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Home My WebLink About1303 ~..~ul ~rurt~;ap~,~r due•. hcrc•b~ full~ ~rarr;+nt thc~ htic to ;..id land. .~nd e~•rr~~ p~rt thereof, and w~ll defend the s.~r.e ,,~;c,ln~t the law•ful cla~ms of all pcrsuns w~humsor~•er. PRO~'IDEU AL,ICAYS, and these presents are executed and deli~~e~ed upo~ the [ollowir.g conditions, to wit: "fhe mortKagor ~+Krees to p~y the mortgagre, or o~der, the principal sum ot pjNgTEIIV THOUSAiv'D Tt~tEE HUA'DitfiD 6 NO/100 U~~tl:~rs (S 19,300.00 as e~•idenred by a note of even date herewith, with interest from date at the rate of seven per centum ( 7 per annum on the unpa~d balance until p<ud. The said pnncipal and inte~est shall bc pa}~able at the office of STOCKTON, WHATLEY, DiAVIN & COMPANY, 100 West Bay Street, Jacksonville, Florida .~r ~,t ~uch other pl<ace :?s the holder of the note ma~~ designate in writing, in munthly installments of ONE H~TNDRED TWENTY-EIGHT b~ 54/100 Dollars (S 128.54 comrt~encing on the first day of January ~ . 1972 , and on the first da~• of each month theceafter untiltheprincipal ~nd interest are fully~ paid, rxcept th~,t the final payment of principal and interest, if not sooner paid, shall be due and pa~•able on the first da~= of December, 2001. And shall duly, promptly, and Eull~• pe~form, discharge, execute, effect, complete, and comply with a~d abide h~• each and e~~ery the stipulations, agreements, conditions, and covenants o( said promissory note and of this murt~;a~e, then this mortgagP and the estate hereby created shall cease and be null and ~•oid. And the mortgagor [urther co~~enants as follows: 1. "fhat he will pay the indebtedness,as hereinbefore pruvided. Privilege is reser~~ed to pay the debt in whole. ur ~n an amount equal to one or mare monthly pa}~ments on the principal that are next due on the note, on the first ci:+~• of any month prior to matucity: P.ovid~J, howeve~, that written notice of an iniention to exercise such privilege ~s Ki~•en ~t least thirty (30) da~•s prior to prepa~~ment: and, provided further, that in the event the debt is paid in fu!! prior to maturit~• and at that t~me it is insured under the provisions of the National Housing Act, he will pay to the mortgagee an :idjusted prem6um charge of one per centum (1 0) o( the original principal amount thereof, except tti~,t in no e~~ent shall the adjusted premium exceed the aggregate amount of premium charges which would have heen pa~~able if the mortgage had continued to be insured until maturitS; such payment to be applied by the mort- gagee upon its obtigation to the Secretary of Housing and Urban Development on account of mortgage insurance_ 2. That, in order more tully to protect the securit~~ of this mortgage, the mortgag~r, together with, and in addi- tion to, the monthly payments under the terms of the note secured hereb}~. on t6e Eirst day of each month until the said note ~s full~• paid, wili pay~ to the mortgagee the folloveing sums: r~ An .+r.:ount su(fu~ent to prov~de the hulder hrreot w~th tunds to pay the ne=t mortgage insurance premwm ?f thts instru- me~t andihe note secured hereby arc insured, or a monthly charge (tn lieu of a mortgage insurance prem~um) if they are h.•id h~ the Secrrtary ot Nousing and Urban Development, as (ollou•sc ~i~ If and so long as said note of eeen date and this inswment are insured or are reinsured under the provisions of the latiur.ai Hous~ng Act, an amuunt suff~cirnt to accumulate ~n the hands o[ the holder one (1) month prior to rts due d.+tr the annual mortgage insurance premium, in order to pro~•ide such holdrr w•tth funds to pay suchptemium to the Srcretar} of Hous~ng and Urban Development pursuant to the Ihat?onal Housmg Act, as amended, and applicable Regu- r I.~ti:,n. thereunder; or ? ~ 4li If and so long as said note o[ evrn d~tr and th~s instrument ace held by the Secretary of Houstng and Urban Decelop- ~:.~•nt, a monthly charge (in lieu of a mortgage ~nsuronce premium) wrhich shall be in an amount equal to one-twelfth ; 1?1 ~~t one-half (!