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Home My WebLink About1471 ~ ' 3 ' , . , r ~.~~d c~.~rt~;;~R,ur du~~~ hc•reb~~ full~• w•arrant the t~Ue to .aid land, and r~•rn purt thereof, and w•ill detend the s:~r. r .~~;,~~n~t the l:~w•ful clatms o( all persons w~homsoe~•er. Pk'OV!DE[~ AL11'AYS, and these presents are executeci and deli~~ered upon the following conditions, to wit: Ti~e mort~agor agtees to pay the rr,ortgagee, or order, the prinripal sum o[ NINSTBBN THOUSAND AND NO/100 Uullars (5 19,000.00 as e~ idenced by a note of even date herewith, with interest from date at thr rate of SeV@A per centum ( 7 0) per annum on the unpaid balanre until paid. The said principal and interest shall be pa~•able at the oftice ot StoCktOn, Wh8t1@y, DSV3.t1 6 C~any; I00 West Bay Street; Jacksonville, Florida 32202 ur :.t such other place :~s the holder of the note may designate in writi~g, in monthl}~ installments oi ON$ IiUrIDRSD 1WSNTY-SDC 8nd 54/100----------------------~Dollars (S 126.5~+ comn~encing on the first da~• of February , 1972 , and on the first da~ of each month thereafter until the principai and interest are full~~ paid, except that ihe final payment of pr~ncipal and interest, if not sooner paid, shalt be due and pa~•able on the first day of J8tlu8ry~ 2002. And shall dul}~, promptly, and full~• perform, discharge, execute, etfect, complete, and comply with and abide ~ b~ each and e~~er~• the stipulations, agreements, conditions, and co~•enants of said promissor~• note and of this me>rt~:+~e, then this mortgage and the estate hereby created shall cease and be null and ~•oid. And the mortga~or (urther covenants as follows: l. That he will pe~• the indebtedness, as hereinbefore provided. Pricilege is rese~ved to pay the debt in whole. ur in an amount equal to one or more monthly payments on the principal that are next due on the note, on the first d~+~~ uf an}~ month prior to maturity: Pr,,, i,l~~d, however, that w~itten notice of an intention to exercise such pri~•ilege i~ Ki~•en at least thirty (30) da~•s prior to pre~ayment; and, pcovided further, that in the event the debt is paid in (ull prior to maturit~~ and at that time it is insured under the provisions of the National Housing Act, he ~ill pap to the mortgagee an adjusted premium charge of one per centum (1 0) of the original principal amount thereot, except that in no e~•ent shall the adjusted premium exceed the aggregate amount of premium charges which would ha~~e been pa~~able i[ the mortgage had continued to be insured until maturity; such payment to be applied b~• 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 ot this mortgage, the mortgagor, together w ith, and in addi- ~ tion to, the monthl~~ payments under the terms of the note secured hereby, on the,fusi~ay:of~e~h Jqonih until the ~ s:~id note is fullS~ paid, will pa~• to the mottgagee the following sums: . ~ i~ An amu~nt su(f~cient to pro~•idr the holdrr hrreof with funds to pa~ the next mo[t~~ge inWrapcR prersuum if th~s iastru- ment and the note secured herebp arr ~nsured, or a monthly charge (~n liru O( 8 mor(~age inswance premium) if they are ~ hrld b~~ the Secretarq of HousinR and Urban Deeelopment, as (ollo~s: (I1 I[ end so long as sa~d note uE evrn date and ihis ~nstrument are insured or ere reinsured under the provisions of the ~ latwnel Houstng Act, an amount suf(icirnt to accumulate in the hands o[ the holder one (1) month prior to ~ts due date the annual mortgage msurancr prem wm, in order to pro~~de such holder wlth [unds to pay such premium to the ~ Secretary uf Naus~ng and Urban Derelopment pursuant to the Nat~onal Hous~ng Act, as amended, and applicable Rekv- lat~uns therrunder; or ill) It and so long as sald nute v[ ca•rn datr und thts ~nstrument are. held by the Secretary ot Housing and Urban Develop- r.:rnt, a monthty charqe (in l~eu o[ a mortgoge insurance premium) which shall be in an amount equal to one-twel(th 