HomeMy WebLinkAbout0938 said moctgagor does hensby fully wa~rant the title to said land. and evecy pact thereof. and wilt deEe~d the same ~
against the lawiu~ cia::::~ uf all percor~s whoTsoe~~r.
PROVIDED ALWAYS. and these pcesents are executed and delivered upon the followiog conditions. to wit:
The mortgago~ a&cees to pay the mo~tgagee. or order. the principal sum of $$y$~1'~$gN 'PHQ[j$AND THR$$
HUNDRED and 00~100-~~~~~~~~~~~~~~~w~~~~r~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~•
Dollars (S j7~$QQ~QQ as evidenced by a note of evgn date herewith. with interest from date at the
~ete of slv~e~i pe~ centum y6) per annum on the unpaid balance
until paid. The ~aid principal a~d irtterest shall be payable at the office of
81~OCA'~i, MH~'~7i, DAVIN i CaliP~INY, 100 W~st 8ay Stxe~t. Jarks~nville. Fl+orida
or at such other place as the hotder oi the note may desigaate in wcitiag. in monthly instaila~ets of ONE HUI~IDRED
FIFTEPN and 22~100~•p•-••••-••••~••-•--N Dollars (s 115.22 commencing on
the first day of Jnly . 1971 . and on the first day of each month thereafter untilthepri~cipal
and intere$t ate fully paid, except th~t the final payment of principal and interest. if not sooaer paid, shatl be due
and payaale on the first dey, of JuIIe~ 2001. :
And shall dul~. pcomptty. and fully perform. discharge. execute. effect. complete. and comply with and abide
by each and every the st~putations. agreeme~ts. conditions. and covenants of said p~omissory note and of this ~
mortgage, then this mortgage and the estate hersby created shall cease aad be nult and void. ~
And the moctgago~ further covenants as follows: •
1. That he witl pay the indebtedoess. as hercinbefore provided. Privilege is reserved to pay the debt in whole.
or in an amount equal to one or more monthly payments on tAe principal that are next due on t6e note. on the first
day af any month prior to ~naturity: Provid~d, however. that wcitten notice of an intention to exercise such privileqe
is given at least thirty (30) days prior to prepayment; and. provided fu~ther, that in the event the debt is paid in
full prior to maturity and at that time it is insured under the provisions of the National Housing Act, he will pay to
the mortgagee an adjasted premium charge of one per centum (196) of t~e original principal acnount thereof, except
that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have
been payable if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- ;
gagee upon its obligatiot~ to the Secretary of Housing and Urban Developme~t on account of mortgage insurance.
2. That, in order more fully to protect the security of this mo~tgage. the mortgagor, together with, and in addi-
tion to, the monthly payments under the terms of the note secured hereby, on the first day of each monlh until the
said note is fully paid, wilt pay to the mortgagee the following sums:
faj A~ amount sufEicie~t to provide the hotder hercof with [unds to pay the ne:t mortga~e i~surance premium if this instru-
ment andthe note sec~ued hereby are insured, or a moathly charge (in lieu of a mortgage insurance premium) i! they are
hetd by the Secretary of Housing and Urban Development, as follo~vs:
(I) l[ and so long as said note of even date and this instrument are inau:ed or ~te reinsured under the pmvisioas o( the
Natio~al Housing Act, an amount sufficient to accumulate ie the hands of !he holder one (1) month prior to its due
date the annual mo~tgage ~nsurance premium, ia order to provide such holder with funds to pay suchptemium to the
Secretary of Housing and Urhan Development pursuant to the iVatio~al Housing Act, as amended, and applicabte Regu-
lations thereunder; or . .
(R) lf and so long as said note ot even date and this instn~ment are held by the Secretary of Housing and Urban Develop-
ment, a monthly charge (in lieu of a mo~tgage insuraace premium) wrhich shait be in ae amount equal to one-twelfth
(1/12) of one-halt (+/i) per centum ot tbe average outstandirtg balance due on the note computed without laking into ~
accou~t delinquencies or prepayments; . ;
(b) A sum equal to the grou:~ rents, i[ any, nezt due, plua the premiua?s t6at wili next become due a~d payabte oa policies
of fire a~d other hazard insutance covering the mortgaged propcrty, pius tases and assessments next due on the mort-
gaged property (all as estimated by the mortgagee) (ess all sums already paid theretor divided by the number of months
to elapse before one month prior to the date when such ground rents, premiums, taxeg, ~nd assessments wi!! become de-
linquent, such sums to be held bp rr.^rtgagee in Irust to pay seid ground rents, premiums, ts=es, and speciat assessments;
and
(c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note
secured hereby shali be added together and the aggregate amounl thereof shall be paid by the morlgago~ each month in a
single payment to be applied by thr mortgagee to the following items i~ the order set [orth:
(I) premium charges under the contracf of insurance with the Secretary of Housing and Urba~ Development, or monthly
charge (in lieu of mortgage insurance premium), as th^ case may be;
(II) ground rents, taxrs, assessments, tire, and other hazard ipsurance premiums;
([I:) interest on the note secured hereby; and
(IV) amortization of the principal of said note_ ;
Any deficiency in the amount of such aggregate monthiy payment shall, unless made good by the mortgagor
prior to the due date of the next such payment, constitute an event of defautt under this mortgage. The morigagee
may collect a"late charge" rtot to exceed two cents (2Q) tor each dollar (~1) of each payment moce than fifteen
(15) days in arrears to cover the e~ctra expense involved in handling delinquent payments_
3. That ~ the tdal of the payments made by the mortgegor urder (b) of peragraph 2 Preceding shall exceed
the amourd of the payments aciually made by the mortgagee~ for ground rents, taxes and assessments and insur•
ance premiums.as the case may be, such escess at the option of the modgagee, shall be credited on subsequent
peyments to be made by the mortgagor, or reEunded to the mortgagor. If, ho~wever, the monthly payme~rts made by t
the nwctg,agor undec (bJ oE peragraph 2 precediag shall not be sufficient to pay g~ound rents, taxes and asses~-
ments and ir~sorance premiums, as the case may be. when the same shall become dne and payable. then the mort-
g,agor sball pay to the modgagee any amount necessary to make up the deficiency, on or befae the date when pey
ment of such grou~d rents, taxes, assessments, or insurance premiums shatl be due. 1f at any time the matga-
gor shall tender to the mortgagee in accordance with the provisions of the note secured hereby, Eutl peyment of the
entice indebtedness repcesented theceby, the mortgagee shall. in camputirg the amount af such indebtedness,
credit to the account of the mortgagur all peyments made under the provisions of lQ~ of paragraph 2 hereof whichChe ~
u~tgagee has rat become obligated to pey to the Secretary of Housing and Urban Development and any balance
remaining in the funds accumulated under the provisions of (b) of said paragraph 2. If there shall be a defautt un-
der any ~,f tl~e provisions oE this mortgage, resultinR in a public sale of the pcemises covered hereby, or it the
mortgagee acquires the property otherwise after default, the raortgagee shall apply, at the time oE the commence- ~
ment oE such proceedings or at the time the propedy is otherwise acquired, the batance then remaining in tF~e funds
accumulated under (b) of Raragraph 2 preceding as a credit against the amount af principat then remaining unpsid ,
under seid aote and shall properiy adjust any payments which shail have been made under (o) oE said pa~a~eaph.
. aooK i93 93?
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