HomeMy WebLinkAbout1189 s~id ~o~tgagot does hereby fulty wat~ant the title to said land, a~d every pxrt theteof, and will defend the same
ag:.inst the law[ul claims o[ ell pttrsais MhomsQever.
PROVIDED ALWAYS. and these presents aie executed aad deliveced upa~ the Eollowing conditions, to wit:
The mortgagoc agrees to pa~ the matgagee. or ocder. the pri~cipal su~n af 8igtire~R- Tfiousand Qn! Htttldred °
aad 00~100••-~---•-.-••••••••-•--•--••--•.•-.-•••-••-----•---•••-~•----•-•••------•--•-- '
Dolla~s (518~ l0Q•00 as evidenced by a note oE even date hecewith. with intecest frum date at the
rate of Nv~i per ce~tum ( ? per annum at the unpeid balance
until paid. 'fl~e said p~ir~cipal aod iaterest shall be payable at the office of
8'POC1~'1'CM. NH~1TZaY. W?VIN i COMP~11ft. 100 1Nst BaY Stxsst. Jackaonvillo. Fl+orida
a at such other place as the holder of the note may designate in w~itieg. i~ monthly installme~ts of ODe Hundted
1`Mtenty ~IId 55~100•-•-••---••r-~-•--•••-•••• Dollars (S 120• SS comn,encing o~ ;
the first day of A4gust . 19 71 . and on the Eirst dsy of each month thereafter untit the pcincipal ~
aad interest are fully paid. cxcept that the final payment ot prirtcipal and interest. if not sooner paid. shail be due
a~d payable on the first day of July~ 2001. : ' . .
And sha:l duly. promptly. and [ully perform, discharge. execute. e[Eect. complete, and comply with and abide •
by t~ch and every the stipulatio~s. agreements. condi:ions, and covenants of said promissory note and of this
mortgage. then this morfgage anci the estate hereby created shall cease and be null and vaid.
And the mortgagor further covenants as follows:
1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whote.
or in a~ amount equal to one oc more monthly peyments o~ the principal that are next d~e oa the note, on the first
day of any mo~th prior to maturity: Prorided. however. that writte~ notice of an intention to exercise such privilege
is given at least thidy (30) days prior to prepeyment; and. provided fn~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 tVatioaal Housing Act, he will pay to
the mo~tgagee an adjusted premium charge of one per centum (1%) of the original principal amount the~~of. except
that in no event shall the adjusted premium exceed the agg~egate amount af premium charges ahich would have
been payable if the mortgage had continued to be insured urttil maturity; s~ch payment to be epplied by the mort-
gagee upon its obligation to the Secretary of Housing and Urban Development on acco:int of mortgage insurance.
2. That. in order more fully to protect the security of this modgage. the mortgagw. together with. and in addi-
tion to, the monthly payments under the terms of the note secured hereby. on the first day of each month until the
said note is fully paid, will pay to the mortgagee the following sums:
ja) An amount sufficien2 to provide the holder hereof Mrith tuads tc pay the next mortgage insurance premium i[ this instru-
mesu and the note secured hereby are insured, or a monthty charge (in lieu of a mortgage insurance pree?iu~) it lhey are
held by the Secretary of Housing and Urban Ilevelopment, as follows:
(1) I[ and so long as said note ot even date and this instrument aro insured o~ ~re reinsured under the provisions ot the
lVational Housing Act, an amount sufficient to accumulate in the hands of _lhe holder one (1) month prior to its due
date the annual mortgage insurance premium, in order to provide such holder with fuads to pay such premium so the
Secretary of Housing and Urban Developme~t pursuant to the Natio~~l Housing Act, as amended, and applicable Regu-
latioes thereunder; or
(II) if aa1 so lor.g as said note oE even date and this inslrument ate held by the Secretarp of Housing and Urban Devetop-
, ment, a monthly charge (in lieu of a mo~tgage insurance premium) which shall be in an amount equal to one-lweltth
' (1/-12) of one-hal( (tiS) per centua? of the average outstanding balance due on the note computed writhout taking into
; account delinquencies or prepayments; '
I (6J A sum equal to the ground rents, i[ aar, ne=t due, plus the premiums that ~rill next become dua-and payable on policies
of fire and other hazard i~surance covering the mortgaged p~operty, plus tases and assrssments ne:t due on the mort-
gaged property (all as estimated by the mortgagee) less all sums already paid there[or divided by the nuu:ber ot months
to elopse be[ore one month priw to the dat.^ when such ground rents, premiums, ta:es, and assessments will become de-
linquent, such sums to be held by mortgagee in in~s[ to paY said ground renis, premiums, to:es, rn~s cialassessmeats;
and
(c) Alt payments mentinned in the two precoding subsections o( this paragraph and all payments to be made under the note
secured hereby shali be added together and the aggregate amount thereot shall be paid by the mortgagor each month i~ a
single papnent to be applied by the mortgagee to the [ollowing items in the order set torth:
(I) prem~ charges under the contract ot insurance with the Secretary of Housing and Urban Development, or monthty '
charg~
(in [ieu of mortgage insur~ce premium), as the case may tx;
(II) ground rents, tozes, assessments, fire, and other hazard insuraMe premiums;
(!II) inl~Cst on the note secured hereby; ond
~ (IV) a~ortization of the pri~cipal of said note_
Any de[iciency in the ar.~ount oE such aggregate monthly payment shall, un[ess r~3de good by the mortgagor
prior to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee
may collect a"late charge" not to exceed two cents (2Q) Eoc each dollar (S1) of each payment more than Eifteen ~
(15) days in arrears to cover the extra e:pense involved in handIing deiinquent payments. _
3. That if the total of the peyments made by the madgagoc under (6J of paragraph 2 preceding shall exceed
the amouert of the p~ya~ents actually made by the mortgagee, for ground rents. taxes and assessments and i~ur-
ance premiums,as the case may be, such excess at the option of the modgagee, shall be credited on subsequent
payments to be made by the mortgagor, or refunded to ihe mortgagor. If, however, the monthly payments made by
t6e mo[tgagor under (bj d paragraph 2 preceding shall not be sufficient to pay g~ound rents, taxes and assess-
ments and insurance pcemiums, as the case may be, when the same shall becane doe and payable, then the moct-
g,agor shall pey to the mortgagee any amount necessary to make up the deEiciency, on or befae the date when pay
ment d snch g~ound rents, taxes, assessments, or insurance pcemiums shall be due. U at any time the murtga-
gQS shell tender to the moctgagee in accordance with the provisions of ihe note secured he~eby~ full payment of the
entire indebtedness c~pcesented thereby, the mortgagee shall, in computirg the amount of such indebtedness.
credit to the account d the mortgagor all payments made under the provisions ot {'oJ of paragraph 2 hereof whichthe
mortgagee has not become obligated to pey to the Secretacy of Housing and Urban Development and any balance
remaining in the funds accumulated undet the pcavisior~s of (b) oE said pa~agraph 2. If there shall be a default un-
der any of tM pcavisions oE this mortgage, resultinR in a pubtic sale o[ thr premisrs covered hereby, a if the '
mortgagee acquises the property otherwise after default. the mortgagee shall apply, at the time of the cammence-
ment of s~.ch proceedings a at the time the property is otherwise acquired, the balance then remaining in the funds
~ accumulated under (b) of peragraph 2 preceding as a credit against the aawunt of principal then remaining unpeid '
onder said note and sha!1 properly adjust any payments which shall have been niade under (oJ of said peragcaph.
. ~ i~ ~g -