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Home My WebLink About1529 '-an~1 "yf~s~/r`+' ~..r• ~ . ~ . ~ . . ~ . t Pb~t Vn~.us ~t~tvau, the undersi~aed promjae(s) to pay to ~ - LA~1IR'$D MORTGAGSS S$RVICIN~i CORP. • j . i corpor~tioa orgsni~d ~nd existing under f the lawa oi the Stata of New York ~ or order. the principsl sum oi Eiqht : ~ ou and Five Hundred and no/100 - - - - - « 8, 500. 00 wiu? ~ ~ ~ in~~w t ~rom dste at the nte of Five and one-fourth per centua? ( 5~ 96) per f~ annum on the unpaid bal~noe until psid. The aaid priacipAl ~d interest shaU be psyable at the o~oe oi United Mortgagee Servicinq Corp., 3200 Pacific Avenue lQ Virginia Beach, Virginia . or at such o er plaoe as the ~ holder may deaignate in writing, in nwnthly inatsllmenta oi Forty Seven and Ol~].00 Dollara 47 .Ol commeACinB on the lirat dsy oi O~tober .19 64~ and on the Srat day of ea~ch nwnth theresfter until the principsl aad int~erest are iully paid. exoept that the ftnal ! payment of the entire indebtedness evidenced hereby, if not aooner paid. shaU be dae and psyable on the tii~t day oi September ~ ig194. ~ Ii default be made in the psyraent oi aay inatallment under thia note and ii sucb defnult ia not made ~ood prior to the due date of the next such inata?llmenk the entire princip~ sum and accrued interest shall j st once Geoome due ~nd p~yable without aotice at the option of the holder oi this note. Failure to exercise this option shall not constitute a waiver of the ht to exerciee the same in the event of ~ny $ubsequent defaulk In the event of default ui the payment~ thia note, and if the aame is oollected by an attorney ~ , at law. the underaigaed hereby agree (s) to p~ay all oosts oi collection, including a reasonable attorney'a fee. , Presentment, protest, and notioe are hereby watved. ~ Ross Dreher (SEAL) , rrECESSAny Docun~ta~tutY ~ ROSS DRS~R ~ • $t!!b[PS ATTACHiD 70 ORIOINAL _ ~ - . NOTE AliD C~^C~~I.tD ' GLORGB E. DRSI~R , A~ shall du1Y. P~pt1Y. ~~Y Pertorm, discharge, execute, eSect, oomplet~. snd oomply with and ablde by each ~nd eve~? the stipulationa~ agreementa. c~nditions, and covenants of aaid promissory note ~ ~nd of this mort~ag+e, then this mortgage and the estate hereby created shall cease and be null and void. ~ And the nwrtgag~or further covenanta aa followa : - 1. Tbat he wiU pay the indebtedness, as hereiabefare pmvided. Privllege is reserved to pay the ~ debt in whole, or in an sunount equal to one or more mont6l,y paymenta on the prIncipal that are next due on the note. on the ftrst day of any month prior to maturity: Provided, however, thst written notice of an intention to exercise such privilege is given at leaat thirty (30) days prior to prepayment; and. pmvided ~ iurther, ttu?t in the event the debt ia paid in fuU prior to, maturity and at that time it ia insur+ed under the pmvisiona of the National Housing Act, he will p~ey to the mortgagee an adjusted premium charge of one per oentum (lgb) of the original principal amonnt thet~eof. except that in no event shall the adjusted premium exceed the aggregate amonnt of premium chsrges which would have been p~?yable if the mort- ~ gage had oontinued to be insured until maturit3•; such paymeat to be applied by the mortgagee upon its obligatian to the Federal Housing Commissioner on aooount of mortgage insurance. 2 Thst, in order more fully to protect the security of thia mortgage, the mortgagor~ t~gether with~ ` and in addition to. the menthly paymenta under the ternis oi the note aecured hereby. on the first day of ! each month until the said note is fully paid~ wiU pay to the mortgagee the following auma: (a) An amount sut~cient .to provide the holder hereoi with funds to psy the neut moitgag~e insurance premium if this inatrument and the note secured hereby are inaured, or a monthly charg~e (in lieu of a mortgag~e inaursnce premium) if they are held by the Federal Housing Commisaioner, as foUowa : - ~ (t) Ii and ao long u asid ~ta ot even date and tbis instrument are inaurad or ass rdnsnred under the p:o~isions oi the NstioAal Housing Aek ~~At sutdcient to aec~mnlate in the hands oi the holder ' one (1) month prior to its due date t~e snnual anortgag~s insuranoe premium, in order to provIde sncb lwlder witA fnnds to pa~~ such preminm to the Federsl Honsins Com~nisdoner pnrsnant to the Nstionsl Housing Aet, ss am~nded, wnd sppliesbis Re~ulations therennder:'o: ~ (n) Ii and ~o long as said note of even dite and ttw instrmn~t are held bp tlie Federal Honsing Commir : ~ioner, s month~y (in lien oi s aartgaae inwranos pre~in~) wtiich shall be in an ~unonnt r ' eqnal to one-twditb~) oi one-halt ) per oentnm oi tLe average ontstanding balanoe due on the ; note oompnted without taking into aoeount deUnqnendes or Pre~Ym~a?ts: ` (bj A swn equal to the ground renta, if sny. next dae. plua t6e premiums that will next become ' dne snd payable on poGci~ of fire and other hazard insurance covering the mortgaged propertq, plua _ taxes and asaessments next due on the mortgaged pmpertp (all as estimated by the mortgagee) less all snms already paid therefor divided by -the number. of montha to elapae before one month prior F to t6e dste when such ground rents. premiuma, taxes, and assessmenta will bec~ome delinquent, such 4 auma to be held by mortgagee in trust to pay aaid gronnd rents, premiums, taxes, and epecial assess- : menta; and (c) Atl paymenta metttioned in the two preceding aubsections of thia paragraph and aU pay- ments to be made under the note secured hereby shall be added tog~ether and the aggregate amount : thereof shall be paid by the mortgag~or e~ch month in a single payment to be applied by the mort- ~ gagee to the foDowin~ it~a in the order set fort6: F (i) P~ nm eluraea w~der tLe oontrast ot insnranes ~ritL t]~e Federal8ondna Commiedoner. or aantl~ ``F (II ~oand r~ts. tazes, as~ats. Sn, and other~h~i?isrd insu.'anoe premiams; ; (m~ interest on tbe note ~eenred hereby;E'and _ (n?~ aawrtisation oi tl~e prin~ipal of aid note. ~ Any detkiency in the amount oi anch aggrcgate mont211y payment ahall, anleas made g~ood by the ; nartg~g~r prior to the due date of the next such pa~nnent, oonatitute an event of default under thia mort- ~ asg~e. 1 e mortgag~e may onUect s"late charge' not to exceed two centa (2.~`j for each dotlar (al) .oi ~ each payment more than fifte~ (ib) daya in arreara to oonrer the extra enpenae involved in handling ~ delinquent psyment~. t' 8. Thst if the total o! the psyments made by the mortgagor nnder (b) of paragraph 2 preceding ahall _ ~ ezceed the amount of vaymenta actually made by the mortgagee. for gronnd rents. ~xea and asaes~menta ~ ~Q 9~ ~~cF 32$ ~ ~ : O ~ - - - - ~