Loading...
HomeMy WebLinkAbout1953 ~.~id r.~c~rt~;~~;.>r du~•s hereb~ full~ uarr<~nt thc• titIe tu s~id land, and e~en part thereol, and w~:l detrnd the same ~ .+ti~uist th~ ;<,atu! claim~ uf all pets~ns whom5ce~•er. PRO\~IDED ALICAYS, and these presents are executcd a~d drl~rered upan the [ollowing conditions, to wit: ~ The murtR:,~ur agrres to pd~ the mortgagee, ur arder, the Qrincipal sum ot SEYENTEfiN THOUSAND SBVBN ; HUrDR~D FIFTY and 00/100----------------------------------------------------------- [)o! ldrs ~S 17 , 750.00 i, es e~ idenced by a note oi even date herewith, with interest from date et t~e r~te of seven per centum ~ ~ ro) per annum on the unpa~d balance until paid. The se~d principol and interrst shall be pa~~able at the office of StOCktOA~ 4lh8tle~~ D8V1A b Co~any; 100 West Bay Street; Jacksoaville, Florida 32202 ur et such other place as the holder o2 the no~e ma~~ des~gnate in writing, in monthi~• installments of 0~ ~NDRED EIGHTEEN aad 22/100-------~-~'--'~"""""nollars (S 118.22 coma~encing on the f~rst da~~ of February . 19 72 , and on the first da~• of each month thereafter until the principal and interest are fu11~• paid, except that the final payment of principal and intecest, iE not sooner paid. shall be due and ~a~~able on the first da~• of JBAUeTy, 2002. And shatl duly, promptl~•, and tuUy~ perEorm, discharge, execute, effect, complete, and comply veith and abide t~~ each and e~•er~• the stipulations, agreements, conditions, and corenants of said promissoq~ note and of this mortKc~ge, then this mortgage and the estate hereb~• created shall cease and be null and ~•oid. And the morigagor furthet cot•enants as follow•s: 1. That he will pay the indebtedness,as hereinbefore pro~~ided. Pri~~ilege is teserved to pa~~ the debt ~n whole, or ~n an amount equal to one or mure monthl~• payments on the principal that are riext due on the note, on the first c~f an~- month orior to maturit}~: Prn~ i~e d, however, that written notice of an inte~tion to exercise such pri~~ilege is g~aen at least thirtp (30) days prior to prepayment; and, provided turther, that in the event the debt is paid in full prior to maturit~~ and at that time it is insured under the pro~~isions of the National Housing Act, he wil: pay to the mortgagee an adjusted premium charge of one per centum (1 0) of the original principal amount thereof, except th~,t ~n no e~•ent shall the adjusted premium exceed the aggiegate amount of premium charges which vvould have been pa~•able if the mortgage had continued to be insured until maturity; such payment to be epplied 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 security o( this mortgage, the mortgagot, toget~r with, and in addi- tion to, the monthl~~ payments under the terms of the note secured hereby. on the fitst day of each month until the sa~d note is fuil~~ pa?d, will na~' to the mortgagee the following sums: An ar.,~~unt sufficirnt to provide the holder hereo[ K~ith funds to pay the next mortgage wsurance premaum if this tnstru- ~ mrnt andthe note srcured hrreb~~ are lnsured, or a monthly cha~ge (in liru o[ a mortgage tnsuraMe premsum) i[ the)~ are ha•ld bc the Secretary of Housing and Urban Dr~•elopment. as follow•s: i[, (t and so l~ng ds said note u[ even date and th:s instrument are insured or are ~e?nsured under ihe provicions ot the \..uonai Huusin~ Act, an amuunt sufflcient to accumulate in the hands of the holder one (1) month prior to its due dau ihe annual mortgage i~surance premtum, in order to proride such holder with funds to pay suchpremium to the Srcretar~ of Houstng and Urbar. Drvelopment pursuant to the Nat~onal Housing Act. as amended, and applicable Regu• tata~~n~ thc•rrurtder, ~~r 11 ~ It and su long as sa~d nutr uf e~•rn date and th~s instrument are held bp the Secretar~• of Housing +nd Urban Det~elop- r.,rnt. a monthly char~e (in t~eu of a mortgage insurance premiuml which shall be in an amount equal to one-twelfth ~ i 1 121 