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HomeMy WebLinkAbout1408 ti:~~d ^ortR..~;ur d.~es hereh~• (ully w•arrant the titir to ;aid land, and e~•er~~ part thereof, and ~vitl de(end the sar.:e ? ,~R.~intit the l.~~eiul cla~ms of all pecsons w~homsoe~•er. Pb'O~'IDED aL11'Ati'S, and these presents are execated and deli~•ered upon the tollowing conditions, to wit: ~ The murtg~gor agrees to pa}~ the mortgagee, or order, the principal sum of SBVENTEEN THWSAND SEVBN ~NDRED ~ FIFTY and 00/100-------------------------~--------------------------------------------- (~ollurs IS 17,750.00 as e~idenred by a note ot e~•en date herewith, with interest fcom date at the r:+te ut seven Pe~ centum ( 7;) per annum on the unpaid balance ~ unt~l paid. The said principal and intecest shall be pa~•able at the office o( StOCktOn, Whstlep, D8vit1 ~ COmpBny; ~ 100 West Bay Street; Jacksaville, Florida 32202 ur at such other place as the holder o[ the note may designate in writing, in monthly installments ot ONB HUNDRED EIGHTEEIZ and 22/100-------------------Dollars (S lj$,22 comn~encing on the first da~~ of February • 19 72, and on the first da~~ of each month thereafter untiltheprincipal and interest are Eully paid, except ihat the final payment ot principal and interest, i[ not sooner paid, shall be due ~nd pa}~able on the first da~• ot JSriuaTy, 2002. And shall dulp, promptly, and tully perform, discharge, execute, effect, complete, and comply with and abide b~ each and e~•er~• the stipulations, agreements, conditions, and covenants of said promissory note and of this mortg:+ge, then th~s mortgage and the estate hereby created shail cease and be null and void. And the mortgagor further co~•enants as follows_ 1. That he will pa}• the indebtedness, as hereinbefore pro~~ided. Privilege is reserved to pay the debt in whole, ur ~n an amount equal to one or more monthly payments on the principal that are next due on the note, on the first d:~t ~f an~• month prior to maturity: Pr„~ id~•d, however, that written notice of an intention to exercise such privilege gi~•en at least thirt~~ (30) da~•s prior to prepayment; and, provided further, that in the event the debt is paid in luti ptior to maiutit~ and ~i ihai time !1 iS If1Si1[rt~ Ufll~ci ~ii? j3Fu~iSif3ii~ Of iiit i:aiia^,i:oa Housir,g Act, ~2C ;:2.~ ~,3j the mortgagee an adjusted premium charge o[ one per centum (1 0) of the original principal amount thereof, except that in no e~-ent shall the adjusted premium exceed the aggregate amount of premium charges which would have been pa~•able if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on account of mortgage insurance. 2. That, in order more fully to protect the securitl• of this mortgage, the mortgagor, together with, and in addi- ` t~~~n to, the monthly payments under the terms of the note secured hereby, on the first day of each month until the said note is full~• paid, will pay to the mortgagee the fotic+wing sums: ` : An am~unt su([~rirnt to proc~de the holder hereot with funds to paf the neYt mortgage insurance premium if this instru- ' mt•ne and the nntc• sP~ured h~reb~- ere ~n~ured, o~ a monthl~ charge Gn lieu of a mortRaRe insurance prem~um) if they are ~ hrtd h~• the Secrrtary ot Hous~ng and lJrban Development. as tollov~s: ~ U~ If and so long as said note of even date and this mstrument are insured or are reinsured under the provisions of the ; \,et~ona! Hous?ng Act, an amuunt suffic~ent to accumulate in the hands of the holder one (I) month prior to its due ~ .ietr the annual mortgage tnsurance premtum. ~n urder to prov~de such holder with funds to pay suchptemium to the i Secretary of Huusing and Urban Development pursuant to the Nattonal Housing Act. as ~mended, and applicable Regu- lauons thrrrunder, ur ~ ~Il~ lf and so long as said note of rven date and this ~nstrument are held by the Secretary o[ Housing and Urban Develop- ° r..rnt. a monthly charge (in 1?eu of a mortg~ge insuronce premwm) which shall be in an amount equal to one-twelfth ~ ; i i ~~,.r .,..~_tia~r ~i-_i ~f avptAOP ~uratandina baiance due on the note comouted without takine intu ~ . - - ~ .c~ ~~unt del?nquencies or preRayments; ~ + A sur equal to the ground rents, it any, next due, plus the premiums that will next become due and payable on polic~es ~ ,f firr and other haz~rd ~nsurance covQring the mortg~ged property, plus taYes and assessments next due on the mort- Kegrd propert~~ (all as est?mated by the mortgagee) less all sums already paid theretor divided by the namber of months ~ K tu rlapse brfore onr month pnor to the date when such ground rents, premiums, taxes, and assessments will become de- ' l~nqurnt, such sums to be held by mortgagee in trust to pay said ground rents, premiums, ta:es, and special assessments, :'s ' dnd ~ A1! pa~•~r.rnts mcntioned in the two preceding subsections ot th?s parrgraph and atl payments to be made under the note ~ srcurrd hrrrby anail br added together and the aggregste amount thereot shall be patd by the mortgagor each month in a a 3 sin~;le papment to be appl~ed by the mortgagee to the tollowing items in lhe orde~ set (orth: ~ (I) premwm charges under the contract of insurunce with the Secretary of Hous~ng and Urban Development, or monthly Y chargr (in 1leu of mortgage ~nsurance premium), as the case may be; it1) ground rents, taxes, assessmrnts, Gre, and other hazard insurance prem~ums; ~ (lIl) ~nterest on the note secured hereby; and y (Il') amortization ot the principai o[ said note. ~ Any deficiency in the ar.iount of such aggregate monthly payment shail, unless made good by the mortgagor ~ pnor 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 tv?o cents (2~) [or each doltar (S1) of each payment more than fifteen (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 mortgagor under (b) ot paragraph 2 preceding shall exceed f the amount of payments actuatly made by the mortgagee, for ground rents, taxes and 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, howe~•er, the monthly payments made by the mortgagor under (b) of paragraQh 2 pre- ~ ~ ceding shall not be sufEicient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case may be, when the same shalf become due and payable, then the mortg~gor shall pay to the mortgagee any amount necessar}• to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessments, i or insurance premiums shall be due. If at any time the mottgagor shall tender to the mortgagee in accordance with the provisions of the note sacured hereby, full payment of the entire indebtedness represented thereby, the mort- - gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments ma~e under the provisions of /a) of paragraph 2 hereof which the moctgagee has not become obligated to payto 4 - the Secretary of Housing and Urban Development and any balance remaining in the funds accumuiated under the ~ pro~~isions of (1~) of said paragraph 2. lf there shall be a default under any of the provisio~s of this mortgage, re- _ °j~ sulting in a pubtic sale of the premises covered iereby, or iE the mortgagee acquires the property otherwise after ~ _ default, the mortgagee shalt apply, at the time of the commencement of such proceedings or at the time the prop- ~ _ erty is otherwise acquired, the balance then cemaining in the funds accumulated under (6) of paragraph 2 preceding ~ _ as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any ~ payments which shall have been made under (v1 of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, tines, - or impositions, for which provision has not been made hereinbefore, and in default thereof the moctgagee may pay the same; and that he u ill promptly deliver the official receipts thetefor to the mortgagee. eo~ 1~8 ~?cr~~ .