HomeMy WebLinkAbout2328 F+os v~ws ~ac~.~ tl~.~ v~c•) to pu? ~
~ J. I. IIS7~iY MO~TG?GS CO~SPO~ATI~i ,
. a corporatan orsaaised and earist.in~ under
tL~ lawa o[ Stste o~f !'1,ortdet . or order. the p:Incip~sl aum oi
ffi ~D, P1fB ~ ~ 00~100 - - - - - - - - DoUara (i 10,500.00 i. with
int~ee+est traes dste at tbe tate c[ Fitre do ome-lvurtb Per oentum ( 5-~ 96 ) Per
amum aa t6~ unpaid balsna ~Ril paid. The said principal and interest ahall be p~yxble at the offioe oi
J. I. IIS1rllC ~tG~dC.~ CQRPORATI~
i~ g~~c~ . or at uch other ptaae as the
boWer m~ desianste in writia~ in monthl7 instslhnents of FIF1R-IIC~1' de 07~100
Dollssa 58•a? ooa~nencing on t1k"Sr~ d~y of APRIL ,19 b5 , and
aa th~e first d~~? of aKh month ther~ites uat~ the princip~al and interest are fully psid. e~ccept that the ftnal
P~~toi the eatire i~debtedneas ev:3enoed hereb~. if not sooner p~id. slull be due and psy~ble on the
~rst dyr at ~ ,19 9~'j.
If drfanlt be made in tbe py?a~eat of anp ~nstallment under this note, and ii sucb default is not made
saod prior to tbe doe dste oi tbe next sud~ instuUmenk the entire principal aum und aocrued interest ahall
at aaoe beooa~e dne a~d pyab4 witLont iwtice ut the option of the holder of thia note. FiWure to exercise
' tlsis optioa s6alt not oonstitnte a wsiver of the r~ht to exerciae the sa:ae in the event of any subsequeat
~ drfaalt. Ia the e~nmt of definlt in tLe psymeut oi thi,s note. and if the same is oullected by an attorney
st hM,tLe mders~ned hereb~ asree (s) to pa~y all oosts of eollection, including. a reasonable attoraey's fee.
P~eatmrak p:+otesk aad ~:tioe an hereb~ ~ra~ivaL -
~s,~ Madeline Colav3.to Be~rg~esa ~
' ,?lsdeline Colavito Burgess
Aed abaL do~, pena~pt~, a~d !blli! p~rto~m. dtsd~ar~. acecnt~ ~ect, oomplete, >und comply with and
~bi~1e b! each aad erre:7 t6e stiPnlstians. a~a~nts. eonditions, and eovenants oi said promissory note
a~d af thi~ a~oet~~ t6ea t6is mortaaR and the estat,e hereby created ahall cease aad be null and void.
Aad tbe a~ortp~a~r faet6e: ~o~ve~aots as fdb~rs:
L 17ia~t be w~ ~q tbe nidebtedness, as hereinbefore provided. Priv~eg~e is reserved to p~,y the
debt m w2rd~ or ia ~a amom~t equal to one ar awra monthly paymeats on the principal that ate next due
aa t6e aat~ oa tl~ fmt daT a~ say month prior to a~atnrity: Provided, however. that written notice of an
mtwtioa to eses~ise saeh privi'leg~e is ~iven st least t6irEY ~3~ Prior to prepayment; and. provided
fiutber, t6st in t6e rreat the debt is pnid in fnll p~ar to, matarity and at thst time it ia insured under
tbe pe~v~wons at the Nstiooal Hoasina Aet, l~e w~l pay to the mortgagee an adjnsted premium charge of ~
aoe per eeatms (ig6) of the original principeil amouat thereoi, exoept thst in no event shaU the adjuated
pc~ e~ceeed t1k s,~e~ate amoant of pre~mium charg~ea vPhich wocild have been papable ii the mort-
p~e bsd aantinned to be ~d ant~ maturity; sueh pa?ymeat to be applied by the mortgagee upon its
obliption to tLe Federal Housing Commi~ssioner an soooant of nnortgage inaurance.