vf one-hait ti ) per crntum of the average outstanding bal~nce due on the note computed w•ithout takinQ into q a.iount delinquenc~es or prepayments, z A sum equal to the ground rents, if any. next due, plus the preeniums that will ne:t become due and payrble on polictes . + ~~t fire -rnd other hazard msurancr covering the mortgaged property, plus tazes and assessments ne:t due on the ~art- F.agrd proprrt)' (atl es rstimated b~ the mortgagee) less all sums already paid there[or di~•ided b}~ the number o[ moaths ~c. rlapse before one month prtor t~ the date whe~ sucfi ground rents, premiums, tazes, and assessmenta w•ill become de- t:nqurnt, suc•h sur.:s to be held b~ mortgagee tn trust to pay satd ground rents, premiums, taYes, and special assessments, and ~ AI: ,~uyments mentionrd in the two preced~ng subsrctiuns of this paregraph and al! payments to be r.iade under the note - srcurrd hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each a:onth in a i ~ir.~Ir yavment to be applied by the mortgagee to thr followu?g rtems in the order set torth: ~ = t h prrmtum charges under the contract of insurance with the Secretary o! Hous~ng and Urban Development. or r.~onthly cherge (in l~ru of rr~ortgage msurance premium), as the case may be: - (II1 Kround rents, taxes, assessments, f?re, a~d other hazard insurance pretr.iums; ~ illll intrrest on the note secured hereby; and ~ tIV) amvrtizahon ot thr principal of sa?d note. t An~• deficienc}' in the ar.iount of such aggregate monthly payment shall, unless made good by the mortgagor ~ pnor to the due date oE the next such pa~~ment, constitute an event oi default under this mortgage. The mortgagee ~ R;et coltect a"late charge" not to exceed tw~o cents (2C) (or each dollar (S11 of each pay~ment more than fifteen ~ ilil da~~s in arrears to cover the extra expense in~~ol~~ed in handling delinquent payments. 3. That if the total of the p:?y~ments made by the mortgagor under (b) of paragraph 2 preceding shall exceed - the amount of pa}~ments actuallp 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. II, how•ever, the monthly payments made by the mortgagor under (b) of paragreph 2 pre- ~'f ceding shall not be sufficient to pay ground rents, taxes and assessm.~nts and ~nsurance ptemiums, as the case ~ ma~ be, a•hen the same shall become due and payable, then the mortg~gor shall pa}• to the mortgagee any amount _ necessar~~ to make up the def iciency, on or bef~re the date when payment of such ground rents, taxes, assessments, = or insurance premiums shall be due_ If at an~• time the mortgagor shalltender to the mortgagee in accordance with = the pro.•isions of the note secured hereby, tull payment of the entire indebtedness represented thereby, the mort- geKee shali, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments = made under the pro~~is~o~s of !u/ of paragraph 2 hereof which the mortgagee has not become obligated to payto tbe Secretar~• of Hous?ng and L`rban Development and any balance remaining in the funds accumulated under the ~~ro~~i~~ons ot /J,; of sa~d paragragh 2. IE there shall be a default under any of the provisioas of th~s mortgage, te- - sulting in a public sale of the premises covered iereby, or if~the mortgagee acquires the property otherwise after ~ default. the mortgagee shall appl~•, at lhe time of the commencement of such proceedings oc at the time the prop- - ert~• ?s othervvise acquued. the balance then remaining in the funds accumulated un~~r (b) of paragraph 2 preceding - as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any - pa}•ments Which shafl ha~•e been made under (u) of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other go~•ernmental or municipal charges, fines, or ?mpositions. for which pro~•ision has not been made hereinbefore, and in detault thereof the mortgagee may pay " thr same; dnd that he w iil promptit~ deliver the official receipts therefor to the mortgagee. ; go~K 1y8 Pa~E 1950 : ~ .