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Home My WebLink About0887 ~.~.d ~:ort~;.,};c,r d~,es herc~b~ !ul(~ aatrc~nt the title to :,.id land, and erer~ part thereof, and w•~I! def~~nd t!~e s,,~~~ ~ ..~;~,~n~t the !.~w•ful cla~m~ of a11 persons whom.oe~~er. PRO~'IDED AL1iA1'S, and these presents dre exeruteci and deL~~ered upon the tollow~ing cunditioi~s, to Kit; The mortK:~gor d~rees to pdy the mortga~ee, u~ order, the pr~nc~pal sum of SBVENTEffi~l THOUSAND SfiVEN = HIJI~'DRID AND FIFTY ~ no/100 ; Pullart IS 17,750.00 as e.idrnced by a note ot e~~en date herewith, u•ith interest f~om date at tn< i r.~ce ot seven cc,.... ; o-i rL: ti.. i!:° „^;.~:u ~s!....., _ until p;~id. The sa~d p~incipal and interest shalt be pa~•able at the oltice of S~CI~PON~ WHATLEY~ DAVIN ~n AND C~iPANY, 100 West Bay Street, Jacksonville, Floride ~~r at suc-h other place as the holder ot the note ma~ designate in wriling, in monthly instaiiments of (kj$ HUNDRSD EIGHTEEN & 22/100 ----------------0ollars (S 118.22 . f comr.~enc~ng on the first da~• of Jaauary . 19 72, and on the first da~• of each month thereafter untiltheprincipal ~ and ~nterest are fully~ paid, except that the Eina! payment of principal and interest, if not sooner paid, shall be due and pa~~able on the first dat of December, 2001. And shall dulr, promptly, and full~• perform, d~scharge, execute, effect, comPlete, and compty with aad abi~e b~ each and e~~er~• the stipulations, agreements, conditic>ns, artd ~o~•enants of said promissor~• note and oi this mureK~~e, then this mortgage and the estate hereb}• created shall cease and be null and ~~oid. And the mortgagor further co~~enants as follow•s: 1. Tha1 he will pa~• the ~ndebtedness, as here~nbef~re pro~•ided. Pm~ilege is reserved to pa}• the debt in v?hole, :zr ~n an arr,aunt eqsal to o:se or more .monthly pa~~inents on the principal that are next due on the note, on the t`irst d~~ of am month prior to matutity: P~ori;l~d, however, that written notice o[ an i~te~tio~ to exe~cise such pri~•ilege is K~~•en at ieast thirty (30) da}•s prior to pre~-?.at•ment; and, provided further, that in the e~•ent the debt is pa~d in luli prior to maturih and et that t~me it ~s insured undes the pro~•~sions of the National Housing Act, he will pa~• to !he mortgagee an adjusted premium charge oi one per centum (1 of the original principal amouni thereof, except that in no e~•ent shall the adjusted premium exceed the aggregate amount of premium charges which would ha~•e been pa~•able if the mortgage had continued to be insured until maturit~•; snch pa}~ment to be applied b~~ the mort- gdgee upon its obligation to the Secretar~~ oI Housing and Urban De~•elopment on account of mortgage insurance. 2. 1'hat, in order more tully to protect the securit~~ of this mortgage, the mortgagor, togethet with, and ia addi- !ion to, the monthl}- pa}•ments under the terms of the note secured hereby~, on the first day of each month until the said note ~s Eult~• paid, v~ill pa~- !o the mottgagee the following sums; ` A^ a.^.;c, ,n, s.f(+_cl~nt to ptn~~~de ehP holdrr hrreot w~tth /unds to pa~• thr nexi mort~rge insurance premsur.: i( this instru- mrnt and the note se. ured hrreb~- ar~- ~nsurrd, or a Tonthl~~ charge {in l~ru of a fr:ortgage ?nsurance prem~~m) if the~• are h~~ld h~ ihe Secrrtary~ ot Hous~n~ and lJrban DevelopT.ent, as (ollows_ ~i, 1( and so long as said nute of e~~en ddte and this instrument are ~nsured or are reinsurea uncter ine pror•isiona ui ti~r \~tlonal HousinR Act, an am~unt sufGcient to accumulate m the hands of the holdet one (11 month prior to its due date the annua! mortgage msurance prrmium, sn order to provide such holder w~th funds to pay such ptemium to the ~ Sa•. rrtar~ of Nous~ng and Urbrn De?•elop:r:ent pursuant to the :1iaUonal Housing Act. as amended, and appliceble Regu- I :atl~~nti thrreunder; Ot 4 ~ lI? If a~d so long as sa~d ~~te of e~•en d~te and th~s iostrument ~re heid by the Secretary of Housing and Urban Develop- ! r:~•nt. a:r.