HomeMy WebLinkAbout0577 ~:~~d murtK.~gor d~x~ hrreb~• tutl~• v?•a~rant th~ Iitle to sAid land, and eve~y part thereof, and will defend the same
:~K.iintit the li+utul claims uf aU pe~sons ~vhe:nsoevec.
PROVIDEU ALNAYS. and thesz presents are executcd and delivered upon the following conditions, to wit: -
Thc m.xtgagu: ag~ecs to pay the mwtgagee, or order, the prtncipal sum of Six~een Thou~aad Six Nundred
Fif ty ~a oo/ioa-----•-•-•---•---------~-------------------•-----------------•----•----
Ih~l lars ~S 16, 650•00 as e~•idence3 by a note ot even date helewith, with interest from date at the
r+te of pr~ per ceatum ( 7 0) per annum on the unpaid balance
until paid. Thr said p~in:ipal and interest shall_ bc payable at the oitice of
8r1'OCx'1~ON. MHi1TTaY • D71VIN i C~111~t. 100 Nest BaY 8tr~t ~ Jacksanvills. !'I,orida
~x at such dhe~ ~lace as the holder of the note may designate in writing, in monthly installments of ppe Hlttldrtd
Thet~ad89/[ ~N s1 ly ~ 9 71 and a? theaEirssda~ o8each month thereefter untiltheprinciE+a1
and interest ace tully paid~ except that the final payment of principal and interast, if not sooner paid, shall be due
and payable on the first day ot J~e~ 204~.
And shall duly. promptly, and Eully perfocm, discharge, execute. effect. complete. and comply with and abide
by each and every the stipulations, agreements, conditions, and covenants ot said promissory note and of this
mortgage. ~hen this mortgage and the estate hereby created shall cease and be null and void.
And the mortgagcu fucther coven~nis as follows:
1. That he will pay the indeStedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole,
or ~n an amount equal to one ot moce monthly payments on the pcincipal that are next due on the note. on the first
d:~~• ot any month prior to maturity: P~oe~iJ~d, however, that written notice of an intention to exercise such privilege
is gi~•en at least thirty (30) days prior to prepeyment; an6. provided further. that in the event the debt is paid in
full prior to maturity and at that time it is i~sured under the pro~•isions oE the National ~lousing Act, he will pay to
the mo~tgagee an adjusted premium charge oE one per centum (1%) of the original principal amount theceof, except
that in no e~~ent shall the adjusted premium exceed the aggregate amount of premium charges which would have
been pa~•able if the mortgage had continued to be insuced until matwity; such payment to be applied by the mort-
gagee upon its obligation to the Secretary of Housing and Urban Development on account of mortgage insurance. ~
2. That, in order more fully to protect the security of this morigage, the mortgagor, together with, and in addi- x
tion to, the monthly payments under the te~ms of the note secured hereby, on the first day of each month until the ~
said note is tull~ peid. will pay to the murtgagee the Eollowing sums: ~
~
t An ar.:uunt suff~cient to ~rovidt lhe holder heteo( writh tunds to pay the ne:t mortQa~e insurance premium if [his instru- ±
mrnt andthe note secured here5v are ~nsured, or a monthty cherge (in lieu ot a mortgoge insurance premium) if they ore
_ i
hrld by~ the Cecretars ofHousing and Urbso Dcvelopment, as [ollows- t
(I) and so long ~s said note ot even date and this 1031fUTAlOI are Insured or ~te reiroured under the provisioas of the i
3`a:~onai Hous~ng Act, an amount su[ficient to accumulate in the hands of thr hoider one (1) month prior to its due #
date the annual mo~tgage insurance prem~um, ~n order to provide such hoider with [unds to pay such premium to the t
Secreta~ ot tlous~ng and Urban Development pursuant to the Natio~~l Housi~g Act, ss amendrd, and applicable Regu- -
lati~ms thereander, or ~
111) I[ and so long as said note u( even date and th~s instrument are hetd by the Secretary of Housing and Urban Devetop- ~
nent, s munthly chsrge (~n Leu ot a mo?tgaggi~nsur_ance premium) which shall be in an amount equal to one-tvicel[th
(l 12) o[ one-hait ('2) per centum of the average outstanding balar.ce due on the note computed witho~t taking into :
' account del~nquenc~es or prcpayments; ~
