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HomeMy WebLinkAbout0188 . i t ~ ~ ~ . - • ~ _ ~ ~ . ' E . ~ said mo~tgagor does hereby fully war~ant the titlc to said land, and every part thereof, and will defend the same ~ against the lawtul claims of all pecsons whomsceve~. ~ ~ PROVIDED ALN'AYS, and these presents are executed and delivered upon the following co~ditions. to wlt: ~ The mortgagor agrees to pay the mortgagee, or order, the p~incipal sum of SBVBNTSBN THOpSAND 1~T0 ~ HUNDRBD FIFTY and 00~100.•••.••.~•••••••_••_•._•_••_~••••.•~•••_-••••_.•--_••-•__ ~ Dolla~s (S 1~~250•00 as evidenced by a note of even date hecewith, with interest from date at the rate af ~V~f pe~ centum ( 7 96) per annum o~ the unpaid bala~ce until paid. The said principal and interest shall bc payable at the oftice of SrOC1Ci`OM~ NNi1T'iaY. ~A!°tN s C4~[pl?~tY, l0A ~hst Bay Stneet, , Ja~cksanv311a, !'Z~acida or at such other place as the holder o[ the aote mey designate in writing. in monthly instaltments ot ~NB HUNDRED ~ FOURTBEN aad 89~100~••~~••••-•---••--••-•• Dollars (S 114•89 comrt~encing on the Eirst day ot OCtoblr , 19 7I , and on the first dey of each month thereaEter until the principal and interest are fully paid. except that the final payment o[ principal and interest, if not sooaer paid, shall be due and payable on the first day of Septea~ber~ 2001~ And shall duly. promptly. and fully pedorm, discherge, execute, effect. complete. and comply with end abide by each and every the stipulations, agreements. conditions. and covenants of said pcomissory note and of this ~ mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as Eollpws: 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 more monthly peyenents on the principel that are nest due on the note, on the first ~ dap of any month prior to maturity: P.o~~idPd, however, that written notice of an intention to exercise such privitege ; is given at ieast thirty (3U) days prior to prepayment; and, provided further, that in the event the debt is paid in ~ full prioc to maturity.and at that time it is insured under the provisions ot the National Housing Act, he wili pay to the mortgagee an adjusted premium charge o[ one per centum (1S'o) of the original principal amount thereof, except that in no eve~t shall the adjusted premium exceed the aggregate amount of premium charges which would have been payable if the moctgage had continued to be insured until maturity; such payment to be epplied by the mort- gagee upun its obligation to the Secretary of Nousing and Urban Development on accou~t of modgage insurance. 2. That, in order more fully to protect the security of this mortgage. the mortgagor, 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 tollowing sums: ~ An amount sufflcie~t io provide the holder hereof with Euads to pay the ne=t mortQe~e iasu~ance premium it this instru- ment and the note secured hereby are insured, or a monthly charQe (in lieu of a mort~aQe insura~ce premium) if they ~re held L}• the Secretary o[ Housing and Urban Development, as tollows: ~I) 1t and so lon~ as said note of even date and this inatrument ~re insured or ~re reinsurcd under the pro~islons o[ the National Nous~ng Act, an amount sutf~cient to accumulate in the hands of the holder one (1) month prior to its due dete the annual mortgage insurance premium, in order to provide surh holder with funds to pay such prcmium to the Secretary of Housing and Urb~n De~•elopment pursuant to the Nationol Housing Act, as amended, and applicable Re~u- {at~ons thereunder; or (Il) it and so long as said note ot even date a~d th~s instrument are held by the Secretary o( Housing and Urboa Devefop- aeent. + monthly charge (~n lieu o( a mortgage insurance prcmtum) whtch shall be i~ an amount equai to one-twelfth (1 r 121 of one-hai( per centum ot the' average outstanding balonce due on the note computed without takin~ into •ccount delinyuecfcies or prepayments, /R' A sum rquat to the ground rents, it any, next due, plus the premiums that will next become due and payable on pol~cies oi fire and other hozard insurance coverine the mortgaged property, plus taxes and assessments next due on the mort- ~agrd property (all os est~mated by the mortgagee) less all sums alreody paid theteEot divided by the number o[ months ~ to elapse be[ore one :r.aith pnor to the date when such ground rents, premiums, ta:es, and assessments wrill become de- ` linquent, such sur.~s to be held by mortgagee in truat to pay said ground rents, premiumc, ta:es, ond special assessmrnts, and ~r I Alt payments mentianed u? the two preceding subsect~ons o( th~s paragraph and all payments to be made under the note secured heirby sha:l De added together and the aggregate omount thereo( sholl be paid by the mort¢agor each month in a cingle p•ryment to be applied by the mortgagee to the follow?ng items in the order set (orth: (I) pre~ntum charQes under the contract of insurence with the Sectetary of Nous~nQ and U~ban Development, or monthly charge (in lieu o[ mortgage insur~nce p?emium), os the case may be; (lIl ground rents, t~tes, aasessments, [its. and other has~rd insuronce premiueas; (((l) interest un lhe note secured herobr; and r (IV) amort?sation ot the princip~l o[ said note. Any deficiency ~n the ar.tount of such agg~egate monthly payment shall, unless made good by the mottgagor prior to the due date of the next such Payment, constitute an event of detault under this mortgage. The mortgagee ~ may co~!ect a"late charge" not to exceed two cents (24) for each dollar (S1) of each payment more than fifteen (15) days :n arrears to cover the extra eYpense invotved in handling delinquent payments. 3. That if the total of the payments made by the matgagor under (b) of paragraph 2 preceding shall exceed the amount of pvyments actuatly made by the mortgagee, ~for ground rents, taxes and assessments and insurance premiums, as the case may be, such excess shall be eredited by the mortgagee ~ subsequent payments to be made by the mortg~~gor. If, however, the monthly payments made by the mortgagor under (b) of paragraph 2 pre- ceding shalt not be~ufEicient to pay ground rents, taxes and assessm~~nts and insurence premiums, as the case ; may be, when the same shall become due and payable. then the mortgBgor shall pay to the mortgagee any amount ~ necessary to make up the deEiciency, on or befoce the date when payment of such gcound rents, taxes, assessments, or insurance premiums shalt be due. lf at any time the moctgagor shalltender to the mortgagee in accordance with the pco~•isions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- gagee shall, in computing the amount oE such indebtedness, credit to the account of the mortgagor all payments made under the provisions of (a) of paragraph 2 hereoE which the mortgagee has not become obligated to payto tbe Secrctary of Housing and Urban Deyelopment and any balance remaining in the funds accumulated under the provisions of (b~ of said paragraph 2. IE there shall be a default under any of the provisio~s of this mortgage, re- sulting in a public sale of the premises covered ~ereby, or if the mortgagee acquires the property otherwise after default, the modgagee shall apply, at the time of the commencement of auch proceedings w at the time the prop- erty is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding as a credit against the amount ot pcincipal then remeining unpaid under said aote and shall properlyadjust eny ~ payments which shall have been made ur.der (a) of said paragraph. ' 4. That he wil! pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for which provisioa has not been made hereinbefore, and in default thereof the mortgagee may pay ~ ' the same; and that he will promptly deliver the otficial receipts therefor to the mortgagee. ; • . a~ 196 ~ - i88~ - ~ _ _ : . : , _ .