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said moctgagor does hereby tully warcant the title to said land, a~d every p,ict thereof, and will deEend the same
ageinst the lawtul claims ot all pcrsoos whomscever.
PROVIDED ALWAYS. and these pcesents are executed artd delivered upon the followi~g conditions, to wit:
The mortgegor agrees to pay the mortgagee. or ocder. the principal sum of NINETSBN THOl1SAND ONE HUNDRED
aad W/1oO~~~~~~~~~r~.~~r~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~w~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Do~ilars ~'S 19 ~ 100.00 as evideoced by e note of even date herewith. with interest from date at the
rate of ~y~ per ce~tum ( 7 96) per annum on the unpaid balance
until peid. The seid principal end i~terest shall be payeble at the office of
Sl'OC1d'~1• NN~ITI~Y• DAVIN i CCM~ANY. 109 1~hst 8ay StrMt, Jack~onvills. tl~rida
or et such other place as the holde~ oE the note may designate in writing, in monthly instellments of ONE HUNDRED
TWENTY~SBVBN and 21~100•~-----•------•~•••Dollars (t 127.21 commencing oa
the first day oE Septe~nber . 19 71 . and on the first day of each mo~th thereafter untiltheprincipel
and intecest are fully paid. except that the finel payme~t o[ principal and interest, if not sooner paid. shall be due
end peyable on the fi~st day of August~ 2001. ;
And shall duly. promptly~ and fully perform, discharge. execute. effect, complete, and comply with end ebide
by each artd every the stipulations. agreements, canditions, and covenants of said promissory note and of this
mortgage, then this modgage and the estate hereby created shell cease and be null and void.
And the matgagor fucther covenants as follows:
1. That he will pay the~indebtedness, as hereinbefore provided. Privilege is reserved to pey the debt in whole,
or in an amount equal to one ot more monthly payments on the principal that ere next due oa the twte, on the first
day of any month prior to maturity: Provided, however. that written notice of an intentian to exercise such privilege
is given at least thirty (30) days prior to prepayment; and. provided further, that in the event the debt is peid in -
full prior to maturity and at that time it is insured under the provisions of the National Housing Act. he will pay to
the mongagee an adjusted premium cherge of one per centum (1%) of the original principel amount thereof, except
that in no event shall the adjusted premium exceed the aggregate amouat of premium cherges which would heve
been payable if the mortgege had continued to be insured until maturity; such payment to be applied by the mort-
gagee upon its obligation to the Secretery of Housing and Urban Development on account of mortgage insurance.
2. That, in order more fully to protect the security of this mortgage~ the~mortgegoc. 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/ A~ amount sufficient to provide the holder hereot with funds to pay the next mortQaQe insut~ace premium if this instru-
ment ond the note secured hereby •re insured, or a monthlr chrrge (in Iieu of a mortQ~ge insuraece premium) i[ they ~re
betd by the Secret~ry ot Housing and Urban Development, as tollows:
(I) If and so tong as soid note o[ even date and this instrument ~re inaured or arc reinsurcd under the pwviaiona of the
Nationat Houaing Act, an amount su(ticient to accumuiate ia the hands ot the holder one (1) month prior to ita due
dete the annual mortgage insurance premium, in order to provide such holder wilh funds to pay such premium to the
Secrctary o[ Housing and Urbon Development pursuont to lhe National Housing Act, as amended, and applicable Regu-
lations thereunder, or
(1l) 1t and so long as said note d even dnte ond this instrument are held by the Secret~ry of Housing and Urba~ Develop-
ment, a monthly charge (in lieu o[ a mortgage insurance premium) which shall be in an amount equal to one-twelfth
(l; 12) of one-half (5~4) per centum o[ thc average outstonding balance due on the note computed without taking into
account delinquencies or prepayments;
(F~l A sum equal to the ground rents. it any. ~ext due, plus the premiums that will ne:t become due and payable on policies
of fire nnd other hazard insurance covering the mortgaged property, pius ta:es and assessments neYt due on the mort-
gaged property (all as estimated by the mortgagee) less all suma already paid tl~eretor divided by the number of months
to elapse be[ore one month prior to the date when such ground rents, premiums, ta:es, and assessments will become de-
j tinquent, such sums to be hetd by mortgagee in trust to pay said ground rents, premiums, t~:es, and apecial asaesaments;
I and
; (c/ All payments mentioned in the two preceding subsections o[ thia paragraph a~d all payments to be made under the note
~ secured hereby shatl be added together and the aggregate amount thereot shall be paid by the mortgagor each month in a
single paymeat to be applied by the mortgagee to the foUowing items in the order set torth:
~ (I) premium char¢es under the contract ot insuraace with the Sectetary o[ Housing aad Urban Devetopmenl, or monthly
~ charge (in lieu ot mortgage insur$?ce premium), as the case may be;
(li) ground rents, tazea, assesaments, (ire, and other hazard insurance premiums;
(III) intcrest on the note secured hereby; and
(IV) amortisetion oE the principel ot said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor
prior to the due dete 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 (2~) for each dollar (SI) of each payment more than fifteen
(15) days in arrears to cover the e~Rra expense involved in handling delinquent payments.
3. That if the tdal af the peyments made by the mortgagor utder (6) of paragraph 2 preceding shall exceed
the amou~ of the payments actually made by the mortgagee, [or ground rents, tanes and assessments and insur-
~ ance premiums, as the case may be, such excess at the option of the mortgsgee, shall be credited on subsequent ~
payments to be made by the mortgagor, or refunded to the mortgagor. IE, howevec, the moMhly paymee~ts made by ~
~ the mat or under (6) of ra ra h 2 recedi shall not be sufficient to ound rents taxes and assess-
PB Pa 8 P P n8 PsY ~ .
~ ments and iasurance pcemiums, as the case may be, when the same shall become due and payable, then the moct-
~ gagor shall pey to the moctgagee any amount necessary to make up the deficiency, on or before the date when pey-
~ ment af such grou~d rents, taxes, assessments. oc insurance pcemiums shall be due. If at any time the martga-
gor shall tender to the mortgagee in accordance with the provisions of the note secured hereby, full peyment of the
~ entire indebtedness represented thereby, the mortgagee shall. in computirg the amount of such indebtedness,
~ credit to the accouM af the mortgagor all payments made under the provisions oE (a) of patagraph 2 hereof whichthe ~
mortgagee has not become obligated to pey to the Secretary of Housing and Urban Development a~d any balance
~ remaining ia the funds accumulated under the provisions of (b) of said p~ragraph 2. lf there shall be a default un•
der any d tM pravisions of this mortgage. resulting in a public sale d the premises covered hereby, or if the
mortgagee acquires the property othenvise aEter default, the mortgagee shall apply, at the time of the commence-
ment d such proceedings a at the time the propedy is otherwise acquired, the balance then remaining in the funds,
accumulated under (6J of paragrapb a preceding as a credit against the amount oE principal then remeining unpaid
under said note and shall properly adjust any payments which shell have been made under (a) of said peregraph.
i
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