HomeMy WebLinkAbout0244 ` • ' -
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~ ' l~U~ Vi?Lt~ R1cs~1t~ t~ on~ 4ENERlIL DBVSIAPt~NT OORPORATION, ~
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~ ' pc+o~nis~ ~o py? to P~lILIP N: H~DWN3'!'SIN~ ot Waahingtoui D: C: ~ as ~'ederal Sowe~ .
'I ~ Coea~iasica~er~ his auccessors and aasigqs.
' ~ . or ordar, tha prinoip~i a~ma
. . TIGHT THOUSAND S~"VSN HtA~IDRBD PZF1'Z - ~ - • • - . _ ~ ~ Do~ra ~ 9 j75d.00 w~th .
~ 3ntm~est &a~n dats ai. tha rats ai t'iv~s and oae•quarter oentnn~ t 5~ 96~ Pet' snnnm an tha ~
nnp~id bil~?noe nntil p~id.. The said prlncipal e nd interest ~ai1 bs P~Vsb1e at the ot~os of I+~eibderal ~
Housing Administration in Kaahington~ D. C. . or at wch olher piaa ~s th~ ~
hotder m~y desig~uia in writin~ ia moa~t~y i~ stalt~nts a~ • r ir tl i ~0 AiW 5~~~ w•~r ~~r
~ ~ ~ ~ ~ w • ~ • ~ ~ ~ s ~ • w ~r • w ~ ~~gj'a 52~70 ~l~ ~ ~le ~ .
d~? of JiINE ;18~t . aad on tb8 t~rat day a! e~ch mouth tberesiter until th~a psinci~sl
and interest ue i'uqj- psid, atoep~ tLnt the fina~l p•~ymont oi the a?t~rs indebtedne~s evidenoecl hereb~?. it not
.aboaer psid, ahall be dne snd pqyable on the lir~at day a~ lU1Y •.1$ 89 . ' ~
_ Ii default be msde in tlie p~yment of ~un~y in~talla4eat under t!~s and it such default is not mads
S'~ A~or ~o the due d~te of the ne~ct snch inataU~aont~ the entire ~•rtnci~ wm and ~oartzed intsrest sh~tUU
' st omoe become dne a nd p a~
bte without aoNoe ai ~he o
ption o# the holder ai tbis nota ~ Failure to ezercias
• t
h i
a o on a
h
a
U ao! cans
btute~s w
a
ivar o~ the r'~ght to exercise t-ze sune ia t6s a~vent o! aq~ aub~eqneat . ~
d i In the evert o! defaglt in the p~~yment of this not~, and i~ the asme is oollected by an attoirae~? at ~
law, the under~igaed herebY ~~ee (e) to p~y ~ll toats of oollection, inclndin~ a re~san~bla ~ttorne~y's Yee~
, ~
~ All partias to tt~ is note. whethax prlnd anre~,Y. 8v~rantor, or endo~aea~. be~+ebr waive gr~e~ea~t
. laar p~yment, d~nsnd, parotest, aot3ce a~ ~ and notaoe a! dialranor. _ •
~ 3i,~ued and aesl~jd this ' • d$y o! ~ APAIL ,19 61~ . ' _
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[oo~ro~sr~ ssu.] • ~ ~oyT._.~,.,..,.. : . . ~ ~ .
~ ~ ~ ~ ~ B~ ~ ~ - .
~ ~t /s/ JAI~ffi.S L. RANKII~1~ Presf.dent ~ ' ` • .
'/s/ a.~LI.IIlK' H. KYI.S~ F~naacfal 93ce Preaident dc ~eaa. ~ .
_ And slull d~?. Pra~nptlY. aad lui~/ Pffi'~o~4 ~~~sr~ e~cecat~ el~ed. oanple~ and oompl~r with ~ ~
~ . and abide by each and eve:y the ati agreemeata, ooadit3ciu, and oavenant~ af asid
- . ~aad of this ~ona~rtgag~e~ thea tl~a~rtS~ge and the estats hei+~b~ csa?ted ahaIl ce~ae snd naD u~d
.
. And the a~o~rtgsgo~r tarther cuvenanb as fo~low$: . . . ~ - . ~
2. Thst it will i~1Y the 3ndebtectnees, as het'einbefore pronticlecL Ftivlle~e 3~ re~eacved t~ pay''the ~
debt in whot~ or in :~n s~rnawt eqnal to one oi more month~r p~ayntienta on the prlnd~al tbat~ars nezt dne
. ; oa the note. on the ds~y of aay month prior to maEurity: Provi~3ed, hoae`rer. that writtea ~qtloe of a~n
~ ~ 'intentioa t~ exercise anch privileg~e ia gtvea at laa~st thirtY (S4) days P~~ ~ P~ t; P~~
further, that ia the ~~vent the debt is p~id in fnU prior to nnatarlt and ~t t6~t ~~it insnred uindes ~
•the provisions oi the Nationai H
o
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v i ll p
a
y t
o t
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e m
o
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g
~
e e s
n a
c~ o
s
t
e d. p
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e t n
i
m n c
i~ a
r~
e o!
' one per cen
t
u m ( 1;~ ) o
f t
6e o
r i~
i
n s l prin
d
p a
i .tmount t
h+erea
t, esoept t
h
a
t i n no event ahull the a
c~usted ~
- p
r
e
m inm `
e
x
c e e d t
he aggregate aazouat oi prem ium chargea. wLirh wo~ild have beea payabls if the morti- ` `
gage h a
d oon
t
i
nu
e d io b e i
ns
u
r
e d nn
t i
l ms
t
n
r
i
t
y; su c
h paymen
t t?~ b e aPp
l
i
e d b
y t
h
e mortg~gee upo~ ib . '
obli~ation to the Fe~teral Housin~ Commisaione:• on aooonnt ot m~~rt~a~e insurance.
