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Home My WebLink About0979 >atd ~-~.~rt~;.~~~,~r duc~s herrb~• lull~• ~t~arrant the t~tlr tu ~aid land, and e~•rry part thereaf, ~~nd wtU detrnd the s.u~e ,~R;iin~t thr I.+H•Eul clatms of all pcrsans w•humsce~•rr. PKOVIDED AL1l'AYS, and these presents are executc.~c1 and deli~~ered upon the following conditions, to w~t: The mo~tg~gor ag~ees to pay the mortg~igee, or urder, the principal sum o( NINErEEN T1~OUSAND Z~J~O iiUAiDRED AND NO/100 Uotlars (S 19,200.00 as evidenced b~• a n~te ot even date hecewith, with interest from date at thc ~ r.+te ol seven per centum ( 7 0) per annum on the u~paid balance ~ ~ unt~l paid. The said principal and inte•est shall be pa~•able at the office uf $Z`QCKTON~ WHATLEY, DAVZN AND OOMPANY, 100 West Bay Street, Jacksonville, Florida ur at such other place as the holder of the note may des~gnate in wciting, in monthlp installments o[ 013E HUND~ED 1WENTY-SEVEN AND 87/100 Dollars (5127,87 commencing on the tirst day of JariuaYy . 1972 , and on the first da~• o[ each month thereafter untiltheprincipal and interest are Eully paid, except that the final pa~~ment of princ?pal and interest, it not soonec paid, shall be du~ and pa~•able on the first day ot December, 2001. And shali duly, promptl~~, and tullS• perform, discharge, execute, efEect, complete, and comply with and abide bt• each and e~~er}• the stipulations, agreements, conditions, and covenants of said promissory note and of this mortk;~~e, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor [urther co~•enants as follows: 1. That he will pay the indebtedness, as hereinbefore pro~•ided. Pnvitege is reserved to pay the debt in whole, or ?n an amount equal to one or more monthly payments on the principal that are next due on the note, on the [irst d;+~• of ant• month prior to maturit~~: I'.~~~ tdrd, howe~~er, that written notice o[ an intention to exercise such pri~•ilege ~s g~~•en at least lhirty (30) da~•s prior to prepa~ment; and, provided further, that in the event the debt is paid in tull prior to maturity and at that time it is insured under the provisions o[ the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1 a) of the original principal amount thereof, except th~t in no e~•ent shall the adjusted premium exceed the aggregate amount of p~emium charges which would have been pa~•able it the mortgage had continued to be insured until maturits~; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban De~•elopment on account of mortgage insurance. 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 oE the note secured hereby, on the first day of each month until the ~aid note is tull~• paid, will pay to the mortgagee the following sums: ~ An amount su(f~c?ent lo provide the holder herro( w~th (unds to pat• the next mortgage insurance premium i[ th~s instru- ment andthe note secured hereb~• are insured, or a monthly charge (?n lieu ot a mortgage insurance prem~urrtl i( they are hr?d b~• the Secrrtary o[ Hous?ng and Urban Deeriopment, as follow~s: ~c :....i t.,.,~ ac ca.d n~rr .,f PVFO date and this ~nstrument are insured or are reinsured under the provisions of the ; ~.+tiunal Houstng Act, an amvunt su[hcient tu accumulate in the hands of the holder one (11 month~prior to its due dete the annual mortgage insurance premwm, in order to pro~•ide such holder wtth [unds to pay suchpremium to the , Srcretary of Housing and Urban Drvelopment pursuant to the N~tional Hous~ng Act. as amended, and applicable Regu- E lati~> thrrcunder, or ns ~ ~II) It end .o long as said nutr uf ecrn datr and this instrument are held by the Secretary of Housing and Urban Deerlop- ~ r.:rnt. a monthly charge (in lieu ot a mortgage insurance premium) which shall be in an amount equat to one-t~ceifth ~ (1 12 ~ o[ onr-half ('s) per centum o[ the aeerage eutstanding balance due on the note computed without taking lntu account delinquencies or prrpayments; ~ A~ur. equai to the ground rents, ~f any. next due, plus the premwms that kill ae:t become due and payable on policies y ~1 f~re end uther hazard ~nsurance covenng the mortgaged property, plus ta:es and assessments next due on the mort- ~ Kagod ptoprrt~ (ati as ~st~mated by thr mortgagee) less all sums already paid there[or divided by the number of months ~ to rlap~e br(orr unr month pnor to the daee when such ground rents, prem~ums, taxes, and assessments wil! become de- ~ linqurnt, such sums to be held by murtgagee m trust to pay said ground rents, premiums, taxes, and special assessments, end ~ ' A12 pa~rr.rnts mentiunrd in the tw•o preceding subsecttons of thts paragraph and all payments to be made under the nute ~ securrd hrrrb~~ sha(1 be added together and the aggregate amount thereof shatt be paid by the mortgagor each month in a sin~,lr payment to be applied by the mortgagee to the (ollowing items in Ihe order set forth: ~ (I) premwm charges under the contract of ~nsur~ncr veith the Secret~ry of Housing and Urban Development, or monthty ~ rharge {in Iteu o( mortgage insurance premium), as the case may be; ~ (111 ground rents, taxes, assessments, (ire, and other hazard ~nsurance premwms; ~ (IIl) interest on the note secured hereby; and ti - lli'i amurt~zation o[ the principal of said note. ~ An~~ 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 papment, constitute an event of default under this mortgage. The mortgagee ~ may col(ect a"late charge" not to exceed two ~ents (2~) for each dollar (SI) of each payment more than fifteen I15) 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 mortgagot under (b) of paragraph 2 preceding shall exceed ~ the amount of payments actually m3de by the mortgagee, for ground rents, taxes ar~d assessments and insurance 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 (6~ ot paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case ~ may be, uhen the same shall become due and payable, then the mortg~gor shall 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 shalltender to the mortgagee in accordance with the pro~~isions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- ` ~a~ee shall, in computing the amount oi such indebtedness, credit to the account of the mortgagor all payments ; - ma~ie under the provisions of lu) of paragraph 2 hereof which the mortgagee has not become obligated to payto - the Secretar~~ of Housing and Urban Development and any balance remaining in the tunds accumulated under the pro~~isions of (b) of said paragraph 2. lf there shall be a default under any of the provisio~s of this mortgage, re- sult~ng in a public +5ale ot the premises covered iereby, or if the mortgagee acquires the property otherv~ise after = default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- - ert~• is otherwise acquired, the balance then remaining in the funds accumulated under (hJ of paragcaph 2 preceding as a credit against the amount of principal then cer.iain~ng unpaid under said note and shall properlyadjust any payments which shall have been made under (u1 oi said paragraph. 4. That he will pay all taxes, assessments, water rates, and other go~•ernmental or municipal charges, fines. _ or impositions, for which provision has not been made hereinbefore, and in default thereoi the mortgagee may pay ,s~;; the s:~me; and that he will promptly deliver the official receipts therefor to the mortgagee. o R 198 ~ ~ BCUK . _ - - . ~