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Home My WebLink About0571 : . .r ~,~~d r.w~tK,~wur dcx•ti hetrh~• (ull~ t~~;u~~~nl ihi~ titic tu said land, and rvrc~• pd~t ihrrruf, and w~ll drirnd thc saa~e .~K.~inst the I:~w(ul claims o[ a!1 {x~rsuns a~hum~~x:ver. ' ~ Pl~OVID~U AL11'AY5, and thrse p~esents ate executed and deli~•r~re1 upor. the followinR conditiuns, to wit: 7'I~c m~xtK~gut :+gc~~s to pay~ the mutlgagcr, o~ urder, thr principal sum of E~t!!R ~IOYO~d sIId $~~en Hundred and 00~100-.••~•~••••-••••-•---•-•--•-•.-•--•,.-~••---•-•----...•••.....~..~~.~ lh~lla~s 1S 15~700.00 as e~•idenced by a note of eveo date herewith, with interest hom date at the rate ol ~ven pe~ centum ( 7 7.) pe~ annum on the unpaid balance until p:i~d. 7he said R~incipal and interrst shall he payable at the oftice o[ ' ~ ~1 S!'OCt'l'011 j M~'~Y • DM~IN ~ Cq~l~11~ ~ 100 M~st Hqy SttNL. Jackaomvilla • tl,orida .~r .~t such aF~e~ place a~ the hulder uf the note ma~ designate in w~i~i~:~, i~i munihty inslalimenis oi OA! Hundred Four aad 56~10~•~~•~•~~~•~~~•••~~•~-•~A-••Dollars (S I04.56 comn~encing on the first duv o[ July , 1~ 71 , and on the fi~st day o[ each month theceaftet untit the principal and interest are tuii~ paid, except that the Einal payment of principai a~d interest, if no*. sooner paid, shall be tii~e and payabte on the first day of Jime~ Z001 And shall duiy, promptly. and fuily perform, dischacge, execute, effect, comFlete, and comply with ar.d abide b~• each and ever~• the stiputations, agreements, conditions, and covenants of said p~omissory aote and oi this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor turther covenants a~ follows: 1. That he will pag the indebtedness, as herein~e[ore pfov~ded. Privilege is reserved to pay tNe debt in whole, or in an amount equel to one o~ mae monthly payments on the pcincipai that ace next due on the note, on the fi~st d:~~• of ant month prior to maturity: I'r~~~ id~•.t, however, that Kritten notice of an intentior+ to execcise such pri~~ilege ~s givrn at least thirty (30) days prior to prepayment; and, provided Eurther, that in the event the deW is paid in tuU p~ior to matu~it~• and at that time it is i~sured under the provisians of tht National Houstng Act, he wiU pay to :he mortgagee an adjusted premium charge of one pe~ centum (1~) of the original prir.cipal emount thereof, except that ~n no erent shatl ihe adjusted premium exceed the aggregate amount of premium charges which would have been pa~•able it the mortgage had continuea to'~e insured until maturity_; such payment to be applied bs the mort- gagee upon its obligation to the Secretary of H~using and Urban Development on account of mortgage insurance. That, in order more fully to protect the security of this mortgage, the mortgago~, together with, and in addi- tian to, the monthlv payments under the terms ot the note secured hereby, on the first day o[ each month unti! !h~ sa?d note is fuU~• pa~d. wil! pay to the mortgagee the followiag sums: ~ut An am~~unt suff~cient to provide the holder hereo[ v?~lh tunds to ;•ay the next morteage insurance premium ~f this instru- me~t and the note secured hereb~ are insured, ot a monthly ch~rg^ (1n lieu of • moR~age insur~r?c~ nremium) if they are held b~ the Secretary of Nousing ond Urban Developmeat, as tollows: ([1 If +nd ~a lun~ as said aote o[ even date and th~s instcuaeat ~re insured or ace reinsurrd under the pw~isions o[ the \ational tlousing Act, an amount suf[i~:_at to accumulate in the Aands o( the hotder one (1) month priar to its due date the ann~al mortgage ~nsurance p~emium, ie o•der to provide such holder wtth (unds to pay sucb premium to the Secretan• o( Nuusing ~nd l;rb+n Development pursuant to the National Housing Act, as amended, and applicable Regu- ' lahuas themunder, or (1l) it ind so lang as said notr ut evrn datr and th~s instrument are held by the Secretary of Housing and Urban De~elop- r..ent, a monthly charge (~n I~eu o( a mortgage inwrance prem~um) wh~ch shall be in an amount equal to one-twelfth (1 1"') of one-hal( per centum of the