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Home My WebLink About2790 . • said mortgago~ dces hereby fully warrant the title to said lan~, and every patt thereof, and will defend the same ~ against the lawiul claims ot all pe~sons whomscever. PROVIDED ALWAYS, and these presents are executed and delivered upon the following conditions, to wit: The mortgagor agrees to pay the mortgagee, or o~der. the principal sum of NINETBBN THOITSAND TF~B HUNDRBD AND NO/100---------------------------------------------------------------- Dollars (519,300.00 as evidenced by a note oE even date herewith~ with intetest from date at the rate of Seven per centum ( 7~) per annum on the unpaid balance until paid. The said p~incipal and interest shall be payable at the ofEice o[ StoCkton, {ihatley, DeV~t~ 6 Company; 100 Weat Bay Street; Jacksonville, Florida 32202 or at such other place as the holder of the note may designate in writing, in monthly installments of ON8 HUNDRBD ~iBNTY-BIGHT AND S~+/100-•------------'-"-Dollars (S 128.54 3. commencing on ihe ficst day of p~r~h , 19 72 , and on the first day of each month thereafter untilthepri~cipal ~ and interest are fully paid, except that the Einal payment oE principal and interest. if not sooner paid. shall be due azd payable ficst day of Feb3'+l8~'y i 2002. ; And shall duly. promptly, and fully pedocm, discharge. execute, effect, complete, and comply with and abide by each and every the stipulations, agreements. conditions, and covenants of said promissory note and o[ this mortgage. then this modgage and the estate hereby created shall cease a~d be null and void. And the mortgagor further covenants as follows: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or mae monthly payments on the principal that are next due on the note, on the first day of any month prior to maturity: Pro~~ided, however, that written notice of an intention to execcise such privilege is given at least thirty (30) days prior to prepayment; and, provided further.' that in the event the debt is paid in full prior to maturity and at that time it is insured under the provisions oE the National Housing Act, he will pay to the mortgagee an adjusted p~emium charge of one per centum (196) of the original principa! amount the~eoE. except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been payable if the modgage had continued to be insured until maturity; such payment to be appiied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on account of modgage insurance. 2. That, in order more fully to protect the security 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 fully paid, will pay to the mortgagee the following sums: i (a) An amount sutficient to provide the holder hereot with funds to pay the next mortgage insurance premium if this instru- ment and the note secured hereby are insured, or s monthly charge (in lieu o[ a mortgage insurartce premium) if they are held by the Secretary of Housing and Urban Development, as follows: (I) I( and so long as said note ot even date and this instrument are insured or are teinsured underthe provisions o[the National Hausing Act, an amount sut[icient to accumulate in the hands ot the holder one (I) month prior to its due date the annual mortgage insurance premium, in order to provide such holder with funda to pay suchprecnium to the i Secretary of Housing and Urban Development pursuant to the National Housing Act, es amended, and applicable Regu- ` lations thereunder; or i ' (II) If and so long as said note of even date and this instrument are held by the Secretary o[ Housing and Urban Develop- ~ ment, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equat to one-twelfth F (1/12) ot one-6alf (y:) per centum of the average outstanding balance due on the aote computed withoot taking into ~ account delinquencies or prepayments; € (6J A sum equat to the ground rents, i[ any, next due, plus the premiums that will nezt become due and payable on policies ~ of tire aad other hazard insurance covering the morigaged property, plus ta:es and assessmenta ne:t due on the mort- 4 a ed ro rt atl as estimated b the mort a ee) less all sums alread aid there[or divided b the number of months = B 6 P Pe Y~ Y B B YP y : to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments will become de- 3 linquent, such sums to be held by mortgagee in trust to pa~ said ground rents, premiuma, tazes, and special assessments; s i[Id ~ (cJ Atl payments mentioned in the two preceding subsections ot this paragraph and all payments to be made under the note ~ secured hereby shall be added together and the aggregate amount thereo( shall be poid by the mortgagor each month in a `'r~ single payment to be applied by the mortgagee to the tollowing items in the order set forth: ~ _ (i) premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly r charge (in lieu of mortgage insurance premium), as the case may be; (II) ground rents, tazes, assessments, tire, and other hazard insurance premiums; ~ ` (III) interest on the note secured hereby; and ~ ~ (IV) amortization o[ the principal o[ said note. ~ Any deficiency in the amount of such aggregate monthly payment shail, unless made good by the mortgagor ` ; prior 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 (2Q) for each dollar (S1) of each payment more than fifteen 'r (15) days in arrears to cover the extra expense involved in handling delinquent payments. :a ~ 3. That if the total of the payments made by the mortgagw under (b) of paragraph 2 preceding shali exceed ~ the amourd of the payments actually made by the mortgagee. for ground rents. taxes and assessments and iasuc- ~ ance premiums,as the case may be, such excess at the option of the modgagee, shall be credited on subsequent ~ ~ payments to be made by the mortgagor, or refunded to the mortgagoc. If, hawever, the monthly payme~s made by ' the mortgag~ urn3er (bj of psr~grsph 2 prececiing sF+.~ll not be sufficient to pay gFaund cents, taxes and assess- ments and insurance pcemiums. as the case may be, when the same shall become due and payable, then the mort- ~ g,aga shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when pay- ~ ment of soch ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the matga- ~ gor shell tender to the matgagee in accocdance with the provisions of the note secured hereby, full payment of the ~ entire i~debtedness represented thereby, the mortgagee shall, in computirg !he amount of such indebtedness, ~ aedit to the account of the mortgagor all payments made under the provisions of (a) of paragraph 2 hereof whichthe ~ mortgagee has not become obligated to pay to the Secretary of Housing and Ucban Development and any balance ` , - remaining in the funds accumulated under the provisions of (bJ oE said peragraph 2. If there shall be a default un- ; der any of the provisions of this mortgage, resultin~ in a public sale oE the premises covered hereby. or if the ~ mort a ee ac uires the rt otherwise after default, the mort a ee shall a 1, at the time of the commence- ~ B B 9 P~~ Y g B PP Y `=:3 ment of such proceedings or at the time the property is otherwise acquired, the balance then remaining ia the funds - accumulated under (b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid ~ , - under said note and shall pcoperly edj~st any payments which shall have been made under (a) of said pacagraph, _ ; - ~ ! ~ ~ i