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Home My WebLink About2833 { ' ~ ~ ' . ' su~d mortg:+gor does hereb~• full}• w•a~rant the title to said lanif, a~d e~~er~• part thereof. ~nd will defend the same .,ga~nst the l.~w~ful claims of all persons whomsce~~er. PROVIDED ALW'AYS, and these p~esents are executed and delivered upon the following conditions, to wit: The mortgagor agrees to pay the mortgagee, or o~der, the principal sum of Z'~j$~jjp ~ HUNDiED ~I?Y'Y iad D0~100---•----•-•------•-•--••----•••------••••---••-•--~-•-- polia~s (S I~~350.00 as evide~ced by a note of e~~en date herewith, with interest fcom date at the ~ rate ot swpl per centum ( 7 0) per annum on the u~paid balance unti! paid. The said principal and interest shall bc payable et the office of Stockton. Whatlh, Davin ~ Cowpaa~; 100 ii~st Ba~ Str~st; Jacksonvills, Florida ur at such other place as the holder of the note may desig~ate in writing. in monthly installments of ~R ~T1iD~ED FIFT6RN and 55/100•-•••------------~-- ~ollars (5115.55 commencing on the first day of . 1971 . and on the first da3~ of each month thereafter untilthepcincipal and interest a~e tully paid, except that the final payment of principal and interest. if not sooner paid. shall be due and payable on the ficst dey of OCtObeYi 2001 And shail duly, promptly. and fully perform. discharge, execute. etEect, complete, and comply with and abide b}~ each a~d every the stipulations. agreements, conditions. and covenants of said pcomissory note end of this mortgage, then this mortgage and the estate hereby created shali cease and be null and void. And the mortgagor further 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 eryual to one or mae monthly payments on the principal that are next due on the note. on the first da~• oi any month prior to maturity: P~o~~id~d, however, that written ~otice of an intention to exercise such privilege is given at least thirty (30) days prior to pcepayment; 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 premium charge oE one per centum (19b) of the original principel amount theceof, except ahat i~ no e~•ent shali the adjusted premium exceed the agg~eg,ate amount- of premium char~es which would have been payable if the mortgage had continued to be insured until niateuity; such payment to be applied by the mort- gagee upon its obligation to the Secretary- of Housing and Urban Development on account of mottgage iasura~ce. 2. That, in order more Eully 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 heceby. on the first day of each month until the said note is tully paid, will pay to the mortgagee the Eollowing sums: • i~,l An amuu~t su(ficient to provide the holder hereof wtth tunds to pay the ne:t mortgaQe insuraace premium it this inatru- ment and the eote secured hereby are insured, or a monthly charge (in lieu ot a mortgage [naurance premium) if they are hrtd by the Secretary o( Housing and Urban Development, as [ollows: (1) I( +nd so long as said note of even date and this instrument are insu~ed or are reinsured under the provisions o( We Alatioo+~l Housing Act, an amount su[(icient to accumulate in the hands of the holder one (1) month p?ior to its due date ihe annual mortgage insurance premium, in order to provide such holder with funds to pay suchpreenium to the _ Secretary. o( Housing and Urbp~ Revelopmeqt, pursuant to tha Natioaa! Hoysing Act, ~s rmended. aad appiicabie Regu- - lations lhereunder, or ' ' - ' ' (11) It and so lona as said note o[ eve~ date and "this instwaeat afe 6~1d by tM Secretary oE Hoµsing ~nd Urbin Develop- ment, a moothly charge (in lieu of a mort~age iasurance premium) which s6ail be in an amount equal to oae-twelfth (1.~12) oi one-half (li) per centum of the average oufstanding balance due on the note computed without ta]~ing into account delinquencies or prepayments; ~1~; A sum equai to the ground rents, if any, nezt due, plus the ptemiums that will ne:t become due and payable on policies ot Gre and other hazard insurance covering the mortgaged property, plus taxes and assessments nest due on the mort- Kaged property (al! as estimated by the mortgagee) lesa all aums already paid there[or divided by the number of moaths ~ to elapse before one month prior to the date when tuch Qround rents, premiums, taxes, and assessments will become de- I~nquent, such sums to be hetd by mortg~~ee in trust to pay said ~ro~nd rcnts, premiums, tazes, ~nd special asseasments; ' and ~ I All p~y ments mentioned in the two preceding subsections ot this paraQraph and atl p~yments to be made under the note E secured hereby shall be added together and the aggreQate amount thereot shall be peid by the mortQa¢or each month in a singie payment to be applied by the mort~agee to the [ollow~rtg items ln the order aet torth: (I) prem/um charges under the contract o( insurance with the Secret~ry o[ Housing and Urban Devetopment, or monthly charge (~n lieu ot mortgage insurence premium), as the csse m~y be; (I[) grow~d reots, taxes, assessmen?s, fire. •ndotl~er liasard in~ur~ace premiums; (Ili) interest on the note secured-hereby; and . (1V) amortization of the pincipal of said note. Any deficiency in the ar~ount 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 ma}• collect a"late charge" not to exceed two cents (2¢) for each dollar (S1) of each payment more than fifteen (15) days in arrears to cover the extra e:pense involved in haodling delinquent payments. 3. That if the total of the payments made by the mortgagoi under (b) of paragraph 2 preceding shall exceed the amount of payments actuall}r made by tl~e mortgagee. foi groand rents, taxes and essess~aents and insutance premiums, as the case may be, such excess slwll be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthly payments made by tfie moctgagor under (6) of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums. as the cese may be, when the same shall become due and payable, then the mort~cgor shell pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with ~ the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- ~ gagee shall, in computing the amount of such indebtedness, credit to the eccount of the matgegor all payments made under the provisions of (al of paragraph 2 hereof which the matgagee has not become obligated to payto ~ tbe Sec:retpry of Housing and Utban Development and any belance cemaining in the funds accumuleted under the provisions of (L) of said paragraph 2. ]f there shell be a default unde~ any of the pcovisioas o( this martgage, re- sult~ng ~n a public sale o[ the premises covered ~ereby, or if the mortgagee acquires the property otherwise a(ter deteuit, the mottgagee shall apply, at the time oE the commencement of such proceedings ot at the time the prop- erty is otherwise acquiced, the balance then remalning in the funds accumulated under (G) of paragraph 2 preceding as a credit against the amount of principai then remaining unpeid under seid note and shall pcopeclyadjust eny payments which ahall have been mede under (a) oi said paregraph. 4. That he will pay all taxes, assessments, water ratea, and other governmental or municipel charges, fines, c,r impositions. (or which prov~sion has not been made hercinbefore, and in de[ault thereof the murtge~ee may pey the sdme; dnd that hr will promptly deliver the officiel ceceipts therefor to the mortgagee. . ~ t ' *e t ; ~ a~a~195 ~2831 # ~ , < ~ ' ~ - ~