HomeMy WebLinkAbout2752~b~~ ~28 r~b~.
I+ba Vwivs Rscstvm, the undaerf~dp1616i~tY1?~I~ ..
~or-x rites ixst~os oa~aP~ac
x corporation organised and existing under
the laws o! Tlorlu- , or order, the principal sam of rottrtoon
r,~ouoaoi .na >to/1N - - - - - - • - - - - - Dollars (i14, 000.00 ),with
interest from date at the rate of ri~o ate oao-to1»~ per oentwpa ( ~~~ 96) Pte'
annum oa the unpaid balance until paid. The said principal and interest shall be payable at the oflioe of
ya~rioan lido Ieut~raaoo Ooa>4paR~
~ ~ vl , Mo~~ , or at each other place as the
holder may designate in writing, in monthly installments of solr9ntl-s rn altf~i 48/00
Dollars (i 'j7.4+= ). oommencinS on the flrat day of l~arok ,19 8 ,and
on the flrat day of each month thereafter ®til the principal and interest are Lilty paid, a~coept that the 11na1
payment of the entire indebtedness evidenced hereby. if not sooner paid, shall be dne and payable on the
first day of ?~bruaiy .19 ~
If default be made in the payment of any inatsllaY-ent Hader this note and it such default is not made
good parlor to the due date of the next such installment, the entire prlacipa~ sum and accrued interest shall
at once become due and payable without notice at the option of the holder of this note. Failure to exercise
this option shall not constitute a waiver of the right to exercise the same in the event of any subsequent
default. In the event of default in the payment o this note, and if the name is collected by an attorney
at law, the undersigned hereby ague (s) to pay all Costa of collection, iaicludin~ a reasonable attorney's fee.
Presentment, protest, and notice are hereby waived.
(~14.OO Btat• Dooua.ntary Btupa
afliz.ai to original noto aai
oaao.llel.)
~/ Darryl D. oeorg~
__~' a-rri ord.
~/ itoraa J. (}eora.
~torna J. tieor~s
And shall dnly, Promptly, and fuDy perform, discharge, execute, effect, complete, and comply with and
abide by each and every the ahpulationa, agreements. conditions, and covenants of said promissory note
sad of this mortgage, then this mortgage and the estate hereby created shall cease and 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
eats on the prince that are next due
debt in whole, or in an amount equal to one or more monthly paym P~ ,
on the note, on the first day of any month prior to maturity: Provided, however, that wntten notice of an
intention to exercise such privilege is given at least thirty (SO) Jaya Prior to pre eat; and, provided
further, that in the event the debt is paid in full prior to maturity and at that a it is insured Hader
the provisions of the Nati Housing Act, he will pay to the mortgagee an adjusted premium charge of
one per centum (196) of original principal amount thereof, except that in no event shall the adjusted
premium exceed the aggregate amount of premium charges which would have been payable if the mort-
gage had continued to be insured until maturity; such payment to be applied by the mortgagee upon its
obligation to the Federal Housing Commissioner on account of mortgage insurance. _
2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with,
and in addition 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:
(a) If this mortgage and the said note secured hereby are insured under the provisions of the
National Housing Act and so long as they continue to be so insured, one-twelfth (3~) of the annual
mortgage insurance premium for the purpose of putting the mortgagee in funds wat~ which to dis-
charge the said mortgagee's obligation to the Federal Housing Commissioner for mortgage insurance
premiums pursuant to the applicable provisions of the National Housing Act, as amended, and Regu-
lations thereunder; the mortgagee shall, on the termination of its obligation to pay mortgage insur-
ance premaums, credit to the account of the mortgagor all payments made under the provisions of this
subsection which the mortgagee has not become obligated to P~aY to the Federal Housing Commis-
sioner.
(b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become
due and payable on policies of fire and other hazard insurance covering the mortgaged property, plus
taxes and assessments neat due on the mortgaged pprrooperty (all as estimated by the mortgagee) less
ail sums already paid therefor divided by the numiber of months to elapse before one month prior
to the date when such ground rents, ppremiums, taxes, and assessments will become delinquent, such
soma to be held by mortgagee in truat'to pay said ground rents, premiums, taxes, and special assess-
ments.
(c) All payments mentiongd is the two preceding subsections of this paragraph and all pay-
ments to be made under the note secured hereby shall be added together and the aggregate amount
thereof shall be paid by the mortgagor each month in a single payment to be applied by the more
gages to the following items in the order set forth:
L premium charges under the contract of insurance with the Federal Housing Com-
missioner;
II. ground rents, taxes, assessments, Rre, and other hazard insurance premiums;
aII. interest on the note secured hereby; and
iv. amortization oZ the principal of ssad note.
Any deficiency in the amount of such aggregate monthly payment shall, nnleas made good by the
mortgagor prior to the due date of the next such p~rnnenk Constitute an 8vent of default under this mortr
The mortgagee may collect a "late charge not to ezceed two cents (2f) for each dollar (~i) of
each payment more than fifteen (1!i) days in arrears to cover the extra expense involved in handling
delinquent payments.
8. That # the total of the payments made by themortgagor Hader (b) of paragraph 2 preceding shall
ezoeed the amount of Payments actually made by flee mortgagee, for ground rents. taxes and asaesameata