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HomeMy WebLinkAbout1119 .~~:li:.tt',,: (l~~t•> tilt':Pf~\~ ~!il:~ `.l'.i~f:~fl1 Til~• !lt:t• IU ti:~!(j ~~it1U. 8R(~ t'\~tI`. ~d7I Sf1N[c'Uf. nIl(~ U'!1~ (~l•!t•Il~! l!!l' >.~[l:t' .~t..,:~:~1 th~• :.~~.~iui clatm~ .~f all p~t~~~ns t~hu:~ sut~~rr. ~ {~h'(1\'lDF:t) a1.11A1'S. and thesr p~rsrc~ts .+tr c~c•~ utcd .~nd dri~~'c'red upon the f:illuw~inK conditiunti, tu w•tt: "fh~• m.~rtR,~~;ur :+Krr~s to th~• murtKu~;~c~. ur ocder. the• ~ nncip~l sum of NINSISF,PI THOliSAND TWO iitJNDRID ~ h0/100 ~j 19~20~.~0 as r~t:jrncrd b~' r.utc of r~•c~n date hemt~~~th. a'tth lnterrsl tr~~m :.~.+tr .~t thr c.~t~• ~~f SeVeri pet centum ~ 7 ~r annum on the unpaid bdl~ncr ~ntli paid. The ,:,id pnncip:?1 and interest sh~ti be patable at the oti~ce o? STOCKTON, WHATLF?Y, DAVIN ~ COMPAI~IY, 100 West Bay Street, Jacksonville, Florida :~r .it such othrr place .~s the holder o( the note n:dt desiKr.ate in w•riting, ~n monthlp tnstallments of ONE HUIdDRED Z~+1fiNrY-SEVEN bo 87/100 Dolldrs (S 127.87 cu:r~a~enc~nK on t:~c• t~sst d~ti• ot January . 1`~72 . and un the Fust da~~ of each month thereaftec unt~ltheprincspal e:id ~ntrrest are Cullp paid, rxcept thut the iinal pay~ment of principal and interest, i( not sooner paid, shati be due .~nd }~a)abie on thr first day ol December, 2001. Anci shali duh . prumpll} , and fulh~ pecform, d~scharge. execute, effect, cumplete, and compt~~ w•ith end abide rocfi and e~•er~• thc stipulations, agreemrnts, conditions. :~nd co~•enants of said promissor~• note and ol this ~-:.~rt,.+Re, then this mott~a~e and the eslate herrb~• created shall ce~se and be null and t~oid. :tnd thr mortKagur further co~~enants as tollou•s: 1. That he will pa~~ the indebtedness, as hereinbefore pro~•ided_ Pri~•ilege is resen~ed to p~t• the debt in whole. ~~r in an amount equal to one or more monthic pa~•ments on the principal that are next due on the note, on the Eirst ~~f am month pcior to matucit~: Yr~~ cd~,i. however, that written notice of an intention to execcise such privilege is k~~•rn :~t least thirt~• (30) days prior to prepa~~ment; and, pro~~ided further, that in the ecent the debt is paid in (uil ~rwt to maturitc and at that time it is insured under the pro~•is~ons ot the yational Housing Act, he will pa}• to the mortgagee an ~~djusted premium charge of one per centum (1 0) of the original principal amount thereof, except ttu~t ~n no e~•ent shall the :+djusted prem~um exceed the aggregate amount of premium charges uhich xould ha~~e been p~~able if the mortgage had continued to be insured until maturit~~; such payment to be applied b~- the mort- ~;~Kee upon its obiigation to the Secretar~• of Housing and Urban Development on account of mortgage insurance. Th~t. ~n order more fulip to protect the securit~~ ot this mortgage, the mortgagor. together with, and in addi- tiun to, the monthl~• pa~•ments under the terms of the note secured hereb~•, on the first day of each month until the ! ti~,id note ~s full~ paid, w~ill pa}~ to the mortgaKee the [ollou•ing sums: ~ : Ar. ~unt suffirirnt to prucide thr holdrr hrreuf ~ith funds to pa, thr next mort~a~e insurancr premiucr, ii this instru- ~r;rnt ~ndthr not~• sr~ured hrrrbc are ~n~vrrd, or a r..onth!}• chargc i~n liru of a morigage insurance prrmwml if they are h~•1<3 h~ th~• tie.rc•tar}• uf Housing and Crban Drcrlupment, as follow~s; i1r lt en~: +n l~,nK as said note of e~•en datr and this instrumrat are 3nsured or are reinsured under the pro~•isions of the X.~c:ona! li:.us~n;; Ac:. an um.,unt +ufi~cirnt tu accumulate in thr hands ot the holaer one (i) month pnor to ns due datr the annual rt:orlKakr ~nsurancr prrR:~um. ?n order tu prov~dr such holder with funds to pa~• suchpremtum to the Srcrrtarc of H:~us~n~ and (:rbdn Drvelop:nrnt pursuant to the National Houstng Act. as amended, and applicable Regu- latumti th~•rcundet, or IL If dnd s~~ long as satd r~,ta• _:f r~rn datr and this ~nstrument arr held b~ the Secretar~~ of Hous~ng and Urban De~•rlop- ; r..rnt, a r.:~,nthiy charKe t~n i~eu of a mortKage insurance prcmiuml which shall be in an amount equai to one-tw•elfth 't ~ 1 12~ of one-halt per rentum ot the aver~ge outst~nd?ng balance due on the note computed without taking ?