•i) per centum of the average outs[andtng balance due on the note computed ~ritLout taking ~ntu ~ ac.~uunt dellnquencies or prrpayments, A suT rqual to the ground rents, i[ any. next due, plus the premiums that veill next become due and payable o~ policies ! ~f f~rr ~nd other hazard ~nsurance covertng the mortgaged property, plus taxes and assessments next due on the mort- ; FdKr<i pruprrtc (all as estimated by the mortgageel less all sums already paid therefor divided by the number oE months i n~ riep~r brfore one month prior to the date ~chen such ground rents, premiums, taxes, and assessments K~11 become de- lenqurnt. ~uch su^.:s to br heid by mortgagee in trust to pay said ground rents, premiums, ta:es, and special assessments, ` end ' ~ A?! pa~r.:rnts mentioned in the two precedtng subsect~ons ot this paragraph and all payments to be made under thr nute ~ srcura•d he•rcby~ shall br added together and the aggregate amouat thereof shall be paid b3 the morteagur each month in a ~ .~n~;lr paymrnt to br appi~ed by the mortgagee to thr tollowing items tn the order set forth: (l1 prem~um charges under the contract ot msurance with the Secretary ot Hous~ng and Urban Qevelopment, or monthh• charge lin I~eu of mott~age ~nsur~nce premtum), ys the case may be; ; ill) Kround rents, taxes, assessments, fire, and other ha=ard ?nsurance premwms; tlll) ?nterest on the note secured hereby; end ~ i tl~'1 arr:ort~zauon of.the princip~l o( sud nota ; An~• deficienct~ in the arnount of such aggregate monthly payment sha11, unless made good by the mortga~or prior to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee ^ may collect a"(ate charge" not to exceed two cents (2Q} for each dollar (S1) ot each payment more than fifteen i ~ ~15) da~•s in arrears to cover the extra expense involved in handling delinquent payments. ~ ; ~ 3. That if the total of the payments made by the mortgago[ under (6) of paragraph 2 preceding shall exceed ~ ' the amount of pa~~ments actually made-by the mortgagee, for ground rents, taxes, and assessments an~ insurance t premiums. as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be ~ m~de b~r the mortga~or_ lf, however, the monthly payments made by the mortgagor under /bJ of paragraph 2 pre- ~ ceding shall not be sufficient 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 mortg4gor shall pay to the mortgagee any amount _ necessarg to make up the def iciency, on or before the date when payment of such ground rents, taxes, assessments, ~ or insurance premiums shall be duP. !t at an}~ time the mortgagor shaU tender to the mortgagee in accordance with the pro~•isions of the note s~cured hereby, full payment of the entire indebtedness represented thereby, the mort- ~ Ragee shall, in camputing the amo~nt of such indebtedness, credit to the account of the mortgagor all payments ' made under the provisions of (u1 of paragraph 2 hereof which the mortgagee has not become obligated to payto i ~ the Secretary of Housing and Urban Development and any balance remaining in the [unds accumulated under the ' ~ pro~•isions of (L~ of said paragraph 2. IE there shall be a default under any of the provisioas of this mortgage, re- ' su(ting in a public sale of the premises covered iereby, or if the mortgagee acquires the property otherwise atter default, the mortgagee shall apply, at the time of the commencement of such ptoceedings or at the time the prop- ert~• is othervvise acquired, the balance then remaining in the funds accumulated under (6) of paragraph 2 pceceding as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any = payments a•hicb shall ha~~e been made under (a) of said patagraph. . ` 4. That he will pay all taxes, assessments, water rates, and other go~•ernmental or municipal charges, fines, ' or icnpositions, Eor which Provision has not been made hereinbefore, and in default thereof the mortgagee may pay = the same; and that he K ill promptly deliver the official rece~pts therefor to the mortgagee_ t . eoo~ ~.97 ~~acr 13~2 . ~ ~