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Home My WebLink About1109 , , • . < : suid moctg~Kur d~xs hereb~~ [ulh• w~arrant the title to said land, and e~~e~~• part the~eot, and will detend the same .+~~~~nst the l.+v?~(ul ~laims of all pe~suns whomsoe~•er. PROVIDED AI.IKAYS, and these presents are executed and delivered upon the following conditions, to wit: The mortgagor agrees to pay tfie mwtgagee, or order, the principal sum of BIGHT88N THOUSAND NINB ~1tY00Y an~ W/~{M~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~r~~~w~~~~~~~~~~N~~~~~~~~~~~~~• Uollacs (S 18~900.00 as e~•ideaced by a nole of even date herewith, with interest icom date at the rate o! ~~p pe~ centum ( 7 ~6) per an~um on the unpaid balance until paid. The said principat and interest shatl be pa~~able at the office of Si'OCI~I`~i. NHUTI$Y • DA~Ii i Cat~/1tK. 100 i~l~st Hay ~t~coet, Jacksoa~ville. !'1~'1da ~ at such other place as the holder of the note may designate in writing. in monthly installments of ONB HUNDRBD TMENTY•FIVB aad 87~100~•••-•••-~••••••-~---0ollars (S 125.87 comn~encing on the ti~st da~ ot October ~ . 19 71 . and on the first dey~ of each month thereafter untiltheptincipal and interest are fully paid. except that the Einal payment of principal and interest, if not sooner paid, shall be due and pay~able on the first day oi Septaaber, 2001~ r And shatl duty, pranptiy, and [ully perform, discherge, execute, etEect. complete, and compiy with and abide by each and eve~~ the stipuletions, agreements, conditions, and covenants of said promissory note and of this mortgage, then this moctgage and the estate he~eby created shall cease and be null and ~~oid. . And the mortgagor further coeenants as [ollows: 1. 1'hat he will pay the indebtedness, as hereinbe[ore provided. Ptivilege is reserted to pay the debt in whole, or ~n an amount equal to one oc moce monthly payments on the principal that are next due on the note, on the first da~- of any month prior to maturity: P?ortdrd, however, that written notice of an intention to exercise such privilege ,s gi~•e~ at least thirty (30) da~•s prior to prepayment; and. provided further, 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 Housing Act, he will pay to the mortgagee an adjusted pcemium charge o[ one per centum (1°~6) of the original principal amount thereof, except that ~n no eti•ent shall lhe adjusted premium exceed the aggregate amount oE premium charges which veould have been pa~•able if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obtigation to the Sec~etary of Housing and Urban Development on account of mortgage insurance. 2. That. ~n order more Eully to protect the securit~ of this mortgage, the mortgagor, together with, end in addi- t?on to, the monthlp payments under the terms of the note secured hereby, on the first day of each month until the said nr*e ~s full~• patd, will pay to the mortgagee the [ollowing sums: : A:: ac.oune su((~ctent tu provide the holdrr hereof wrth Eunds to pay thr next mortgage insurance premium i[ this instru- ment ar?d ihe note secured hereby ore insured, or a monthly charge (in lieu of a mortgage insurance premium) i( they aie hr1A b? the Secretary of Housia~ and Urban Development. as fotloxs: tl~ It an3 so long as ss?d note o[ even date and this wstrument are iasured or are reinsured under the provisiona o( the \at?onal Housing Act, an amount sufGcient to accumulstc in tAe hands of the holder one (1) ~nonth prior to its due d.te :he annu+l mortgage insurance premium, ?n order to provide such holder with tunds to pay such premium to the Se.•retan• o[ Fiousing and Urb~n Development pursuant to the National Housi~g Act, •s amended, and applicable Regu- lettuns thereunder, or _ • 11~ It and su tong as said note o( e~•en date and this mswment are held by the Secretary o[ Housing and Urban Develop- ^rnt. e.