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Home My WebLink About1389 . ' s:iid ~ortgegor doc~ he~eby fully warranl th~• title to said land, and every part thereot, and will detend the same :?gainst thr law[ui claims of all persons virhomsoe~e~. PROVIDED ~LR'AYS, and these p~esents are executed and deiivrred upon tbe [ollow ing conditions. to wit: The mortgagor ag~Pes to pay the mo~tgagee, or orde~. the principal sum of Sixteetl 1'hOlisaIId Nipe Huridr~d l~if ty and 00~140---•---•----•-•---•••--••-•-••----•---------~--•-•-•-------•-•----•----• DoDlacs (516~950.00 as evidenced by a ~ote of even date he~ewith, with interest from date at the cate of ~vett per centum ( 7 per annum on the unpaid balance until paid. The said principal and inte~est shall be payable at the o(fice o[ ~ 9'POC1d'ON. 11W?Tid~c. WWIN i CGMP71Nff. 100 f~hst B~y Strart. Jacksonvilla, tl~o~cida or at such dhe~ place as the holder of the note may designate irt writing, in monthly instailments of (~pe Hluidied 1~telve and 8~~100•---••••---•-•-------•••~~ollers (S 112.89 coma~encing on : the first day of Augus t . 19 71 , and on the Eirst day of each ~nonth thereafter until the pcincipal dnd inte?est are fully paid. except that the final payme~t of principal and interest. if not sooner paid. shall be due and payable on the first day of July~ 2001 : And shall duly, pranptly, and fully perform, discharge, execute, ef[ect. complete, and romply with and abide Ey each and evecy the stipulations, agceements, conditians, and covenants of said promissory note and of this mo~tgage, then this mortgaRe and the estate hereb~ cceated shall cease and be null and void. And the mo~tgagor furthe~ covenants as follows: 1. That he will pay the inaebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or an amount equal to one or mae monthly peyments on the pcincipal that are next due on the note, on the first day of any month prior to maturity: Pro~~id~~i, howevec, that written notice of an intention to execcise such privilege is given at least thirty (30) days prior to prepeyment; and. provided fu~ther, that in the event the debt is paid in tull prior to matu~ity and at tha' ti:ae it is insured under the provisions of the National Nousing Act, he will pay to the mortgegee an adjusted ptemium charge of one per centum (1%). of the ariginal principel amount thereof, except that in no event shall the adjusted premium exceed the aggcegate amount ot premium charges ahich would have ~ been payable if the mortgage had conti~ued to be i~sured until maturity; such payment to be applied by the mort- t gagee upon its obligation to the Secretary of Housing and Urban Developme~t on account of er.odgage insurance. Z. That, in order more [ully to protect the securit3 of this mortgage. the mottgagor, together with. and in addi- tion to, the monthly payments under the terms of the note secured hereby, on the Eirst day of each month until the said note is ful~~ paid. aill pay to the mortgagee ~he following sums: ;.i1 An amoynt suZfZ~iLnt to provide the holdet hereo[ with fuads to par the ne:t mortgage insurance premium if this instru- mcnt ond the note secured hereb~ a?e insured, or a monthly charge (i~ lieu o( a mortgage insurance premium) if they are heid ~y the Secretarr of Housing and Urban ~evelopment, as (ollows: (I1 It and so long as said note of even date and this instrumeat are insured ot are reinsurcd un~'er the p:o~isioas o( the 11~ational Housing Act, an amount suf(~cient to accumulate in the hands ot Ihe holder onr (1) month prior to its due - data-ihe-annual -mortgage_.aasuraace_premiua~ in_order -tn_prnvide -such holder with tunds_ to_ pay auchpremium-to the__ Secretah ot Housing and Urban Development pursuant to the National Housing Act, as amended, and appticable Regu- lat~ons thereu~der, ur (11) It and so long as said ~ote o( e~•en date aad this instniment are held ~y the Secretary ot Fiousing and Urban Develop- ment, a monthly charge (in lieu of a mortgage insurance premium) wdich shall be in aa amount equal to one-tweltth ' (1 '12) o( one-half (i~) per centum vf the average outstand~ng balance due o~ the note camputed without taki~g into account delinquencies or prepaymeats: !h?