~ 2. 1Lsk, ia os~der more fdy to p~ntect the secnrity of this mortgage, the mortgagor. together with, -
aod "m additson ta, tbe monthly ~tt under the tern~s of the aote secured hereby. ot? the firat day ot
each month unt1 t6e said note is fnD~r paid, vn71 p~y to the mortgagee the foUowing swns:
(s) An amoant su~t to provide the hotder her+eof with f~mda to gay the next mortgaS~e
nvarmoe pt+anium if this ins~meat and the ~ote secured hereby sre inaured, or a monthip char~e
(in lie~ of s mortgage insnranoe premium) if they sre held by the Federal Housing Commieaioner,
as fdbws:
It a~d ~s low~ as srid aott ot e~es date and this indramept are insared or sre reinsnred nnder t~e
peoririoo d tie Nation~l Homina Ad, ~n amonnt sd6eimt to aecumnlate in the handa oi tLe bolder
owe (1) a~o~ti rior to its doe date tbe anmW mortaaae insoranae preminm, {n order to provide sneh
~wit6~ to pai _~premiam to tbe Federsl Ho~
'n~n~~rCommiaioaer pnrsasnt to tl?~ National
a1~luded,
(u) It a~d s~ loa~ aa said'ote ot eren aal th~s indso~nmt are Leld b~ tbe Federal Hanidng Commir
io~er, • ~a~e (ia li~a oi s mart~ae insaranos pierainm) wliieh s1~aU be in an amonnt
eq~1 to t~s) oz a~e-6a1i ('J~l~ ) per eentum of tbe s~erage out~Eandina balu~oe dus on the
sofe eo~qded witboa~ tal~iu~ iato aeooo~vt ddinqo~ or P~'~'WY~?~;
(b) A ww eqoal to the ~+ooed reats, d an1. nact dn~ Plns the pr~ninms thst will next beoome
doe aad pa~sbie oo polieies ai fine aAd other hazard insuranoe oovering t6e mort8a8ed ProPertY. Plus
tiu~es and a~ssmeats na~t dne on tbe mortgaaed pmperty (aD as estimated by the mortgagee) less
aD smns ale~esd~ paid t6a~for divided by the number of nwntha to elapse before one month prior
tv !be dste whes soch ar+~nd raeta,~ P~emimas. ta~ces. aad asseasments w~l becorae delinquent~ auch
stm~s to be bdd b~ mortpsee ia trust to P~7 ~ 8~ ~ts. Premiums. taxes, and apecial assesa-
meats; ad
. All psyments me~tiaaed ia the two pzer~eding subsections of this paragraph and slt pa,y -
meats to 6e ~nade nnder tbe note sewred hereby shall be added tog+ether snd the a te amoant
. t6err~t s6sU be paid bp tbe mort~as+ar esch month ia s sin~le Da?Yment to be uppL~ the morw
~ee to tbe tono~.a~ items ia tbe ofiaer sec iortL:
!~s diar~es ~es tl~e ~oat:sct ot iasnranes with t}~s Federal 8oosina Cooiminioner~ or monthl~
(m fie~ o[ sortas~e iws~rao~e p~+amimn), as tbe es~e ma~ be;
(n) ~esb~ t+~es, a~a~ti.lire. aHd otLer hazard insussaoe prea~tomr
(ta) a~tesa~ait o~ tie ~ote s~eeaned be~ebf: asd .
(t~) a~r~sstiaw ~t t~e p~pai ol said sota _
d4 ia tbe amaoont at sneb sggrpgate manthlY P~3~ent shall, miless made gaod by the
priar to tbe doe dsLe of the next s~c6 payme~t, oonstitut~e aa event of deianlt under tbia mort~
~ mo~rtp~ee m~? ooDeet s"Iste d~eger' no~t to e~coeed two centa (2t) ~[or each dollur (;1) o~
aieh yq~ea~t more tbaa fitteea (15) dsys in ar~rs to evrer the e~ctra e~cpenee involved in handlin~
Thst it tbe total at tbe P~1~ts madeb~r tlk mortg~o! nnder (b) oi psrsgraph 2 preceding shall
e;oeed tbe amoont o~ vsynients sdwly made by the mortgsgee, ior ground rents. taxea snd aeses~mente
6~~~ 111 s~ 52~ .
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