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Home My WebLink About2044 i ~ • ,,.id r-~ortk.~gor dues. hrreb. fully warrant the title to said land, and e~•e~y part therrof, and w~~ll def~nd th~~ same ~ ,~K;,inst the lawtul clucros o( all pcrsons w~homsoe~~er. PFOVIDED ALN'AYS, and these presents are executed and deli~~ered upon the following conditions, to wit: 1'he muct~;:,gor a~rees to pay the mortgugee, or o~der, the princ~pal sum of SBVBNTBBN THOUSAND BIGHT HUNDRBD AND NO/100--------------------------•--------------~-------------------- l)ul:~rs (S 17~$QQ.~ as e~•idenced b~• a note ot e~~en date herewith, with interest Erom date at the r~tr of ddveD pe~ centum ( 7%) per annum on the unpaid balance ~ until paid. The said principal and interest shall be payable at the office oi StOCkton~ iillatley~ Davin b~ Company; . 1 100 Weat Bay Street; Jacksonville, Florid~ 32202 ur at surh other place as the holder oE the note ma~~ des~gnate in writing, in monthly installments of ONB ~iUNQiED BIGHTSBN AND 55/100-----------"'-"-- ~ollars (S 118.55 commenc~ng on tt~e Eirst da~~ of Feb~gry . 1972 , and on the first day of each month theceafter untilthepcincipal ~nd interest are [ully paid. except that the final payment of principal and interest, if not sooner paid, shall be due and p~l•able on the first day of JSDUBry~ 2002. And shail duly, promptly, and full}• perform, discharge, execute, effect, complete, and comply with and abide b~ rach and e~•ery the stipulatiens, agreements, conditio~s, and co~•enants of said promissory note and of this murtgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor turther covenants as follows: 1. That he will pay the indebtedness, as hereinbefore pro~•ided. Privilege is reser~~ed to pa}~ the debt :n whole, or in an amount equal to one or mae monthlp payments on the principal that are next due oe the note, on the first d:+~~ of an~~ month prior to matucit~~: P.o~ id~~~f. however, that written notice of an intention to exercise such privilege ~s gi~•en at least thirty (30) da}~s prior to prepa~•ment; and, pro~~ided further, that in the event the debt is paid in Eull prior to maturity~ 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 0) of the original principal amount thereof, except that in no e~~ent shall the adjusted prem~um exceed the aggcegate amount of premium charges which would have heen 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, ~n order more fully to protect the security of this mortgage. the mortgagor, together with, and in addi- tion to, the monthl~~ payments under the terms of the note secured heteby. on the first dey of each month until the said note is fullt• paid, will pa~• to the mortgagee the following sums: An a:r..,unt su:.~cient to pro~•ide the holder hereo( with tunds to pap the next mor!gaee insurance premium if this instru- mrnt and the note secured herrby~ are insured, or a mo~thly charge (in lieu o[ a mortgage insurance premtum) it they are hrld by the Secretary o( Housing and Urban De~•elopment, as (olloves: (1) 1[ and so lung as sa~d note of even date and this instrument are insured or are reinsured under the provisions of the National Housing Act, an amount suffic~ent to accumulate in the hands of the holder one (i) month prior to its due ~dit• L11P annual mortgage ~nsurance premium, in order to provtde such holder wtth funds to pay such premium to the Secretary~ of Huusing and Urban Dr~•eloFment pursuant to the Nauon~l Hous~ng Act, aa amended, and applicable Regu- latiuns thrreunder; or f i 11) If and so long as sa~d notr uf even date and this instrument are held by the Secretary of Housing and Urban Develop- nrnt, a monthly churge (in i~eu of a mortgage insurance premwm) vch~ch shali be in an amount equal to one-twel[th ~ I1 12) of one-half (i:) per centum o( the average outstanding 6alance due on the note computed withaut taking into acrount delinquenc~es or prepayments; ~ r i A sum equat to the gruund rents, if ony, ne:t due, plus ths prtmiums that will ne:t become due and payabie on policies ~ of [~re and other hazard tnsurance covenng the mortgaged property, plus taxes and assessmenta nest due on the mott- ~ a rd ro rty (a!i as estimated b the mort a ee less all sums alread aid therefor divided b the number of months ~ K P Pe y K B ) Y P Y t ~ to elapse betore one month prior to the date when such ground renta, premiums, ta:es, and assessments a;iil becor.~e de- I~nquent, such sums to be held b~~ mortgagee in trust to pay said ground rents, premiums, taYes, andspecialassessments; and ~ • r! All par•mrnts mentioned in the iwo pseceding subsections of this ppra~raph and all payments to be mpde under the note ~ ~ srcured hereby shall be added toRether and the aggregate amount thereof shall be paid by the mortga~or each mo~th in a ( ~ ti~nKle payment to be appited by the mottgagee to the followtng items in the order set [orth: ; prrmium charges under the contract of insurance with the Secretary of Hous~ne and Urb~n Dea•elopment, or monthly ~ cherge (~n heu o! mortgage ~nsur~nce premium), as the case may be; ~ fII) ground rents, taxrs, assessmrnts, fire, ~nd other hazard insurance premiums; ~ 1I11) interest on the note secured hereby; and (IV) amurtization ot the principal ot said note. Any deficiency in the ar.~ount of such agg~egate monthly payment shall, unless made good by the mortgagor „ prior to the due date ot the next such payment, constitute an event of default under th:~ mortgage. The mortgagee ~ ma~- collect a"late charge" not to exceed two cents (2C) for each dollar (S1) of each payment more than fifteen t~ (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 modgagor under (6) of paragraph 2 preceding shall exceed ~ the amount of payments actually made by the m:::gagee, 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 ~ ~;t made by the mortgagor. If, however, the monthly payments made by the mortgagor under (6) of paragraph 2 pre- ~ ceding shall not be su(ficient to pay ground cents, taxes and assessm~~nts and insurance premiums, as the case ~ ma}~ be, w~hen the same shall become due and payable, then the mortg:.got shall pa~~ to the moctgagee any amount necessary~ to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessments, ur insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with - the pro~•isions of the note secured hereby, full payment oE 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 made under the provisions of /a1 of paragraph 2 hereof which the mortgagee has not become obligated to payto tbe Secretary of Nousing and Urban Development and aay balance remaining in the funds accumulated under the _:R pro~•isions of (I,J of said paragraph 2. If there 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 defeult. the modgagee shall apply, at the time oE the commencement of such proceedings or at the time the prop- ertp is otherwise acquired, the balance then remaining in the funds accumulated ander (bJ of paragraph 2 preceding as a credit against the amount of principal then rema~ning unpaid under said note and shall properlyadjust any - payments which shall have been made under (a1 oE said paragraph. :">;~f 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefae, and in default thereof the mortgagee may pay ~ the same; and that he will promptly deliver the official receipts therefor to the mortgagee. ~ ~ i~ ~~04~ r.~