~to E ac: ~,unt deliny~encies or prrpayments; i A:u:r. equal to the ground renis, if any, next due, plus the premiums th~t will next become due and pa~•able on policies .~t f~rr end o!hrr hacard insurancr covenng the r.:ortgaged property, plus taxes and assessmenis next due on the mort- ~_~Krd ptuprrt~ ~aU as rsLmated b)' the mortgageej less all sums already paid therefor dicided b~• the number of months to rlap~r brforr une n:~nth pnor tu the date when such ground rents, prem?ums. taxes, and assessments u•ill become de- i~nqurnt, surh sur..s to be hrtd by mortgagee in trust to pay sa~d ground rents, prem~ums, taxes, andspec~aiassessments, end ~ - Ail i~ecr..rni~ rr:ent~onrd in the two preceding subsections o[ this paragraph and all pa}~ments to be made under the note s +rcun•d hrrrbv shall be added to~ether and the agqregate amount thereot sh~ll be pa~d by the mortgagur each month in a ' £ ~~n~~ir p~tmrnt to br applted by the mortgagrr lu thr follovcing ttems 3n the urder set torthc ~ { 3 llj`prr~iur.. charges under thr cuntract of insuran~r w•rth the Secretary• o( Hous~ng and Urban De~~elopment, or monthlp ~ ~ charRr ~in !~ee of c:uttKagr ~nsuranrr prem?uml, as the case may be; z, tlll Kround rents, taxes, assessmrnts, (trr. and uther hazard ~nsurance premwms; y ~ ~Iili interest on the note secured hereby; and i ~ 11~`1 arr..~rtizaUOn of ihe prmcipai of said note. ~ An~~ deficienc}~ in the ar.?ount of such a~regate monthl~ payment sfiall, unless made good by the mortgagor ~ prior to the due date ot the next such pa~•ment, constitute an e~•ent of default under this mortgage_ The mortgagee ~ c,a~ collect a"late charge" not to exceed tw~o cents (2C) for each dollar (S1) of each payment more than fifteen ~ i 151 da~-s in arrears to cover the extra expense involved in i~andling delinquent payments. - 3. That if the total of the pa~•ments made by the mortgagor under (b) of pacagraph 2 preceding shall exceed the amount of paymen~s actuatly m3de by the mortgagee, for ground rents, taxes and assessments and insurance ~remium~. as the case may~ be, such excess shall be ccedited by the mortgagee on subsequent pa}•ments to be rjt m:~de b~~ the mortgagor. If, how•ever, the monthiy payments made by~ the mortgagor under (blof paragraph 2 pre- 4 ced~nK ~half not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case ma~• be, when the same shall become due and payable, then the mortgsgor shall pa~• to the mortgagee an~~ amount necessar~• to make up the deficiency, on or before the date when Payment of such ground rents, taxes, assessments. ur insurance premwms shall be due. If at an~• time the mortgagor shalltender to the mortgagee in accordance with thc~ proc~sions ot the note secured hereb}•. full pa~~ment of the entire indebtedness represented thereb}~, the mort- ~aKee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all pa}~ments m:~de under the pro~•isions of !u i of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary o[ Housing and Urban Development and any balance remaining in the funds accumulated under the pru~~isions of Il,1 of said paragraph 2. If there shall be a default under any o( the pro~~isio~s of this mortgage, re- ; `2 sult~ng in a publ~c sate ot the premises covered iereby, or if the mortgagee acyuires the property otherwise after - def:,ult, th~~ mortRagee shall appl~~, at the time of the commencement of such proceedings or at the time the prop- ert~• is othenvise acquired. the balance then remaining in the funds accu:^ulated under of paragraph 2 preceding - :~s a credit against !he amount ot principat then remaining unpaid under said note and shall properlS-adjust any payments u•hich shall hati•e been made under (ul of said paragraph. ~ 4. That he will pay all taxes. assessments. water rates, and other governmental or munic~pal charges, fines. ` _ or ~mpos~tions. for which pro~•ision has not been made here:nbefore, and in default thereof the mortgagee ma)~ pav ' the same; and that he will promptl~~ deli~~er the officiat receipts therefor to the mortgagee. =~h a~ 1~ 3,? . . . ~ ~ "