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~ lbe v~?t~us R~c~v~ a~e wder.~sdea wra~aisec=~ ~ rN? ~ ~ . . : . . -
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[~IS'SD ~OR'1'(3ACiR8 S$RVI4=DiG CO[sP.~ • ~ •
; . corposatioo or~nised and existin~ undei' f
tbe bMrs oi t,he State of ~1eW York or order. the principal s~m oi in Thousand f
' On~e 8wadred 8~fty stad no~100 - - - - _ - -Aollsra g.1~0:~0 ),rvith
inter~est iran dsts at the rate oi Fiva and one-faurth ----1~' oentum ( 5~ 96)1~
annum on the aap~id lulanoe until psid The s~tid prtncipp~tl and intereet stuii be p~yahte at the o~tioe oi
~ited I?lprtqagee Se~rvicing Corp., .3200 Pacific Avenue
~ in Virginia Beach, Virginia ,~+?t s~ ~ p~ ~e
{ hoWer msy deaigwte i~a writii~. in monthly installments oi Fi fty and 60/100
~ 50.6Q oo~cunencing on the flrst d~y of Deeember ,18 64~ snd
on the ttrat dsy oi each month ther~fter antil the principsl ~nd interest u~e iull~? Psdd. euePt tLat the tinsl .
payment of the entire inde~dnesa evidenced hereby, ii not aooner p~id, ahalt be dne and p~yaWe on the
} Srat day oi November '.19 94. ~
' ' Ii default be made in the ~aYment of uny inatallment under this no and it such detault is not made .
" rood prior to the due d~te of the next such inatallment, the entire prfncip~ sum su~d accrued interest sha11
. at a~ce beoane due ~u?d p~yAble without notice at theoption oi the holder of this note. ~'ailure to exerciss
this op
tion shaU not couatitute a wwiver oi the ri~ht to eiercise the same in the eve~nt of any subsequent
defaulk In tha evsut oi default ~t the peyment oi this note and ii the ~ e~a oollected by an attorney
~ at L~r. the underai~ned herebY a~ree ts) to ~y all oosta of col~ectiou, incl~di~n~ a reasonable attorney'a iea
~ Pre~eatmen~ protest, and notioe sre her~y waived. ~
• . s,,L.~111v~, .Tni~r ~SRa?r.,
! ~t ooctj~~ BILLY H JO~SO[~i
~ aza~ arrwcdca ro o~uomu ~e
~ ~ , 88V8RLY . JF~N JO~TS~T
And shaII dn1Y~ pt~om .~nd !t~? Perlor~a~ dLcharge. e~c~cnte. e8ect, oomplete, and oompiy wlth and .
~n
~bids b7 eich aadev~er~ e stlPulat~Ons. agreements. conditione. ~nd oovenants oi said pr~an~ note
~nd oi this aartsass, then this mortt~e and the eatate hereby cr~eat~ed ahaU ceaae ~~nd be aull v~o~. -
And the mwct,~aror further oov~usnta sa foUows:
1. Thst he will p~y the indebtedae~ as hercinbefore pr~vided. Privile~e is r~erved to pa~y the
~ debt in ~vhole. or in an aawunt eqnal to one or more mouth~,y p~3?ments on the princiPa~1 thst are nest dne
o~ the note, on the Rrat day oi any month prlor to maturity: Provided. however. that wrlttea notice of an .
intention tfl exercise such privilege ia Qiven at leaat thirtY (80) da,Ys Prior to pre ent; and. provided
fwrther, ti~t in the event the debt i~paid in fuU prior tq matarity snd s# tbat e it is inaured under
the provisions of the National Houain~ Act, he wIU pay to the mortgag~e su~ adjuat~d prennium char8e ot
one per centum (i~b) of the originsl principal amount thereoi, exoept thst in no event s!?A11 the adjnsted ~
~ ~ premium exoeed the ~ aa~ount of premium chargea which would 1u?ve been p~syaWe if the mort-
~a~e had ooatinued to u~sured nnt~ maturity; such p~,yment to be applied by tbe mortgag^ee upoa its ~
obligation to the Federal Hous~ Commisaioner on soooant oi mort~e inautsnoe. '
. 2 Tbat, in order more fnlU? to protect the security ot this mort~s~e, the mortgagor, together wit6~
snd in addition to. the ment~i~ ~n~ un~ier the ternis oi the note secured hereby, on the ltrst d~y oi
e~ch month nnt~ the said note is ~ultj? paid, w~l p~,y to t6e mortga~gee the fol~owin~ eums:
~ (aj An amouat suBcient to provide the holder hereof wit6 fands to pay tt?e next mortgag~e
~ insnrance premimn if this instrument and the note secured hereby are insured, or a monthly ch~rge .