~nthdy charge (in lieu of a mortgage lnsurance premium) which shail be m an ameunt equal to one-tweltth i t 1 l' ~ of one-hal( (~i) per ceatum ot the avera`e outstaadint balance due on the note computed wiithout taking into a. count drlutQuencus or prepaymeats; G ' A~u~ equal to the ground rents, it any, ne:t due, plus the prem~ums that w~ll ne:t become due and pa~•able on policies ~ ,t fur and other haz.rd insurance covering the morigaged property, plus tazes and assessments next due oa the mon- ~ F~e~rd pr~~prrt~ la'.1 as estimated br the mortgagee) tess aIl sums atrradv pa~d therefor divided by the number of months to ria~vi~ betorr ~ne month pnor to the date xhen such ground rents, premiums, ta;ces, and assessmeats w•111 become de- ;:nqurnt. such su~:s to be held by e:ortgagee in trust to pay sa~d ground rents, premiums, ta:es, and spec?ai assessments, dnd ' F A1~ ~~a~a.rnts :nenuonrd •n the two preceding subsrchons of this paragrzph and all pay~ments to be r.iade under the note ~ srcurrd hrrrba shall be added together and the aggregate amount thereof shatl be paid by the mortgagor each month ~n a f a~n~ir pa~•r..ent to be apptied b~• the r.iortgagee to the fullowing items in the order se2 forth: ~ ~I) prrm~um charges under the cuntract of insur~nce x~rth the Secretarp oE Hous~ng and Urban Development, or rr.onthly char~;r (in lieu o[ mortgage insurance prem~umj, as the case may be, t II ~ ground rents, taxes, assessments, ftre, and other hazard tnsut~nce prrmiurris; ~lil? interest on tAe note secured herebr; and fl~'1 'arr~orttzatlon of !ht prlDCipt1 of said note. . An~~ delicienct• in the ar.~ount of such aggregate monthly pa~~ment shall, unless made good by the mottgagor piior to the due date of the next such pa~•ment, constitute an event ot default under this mortgage. The mortgagee rna~~ collect a"late charRe" not to exceed two cents (2E) for each dollar (S1) of each pa}•ment more than fifteen t IS) da~•s in arrears to co~•er the eactra eapense involved in handling delinquent payments. g 3. That if the total oE the payments made by the mortgagor under (bJ of parag,raph 2 pceceding shall exceed ' tne amount of pa~~ments actually made by the mortgagee. for ground rents, taxes and assessments and insurance prem~ums, as the case may be, such excess shall be credited b}~ the mvrigagee on subsequent payments to be made by the mortgagor. If, howe~•er. the monthly payments made b}~ the mortgagor under (b) of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessmants and insurance premiums, as the case may be, when the same shall become due and pa}•able, then the mortg~gor shall pay to the mortgagee anl~ amount necessary~ to make up tF~e deficiency, on or before the date when payment oF such groand renis, taxes, assessmer?is, ur cnsurance premiums shall be due_ If ai an}• time the mortgagor shall tender to the mortgagee in accordance with ~ the pro~•isions of the note secured hereb}~. full payment of the entire indebtedness represented thereby. the mort- ~ ~agee shail, in computing the amount of such indebtedness, credit to the account of the mortgagor alt payment$ made under the pro~•isions of /u/ of paragraph 2 hereof which the mortgagee has not become obligated to payto the Secretary of 1-lousing and Urban Development and an~• balance remaining in the funds accumulated under the pro~~isions of /b) of said paragraph 2. If there shall be a default under any of the provisio~s of this mortgage, re- sult~ng ~n a public sale of the prem~ses co~~ered iereby, ot if the mortgagee acquires the property otherwise after ° default, the mortgagee shall appl~~, at the tim~ of the commencement of such proceedings or at the time the prop- ~ erh• is othes~r~•ise acquired, the balance then remaining in the funds accumutated under lfi) of paragraph 2 preceding - as a credit againsi ihe amount of principal the» remaining unpaid under said note and shall properlyadjust any j pa~•ments which 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, ~ ur ~mpvsitions, for which pror;sion has not been made hereinbefore, and in defauit thereof the mortgagee may pay ; t'ie same; and that he w i!I promptly deliver the oificiai receipts therefor to the mortgagee. f Q001( ~W PACE VW