (orth: ~ prem~um charges under the contracl of insurance with the Secretary o( Housing and U:ban Development, or monthl~ t charge (in lieu ot mortgage insurance premium), as the case may bc; ~ (!l? ground rents, ta:es, assessmmts, fire, and other hazard insurance premtums; tlll) interest on the note secared hereby; ind (IV) amuri~zat~on o[ the principal o( said note_ Any deficiency in the ar.iount uf such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such payment, constitute an evenf of default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2Q) [or each dollar (S1) of each payment more than fifteen (15) d~vs in arrears to cover the extra expense involved in handling delinquent payments. ~ 3. That iE the total of the payments made by the mortgagor under (6J of paragraph 2 preceding shatl exceed ? the amount of payments actually m3de by the mortgegee, for ground rents, taxes and assessments and insurance ~ premiums, as the case may be, such excess shall be credited by t6e mortgagee on subsequent payments to be ~ made byr the mortgagor. If, however, the monthly payments made by the mortgagot under (b) of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case ma}~ 5e, w~~e^ the same shaU become due and payable, the~ the mwtg~gor shall pay to the mottgagee any amount necess2+:° ?c ma'r.e up the deficiency, on or befae the c~ate when payment of such ground rents, taices, assecsments, or insurance premiums shall be due. If at any time the mortgagor shalltender to the mortgagee in accordance with i the Pro<<isions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- s gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments ~ cnade under the provisions of (a1 of paragraph 2 hereof which the mortgagee has not become obligated to payto ~ the Secretary ot I~ousing and Urban Development and any balance remaining in the funds accumulated under tt~e ; pro~~isions of (Lj of said paragraph 2. If there shall be a default under any of the provisio~s of this mortgage, re- ~ sulti~g in a public sale oE the premises covered ~ereby, or if the mortgagee acguires the property otherwise after ~ default, the mortgagee shali apply, at the time of the commencement of such proceedings or at the tirt:e the prop- ~ erty is otherwise acquired, the balance ihen remaining in the funds accumulated under (b) of pacagraph 2 preceding ~ as a cre~it against the amount of principal then remaining unpaid undet sa;d note and shall properlyadjust any ~ payments which shafl have been made under (a) of said paragr~ph. ~ 4. That he will pay atl taxes, assessments, water rates, and other governmental or mun:cipal charges, Eines, ; or ~mpositions, for which provision hxs not been made hereinbefae. and itt de[ault thereof the mortgagee may pay ~ ' the same; and that he will promptly deliver the oEficia! receipts thereEorTo the r.~octgagee_ . ~ ~od~ig3 i1~ - - , ~ ; i - . M:~.:r:~ -