^.:onthly charge (~n l~eu of a mortgage ~nsurance premwm) which shalt be in an amount equal to one-twelfth ! i 121 of one-hal[ per centum ot the a~•erage uutstanding balance due on the note computed without taking into ; ~~un! drlinquenc~es or prrpayments, A suT eyuai to the ground reatc, it any, ne:t due, plus the preeaiums that wili next become due and payable on policiea :,t fire and other hazard insurance covering the mortgaged property, plus ta:es ond assessments neYt due on the mort- RaKe3 property lail as est?awted by ihe mortgagee) less all sums already pa~d theretor di~•ided by the number o[ months tu elap.e be(ore one month pnor to the date when such ground rents, premiums, ta:es, a~a ass~a~r.ra:s will become de- linyurnt, such su:r:s to be held by mongagee in trust,to pay said groynd rents, premtums, to:es, andspecialaasessments; a[ltj ~ At: payr..rn:s a:entioned an the two preced~ng subsections ot th~s parograph a~d all payments to be made under the note secured hereby shall be added together end the aggregate amount thereo[ shall be paid by the mortgagor each month ?n a ~ sirt~le pa~ir.ent to be appl~ed by the mortgaaee to the tollowing ~tems in the order set torth: E i I) premiu~ chzrges under the conuact ot insurance wlth the Secretary of Nousing and Urban Development, or monthiy ~ :harge (~n l~eu ot mortgaQe ansurance premium), as the case may be; f ~ ~lll ground rents, t~xes, assessmenta, (ire, and other hazard insurance premiums; (I111 anterest on the note setured hercby; and ~ (1~') icrurtization ot the pr~nc~pat of sa~d note. Any~ deEiciencp in the ar.iount of such aggregate 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 mortgagee :;~at• coliect a"late charge" not to exceed two cents (2Q) for each dollar (S1) ot each payment more than fifteen t15) days in arrears to cover the eYtra expense involved in handling delinquent payments. 3. That i[ the total ot the payments made by the mortgagor u~der (6) of paragraph 2 preceding shall exceed the amount of payments actually made by the mortgagee, foc ground rents, taxes and assessments and insurance premiums. as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the mottgagor under (bJ of pecagraph 2 pre- ceding shall not be sufEicient to pay ground rents, taxes and assessm~rnts and insurance premiums, as the case ~ may be, when the same shall become due and payable. then the mottgIIgoc shall pay to the mortgagee any amount ; necessary to make up the deficiency, on or befae the date when payment of such ground rents. taxes, assessments, or insurance premiums shall be due. If at any time the moctgagor shaUtender to the mortgagee in accordance with r: ~ ~ the pro..•isions of the note s~::red !~.rrehy, full payment oE the entire indebtedness cepresented theteby, the mort- ; ~ gagee shall. ~n computing the amount of such indebtedness, credit to the account of the moctgagor alt payments ~ made under the provisions of (ol of peragraph 2 hereof which the mortgagee has not become obligated to payto ~ the Secretary o~ Nous~ng and Urban Development and any balance remaining in the funds accumulated under the ~ pro~•isions of (61 of said paragraph 2. IE there shall be a default under any of the provisio~s of this mortgage, re• ~ ~ su;ting in a public sale oi the premises covered iereby, oc if the moctgagee acquires the property otherwise aiter ~ default. the mortgagee shall apply, ai the time oE the commencement of such proceedings or at the time the prop- ert}~ is otherw~se acquued, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding ~ as a cred~t against the amount of principal then remaimng unpaid undet said note and shall p~opertyadjust any payments wh~ch shall have been made under (a) of said paragtaph. ~ 4. That he will pay al! taxes, assessments, water rates, and othe~ governmental or municipal cherges, tines. or im~rnitions, for wh~ch prov~sioo has not been made hereinbefore, and in default thereo( the marigagee may pay the same, and that he w~ll promptly deliver the otficiai rece~pts therefor to the morigagee. ' s o+~~~5 ~1~.07- ,