~A sum-equal to the ground rents, it any, ne:t due, plus the premiums that wrili next become due and payable on policies uf [ire and other hnzard i~surance covering the morigeged property, plus ta:es and assessments ne:t due on the mort- gaged property (all as est~mated by the mortgagee) less all sums already paid there[or divided by the number o[ monlhs to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments will become de- ~ linquent, such sums to be held by moRgagee in trust to pap said gresand rents, premiums, tases, and speciai assessmee~ts; ~ and ~ri All payrr.ents mentioned in the two preced~ng subsections of this paragraph an8 alt payments ta be made under the note secured he~eby shall be added together and the aggregate amount thereot shall be paid by th~ mortgagor each month in a sinqle payment to be applied Dy the mortgagee to thr follow~ng items in the order set torth: (I) premium charges under the contract of ~nsurance with the Secretary o[ Housing ar.d Urban Development, or monthly charge (~n :ieu ot mortgage inaurance premium), •s the case may be; Ql) ground re~ts, ta:es, assessments, fire, and othr~-huard insuraRCe premiums; (IIU ~nterest on the note secured hereby; and ~ (IV) amortuation of the principai of said note. Any deficiertcy in the arnount of such aggregate menthly paymen! shall, unless made good by the mortgagor F prior to the due date of the next such ~?ayment, constitute an event of default under this mortgage. The mortgagee mag collect a"late charge" not to exceed two cents (2e) tor each dollar (S1) of each payment more than fifteen (IS) days in arrears to cover the eutra expense involved in handling delinquent payments_ 3. That if the tatal of the peyments rtrade by the aartgagor under (6) of paragraph 2 preceding shall exceed the amount oi the paymeMs actually made by the mortgagee, for gronnd rents. taxes and assessments and iasut- ance premiums.as the case may be, such excess at the option of the mortgagee, shall be credited on subsequent peyments to be made by the mortgagor, oc refunded to the matgagor. if, hawever, the monthly paymerds made by p the mottg,agoc under (b) d paragraph 2 preceding ~hall not be sutficient to pay gtound rents, taxes and assess- ~ ments and ir~surance ~emiums, as the case may be, when the same shall becane due and payable, fhen the mat- g~g« shall pe~r to the mortgagee any amount necessary to make up the deficiency, on or before the date when pay- ment af such gFound rents, taxes, assessments, w insurance premiums shall be due. If at eny time the matga- gor shall terder to the matgagee in accordance with the pravisions of the note secured hereby, [ull peyment of the entire i~debtedness represented thereby, the mortgagee shall, ~n caiaputirg ihe amount of such indebtecness, - credit to the account ai the mortgagoc all payments made under the provisior~s of (a) of paragraph 2 hereof whichthe ~ awrtgagee has not become obtig$tet; to pey to the Secretary of Housing and Usban Developmeat and any balance ~ remsining in the funds accumulated under the provisiorts of (b) of said poragroph 2. If there shall be a detault un- der any d the provisions ot this mortgage, resultinR in a public sale of the premises covered hereby, or i( the = mortgagee acquites the property othenrise after de(ault, the mort~agee shell apply, at the time ot the commence- ment d such proceed~rqss or at the time the pr~perty ts otherw~se acquired, the balance then remaining in the tunds accumulated under /b) ot poragraph 2 pteceding as a credit egainst ~the amount of principal then remaining unpe+id undrr said note arid shall properly adjust any payments which shall have bean made u~der (ul of said puragreph. • g0l ( i~- ~ 1~8? : _ - ~,~-=---Y - - 'i