The URL can be used to link to this page

Home My WebLink About1195 said mortg~,gor d~~~ hereby fully wa~~ant the title to said land, and every part the~eo(, aad will de(e~d the ss,me :+gainsl the lawtul claims o( all petsons whomscever. PROVIDED ALWAYS. end these presents a~e executed and delive~ed upon the following conditioos, to wit: The mottge or agcees to pay the mortgagee, o~ ocder, the ptincipal sum of S1XLeeII T~MUSaAd Six Hundied Fif ty and 00~100••----••-••-•••-•---••••-•••-----••--••-.•------•--•--•-•--•-----•-••-•• Dollars (S t6,6S0•00 as evide~ced by a note of even dete he~ewith. with interest t~om date at the rate of _ Nvl~? per centum ( 7 'G) per annum on the unpaid balance until pe.';1. 'fhe said pri~ecipal and interest shall De payable at the ot[ice of 8TOCI~TON. NNATZBY. OAVIN i CGMpANY. 200 9f~st Ba~y Strest, J~cksonville, l~l,orida a at such aher plece as the holde~ o( the note may desigaate in writing, i~ monthly installments ot Ope Hundied . Ten and 89~I~•-•-•-•---•--••------•-•---•-Dollars 110.89 comme~cing on the first dey oE August . 19 71 . and on the first day oi each month thrreafter untiltheprincipal and intecest are full~~ paid. except that the Einal payment of principal artd interest, it not soonec paid. shall be due and payable on the first day of JuLy, 2001. : And shall duly, promptly. and [ully pe~torm, discharge. execuEe,~ff~ect~.~-~omplete: aod comply with and abide by each aad every the stipulations, agreemeots, conditiors, and covenants of said promissory note a~d of this moctgage, then !his mortgage and the estate herPby created shail cesse and be nuil and void. And the mortgagor fucther covenants as [ollows: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is ~eserved to pay the debt in whote. o< an amount equal to one or mae monthly payments on the principal that are next due on the note. on the first day of a~y month prior to matu~ity: Pr.~rid~d, howeve~, that writlen notice of an :ntention to exetcise such privilege is given at least thirty (30) days prior to prepayment; and, provided f*lrthe~. 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 Nousing Act, he wiU pay to the mortgagee an adjusted premium charge o( one per centum (196) of the original principa! amount tfiereof. except that in no event shall the adjusted p~emium exceed the aggcegate amount of premium charges which would have been payable if the mangage had continued to be insured until maturity; such payment to be applied by the mort- gagee upon its ohligation to the Secretary of Housing and Urban Developmeat on account of mortgage insurance. 2. That, in order moce fully to protect the security of this mortgage, the mortgagor, together with. and in addi- tion to, the mont6ly payments unde~ the terms of the note secured he~eby, on the first day of each month until the said note is fully paid, will pay to the mortgagee the following sums: ~~i/ Ae amount sufficient to providc the holder hereot wiith funds to pay the ne:t moctgaee insuraace premium if this insjru- ment and the note secured hereby are insured, or a monthly charge (in lieu of a morigage insnrance premium) if they •re hetd by the Secretary ot Housi~g and Urban Develo~ ment, as follows: (l; If and so long as said note of even date and this instrument ~te insured or src reinsured under the proriaions of the National Housing Act, an amount sutticient to accumulate in the hands of the holder one (1) month prio~ tu its due date the annua! mortgage insurance premium, in order to provide such holder with [unds to pay suchpremium to the Serrct~ry ot Housing ond Urban De~elopment pursuont to the Nationai Housing Act, as amended, and applicable Regu- lations thereunder; or (II) If and so tong as said note o! eve~ date and this instrument are held by the Secretary of Housing and Urban Develop- nent, a+nonthly charge (in lieu of a mortgage insurance pmmium) which shali be in an amount equal to one-:~rc?>t}s (L 12) o( oae-halt (44) per ce~lum o[ the average outstanding balance due on the note computed without taking ia'w account delinquencies or prepayments; !b1 A sum equal to the ground rents, it any. ne:t due, plus the premeums that will ne:t become due and payable on poticies oI fire and other hazard insurance covering the mortgaged property, plus taxes and assessments ne:t due on the mort- g6ged property (all as estimated bp the mortgagee) less ali sums aiready paid therefor divided by the number ot months to elapse beforr one mo~th prior to the date whe~ such gzound rents, premiums, tazes, and assessments will become de- _ linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, ta=es, ,nd special assessments; and ~ (c; Ail payments mentioned in the twro preceding subsections o( this paregraph and al! payments to be made under !he note i secured hereby shall be added together and the aggregate amount thereot shal! be paid by the mortgagor each munth ~n a ` sir.gle payrnent to be apptied by the mortgagee to the (oilowing items in the order set Eorth: { preeuum charges under the coatract of insurance with the Secretary ot Housing and Urban Development, or mon~hly char~e (~n lieu of mortgage inso•ance premium), as the case may be; (II) ground rents, ta:es, assessments, tire, and other hazard iosurance prcmiums; (III) interest on the note secured hereby; and i1V) im'ytization ot the principal of said note. Any deficiency. in the amount c~f such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the neat such payment, constitute an event of default under this mortgage. The mortgagee map collect a"late charge" not to exceed two ce~ts (2~) for each dollar (Y1) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments- 3. That if the tatal oE the payments made by the mortgagor nrder (b) of peragraph 2 preceding shall exceed the amou~rt of the ,paymeMs actually made by the matgagee, for ground rents, taxes and assessments and i~ur- a~e premiums.as the case may be. such excess at the option of the mortgegee, shall be ccedited on subsequent payments to be made by the mortgagor, a refunded to the moctgagor. U. however, the monthly payme~d's made by the matgdgor urder lb) oE peragraph 2 preceding shall not be su[ficient to pay ground rents. taxes and assess- ments and ir~sarance pcemiwas, as the case may be, when the same shall become due and payable, then thP m«t- g~,aga shal! pey to the roortgagee any amount necessary to make up the deficiency, on or before the date when pay caeat d such ground rents, taxes, assessments, or insuraoce prem:ums shall be due. It at any time the matga- gor shell tender to the mortgagee ie ac~ordance with the provisions of the note secured hereby, iull peyment oE the entue indebledness represented thereby, the mo~tgagee shali. in computirg the amount of such indebtedness, credit to the eccount af the ar~rtgagor all paymrnts made under th~ provisions of (aJ ot patagraPh 2 hereuf whichthe mortgagee has not become obligated to pay to the Secretary of Housing and Urban Development ~nd any balance remain~ng ~n the tunds accumulated under the provisio~ of (b) oE ~aed perag~aph 2. If there shall be a default un- ~ der any d the ptavisions of this mortgage, resultinR in a public sale of the premises covered hereby, o~ if the mottgagee acquires the ~roperty otherwise after default, the mcctgagee shall apply, at the time of :he commence- ment d such proceed~r?gs or at the t~me the propeny ~s othervv~se acquired, the balence then rema~ning in the funds xcemulaled under /b) of peragtaph 2 preceding as a credit against the omount o( principal then remain~ng unpeid • ~ under said note and shall properly adjLLSt any payments which shal! have b~dn made unde~ (u) of said paragcaph. . ; • g~~~3 1i9~ ~ ~ ? ~a ti ,~J -