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Home My WebLink About1232 . ~ satd mo~tgagur dur~ hereby (ull~~ wprrnnt the titlr tu said land, and e~~ery part thereo(, and will de[end the same a6.?i~,t the 1~+w•ful cla?ms oi ail Fcrsons whomsoevet. ' _ ~ . ~ P120VIDED AI,NAYS, and these presents.ere executed and delivered upon the following conditions, to wit: The mortgagot agrecs to pay the mortgagee, or otder, the principai sum of NINETBSN THOUSI4ND AND 00~100 Dollars (S iq~QQQ~QQ as e~~idenced by a ~ote of even date herewith, with intecest from date at the rate of per centum ( 7 qG) pet annum or~ the unpaid balance unt~l pFiid. The said principal and interest shall be payable at the oftice ot 8R'OC1Cl'Ol, NN~TiSY ~ DA~N i Cp~pl1NY, lOS i~l~tt 8y? Stac~et, JackaOnv'ill,e. t3~rida or at such other place as the holder o[ the ~ote may designate in wtiting, in monthly installments of ON8 HUI~IDRED 'ItiiENTY•SUC. and 54~100---•--------------•---Dollars (S 126. S4 coma~encing on the first day of p~tpp~r , 19 71 , and on the first dey oi each month theceafter untiltheprincipol and interest are Eully paid, except that the Einal payment oE principal end interest, if not awnec paid. shell be due and prayatile o~ the first day of Sept~Des, 2001. And shaU duly, promptly, a~d Eully perform, discharge, execute, efEect. complete, and comply with end abide b~• each and every the st~pulations, ag~eements, conditions, and covenants of said promissory note and oE this mort~age, then th~s mortgage and the estate hereby created shall cease and be null and void. ~nd the mortgagor Eurther covenants as tollows: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or ~n an amount equal to one or more month~y payments on the principal that are next due on the note, on the first da~~ ot anp month pribr to maturity: Pro~~idr~d, however, that written notice of an intention to exercise surh privilege ~s gi~•rn at least thirty (30) days prior to prepayment; and, provided fuHher, that in the event the debt is paid in tull prior to maturity and at'that time it is insured under the provisions of the National Nousing Act, he will pay ta the mortgagee an adjusted premium charge of one per centum (1%) ot the original principel amount thereof, except that in no e~•ent shall the adjusted premium exceed the aggregate amount o[ premium charges which would have been pa~•able it the mostgage had co~tinued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary o[ Nousing and Urban Development on account of mortgage insurance. 2. That, in order more fuily 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 [ully paid. will pay to the mortgagee the Eollowing sums: . r.7 j An amuunt su[(icient to provide the holder hereof with (unds to pay the next mortgage insurance premium ~f this instru- ment and the note secured herebp are insured, or a monthly charge (in lieu o[ a iuottgage insur~nCe premium) it they are hetd b~ the Stcretarq ot Housing and Urban Devetopment, as tollows: (I) It and so iong as said note of even date and this iastcument are iasured o~ are ~einsured under the provisions o[ the tiational Housing Act, an amount sufticient to accumulate in the hands of the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such holder with [unds to pay such premium to the Secretary ot Housing and Urban Dea•elopment pursuant to the National Housing Act, aa ~mendtd, and appliceble Regu- lat~ons thereunder; or illi I[ and so long as said note o( even date and this instrument are held by the Secretary of Housing and Urban Develop- nent, a monthty charge (~n lieu of a mortgage insura~ce premtum) which sh~ll be in an amount equal to one-twelfth (i 12) of one-hal( (!j) per centum ot the a~erage outstanding balance due on the note computed without taking into acrount delmquenc~es or prepayments; A sum equal to the ground ~eets, i( nny, qeat due, plus the premiums that wili next become due and payable on policies . of fire and other hazard insurance covering the mortgaged property, plus taxes ond assessments next due on the mort- gaged propert}• (ait as est~mated by the mortgagee) less all sums alreadr paid there[or divided by the number ot months j to elapse be(ore one month prior to the date when such ground rents, premiums, taxes, and •ssessments will become de- ~ Finquent, such sums to be hotd by mortgagee in trust to poy said ¢tound rents, premiums, taxes, and special assessmenta; ~ anii ~ r~11 pwyments mentioned ~n the two preced~ng subsections of this paragr~ph and all payments to be made under the note ~ secured hereby sha11 be added together and the aggregate amount thereot shall be paid by the mort¢agor each month in • ~ ~~ngie payment to be appl~ed by the mortgagee to the tollowfng items in the order set forth: ~ (1} premwm charges under the contract of insurance with the Secretary of HousinQ and Urbaa Devetopment, or monthly charge (in fieu o[ mortgage insurance premium), as the case may be; ~ f1I) ground rents, taxes, assessments, [ire, and other hazard insutance premiums; (IIl) interest on the note secured hereby; and iI~'1 ~mortuat~on o( the pr~ncipal ot sa~d note. Any deficienc}• in the a~ount of such aggregate monthly payment shall, unless made good by the mottgagor pnor to the due date of the next such payment, canstitute an event oE default under this mortgege. The mortgagee may collect a"late charge" not to exceed two cents (2Q) for each dollar (S1) of each payment more than fifteen (15) days in anears to cover the extra expense involved in handling deliequent payments. ~ 3. That if the total o[ the payments made by the mortgagor under (6) of paragraph 2 preceding shall exceed ~ the amount of pa~•ments actually made by the mortgagee, foc graund rents, taxes and assessments and insurence 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 mortgagor under (6J af peragreph 2 pre- ~ ceding shall not be sufficient to pay ground rents, taxes and assessmants and insurance premiums, as the case may be, uhen the same shalt become due and payable, then the mwtgsgor shell pay to the mortgagee any amount ~ necessary to make up the deficiency, on a beEae the date when payment of such ground rents~ taxes, assessments, ; or insurance p•emiums shall be due. lf at any time the mortgagor shali tender to the mongagee in accordance with ; ~ the pro~•is~ons of the note secured hereby, full payment oi-the entire indebtedness cepresented thereby, the mort- 4 ~ gagee shall. ~n computing the amount of such indebtedness, credit to the account of the mortgagor all payments ~ made under the provtsio~s of (a/ of paragraph 2 hereof which the mortgagee has not become obligated to payto the Secretar}• of Nousing and Urban Development and any balance remaining in the (unds accumulated undec the ~ proc~sions of /l~/ of said paragraph 2. If there shall be a detault under any of the provisio~s of this moctgage. re- sultinR ~n a public sale of the premises covered iereby, or if the mottgegee acquires the property otherwise aEter default, the mortgagee shalt apply, at the tirt?e of the commencement of such proceedings or at the time the prop- ert~• ~s otherwise acquued, the balance then remaining in the Eunds accumulated under (b) of paragraph 2 preceding as a credit against the amount of ptincipal then remaining unpaid undec said note and shall properlyadjust any payments which shall have been made under (a1 of said paragraph. 4. That he will pay all tazes, assessments, water rates, and other governmental or municipal charges, tines, or impositicrns, ior wh~ch prc,vision has not been made hereinbefcxe, and in defeult thereof the mortgegee moy pay the same, and that he will prompUy deliver the official teceipts there(or to the mortgagee. • ~o~K~g5 ?~1230