11 1?) ot onr-half per centum of the average outstanding balance due on the note computed without taking into acr~~unt drlinquencies or prrpayments; A~urr equal to the ground rents, it any, next due, plus the premiums that will next become due snd payable on policies r~l (~rr and othrr hazard insurance coa•cnng the mortgaged property, plus taxes and assessments next due on the mort- ~aKrd prupe•rh• (all as esumated by the mortgagee) less all sums alrrady paid there(or divtded by the number of months to elrpsr before one month prior to the date hhen such ground renis, prem?ums, taxes, and assessments vcill become de- ~ I~nyurnt, ~uch ~ums to br held by morigagee in trvst to p~y said ground rents, prer.iiums, ta:es. ~nd special assessments, .,nd ~ Ali pas•m~•nts mentionrd ~n the two preceding subsections o[ this paragraph and a!1 payments to be made under the note _ ~ srcur.~d h~•rrb~~ sha11 be added together and the aggregate amount thereo( shall be paid by the a:ortgagor each month ?n a j ~ s~nKle papmrnt to be applied bg the mortgaqce to ihe following items in the order set torth: ~ 1!} premium charKes under the contract o[ ~nsurance with the Secretary o( Hous~ng and Urban Development, or monthly charKr (~n Iteu o( mortgagr ~nsurance prem~um), as the case may be; ~ t111 Kround rents, taxes, assessments, (ire, and uther hazard insurance premtums; llll) interest on thr note secured hereby; and ~ U~'1 dmortizat~on of the principal o[ sa~d note. Any deficiency in the ar~ount of such aggregate rt~onthly payment shall, 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 (24) for each dollar (S1) of eacfi payment more than fifteen ~ i 15) dati•s ~n arrears to cover the extra expense involved in handlin~ delinquent payments. 3. That if the total of the payments made by the mortgagor under (b) of patagraph 2 preceding shail exceed ~ the amount of papments actually made by the mortgagee, fot gROUnd rents, taxes and assessments and insurance ~ premiums, as tfie case may be, such excess shall be credited by the mortgagee on subsequent payments to be made bv the mortgagor. If, however, the monthly payments made by the mortgagor under (b) of paragraph 2 pre- ceding shail not be sufficient to pay ground renis, taxes and assessm~~nts and insurance premiums, as the case may be, when the same shall become due and payable, then the mortgcgor shall pay to the mortgagee any amount necessary to make up the deficiency, on or beEore the date when payment of such ground rents, taxes, assessments, or insurance premiums shall be due. It at any time the mortgagor shall tender to the mortgagee in accordance with the ~ro~~isions of the note secured hereby, full payment oE the entire indebtedness represented thereby, the mort- - RdKee shall, in computing the amount of -such indebtedness, credit to the account of the mortgagor all payments - made under the prov~sions of (o) of paragraph 2 hereof which the mortgagee has not become obligated to payto the Secretar}• of Housing and Urban Development and any balance remaining in the funds accumulated under the " pro~•isions of (L) of said paragraph 2. If there shall be a default under any of the provisio~s of this mortgage, re- sultin~ in a public sale of the premises covered iereby, or if the mortgagee acquires the property otherwise atter default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- ertp is othenrvise acquired, the balance then remaining in the funds accumulated under (~1 of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properly adjust any ?y_;; payments which shall have been made under (o) of said paragraph. , 4. That he will pay all taxes, assessments, watec rates. and other governmental or municipal charges, fines, or impositions, for which pro~•ision has not been made l:e~einbefore, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the official receipts therefor to the mortgagee. =2 ~~ry~ ~o~~ 19.9 ~~i470 = : ~