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Home My WebLink About0559 ~t_ • .;~id r.,~~r~~;:~~;u~ d~x•. hrreby futly uearrs+nt ihe title to sAid land, and rver~~ part thereof, and w~ll defend Ihe same .~guui.t thc l.~w•(uf claimc ot all pcrsuns whumsoever. PKOVIDEO ALNAYS, and these presents are executed and delivered upon the tollowing conditions, to wit: The murtg:~gor aKrecs to p:~y the mwtgagee, or ocder. the p~incipal sum of ~~rente~n Th01~3aAd Thre~ H1l~dt~td ~d ~/1~~~~~~w~N~~~iw~~~w~~~~~~~~~~w~N~~~~~~~~~~~~~~w~~`~~~~~~~~~w~~~~ Lk~ll:irs (S 17~300•00 as e~•idenced by a note ot aven date herewith, with inte~e~t fcom date at the rute ~i pec centum ( 7 0) per annum on the unpaid balance unt~l p:+id_ The said pnnc~p:~l and interest shali be pa~•able at the oftice o[ sl"OC]L'l'011, MWN17aY. D1?VIN i CONp91NY, 100 N~st He~y 8tx~Nt, Jackeoa?villa. 1rLorida ~K ut ~urh othe~ place as the holde~ of the note may desi~nate in writing, in monthly insta!lments ot One Hundrtd Fif t~en and 22~100~••••••••~••~+~••«•~•~• Dol~ecs (S 115.22 comn~enc ing on the (irst da~ ot .1Yly . 1971 . and on the [irst day of epch month thereafter untiltheprincipal and i~te~est are fully paid, except that ihe finai payment o( principal and interest. if nat soo:~er paid, shall be due and pa~able cxrthe [irst day of J4II~~ ~001 _ And shall duly, promptly, and [ully per[orm, discharge, execute, ef[ect. c~mplete, and comply with and abide b~• each and e~•ec} ~he stipulations, ag~een~ents, conditions, and cnvenants of said promissory note a~d oi this ; m.~rt~.+ge, then tbis mortgage and the estate hereby cceated shall cease and be nult and void. ; , And the mortgaRoc further co~enants as [ottows: = a 1. That he wil: pay the indebtedness, as hereinbefore p~ovided. Privilege is reserved to pay the debt in whole. ; ar ~n an art:ount tqual to one or mae inonthly payments on the principel that are next due o~ the note. oa the [irst ~ da~ of am• moath prio~ to maturity: Pr~~r~d~d, however. that w~itten notice of an intention to exercise such priv:lege ° Ki~•rn at least thirty (30) da~•s prioc to pre~ayment; and, pcovided Eurther, that in the event the debt is paid in ? full pnor to maturih- and at that time it is insured under the provisions o[~the National Housi~g Act, he will pay to + the muctga~ee an adjusted premiam charge of one per centum (1%) of the original principal amount the~eof, except th;~t in na e~~ent shall the adjusted pren~ium exceed the aggregate amount of premium charges which would have becn pa~able if the mortgage had continued to be insu:ed until maturity; such payment to be applied by the mort- gaKee up.,n its obligation to the Seccetary ot Housing and Urban Developwent on account of maetg~ge insurance. - That, in orde~ more Eully to protect the security of this mortgage. the mortgagor. together with, and in addi- tiun to, the monthty payments under the terms of the note secured hereby, on the first day of each month until the ~ t;~id note is full~• paid. wiU pay to the mortgagee the following sums: An ar..uunt suftic~ent to pto~tide the holder hereo[ ~vith fuads to pay thr neat mortR~ee insuraace prem~um it this mstru- mrnt and the note secured hereb~• are tnsured, ur a monthly charge (in liru of a mortgage insutance premiu~) i! they are hcld b~• thr Secretary of Housing and Urban Development, as [ollows: i_11 !t_ and so I~.ng as said note o( eren date and this inst~ument are inswed or are reiasared under the pw~isions ot the - \etiona~ H.ws~ng Act, an amount sufGc~ent to accumulate in the hands o[ the holder one (1) month prior to its due ~fite the annuat mortgage insurance premium, tn order to pro~~de such holder with funds to pay suchpremium to the Srcretan of Hous~ng wnd Urb+n Dr~•elopmeat pursu~nt to the National Housing Act, as amended, and app:icabte Regu- Id[riMS thrrrunder, or ; ;I11 1( and su long as sa~d note of evrn ~+ate ~nd this instrument are held by the Secretary of Nousing and Urban Develop- : me•nt, a r._cnthly char~;e (in I~eu ot a mortgage insurance premiuml vuhich shall be in an amount equal Lo one-twelfth 4 ll 1?) of onr-hal( (i:) per centum ot the a~erage outstanding balance due o~ the note computed without taking into ; a~. ount delinquenc~es or prepayn:ents; A ~u~ equat to the Kround rents, ii any, aext due, plus the premiums that will ne:t become due and payable on policies •.