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Home My WebLink About1449 ' ' ~ t i / ti ~ i ~ ~ 3 ,~id mortgagor d~s hereby fully K~arrant the title to said lend, and every part the~eof, and will defend the same :,ga?nst the lawfui claims ot all persons whomsoever. PROVIDED ALN'AYS. a~d these presents are executed and delive~ed upon the following conditions, to wit: The mortgagoc agrees to pay the mortgagee, oc.order, the principal sum of aI~HTEgp Tliq~SAl1p ~IVB HUNDRBD and 00/104--••--•---•-•----•---•---•--•••-•-----------•-----•---------•- Dollacs (S 18 500.00 as evidenced by a note of even da e herewith, with interest Ecom date at the ~ate ot ~ per centum ( ~ 9G) per annum on the unpaid balance until paid. The s~id principal and interest shall be payable at the otfice oi 8TOC1~Y'~1? NH71TI$Y, DA~t 1~ Cd1~1~. 1~ i~N~t b~y il~c~st. JAcksOnville. ls+~rida ~ or at such other place as the holder o[ the note may designate in writing, in mortthiy installments oE ~ HUNDR$D ~ 1ti18I~iTY•THRSB a~d 21~100•-••-•--••-•-•--•-•~Dollars (S 123.21 commencing on the first day of OCtoblr . 1971 . and on the first day of each month thereafter untiltheprincipal and interest are tully paid, except that the Einal payment of principal end interest, if not sooner paid. shell be due and payable on the first day of Septe~ber, 2001. And shail duly, promptly, and fully perform, discharge. execute, effect. complete, and comply with and abide by each and every the stipulations, agreements, conditions, and covenants of said ptomissory note end of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor fucther 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 equai to one or more mor~ihly paymeats on the principal that are next due on the note, on the Eicst da~• of any month prior to maturity: P.~~•iJed, however, that written notice of an intention to exercise suth privilege . is given at least thitty (30) da~ s prior to prepayment; and, provided fucther. 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 Housing Act. he.will pay to the mortgagee an adjusted premium charge ot one per centum (lro) of the otiginal principal amount thereof, except that in no e~•ent shall the adjusted premium exceed the aggregate amount of premium chacges which would have been payable if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upo?~ its obligation to the Secretary of Housing and Urban Development on account of modgage insutance. ~ 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 following sums: ,r1i An amount sufficient to provide the holder hereof with funds to pay the next mortgage insurance premium i[ this instru- ment and the note secnred hereby are insured, or a monthly charge (in lieu ot • mortgage ia~urance preafium) i( they ire held by the Secretaryr of Housin~ and Urban Ae~elopment, •s follows: . (11 if and so long as said aote o[ even date and this instrumeat are iasured or are reinsured onder the provisioas o[ the tiational Housing Act, a~ amount sufticient to accumulate in the hands o[ the holder one (1) moeth priot to its due date the annuat mortgage insurance premium, in order to provide s~ch hoider with Eunds to pay such premium to t6e Secretary o( Housiag and Urban Development pursuent to the National HousinQ Act, as amended, and appticahie ReQu- lateons thereunder; or (11) If and so long as said note of even date and this instrument are held by the Secretary of Housing and Urban Develop- ~ rent, a monthly charge (in l~eu of a mortgage insurance premium) which shall be in an amount equal to one-twelftl~ ~ (1 12) of one-half (~.i) per centum ot the average outstanding balance due on the note computed withouttakinQ into account delinquencies or prepayments; A sum equal to the ground rents, if at~y. next due, plus the ptemiums that will nezt become due and payable on policies of fire and other hazard insurance covrring the mortgaged property, plus tases and assessments neYt due oa the mort- gaged property (all as estimated by the mortgagee) less all sums already paid theretor divided by the number ot months to elapse betore one month prior to the date when such ground rents, premiums, ta:es, and assessments will become de- I'I 3~nquent, such sums to be.held by mortgagee in trust to pay said ¢round rents, premiums, tanes. andspecialacsessments; ~ and << ! A11 puy-ments mentioned in the two preceding subsections ot this paragraph and a11 payments to be made under the note P secured herebp shall be added together and tke aggregate amount thereat shail be paid by the mortgagor each month in a ~ cinKle payment to be applied by the mortgagee to the tollowing ilems in the order set forth: (1) prem~um charges under the contract of ~nsurance with the Secretary o[ Housing and Utban Development, or monthly charge (~n lieu of mortgage insurance pre[nium), as the css~ may be; (II) ground rents, taxes, assessments, iire, and other hazard insurance premiums; (Il!) interest on the note secured hereby; and (IV) amorttzation of Ihe prtncipal o[ said note. Any deficiency in the ar.iount of such aggregate monthly payment shall, unless made good by the moctgagor. prior to the due date oE the next such payment, constitute an event of default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2a) for each dollar (S1) of each payment more than fiEteen ll5) days in arrears to cover the extra expense involved in handling delinquent payments. ~ 3. That if the tota! of the Payments made by the modgagoc under (6J ot paragraph 2 preceding'shall exceed ~ the amount of payments actually made by the mortgagee, fot ground rents, taxes and assessments and insurance premiums, as the case may be, such excess shatl be credited by the mortgagee on subsequent payments to be ~ made by the mortgagor. If, however, the monthly payments made by the mortgagot under (b) of paragcaph 2 pre- # ceding shall not be suf[icient to pay ground rents, taxes and assessm~~nts and insurance premiums, as. the case may be, when the same shall become due and payable, then the mortg~gor shall pay to the mortgagee any amount -sf necessary to make uP the deficiency, on oc before the date when payment of such gcound cents. taxes. assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordence with ~ the provisions of the note spcured hereby, full payment of the entire indebtedness represented thereby, the mort- ~ gagee shall, in computing the amount of such indebtedness, credit to the account d the mortgagor all payments i ~ made under the provisio:~s of /a1 of paragraph 2 heceof which the mwtgegee hes not become obligated to peyto - ~ ~ tbe Seccetacy o[ Housing and Urban Development and any balance remaining in the funds accumulated under the provisions of (G) of said paragraph 2. If there shall be a default under any of the provisioas of this mortgage, re- ~ sult~ng in a public sale oi the premises covered iereby, or if the mortgagee acquires the Property otherwise aEter default, the mortgagee shall apply,.et the time.o[ the coca~oencement of such proceedings or at the time the prop- erty is otherwise acquired, the balance then remaining in the funds accumulated under (6) of pacagraph 2 preceding as a credit against the amount ot principal then remaining unpaid under said note and shall properlyadjust any payments wh~ch shall have been made under (oJ of said paregraph. • 4. That he will pay all taxes, assessments, watet rates, end other govetnmental or municipal charges, fines. or impusit~ons, for which prrn~isi~ has not been made hereinbefore, and in detault thereot the mo~tgagee may pay thr. same; :~nd that he wili promptly deliver the ofEicial receipts'thereior to the mortgagee. ' 600K PAG~E~~~~ , ~ ~ . _ - _ -