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s,~id r:,oct~a~;or dues herebz• full~~ w•arr~~t the t~tlr to said land. and N~~e~~• par~ theceof, and w~tl deiend the s.+me
..~;~~nsc th4~ lav?tul ciaims of Ull pcrsuns vehomsoever.
PRO\'lDED ALNi.YS, and these presents a~e exc~uted and deli~•eced upon the follovring conditions. to wet:
The murtgagot agrees to pa~~ the mortgagee, ur urde~, the pcincipal suni of~--
S IXTEffi~1 TtqUSAND NINB tNNDItffia FIFTY AI~D NO/1Q0-----------------------~-----~---------
Uallacs (S 16,950.00 as evidenced by a note ot even date hecewith, with interest from date at the
::~te oi N~p pr~ cent~m ( 7 a) pec annum on the unpaid balance
unt~l pai~. The said principal and ioterest shall be payable at the office of
8TOC1l'l'C11. M~U?Ti~Y • DAV2N i CtlM~ANY. 100 1Nat Hs~? StrMt. Ja~ckaoavill~. 1~3+ori~a
.x at such other place as the holder of the note ma~• de$ignRte in w~iting. in mo~thty instailments of
~~il', HUP~pR~ ~1iEI,vg APip g9/1pp--------------Dollers (S 112.89 comneencing on
the first ua~~ of July . 19 71 . and on the ficst da~• of each mo~th theceaEtet untiltheprirtcipal
-and intecest ace Eull~~ paid, ex~ept that the fi~al pal~ment of principal and interest. if not sooner paid. shell be due
art~ pa~~able on the first day of June. 2001.
And sh:ail duly, p~omptl~•. and [ull~~ perfo~m, discharge, execute, effect. complete, and comply with arid abide
b~• each and every- the stipulation~, ag~eements, conditions. and covenants af said pcomissory note and oi this
murtgage, then this mortgage and the estate hereby created shall cease end be nall and ~•oid.
And tne matgagur further covenants as tollo~s:
l. That he will pa~• the indebtedness, as hereinbefore provided. Privilege is reserved to ~ay the debt i~ whole,
or in a~ amount equal to one or more monthly payments on the principa; that are next due on the note. on the ficst
da~• of any month prior to maturit}•: Proe~idrd, hov~e~er, that written notice of an intention to exercise such privile&e
is given at lea~t thirt}• (30) da~•s p~~J: to prepa~~ment; and, provided further, that in the event the debt is paid in
lull prior to maturit~• and at that time ?t is insured under the provisions of the National Housing Act, he will pa~ to
the mortgagee an adjusted premium charge of one per centum (1`~j of the original princip~al amouat thereof, except
that in no e~•ent shall the adjusted premium exceed the agg~egate amount of p~emium charges which would have
been pa~•abl~ if the mortgage had continued tc~ be insured until mat~rity; suc6 payment to be applied by the mor!-
gagee upon its obligation to the Secretary of Housing and Grban Development on account of mortgage insurance.
2. That, in order more full~ to pratect the securit~~ of this mortgage. the mortgagor, together with, and in addi-
tion to, the monthly pay:nents under the terms of che note secured hereby, o~ the first dav of each month until the
said n~~te is fullt~ paid, will pay to the mo~tgagee the following sums: -
~ wn anount ~ufftcient to prov~de the holde? hereot w?t6 [unds to pay the aext mort~a~e :nsurance Q~emium it this insiru
ment and the note secured hereby are insured, or o monthly charge (in lieu of a mortgage ic?surance pcemium) it the~ are '
h~•Id b~~ thc Se~retarp of Housing and llrben Developmtet, as iollo~as:
11~ i( and so Iong as said eote ot even date and this ~nstrument are insurrd or ore (~`~IIOWCY w~~a. :i.~ p~ovicioas at :he
Xat:onai liousing Act, an amount su[ftctent to accumulate in the h~ads of the holder one (i) month prior to its due
ciatc the annual mortgage insnrance premium, ~n order 'o proa•ide such holder K ~th [unds. to pay such prem~um to the
Se.retary o( Housing and Ur~an De~•elopment pu:suant to the National Housing Act, as amended, and applicablr Regu-
laUons thereunder, or
! 111 if wnd so tong as said note ot e~•en date ~nd this ~nstrument are heid by the Secre:arp o[ Housing and IJrban Develop-
c:rnt. a rr.onthl~• charge (m l~eu ot a mortgage ?nsurance premium) which shall be i~ an amount equal tu one-twelfth
;1 S:i o( onr-hal[ ('i) per centum o[ the average outstanding balance due on the note computed without taking intu -
