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HomeMy WebLinkAbout2202 ~~>>d :^orcK~~~;:~r d~~rs hrrrb~ full~ w~arr~nt the titir to ~aid land, and e~en• part thereof, and will defrnd the same :,~,~in>t the ~.,~fat cla~ms o[ all persoas w•homsce~•e~. PRO\'1DED AL11'AYS, and these presents are executed and deli~•ere•d upon the followi~g conditions, to wit: The mortgago~ agrees to pa~• the mortgagee, c~r order, the principal sum ot SE~IENTEEN THOUSAND FIVB HUNDRED FIFTY AND NO/100-----------------------------~------------------------ Uollars t5 17,550.00 as e~•?denced by a note of e~~en date herewith, with interest from date at the ~ ~ rate ot ttCVC[i pe~ Cenlum ~ j~o) pet ann~m cm thr unpaiti baiance until paid. The said pr~ncipal and interest shall be pa~•able at the office of StOCktOA, Whstley, DSViD 6e Company; 100 West Bay Street; Jacksonville, Florida 32202 or at such other place as the holder of the note ma~ designate in writing, in monthly installments of • ONB HUNDRED SIXTEEN AND 88/100-------------------- Dollars (S 116.88 comrt~encing on the f~rst da~• of February . 1972 , and on the first da~~ of each month thereaftet untiltheprincipal and ~nterest are full~• paid, except that the final pa~•me~t of principal and interest, if not sooner paid, shall be due and pa}•able on the first day of JBnusry, 2002. And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide by each and e~•e:~~ the stipuIations, agreements, conditions, and co~•rnants o[ said prumissurp nute and of this moctg~ge, then this mortgage and the estate hereby created shall 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 pa~• the debt in whole, or ?n an amount equal to one or more monthiy Payments on the principal that are next due on the note, on the first ~ da~• of am month prior to maturitp: P.~~~ id~d, however, that written notice of an intention to exercise such privilege is ~i~•en at least thirt~• (30) days prior to prepa~~ment; and, provided further, that in the event the debt is paid in full prior to maturit~• and at that time it is insured under the provisions of the National Housing Act, he uili pay to the mortgagee an ~diusted premium charge o[ one per centum (1 0) ot the original principal amount thereof, except that in no e~~ent shali the adjusted premium exceed the aggregate amount of premium charges which would ha~•e been pa}•abie if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- ~ gagee upon its ohligation to the Secretarp of Housing and Urban pevelopment on account of mortgage insurance. ; 2. 7'hat, in order more fully to protect the securit}~ of this mortgage, the mortgagor, together with, and in addi- ~ tion to, the monthiy payments under the terms of the note secured hereby, on the first day of each month until the ~ said note ~s full}• paid, will pay to the mo[tgagee the foilowing sums: . An ~r...~unt su([u~ent to provide the fioIdrr hereot ve?th tunds to pa~• ihe next mortgaee insu~ance prem?um tf this instru- S ment and the note secured herebc are lnsured, or a monthly charge (~n lieu of a mortgage insurance premium) if thep are ~ hrid b} thr Serretarc of Huus~ng and Urban Development, as (ollow•s: s ;l'~ lf and so long as said note of e~•en date and this mstrument are insured or are retnsured under the provisions of the ~ \ational Hous?ng Act, an amount suftlcient to accumulate ~n the hands ot the holder one (1) month prior 4o its due r uatr the annua; mortgage ~nsurance premium, tn order to provide such holder with [unds to pay suchpremium to the Srcreiar~~ of Nuusing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- ~ la!ions thereunder, or ~ lI'~ lf and so long as sa:d note of e~~en date and this instrument are held by the Secretary of Hovsing and Urban Dece:op- ~ nrnt, a r..onthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twel[th rl 1') o( onr-hatt per centum ot the acerage outstand?ng balance due on the note computed without taking tnto ~ ac.-ount delinquencies or prrpa~•rr.ents, g A tiur*: equei to the Kruund rer.ts, ~f any, next due, pi~s the pren:wms that cetll next become due and payable on policies _ ,f !ur and othrr hazerd insurance covenng the mortgaged propert~-, plus taxes nnd assessments next due on the mort- ~ ,a~rd prupe•rt~ eall as rstimated by the nortgageel less all sums already paid therefor dieided by the number of months ; t~~ rlupse befom one month prior to the date when such ground rents, prem~ums, taYes, and assessments will become de- ~ i:nqurnt, such sums to he held by raortgagee m trust to pay said ground rents, prem~ums, taxes, andspecialassessments; eilt~ Ail p..pr:er.~s T:enuoned in the two preceding subsections of this paragraph and all pa~cnents to be made undrr the note ~ secured herrb~~ shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month ~n a ~ sinkfr peymrnt t.~ be appLed by the mortgagee to the follovcing items in the order set [orth: k t~' i!) pretr.wr.~ charges under the contract of ?nsurance with the Secretary o( Housing and Urban Development, or monthly charqe (in lieu ot raortgage ~nsurance premiuml, +s the case may be; t11/ ground rents, ta:es, assessments, fue, and other hazard insurance premiums; iIiI) ?ntrrrst on thr nute secured hereLy, and ~ (Il') ar..ort~zaticn o[ the principal of sa~d note. ~ An~• deficiency ~n the arnount of such aggregate monthly payment shall, unless made good by the mortgagor r'~ prior to the due date of the next such payrrent, constitute an event of default under this mortgage. The mortgagee ~ ma~• collect a"late charge" not to exceed two cents (2¢) for each dollar (S1) of each pa~~ment more than fi[teen ~ (15) da~•s in arrears to cover the extra expense involved in handiing delinquent payments. '?s 3. That if the total of the payments made by the mortgagor under (6J of patagraph 2 preceding shall exceed the amount of payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance oremwms. a~ the case may be, such excess shall be credited by the mortgagee on subsequent payments to be - made by the mortgagor. If, however, the monthly payments made by the mortgagor under (bj of paragraph 2 pre- ceding shal! not be sufficient to pay ground rents, taxes and assessm~~nts and insucance premiums, as the case - ma~• be, w-hen the same shalt become due and payable, then the martg~goc shall pay to the mortgagee any amount necessar~• to make up the def iciency, on or before the date when payment of such ground rents, taxes, assessments, - or insurance premiums shall be due. IE at any time the mortgagor shall tender to the mortgagee in accordance with the pro~•isions of the note secured hereby, fuil 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 made under the provisions of (a/ of paragraph 2 hereof which the mortgagee has not become obligated to payto = the Secretar~• of Housing and lirban Development and any balance remaining in the funds accumulated under the ; : prov~sions uf (t~~ of said paragraph 2. If there shall be a default under any oE the provisio~s of this mortgage, re- ~ _ s::lting in a public sale of the premises co~~ered ~ereby, or if the mortgagee acquires the property otherwise aEter defauit, the mortgagee shall apply, at the time of the commencement oE such proceedings or at the time the prop- ert~• is otherwise acquired, the baSance then remaining in the funds accumulated under (6) of paragraph 2 preceding as a credit aga~nst the amount of principal then remaining unpaid under said note and shall properlyadjust any - payments which shall have been made under (oJ of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other go~~etnmental or municipal charges, fines, = or impositions, for which provision has not been made hereinbefore, and in default thereof the mortgagee may pay :;`~y the same; and that he will promptly~ delieer the official receipts the~efor to the mortgagee. ,.,s = 80~~98 ~21~ .