HomeMy WebLinkAbout2806 said mortgaga does he~eby tully warcant the title to said laod. and eve~y part theceof. and will defend the same
agai~st the lawful claims of alt pecscx~s whomsoever.
PROVIDED ALWAYS~ and these p~esents are executed and delivered upon the following ca~ditions. to wit;
The mortgagor ag~ees to pey the mortgagee. or order. the prirtcipal s~?m of Sev~nteen Tbousand ?hree
H~IIIdr~d uld ~/1~~~~ww~~~~~~~~~~~~~.~~~~~~~~.~~~~~.~~~~~~~~~~~~~~~~~~~.~~~~~~i~~~~~~~~
pollacs (f 17~300~p0 as evideaced by e aote oE even date he~ewith. with interest Ecom date at the
rate of i~ve1~ pec ceatum ( 7 7G) per annuaa on the unpaid balsnce
until paid. The said pcincipal and irttecest shall be pays~ble at the otfice of
8'1'OC1C~'Qi• NEt~TI~Y~ DAVIN i C~lp11NY. 100 1N~t lia,Y StuNt, Ja~cksot~ville. FLD]cidi~
or at such other place as the holder oE the note may desig~ate in writing, in monthly installme~ts of Oae Huadred
Fif teen and 22~100~••••~••~•••-~~~•••-~••~ ~llars (S 115.22 comme~cing or~
the first day of August . 1971 . and on the tirst day of each month thereafter untiltheprincipal
and intecest are fully paid. except that the final payme+~t of principal and interest. i[ not sooner paid. ~hall be due
and payable on the first day oE Jttly~ 2001. :
And shall duly. pramptly, and fully pedorm. discharge, execute, effect. complete. and comply with and abide
by each and every the stiputations. ag:eements. conditions. and cove~a~ls of said promissory note and of this
mortgage. then this mortgage and the estate herPby created shall cease and be null and void.
And the matgagor further covenants as follows:
1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole.
or in an amount equal to one or mae monthly payments on the principal that are next due on the note. on the first
day of any month prior to maturity: P.ovided, however. that written notice of an intention to exercise such privilege
is given at least thirty (30) days priw to prepayment; and, provided further. that in the eve~t the debt is paid in
Eull prior tc, maturity and at that time it is insured under the provisions of the National Housing Act. he will pay to
the mortgagee an adjusted premium charge of one per centum (1%) of the original principel amount thereof. except
that i~ no eve~t shall the adjusted premium exceed the aggregate amount of premium charges which would have
been payable if the moctgbge had continued to be irtsured until maturity; such payment to be applied by the mort-
gagee upon its obligation to t6e Secretary of Hoasing and Urban Development on account of mortgage insurance.
2. That, in order more fully to protect the security ot this mortgage, the mortgagor, together with. and in addi-
tion to. the monthly payments under the terms of the note secuced heceby. on the first day of each month until the
said note is tully paid. will pay to the modgagee the follopving sums:
(a) An amount su(ficieat to provide Lhe holder hereo[ aith [uads to pay the nezt mortgaQe insurance premium if this instru-
ment and the ~ote secured hereby are insured, or a moathfy charge (in lieu of a mortgage insurance premium) if they are
hetd by the Secretary of Housing and Urban Development, as tollows;
(i) I[ and so long as said note of even date and thls instrument are insured or arc reinsured under the provisions ot the
National Housing Act, an amount su[ficient to accumulate in the hands o[ ihe holder one (1) month prior to its due
date the annual morigage insurance premium, in order to provide such hoider with funds to pay sucb premium to t6e #
Secretary ot Housing and ilrban Developmmt pursuant to the National Housing Act, aa amended, and applicable Regu- }
tations thereunder, or
(II) If and so long as said note of even date ond this instrument are held by the Secreta~y ot Housing and Urban Develop-
ment, a monthly charge (in lieu ot a mortgage insurance premium) which shall be in an amount equal tu one-twellth
(1/12) ot one-half (55) per centum ot the average outstanding balance due on the note computed without taking into .
j account delinquencies or prepayments;
(b1 A sum equal to the gromd rents, if anr, nezt due, plus the premiums that will next become due a~d payable on policies
~ af fire and other hazard insurance covering the mortgaged properly, plus tases and assessments ne:t due on the mort- '
gaged property (all as estimated by the mortgagee) less ali sums already paid therefo~ divided by lhe number o( months
to elapse before one mo[~th prior to the date ahen such ground rents, premiums, ta:es, and assessments will become de-
linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, ta=es, and special assessments;
and s
(cI All payments mentioned in the two preceding subsections ot this paragrapt. aad ail payments to be made under the oote
secured hereby shall be added togethet and the aggFegate amounl thereot shall be paid by t6e mortgagor each month in a
single payment to be applied by the mortgagee to the [oltowing ite~s in the order set torth:
(n premium charges under the contract of insurance with the Secretary of Housing and Urban Devetopment, or monthly
charge (in lieu of mortgage insurance premium), as the case may be;
([t) ground rents, tsxes, assessments, tire, and olher hazard iasuraace premiums; _
(III) interest on the note secured hereby; and .
(IV) amortization of the principal ot said note.
Any deficiency in the amount of such agg~egate monthly payment shall, unless made good by the mortgagor ~
prior to the due date of the next such payment. constitute an event of default under this mortgage. The moctgagee
may collect a"late charge" not to exceed two cents (2~) for each dollar (Sl) of each payment more than fifteen -
(15) days in arrears to cover the extra expense involved in handling delinquent payments.
3. That if the total of the peyments a~ade by the modgagor under (6) of paragraph 2 preceding shall exceed
the amou~d of the paymeirts actually made by the mortgagee, for gcound rents, taxes and assessments and iRSOo- r.,,~,
ance premiums,as the case may be, such excess at the option of the modgagee. sl~all be credited on subsequent ~
peyments to be made by the mortgagor, or refunded to the matgagor. lf, ho~vever, the momhly paymeds made by <
the mortg~agor under (6) of peragreph 2 preceding shall nd be suEficieM to pay ground rents, taxes and assess-
ments and iasurance p~emiums, as the case may be, when the same shall become due and Qayeble, it?~n the mat-
gsgar shall pey to the mortgagee any amow~t necessary to make up the deficiency, on a before the date when pay-
ment af such gtound rents, taxes, assessments, or insurance premiu~ shall be due. U at any time the matga-
gor shall teader to the mortgagee in accordance with the provisions-of the note secured hereby, foll peyment of the
entire iadebtedness represeMed tbereby, the mortgagee shell, in conpntirg the a~ount oE such indebtedness,
credit to the account of the mortgagor all peyments made under the pravision~ of (oJ of para6raph 2 hereof whichthe
mortgagee has not become obligated to pey to the Secretary of Housing and Urban Development and any balance
remaining in the funds accumulated undet the pravisions of (6) oE said paragreph 2. II there shall be a default un-
der any of tbe provisions of this moctgage, cesultinR in a public sale d the pcemises covered hereby, or if the
aw~tgagee acquires the property othenvise aEter default, the mortgagee shall epply, at the time o[ the commence- i
ment d such proceedings or at the time"the property i~otherwise acquired, the balance then remaining in the Eunds ;
accumulated under (6J of paragraph 2 preceding as a ciedit against the amount of principal then remaining unpeid ~
under said note and shail properly adjust any peyments which shall have been made under (a) of said paragceph.
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