. 2 T6a~ ia order more inlly to protect the s:ecurity of this mcrt~a~e, the mo:t~r. :ag,zt'~r rvt ~
~ an~d ih additioi? to. the menthiy ts under the terms oi the note aecured hereby. on tha ~r~t ~
. ~1T~ .
ea~ch month untfl the aaid note is
u~ll~
psW, will p~?to the mortgag~ the idbwja~ wms~ , ~ ;
ta) An aawnnt s~cieat ta provide ihe holder hereof wtth ~nnds to pay ~hz •..,xt m~.:r~~ ~ a
it~uranoe px+emiwn ii this insanunent and ~te r?ote sewred luereby st+e insnr~l. or s n:vD ~
(in lieu oi s mc:rtgage insuranoe premiam) ii they are held by tbe Federsl H~waitig Ca~auer. ~
as foUonvs: . . ~ ~ ~ . - - . .
(t) Ii and p lons u nid sote of ~ dsts ~nd lhis instrnn~t u+~ i~uured or sir r~s~red nAdtr ti~ _ .
p~n~uions o! t1?e Natimnal AauinE~ Aet~ an smooat suftid~t to seau~anL?te in t6e bands ad tb~ boAMt . i. .
• • ~(i) monthp~r Lo ib due datu the ar?nusl mor~~ iemra~net pt+~m~iom. in order to a~_ ' .
• lr~ ~with inad~ top~ ane~ pr+mni wn to tbs Fedesal H~~osia~ Cooo~i~a~er patwa~t ~o ~National -
H• Aet, ss ame~ded, and sp ~lieabis t~der: ot
(a) u aod~ ss said note of e+?~en ~ste aad~~~i~t srt beld• !bs Fed~ral H~Qoatm4.
' . ~ ' d~mer, a ~moa (f~ lien d a moetg~ajs iapranea premina~~j ~rhkh atialt be is an ~at - , ~ ' '
. " ~ ~ ar. u
s
l t
o one-
t~~ t'
K!) o
i a~e: h d i i'
K 3 Per eea
t
a
m a[ t
l
r~ aMerare o
a
t
s
4 a
d i n~ ba:c.ba d
w~i t
b t - ~
' nc•te mmputed witLont takl~ into aoeount dslinqw~etus o~ p~+e~omts•.• =',J
. _ (b) A sum •~quul to the a?ronnd renta. if sny,'aext due, pleu the preminms.that will next be~ane . i
dae aad psyst,le ~n poli«es oi flre and other ha:ard insur~noe oovering the mort~?ged tu~oPerb.~1~s
t~uces xnd assesa~nents next due oa the mort=is~ed roPert~ (a11 #s estimata~ br the mort8a~e) leas
s
ll suma a l r
e~
dy pai
d t
he
r
dor d
i
v
i
d~ d by ~
he n~ o
i mo:i
t
b
s t~
o r
l spse b e
fore one mon
t
l s p
r
ior .
• . to the dste whe~? auch ground xeata. P~^emi~uns, ta~ces, ~und at aessm~ats ~rill beoome deliaquent, such
~ sums to be held by mortga~ee in tnut to pf:y aaid a?round rei.ts. Premiuaas. ~asea. aud gpecisl asaers-
menta; sad . . . . .
a ~ ~ '
~ . (a) AAps~ a~ents inentioned in the two preoedins aubaeetioas of this psra,~rs~~ snd at1 p~,p- ~
- me~r?ts to mad+: ~nde= the nate aecnred hereby shaD be added tog~ether aatl th4 a smouot '
, thereai ~ be pauSd by the most~s,~or eacl~ month in s singk qo~rma~nt to be_aiP9p~i~e~i~d~the .
=a,~es to the foUowins items in the order sat iarth: ,
, ' Pnr aa~w ebaet~+s osder tbs eoa~ oi iawrawa Mritk t h~ F~ral Howi~ ~irio~ee, oe aoatl~
dar~ (iA 1~w ot aartsa~s iASnraaee premiun), a~ the aw tna~ Dt; .
~rawd~,~ t~a~ce~ ~.1[~t•. aad Ml~er bWard i~~nsauaM ptwsiw~s=
(u~i; intee+~t aw tt~ ~ Menr~d tien~b~r; and ~ • ~ • . .
(n?) anc r t
3~ W o n o! t t
N p
r
i
~ e
i p s
i d s W ~wt~ _ • .
An~r deticiency i;~ tise amaunt oi snch aggrfgat~ monthl~r .mNnt ahsU, anla~s n~d~ good by th~ '
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prior to t~~o dye nate oi th~ oext wch .~uu~rment, t~:te an e~reat o! detanlt nn~iar this mocfi~ .
ea~ch p~symeo~~ fia~?~fii'teea ~16j d~yrs~n
~rr'es~ss to aavet tM estra ~i~~iav~alva~ i~ til '
' ~t P~~ ~ -
S. T6at if tbe ta sl el tbe' b madeb~r the mortg~or un ~r .(5) o~ para~rayh 8 p~edia~ a1u1!
• ~xoeed tlie amount q~ p~e~eA~#~w11~?.~ by the mortgs,~ee. ~ot ~ reub. ta~es ~i ~s~mr~ats
~ aad faauraaee par+emin su,, s~ tha ca~a m~? be~ _auh e~coe~s sluU be eredlbed 6~? tM mort,~as~e c a~~t~qn~nt
my~meata to' bs madc b~? tbs moartRa~or. 1#, hoaevgr. ths moatl~ p~yments m~rd~ t~? ~e A_(~_ :
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