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Home My WebLink About1430 ~.~id :-:~~rt~;a~,i~r duc~~ heteb~• f~il~' w•arrant tht• title to said land, and e~~rn• part thereu[, and w•ill deEend the sur. e .~~;ainst th~• 1,~~~fu! ciaims of all pcrsons a•homsce~•er. PI?O~'IDED ALN'AYS, and these pccsents are executed and del~~~ered upon the Eollowing conditions, to wit: The murtga~or ~+grres to pay the mor~g:~gee, or order, the principal sum of SEVENTESN THOUSAND FIVE HUNDRED ~'IFTY and 00/100---------------------------------------------------------- Dollars 17,550.00 as e~•idenced by a note of e~~en date herewith, with interest from date at the rate of seven centum ( per annum on the unpaid balance unt?1 aid. The said principal and ~nterest shall be papable at the office of StOCktOD, Whetely~ DBViR ~ COmpsny; 100 ~lest Bay Street; Jacksonville, Florida 32202 ur at such other elace as the holder of the note ma~~ designate in w•riting, in monthly installments of ONE HUNDRED SIXTEEN and S8/100------------------------~ollars (S 116.88 comn~encing on the fi?ct da.• ~f February , 19 72 , and on the first da~• oi each month thereafter untiltheprincipal ~nd interest are tull~• paid, except that the final payment of principal and interest, if not suoner paid. shall be dur and pa~•able on the first dap of January, ZQ~2. And shalt duly, promptly, and full~• perform, discharge, execute, effect, complete, and comply with and abide h~~ each and e~•er}~ the stipulations, agreements, conditions, and co~~enants of said promissory note and of this mur~kaRe, then this mortgage and the estate hereb~• created shaU cease and be nult and ~•oid_ r~nd the mortgagor lurther covenants as foliows: 1_ That he will pa}• the indebtedness, as hereinbefore provided. Prieilege is reserved to pay the debt in whole. or ~n an amount equal to one or more monthl~• payments on the principal that are next due on the note, on the first d.+~ of an~• month prior to maturit~~: f'rurtJ.•d, however, that written notice of an intention to exercise such privilege is gi~•en at least thirtt• (30) da~•s prior to prepa~~ment; and, provided further, that in the event the debt is paid in full ~rior to maturitt• and at that time it is insured under the provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1 a) of the originat principal amount thereof, except that in no e~•ent shall the adjusted premium exceed the agg~egate amount oE p:emium charges which wou(d have been pat•able if the mortgage had continued to be insured until maturitp; such payment to be apptied by the mort- gagee upon its obiigation to the Secretarp of flousing and Urban Development on account of moctgage insurance. 2. That, in order more fully to protect the securit~~ of this mortgage, the mortgagor, together with, and in addi- tion to, the monthly payments under the terms of the note secured hereby, on the first day of each month until the said note is fullp paed, will pay to the mortgagee the folloW ing sums: ,r ~ An :+r,:~~unt suffic~ent to prov~de the hulder hrreof w•ith [unds to pa~• the next mortgage insurance prem?um if this tnstru- mrnt and the note srcured herebc are ~ns~red, or a monthty charge (~n liru of a mortgage insurance prrmium) i! they are hrld h~~ the Secretary of HuusinK and Urhan Develupment, as lollow~s: ' tl~ If ~nd so long as satd nute uf e~~rn date and th~s instrument are insured or are teinsured under the procistons of ihe k \.,uunal Housmg Act, an amuunt su(fic~rnt to accumulate in the hands of the holdet one (1? month pnor to its due dete the annual mortgage msurance prem~um. ~n order to pro~~ide such holder u~tth funds to pay suchpremium to the Srrrrtan- of Huus~ng and Urban Dra~elopment pursuant to the Nationa( Hous?ng Act, as amended, and applicable Regu- i tat~uns th~•reunder, or i tlf) 1! and co long as said note uf ecen datr and th~s instrument are held by the Secretary ot Hous~ng and Urban De~•riop- ~ r.:rnt, a sr:ontht~• charge (in l~eu of a mortgage ~nsurance premwml which shait be ~n an amount equal to one-twelfth 11 12) o( onr-half per crntum o( the average outstanding balance due on the note computed without taking into ' a:r<,unt drlinquencies or prepayments; , A~um equal to the ground rents, i( aey, ne:t due, plus the premiums that K•ill ne:t become due and payable on pol~cies : 'f „f f~rr and other hazard insurance covering the mortgaged property, plus tares and assessments next due on the mort- i ReKed proprrtc lall as est~matrd by the mortgagee) less all sums already paid there(or divided by the number o[ months ` to rl'ap>e brfore une month prtor to the date when such ground rents, premwms, ta:es, and assessments will become de- - linyurnt. ~uch ~ums to br held by mortga¢ee in trust to pay sa~d ground ~ents, premiums, tazes, and speciai assessments, i and ; ~ All pa~r.:a•nt. mentionrd m the two preceding subsections o[ thts paragraph and ail payments to be made under the note ~ sccured hcrrAy shall be added together ~nd the aggregate amount thereot shall be paid by the mor:gagor each munth ~n a ; s~n~;lr peymrnt to Ae applied by the mortgagee to ihr follow~ng ttems in the order set (orth: 11; pre:nium charges under the contract of insurance with the Secretary o( Houstng and Urban Development, or monthly ~ chargr (~n I~eu of r.~ortgage msurance premium), as the case may be; UI) ground rrnts, taxes, assessmrnts, (~se, and other huard ~nsurance premwms; • ~ UII) interest on the note secured hereby; and ~g (I\') amurt~zation o( the princip~i ot said note. ~ Any deficiencp in the ar.iount of such aggregate monthly payment shall, 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 may~ collect a"late charge" not to exceed two cents (2C) for each dollar (S1) of each payment more than fifteen t15) dacs ~n arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total oi the payments made by the mortgagor under (b) ot pacagraph 2 preceding shall exceed the amount of pa~•ments actually made by the mortgagee, for ground rents, taxes and assessments and insurance ~ premiums, as the case may be, such excess shall be credited by t6e mortgagee on subsequent payments to be made by the mortgagor_ If, howe~•er, the monthly payments made by the mortgagor under (bf of paragraph 2 pre- ~ ceding shall not be sufficient to pay ground rents, taxes and assessmants and insurance premiums, as the case ~ may be, v~•hen the same shaU become due and payable, then the mortgwgor shall pay to the mortgagee any amount necessar}• to make up the deficienc~~, on or before the date when payment of such ground rents, taxes, assessments, ~ or insurance premium~ shall be due. IE at any time the mortgagor shail tender to the mortgagee in accordance with the pro~•isions of the note spcured hereby, full payment of the entire indebtedness represented thereby, the mort- `s Ragee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor aU payments made under the provisions of (u) of paragraph 2 hereof which the mortgagee has not become obligated to payto _ the Secretary o[ Housing and Urban Development and any balance remaining in the funds accumulated under the pro~•is~ons of of said paragraph 2. If thece shall be a default under any of the provisio~s of this mortgage, re- - sulting in a public sale of the premises covered iereby, or if the mortgagee acquires the property otherwise after > default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- = erty is otFierwise aCquired, the balance then remaining in the fnnds accumulated under (61 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 (a) of 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 hereinbeEore, and in default thereof the mortgagee may pay - the same; and that he will promptly deliver the o(ficial receipts therefor to the mortgagee. ig8 ~i~28