account delinquenctes or prepayments,
A sum equal to the ground rcnts, it any, ne:t due, plus the premiums that will neat become due and pa~able on pol~cies ;
~ (:re aad othrr haz~rd ~nsurance covertng the mortgaged property, pius taxes and assessments next due on the mort-
~,agcd proprrh• 1+it as rstimsted by the mortgagee) iess ati sums already paid therefor div~ded by the nunber ot months
` to rlap~z brtom one month pnor to the date when such ground rents, prem~ums, taxes, and assessments wlil become dr-
I l~nquent, such ~ums to br heid by mortgegee in trust tu pay said ground rents, premiums, taxes, and speciel assessments;
~ dli,
Alt pa~•rr.r:ets Tent~onrd in the two preced~ng subsect~ons of th~s poragryph and atI payments to be made under thr note
securea herrby shai: be added together and the aggregate amount thereot shall be pa~d by the mortgagor each month •n a
sin~tr pay~ment to be applied by the morcgagee to the following items in the oider set torth:
+Il premiu^~ chirges under the centract ot ~nsurance vrith the Secretary ot Hous~ng and Urban Qevelopment, or monthly ;
charge ~in lieu of mortgsqe insurance premiuml, as the case mst be;
~ll! ground rents, ta:es, aasessrnents, tire, and other h~zard insu:at~ce premiums;
tlll) ?nterest on the note secured hereby; ~nd
llt ) ar..uKUatton o( the pruicipel ot said note. -
Am~ deliciencv in the ar~ount oE such aggrega.e monthl~~ payment shall, unless made good by the mortgagor
pr~or to the uue date of the next such payment, constitute an e~ent of default under this mottgage. The mortgagee ;
r~a~ :ollect a"late charge" not to exceed two cents (2C) for each dollar (S1) of each payment more than fifteen ;
! 15) da~•s in arrears to co~•er the extra expense involved in handling delinquent payments. =
3. That iE the total ot the payments made by the mortgagoc under /b/ of paragraph 2 preceding shall exceed _
the a~ount of payments actually made by the martgagee. for gtound rents, taxes and assessments and insurance
~ premium=, as the case may be, svch exces~ shall be credited by the mortgagee on subsequent payments to be
made b}~ the r.:ortgagor. If, however, the monthly payments made by the mottgagor under (6) of paragreph 2 pre-
ceding shalt not be sufficient to pay ground rents, taxes and assessm.~nts and ~nsurance premiums, as tite case
may be, when the same shail become due and payabie, then the mortg:.gor shall pay to the mortgagee any amount ~
~ecessary~ to make ~p the deficiency.o~ or beEore the date when payment of such ground rents, taxes,assessments.
or insurance premiums shati be due_ If at any time the moitga~or snalltender to the m~rtgagee in accorc~ance weth
the p:~~•isiuns of the note secured hereby, ful! pavment of the entire indebtedness repcesented thereb}•, the mort-
~agee shall, in computing the amount of such inde~tedness, credit to the account of the mortgagor all pa;ments
made under the prrn~tsions of (uI of paragraph 2 hereof which the moctgagee has not become obligated to pay to ~
the Secreta:y of Housing and Urban Development and any balance remaining in the funds accumulated under the " 3
pro~•isivns ot /t.% of said paragraph 2. If there shall be a defautt under any of the provisio~s of this mostgage. ~e- i
sult~ng in a public sale of t!:e pcemises covered iereb3, or if the mortgagee acquires the propecty othecwise after
default, the mortgagee shall apply. at the time of the commencement of such ptoceedings w at the time the proP- =
erty is otheru ise arquired, the balance then remaining in the funds accu?nulated under (b) of paragraph 2 preceding '
as a credit against the amount of principal then remsining unpaid under said note and shall properlyadjust any ~
papments which shall have been made under (a1 of said paragtaph.
-0. That he will pa~ all taxes, assessments, watet rates, and other governmental or municipal charges, fines, #
or ~m~ositions. !or which provisia: has not been made hereinbefoce, and in default thereof the mortgag~e may pay
the same; and that he wi11 promptly deliver the official receipts theceior to the mortgagee.
i93 177.
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