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Home My WebLink About2802 ~ s;~~d mortK:~gor dues herr:b~~ fu!!~• N•arcant the titlr tu ;aid land, and N1'E'7~• part thereof, and will defend the sar.,e .+k..inst the lc+H•tul cla~ms of all persons w•hamsoecec. i PROVIDE:D AL11'Al'S, and these presents are executeci and delivered upon the tollowing conditions, to wit; The mortg~gor agrees to pay the mortgagee, or order, the pr~ncipat sum of SFVQdTEEI~I THOUSAI~D NINE tI;1i~DR~D A2vll cIFTY AND no/100 Uollars (S 17 ~ 950.00 as e~•idenced bl a note of even date herewith, with interest from date at the rate of seven per centum ( 7 per annum on the unpaid balance untit p:~id. The said pnncipal and interest shall be payable at the office of STOCKTON, WHATLEY~ DAVtI~ & COr1PANY, 200 West Bay Street, Jacksonville, Florida or at such other place as the holder of the note may designate in wciting, in monthly installments of ON$ HUNDREJ \INBT$EN AND FIFTY-FIVE AND I~0/100 --------Dollars (S 119.55 commencing on ~ the first day~ ot February . 19 72 , and on the Eirst da~~ ot each month thereafter untittheprincipai end interest are tult~~ paid, except that the fi~ai payment of p~incipa! and interesi, if oot soonet paid, shall be d4e and pavable on the first day of January, 2002. And sha~l duly, promPtly, and lull~~ pe~form, discharge, execute, eEfect, complete, and comply with and abide b~~ each and e~•ery the stipulations, agreements, conditions, and co~•enants of said promissory note and of this murtgc+ge, then this mortgage and the estate hereby created shall cease and be nult and void. And the mortgagor further covenanis as follows: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole. ur ?n an amount equal to one or more monthly payments on the principa! that are next due on the note, on the Eirst dac ot any month prior to maturity: Prc.riJr~t, however, that written notice of an intention to exercise such privilege ,s g~ti•rn at Ieast thirt~~ (3d} days prior tu ~reirayz~~nt; and, ~3i3Sri~Q~ fiI7~~tC'Y, !!;a! in !he event the deL~t is ~id i~ tull prior to maturit~ and at that time it is insured under the provisions oi the National Housiog Act, he v?i11 pay to the mortgagee an adjusted premium charge of one per centum (1 0) of the original principa! amaunt thereof, except that in no event sha11 the adjusted premium exceed the aggregate amount of premium charges which would have been payable ii 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 Utban Development on account of mortgage insurance. 2. That, in order more fully to protect the security ot this mortgage, the mortgagor, together with, and in addi- tion to, the monthly payments unde~ the terms of the note secuced hereby, o~ the Eirst day of each month until the said note is fully~ Paid, will pay to the mortgagee the foilowing sums: r~,r An dmount suf(~cient to provide thr holder hereo( wlth [unds to pay the next mortgage insurance premwm it th~s instru- ment and the note serured herebp are ~nsured, or a monthly charge (in lieu o( a mortgage insurance premium) i( they ate hrld bp the Secretary of Nousing and Urban Development, as follows: ~ !I> If end so tong as sald note o[ ea•en date and this instrument are insured o~ are reinsured under the pro~•isiuns ct the i tiational Hous~ng Act, an amount sufftc~ent to accumulate in the hands of the holder one (1) rnonlh prior to its due ~ date the annual mortgage insurance premium, ~n order to pru~•ide such holder with funds to pay suchpremium to the Secre~ary- of Hous?ng ~nd Urban Developme~t pursuant to the National Housing Act, as amended, and applicable Regu- 1at~uns thereunder, ur E ~111 If and so long as sa~d note of e?•rn datr and th~s instrument are held by the Secretary o[ tlousing and Urban Aevelop- g r..rnt, a monthly charge (ln lieu of a mortgage insurance premium) which shall be in ~n aR;ount equal to one-twelfth s (1 12 j of onr-hal[ 1) pcr centum of the average outstanding batance due on the note computed without taking nnio ; account drlinquencies or prepayments; i~, ~ p,ue: equat to thr ground rents, i[ any. ne:t due, plus the premiums thet witl next become due and pa~able on policies ~~f f~re and other hazbrd ~nsurance covering the mortgaged praperty, plus taxes and assessments next due on the mort- ~ KaKrd proprrtV (all as estur.ated by the mortgagee) less all sums already paid theretor divided by the number ot months to ~ Iupse betore one month pnor to the date when such ground rents, premiums, taxes, and assessments will become de- j linqurnt, such sums to be he[d by mortgagee i~ trust to pay said grou~d rents, prerr,iums, taYes, and special assessments; end All paymrnts ment?on~•d m the two preceding subsections ot this paragraph and all payments to be made under the note ? securrd hereby shall br added together and the aggregate omount thereo[ shall be paid by the mortgago~ each month in a sinkle pay-ment to be applied by the mortgagee to the foUowtng items in the order set torth: (1) premium charges under the conlrect o[ insurance with the Secretary of Houstng and Urban Development, or monthly rharge (in 4eu o! mortgage ~nsurance premium}, as the case may be; (II) ground rents, taxea, assessments, tire, and other hazard insurance premiums; ~ tltl) interest on the note secured hereby; and ' lll'1 amortization o[ the prtnccpal s~id note. : Any de[iciency in the ar~ount of such aggregate monthly payment shall, unless made good by the mortgagor ` pr~or to the due date oE the next such payment, constitute an event of default under this mortgage. The mortgagee ! may collect a"late charge" not to exceed two cents {Z¢} tor each dollar (S1) of each payment more than fifteen ~ (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 mortgagor under (o/ o~ paragraph 2 preceding snaii exceed the amount of payments aciually 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 t made by the mortgagor. lf, however, the monthly payments made by the mortgagor undec (6J of paragraph 2 pre- ~ ceding shall not be sufficient to pay ground rents, taxes and assessm~ents and insarance premiums, as the case ; may be, when the same shall become due and payable, then the mortgsgor shall pay to the mortgagee any amount > necessary to ~ake up the deficiency, on or before the date when payment of such ground rents, taxes, assessments, - or 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 of the entire indebtedness represented thereby, the murt- ~agee shall, in computing the amount o( such indebtedness, credit to the account of the mortgagor all payments - made under the provisions of la} of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the pro~•isions of (1~) of said paragraph 2. If there shall be a default under any of the provisiois of this mortgage, re- sulting in a public sale of the premises covered iereby, oc if the mortgagee acquires the property otherwise after ~ defauit, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- ` erty is otherwise acquired, the balance then remaining in the funds accumulated under (G) 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 (u) of said paragraph. f 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or ~mpositions, for which prrn•ision has not been made hereinbefore, and in default thereof the mortgagee may pay the same; and ihat he will promptly deliver the oificial teceipts therefor to the mortgagee. ~ ~Ui~