~ (in lieu of a mortgage insuranoe premium) ii they are held by t6e Federal Housing Commiss~oner,
aa followa : ~
(i) Zi and w lon8'as a~id note of e~ dste snd tlils ~trnwent ue' insnred br are rebisated nnder the
~ . : pro~isions oi tl~e Nstlonal Housing Aek an anannt ~ualaent to aoci~aauLte in the hsnds oi tbe bo3der
' ~ one (1) moath prior ta its due dete Lhe snnual mort~ase inwr~noe preuJnm, ia order topro~ide ~h
holder wiW innds to p~y s_udi prem[um to the Federal Hondns Crommisdoner Pnnuant to tbe Nationwl
~ 1 Houain= Aet, ss s~ed. and applic~bls the~ennder or
(n) Ii sad p fo~ as said n~te oi even date snd~l~instrument are befd b~r tbe Federal8onsins Commi~-
doner. s monthly_d~ar~e (ia iku o! a mortgags inwrauos pramiwr) wliieh sl~all be in sn amonat
eyusl to wne-twelitL (~s) oi oAe-hali ('K ? PeT avera~e ontstaadins balanee dns aa t!~
iwte eonnpnted without talons into aoeonat ddinqne~?eies o= PrepsYment+; .
; ~ (b~ A sum equal to the grotu?d rents. if any, nezt dae~ plps the pren~iums that w~ll next beoome
~ dna an pay~sble on policiea of fln and other hazard inaurance eovering the mortgaged P~Pe~Y. P~w
; tasea and as~eessments next due on the mortgaged property {all as estimated by tlee mortgagee) lesa
all sums alt+~ady paid therefor divided by the number. of n?~nthd• to elap~ee before one month prio~
~ to the date when such ground renta, premiums, taues, and assessments w~71 beoome delinquenk such !
snms to be held by mortgagee iri trust to pay eaid ground reata, premiums, taxea, sud specisl ussea~-
. mente; sna ~ ~
~ (c) AU payments mentioaed in the two preoeding subsectiona Af this paragraph and aU psy
menta to be made under the note secnred hereby shall be added to~ether and the te amount
thereoi shaU be paid by the nwrtsuar e~ch month in a sin~l~ p~y:nent to be s~ the mor~
~ ~ sa~ee to tha folbwia~ items in the order eet forth :
! (t) Pr~nin~a el~sr'tes nnder the eontraet oi insnraaos with the Federsl Honsins Com~oner, or moathl~ •
~ ebwrge (in lie~ ot aartga~e inaran~s pz+esninm). u t6e eue ma~ be;
' (u gronnd ~ats. taxsa, aoesaa~eat+. Are, and other ha:atd insnlanee premiwns:
~ (ut~ iAterert on the nots ieenred herebY: sud ~ -
n (n amortisat~ oi tLs prL~eipal oi ~aid note. . °
` ~ . Any deticiency in the amount of such aggregate mcynthly payment shall, nnless made ~ood by the .
~ ~ ~or prior to the siue date of the next such pa~rmen~ conatatute an event of detswlt under thia morF '
; ; The mortgaQee ma,y ci,llect a"late charge not to exceed two cenb t2~) tor euh dolisr _
' e~~,h paynaent more thaa fiiteen (lb) dAYa in arreara to cover the estsa expense involved in
~ ' delinquent payments.
~ 8. That i! the tAtsl of the payments made by the mortBs~or under (b) ot psraaraph 2 preoedin~ sh~tll
~ e~[oeed the ~unonnt flf psyments ~ctnally made by the mortgagee, ior gt+a~nd reats. taxes snd asees~meats, ea
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