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HomeMy WebLinkAbout2708 FOI{ VAU1E I{F',:EI\'FIl, thl' undt'rsignpd pl'omisp(s) to pay to PHILIP" BRU" r'S':'~'l" f . .,. .. n." J. _ h, 0 \\ash~ngtqn D. C., as federal lIousin~ CoI11l"lissioner, his successors and assigns, ra~~~~'Mau~J4UuL~~L4u~uuJeL 4ht,Yt\Yo'tk.t ,0-; order, the principal sum of EL~VE."l THOUSAND O:,E IIUNDHl".D FIFTY----------------- Dollars ($ 11,150000 ), with inlPrl.'st from date at the rate of five and one-quarter per centum (51. ~; ) per annum on tht' unpaid balance until paid. The said p'Hncipal and interpst shall be payable 1lt the ollicp of Federal Housin,: ,Administration In Washington D Co ' or at such other plan' as ~hl' lwldt'r may dl'sig-nate in writing, in monthly installmentS of SIXTY ONE. A1'\D 66/10;)------------_ Dollars ($ 61.66 ), commencing on the first day of June , 1963 ,and on thl' first day of each month thereafter until the princip~and interest are full) paid, except Ulat the fmal paynwnt of thl' l'ntirl' ilHkbtedness evidenced hereby, if not sooner paid, shall be dul' and pa)'able on the fil'st day of ~lay , 19 93 . If ddault be made in the payment of any installment under this note, and if such default is not made good prior to till' due date of till' next such installment, the entire principal sum and accrued intl'fl'st shall at once become due and payable without notice at the option of the holder of this note. Failure to l'Xl'ITise this option shall not constitute a waiver of till' right to exercise the same in the event of any subsequent default. In the event of dl'fault in the payment of this note, and if the same is collected by an attorney at law, the undersigned hereby agrl'e(s) to pay all costs of collection, including, a reasonable attorney's fee. Presentment, protest, and notice are hereby waived. /-<~,~::~~J-------- -- 1 ~/t.'7JJJc~~ And shall duly, promptly. and fully perform, discharge, execute, effect, complete, and comply with and abide by each and every the stipulations, agreements, conditions, and COVl'nants of said promissory note and of this mortgage, then this mortgage and the estate hereby created shall Cl'ase and be null and void. And the mortgagor further covenants as follows: 1. That he will pay the indebtpdness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or more monthly payments on the principal that arp next due on the note. on the first day of any month prior to maturity: Provided, howevel', that written notice of an intention to exercise such privilege is given at Il'ast thirty (30) days prior to prepayment; and, provided further, that in the event the debt is paid in full prior tq maturity and at that time it is insured under the provisions of the NationallIousing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (11);-) of the 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- ga!-:,e had continued to bl' 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 :nonth until the said note is fully paid, will pay to the mortg,lgee the following sums: (a) An amount sufl1cient to provide the holder hereof with funds to pay the 11l'xt Illortgagl' insurance premium if this instrument and the note secured hereby are insul'l'd, or a monthly chargl' (in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissiol1l'r, as follows: (I) If anrl ~o lon~ as said note of even date and this instrument are insllrt'd or are n'insured under th,' provisions of the :-':ationaI HousinR Act, an amount sufficient to accll/1lulah' in th" hands of thl' h"ldl'r one (1) month prior to its due date the annual mortgage insurance premium, in "rd"r to prllvid" "uch hlllder with funds to pay such premium to the Federal Housing Commissionel' pursuant to the National Housing Act, as amended, and aPl'licablo Regulations theT('under; or (II) If and so long as ~aid note of even date and this instrument are held by the Federal Hou~inR' Comlllis, sioner, a monthly charge (in lieu of a mortgage inllurance premium) which shall be in an amount '--''1ual to one-twelfth (1'~2) of one. half (I)..) per centum of the aV('l'age outstandin~ balance duo on tht' note computed without taking into account delinquencies or prepaynwnt.s; (b) A sum equal to the ground rents, if any. next due, plus the premiums that will next beconlP due and payable on policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assess:nents next due on the mortgaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number of munths to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments will become delinquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assess- ments; and (c) _" II payments mentioned in the two preceding subsections of this paragraph and all pay- ments to be TlItlde 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 mort- gagee to the following items in the order set forth: (I) premium charl-(es unrler the contract of insurance with the Fcderalllousin~ Commission!'r, or monthly charge (in lieu of mortR'age insurance premium), a.s th:- case may be; (II) R'round rents, tax,,~, assessments, fire, and other haz.ard insurance premiums; (III) interest on the note secured hereby; and (I\') amortization of the principal of said note, Any deficiency in the amount of such aggregate monthly ~ayment shall, unless matle !-:,ood. by the mortgagor prior to the due date of the next such parment, constitute an event of default under thiS mort- gage. The mortgagee may collect a "late charge' not to exceed two cents (~) for each dollar ($1) 0( each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. , 3, That if the total of the pa)-'ments made by the mortgagor under (b) of paragraph 2 preceding shall e~ceed the amount of payments actually made by the mortgagee, for ground rents, taxes and assl'ssments ( , ~ .i: Aft'.