sverage outstonding balance due on the note computed without taking into accuunt deitnquencies ar prepayments; rl,~ A su:n equai to the Kround rents, i( any, ne:t due, plus the prcmiums that vrill aext become due and poyable on policies o( t~re and •~ther haz~rd ~nsurance covering the mortgaged property, plus ta:es and assessments next due on the m~rt- I KaKed proprrip (all as rst~mated by the mortgagee) less all sums alreody paid therefor d~vided by the number of months j to elapse before one month prior to the date when such gr~und rents, premiums, tazes, and assessments will become de- i~nquent, such sums to be held by mortgaee4 in truat to pay said ground tents, premiums, taxes, andspecialassessments; rn~ All pu~-ments ment~oned ~n the two preced?ng subsections o[ th~s paragraph and al! psyments !o be made unde~ the note secured herrb~ shall be added together and the aggregate amount thercof ahall be paid by the mortgagur each month ?n a ~ s~nkle payment to be appl~ed by the morteagee to the (ollowing items in the order set torth: j!) prem~um charges uader the contract of insurance with the Secretary of Housin~ and (Jrban Development, or monthty charge (in lieu ot mortgage insurance premiu:-a), as the case may be; tll) ground rents, taxes, assessments, fite, and other hazard insurance premiums; (lttl interest on the note stcured hereby; and _ (1~'1 arr.ort?zat~on o[ the principal ot sa~d note. r~ny deficienc~- io the a~.•ount of such aggregate monthly payment sha11, unless made good by the mortgagor pr~or to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee r~a}~ collect a"late charge" not to exceed two cents (2c) for each dollar (S1) of each payment more thar fiEteen ~15) da~~s in arrears to co~~er the extra exper.se involved in handiing delinquent payments. 3. That it the total of the payments made by the mortgagor under (6) of paragraph 2 preceding shall exceed the amount of pa~~ments actually m~de by the m~tgagee. fot ground cents, taxes and assessments and insurance pmmiums. as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be inade b}• the mortgagor. If, however, t6e monthly payments made by the mortgagor under (b) of paragraph 2 pre- ceding shall not be sufficient to ~?ay ground rents, taxes and assPSSm~~nts and insurance premiums, as the case ma}• be, w hen the same shall bPcome due and payable, then the mortgsgor shall. pay to the mortgagee anl amount necessary to make up the defici~ncy, on a bef«e the date when payment af such ground rents, taxes, assessments. ~ or insurance premiums shall bf due. 1: at any time the mortgagor shail tender to the mortgagee in accordance with the pro~•isions of the note se~ared herebp, full paymeni of the entire indebtedness represented thereby, the mort- Kdgee shall, in comp~ting t}~.~ amount of such indebtedness, credit ?o the account of the mortgagor all payments made under the provisio:~s of ra) of paragraph 2 hereof which the m~rtgagee has not become obligated to payto tbe Secretar}• of Housing and Urbar. pevelopment and any balance remaining in the funds accumulated undec the prucisions of (6/ of•said paragraph 2. I[ there shall be a deEault under any of the provisio~s ot this mortgage. ~e- sult~ng tin a public sale of the premises covered iereby, or if the mwtgagee acquires the property otherwise after drfa~lt, the moctgagee shall apply, at the time oE the commencement oE such proceedings or at the time the prop- ert}• is otherxise ac~uued, the balance then rem~ining in the funds ec~umu[ated under (6 J of paragraph 2 preceding • , as a credit against the amount of principal then remaining unpaid under said note and shall properlyedjust any payments which sha{1 have been mede under !ul of said paragraph. 4. Thet he will pay al: taxes, assessments, kater rates, and uther governmental w municiFal charges, fines, , or ~:nposit~cxis, tor which provision has n~t been made hereinbefoce, and in detault thereof the morlgagee may pap !he samr; and that he will promptly deli~•et the otficial receipts therefor to the mortgagee. ~ °aoac 1~ ~ ~ ~J~. -y-~-- - - -