~f tirc• and othrr iiazard ~nsurance covering the mortgaged property, plus taxes and assessments ne:t due on the mort- ~aged ~stopert~• (a11 as rctlmated by the mortgagee) less ali sums atready paid thesetor divided by the number of months to eiap+e betom ~nr r.:onth pnor to the date when such ground rents, premtums, taxes, and assessments wili become de- '4 imquent. such sums to be held br mortgagee in trust to paq said ground ~ents, premiums, t~ses, andspecialassessmer.!s: , ~ dnd s i A11 pey~mrnt. mentionrd in the two preceding subsections o[ this patagraph and al! payments to oe made under the note ( securc•d hetrbc shatl br added together and the aggregate amount thereof shaU be paid by the mortQagct each month in a ~inKle pas•mrnt to be applied by .he mortgagee to the tollowing ilems in the order set [orih: <i? ~re:-~:wr.: charges unde~ the contract ot ~nsurance wlth the Secretary of Housing aad Urban Development, or monthiy charge (~n lieu of mortgage insurance premium), aa the c~se mar be; s11~ ~,round rents, t~xes, assessmrnts, Eire, and otner h~zard i~~surance premiums; ~U11 tnterest on the note srcured hereby; and i!l') arc.,rt~zauon of the prtnc~pal of said note. an~• deiicienct ~n the ar.iount of such agg~egate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such pa~~ment, constitute an event of default under this mortgage_ The mortgagee .:~a}~ collect a"late charge" not t~ exceed two cents (2~) for each dollar (S1) of each payment moce than fifteen (1~1 ua~•s in arrears to co~•er the extra e:pense involved in handling delinquent payments. ~ 3. That it the total of the p~ay~nents made by the moctgagor under (b) of patagraph 2 preceding shall exceed = the arr.o~nt of Papments actually made by the mortgagee. for gcound rents, taxes and assess~nents and insurance premiums, e~ the case may be, such excess shail be credited by the r.?ortgagee on subsequent payments to be made b~• the mortga~or. If, however, the monthly payments made by the mottgagor under /b) of paragraph 2 pre- ced~ng shali not be suff~cient to pay ground rents, taxes and assessm.~nts and insurance premiums, as the case r.,ay be, when the same shall become due and payable, then the mortg.^.gor shall pay to the mortgagee any amount ::ecessary to make up the def ~cienc~~, on .x before the date when payment of such ground rents, taxes, assessments. ~ or insurance premiums shall be due. If at any time ihe mortgagor shall tender to the moctgr.gee in accardance with ~ thr p:c~~~s~ons of the note secured hereby, fuli E+ayment of the entire indebtedness represented thereby, the mort- ~ Regee s~aii, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments madc under the proti~~sions of /u) of paragraph 2 hereof which the mortgagee has not become obligated to payto ~ the Serretary of liousing and Urban Development and any balance remaining in the tunds accumulated under the ~ ~rrn~isiuns uf (~~l of sa~d paraqraph 2. If there shall be a default unde~r any of the provisio~s of this mortgage, re- ~ suit~r~K ~n a public sale of the prem~ses covered iereby, or if the mortgagee acquires the Property othenvise after defautt. the mortgagee shall apply. at the time of the commencement of such proceedings ~c at the time the prop- i erty ~s utherwise acquued, the balance then remaining in the funds accumulated under (1~) o[ paragraph 2 preceding a~ a cred~t aga~nst the amount oi principal then rema~ning,unpaid under said note and shall properl~radjust eny payments which shall have been made under (u) of said paragraph. 4. That he will pay all taxes. assessments, water rates, and other governmcntal or municipai charges, fines, or ~m~,t~t~ons. (or wh~ch provis~on has not bcen made hereinbe[ae, and in default t~eceof the mortga~ee may pa~ fht• ~eme, :md that he wtll pr~~mpliy deliver the o(f~ciel receipts therefor to the mortgagee. ~ _ , ~ 1 . ~ ~ i ~