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Home My WebLink About1183 ~ ~ s:iid mc?rtgagor does hereby tull~~ v?Hrrant th~ title to said laad, and eve?y part lhe~euf. a~d will defend the ~ame .~gainst ihe lciu?(ul claims ot a;l pcrsona whomsoe~~e~. PROVIDED ALIRAYS. and these pcese~ts a~e executed and del~ve~ed upo~ the foltowing condilioos. to wit: The mortgagor agcees to pey thc mortgegee, or o~det. ihe principal sum of SeveAteeA ThOUSaAd Oae HundTed ~ Fifty ~nd OOJ140---•---------------•-----------•-----•-------------•-•------------•----•- Dollars ~(S 17 150.00 as evidenced by a note ot even date herewith, with ir!erest frotn date at the ~ete of per centum ( 7 - a;) per annum o~ the unpaid bslance until paid. The said principal and inte~est shall be payeble at the otfire of 9Z~OCA~ON, MH~7~Y, D71VIN i C~tPl1Nl~, 100 M~st Bay Stre~et. Jackaonville, Fl~orida ~x at such other place as the holder of the note may desig~ate i~ writing. in monthly installments of 011e Hundred Fourteen and 22 f L00•---------------------•~ollars (5114. 22 comme~ecing on the first day of August . 1971 , and o~ the tirst day of each month theceafter untiltheprir.cipal and inte~est ace tully paid. except that the [inal payment of pri~cipal and interest. iE not sooner paid. shall be due and payable on the first day of July~ 2001. : A~d shall duly, p~umptly, and fully perform, discharge, execute, effec2. complete, and comply with ai~d abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this ~ortgage, then this mo~tgage and the estate hereby created shall cease and tse null and void. And the mortgagor fucther covenants as [ollows: 1. That he will pay the indebted~ess, as hereinbefore provided. P~ivilege is reserved to pay the debt in whole. or in an amount equal to one or more monthly payments on the p~incipal that are next due on the nofe. on the first ~ da~ o( any month prior to maturity: P~o~~id~d, however. that written nolice of an intention to exercise such privilege is giveR at least thirty (30) da~s prior to prepayment; and. provided further. that io the event the debt is paid in full prioc to maturity and at that time it is insured under the provisions of the National Housing Act. fie will pay tu the mongagee an adjusted premium charge of o~e pe~ centum (196) of the original prirtcipal amount thereoE, except that in no e~ent shall the adjusted premium exceed the aggcegate amount of pcemium charges which would have been payable if the mortgage hed cuntinued to be insuced until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Nousing and Urdan Development on account of mortgage insurance. 2. That, in order more fully to proteet the security ot this moctgage, the mortgagor, together with, and in addi- tion to, the monthl~~ payme~ts undec the terms of the note secared hereby, on the first day of each month until the said note is [ully paid. wzll pay to the mortgagee the [ollowing sums: - r~r ~/1n amount suttirient to provide the holdet hereof writh tunds to pay the next mortgaQe insurance premium if this instru- ment and the note secuced hereby are insured, o~ a moathly charge (in lieu of a mottgage insurance premium) if they are held by the Secretary o( Noeising and Urbaa Development, as tollows: (I1 it and so long as said note ot even date s~d this instrument are i~sure~ ot are reinsured under the prorisions of the l~ational Nousing Act, an amount sutficient to accumut~te in the hands of lhe holder one (1) month prior to its due date thc anaual mortgage insurance prem~um, in order to provide such holder with tunds to pay such premium to the ' , Secretaty of Nousing aad Urban Development pursuont to the National Housing Act, as amended, and applicabl~ Regu- • L~tion~'lhereunder; or , (lt) I[ ond so tong as said note of even date and th~s instrument are held by tfie Secretary o( 1lousing and Urban Develop- ment. a monthip charge (~n tieu of a mortgage insurance premium) which shail be in an amount equal to one-twri[th ~ (1~12) .oI one-halt (~i? per centum o( the average outstanding balance due on the note computed without laking into , ~CCOUnt delinquencies or prepayments; , f!~) A!um equal tu the ground rents, it anr, next due, plus the premiums that wrill ~e:t become due and ptyobie on poticies : ot Cre aAd other hazard insurance covering the mortgaged property, plus ta:es and assessment~ ne:t due en the mort- • gaged property (atl as estimated by the awrtgagee) tess •11 sums atready paid there[or divided by the number of months ' ~to.~lapse be[ore one month prior to the date whe~ such ground rents, premiums, taxes, a~d assessments will become de- li~uent, such sums to be held br mortgagee in trust to pay said grou~d rents, premtums, ta:es, andspecialyssessments; a _ %cJ Ati paya:ents m:ntioned in thc two preceding subsections o[ this paragraph and all paymeats to be made under the note secured hereby shall be added together and the aggregate amount thereot shall be paid by the mortgagor each month in a single p~n:ent to be applied by the morigagee to the [ollowing items in fhe order set [orth: (I) premium charges under the contract o( insurance with the Secretary ot Housing and Urban Deveiopmrnt, or monthty charge (~n lieu a( mortgage insurance premium), as the case may be; (II) ground rents, t~:es. •ssessments, [ire, and other hazard iasurance prcrosums; ~ (III) u?h~st on the note stcured hereby; and ~ 11V1 am tt~za6on ot the principat of sald note. Any de(iciency in the ar.iount such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next s~ payment, constitute an event d default under this mortgage. The mortgagee ~ may collect a"late charge" not to exceed two ce~ts (2d) for each dollar (=1) of each payment more than fifteen - (15) days in arrears to cover the extra expense invol~ed in handling delinquent payments. 3. That if the total of the payments made by the aadgagor wder (6J of peregraph 2 preceding shall exceed the amou~rt of the payments actually made by the mortgagee. for ground rents, taxes and assessments and insur- ance premiums,as the case tnay be. such excess at the option of the mortgagee. shall be credited on subsequent payments to be made by the aartgagoc, or refunded to the mortgagor. If. however. the monthly payments made by the matgagor under of paragraph 2 preceding shall nd ~e sufficient to pey g~ound rents. taxes and assess- ments and ir~urance premiums, as the case may be. when the same shatt become due and paysble, then the mort- . ~ pga shall puy to the mortgagee any amount necessary to make up the deficiency, on or b~fo~e the date when pay ~ ment d such gr :~:•~d rents. taxes, assessments, or insurance premiums shell be due. If at any time the matga- , ~ gor shall teader to the mortgagee in accordance with the provisions of the note secured hereby. full peyment of the entire iadebtedness ~epresented thereby, the martgagee shall, in computirg the emount of such indebtedness, credit to the accouM c~f the mwtgagor all payments made under the provisions of (o) ot paragraph 2 hereof whichthe . mortgagee has not become obligated to pey to the Secretary of Housing and Urban Development and any balance rema~ning in the iunds accumuleted ~nder the provisions of (6) of said poragcaph 2. tf there shall be a default un- - der any of the prov~siavs of this mortgage, re~ultinR in a public sale d the premises covered hereby, a it the mo~tgagee acquires tht ptoperty otherwise atter de(ault. the mortgagee shall apply, at the time ot the commence- ~ nent of such proceedirqss a at the time the pcoperty is othertwise acquired, the balance then remaining in the tunds ~ xcumulated under !6) ot paragRaph 2 pceceding as a credit egainst the amouM o( principal then rertwi.i~ng unpoid under said note and shall properly adjust any payments Mrhich ahall heve been made under ~o) o( said peragr~ph. - . ° R 193 118'~ ` ~~,~K - - - ~ _ -