il ih~ p sum equat to the gromd rents, i( any, ne~tt due, plus the premiums that will ne:t become due and payable on policies ,
o[ hre and other hazard insurance covering the mortgagrd property, plus taxes and assessments ne:t due on the mort- 's
gaged property (all as est~mated Dy the mortgagee) Iess ail suras already paid therefor divided by the number of months ,
to elapse be[ore one month prior to lhe date when such grou~d rents, premiums, taxes, a~d assessments wili become de-
I~nquent, such sums to be held by ~ortgagee in t~ust to pay sai~ `t0und tents, premiLms, tues, aadspecialasaessments;
~ and
! r i AI! paymrnts mentioned ~n the twn ~reced~ng subsections of this paragraph and all payments to be mode under the note
~ secured herrby shall be added together and the ag~egate amount thereof shall be paid by the mortgagot each month ~n a _
single payment to be applied by the mortgagee to the following itcros in the order set forth: ;
(I) premwm charges under the contract of insurance with the Secretary o( Houstng and Urban Development, or monthly ~
charge (~n tieu ot mortgage insurance premiwn), as the csse may be; E
(II) ground rents, ta:es, assessments, tire, and olher hozord ~nsuraace prewiums; ~
(II!) ~nterest on the note secured hercbp; and '
{IV) amort~zat~o~ of the principal o[ saad note. ~
Any de[icienc~~ in the ar~ount of such aggregate monthly payment shall, unless made good by the mortgagor ~
prior to che due date of the next such pay ment, constitute an event of default under this r.~ortgage. The mortgagee }
may collect a"late charge" not to exceed two cents (2R) Eor each dollar (Sl) of each paymeni more than fifteen ~
US) da~~s ~n arrears to cover the ~xtra expense involved in handling delinquent payments_
3. That if !he total of the p~yments made by the mo~tgegoc undet (6) of paragraph 2 preceding shall excetd
the amount of payments actuaNy made by the mortgagee, for ground rents, taxes and assessments and insurance
premiums, as the case may be, such excess shall be credited by the ~ortgagee on subsequent payments to be
made by the mortgagor_ If, however, the monthly payments made by the mortgagoc under ~6J ot pa~ag~aph 2 pre- s_
ceding shall not be sufficier~t to pay ground rents, taxes and assessm.~nts and insu~ance pcemiums, :as the case ~
may be, when the same shall become due and payable, then the mcxtg:.got shall pay to the mortgagee any amount ;
necessar~~ to make up the def iciency, on or before the date when payme~t of such ground rents, taxes, assessments,
or insurance premiums shall be due_ if at any time the mortgagor shall tender to the mortgagee in accordance with ~
the pro.•isions of the note secured hereby, (ull payment o[ the entire indebtednPss represented thereby, the mort- ~
gagee shail, in computing the amount oE such indebtedness, credit to the account of the mortgagor all payments ~
made under the provisions ot (a / o~ paragraph 2 hereof which the mortgagee has not become obligsted tu pay to :
the S~cretary of Housing and Urban Development and any balance remaining in the funds accumulated under the +
procisions of (1,~ of said paragraph 2. If there sha11 be a default under any of the provisio~s ot this mortgage, re-
seit~ng in a public sale ~t the premises coveted iereby, or if the mortgagee acquirec the ptoperty othervvise after
default, the mortgagee shail apply, at tbe time of tl~e commencemeot of st~ch proceedings or at the time the prop- '
Qrty is otherwise acquired, the balance the?~ remaining in the ~ands accumulated under (h) ot p~ragraph 2 Qreceding :
as a credit against the a:nount of princiQal then remaining unpaid undet said note and shaU properlyedjust an~ =
payments which shall have been madp under (o) of said paragraph. ~ ` ~
4. That he will pay all taxes, assessments, water rates, and dher govetnmental or municipal charges, fines, ; ~
oc imposit~ons, for which provision has not been made hereinbefore, and in defaui! thereof the mortgagee may pay ~
the same; and that he wiii promptly deliver the official receipts therefor to the mortgagee.
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