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Home My WebLink About2649 ! 1 :S.t "M. 11' ~ _ R .~~.r..~i ~ e ` ~ ~ x ~ , ~ ~ , ~ ~ 4 ~ i ' PROVtn~n ALw~Ya~ ~nd these pe~e~enta ~re executed ~nd delivered upon the folbwi~~ condlttwv, to wil: The mort~~or ~areer to the mort~s~ee~ ar order~ the prlnclp~l ~um o! Fourteen thouael'1d t~ine Qundred end No~00 - Dolix~ (;14 ~ 904. 00 aa evlde~c~ad by x nate of even date her~ewith, wrt~ ~~c~~c i,~, a.ce ~t the rate oi F ivc ~4 One-Quartex' per centum ( 5 4 gb ) per annum ap tha un- p~?I~ bnlAnce untiD patd. The said priacip~l and intereat shall be pnyable ~t the odk~e oi McCAUG1lA,N MORTGAGE COMPAN~ , INC . , or st aueh other p1ACe xs the holder o! the note may de~ignxte in writln~~ in nYOathty lnstallmept~ of E~ghty Two end 40/1(30 -----__..__..__-,Dotlars 82.40 commencl~o~ ~ the flrat dsy af J une , 19 65 ~~a o» the first day of exch month thereAfter until t~?e prittcipal and intereet are fuUy psfd~ excep! that the flnal payment of prlncl~1 And intereat, if aot soot~er psid, $h~ll be due snd p~?yabl~ on the tirat dAy of ~y , 19 g~; And shall duly~ promptly, and fully perform, diecharge~ execute~ effect, complete, xnd comply wjth ~urrd abide by each snd every the $tipulationa~ aqreement~~ conditione~ und covenat?ta? of said promisgory note nnd of thia mortga~e~ thea this mortga~e a~d the eatate hereby created shall cesse and be null ~?nd void. AAd the mottQ~or further covenants as fotlow•a : 1: That he wiU p+ry the indebtcc~nesa~ a~ hereinl,efure Urovtded, Prlvile~e ls reserved to pay the debt Irt whote~ or in an xmount equai to one or mui~e munthly payments on the princlpal that are next duo on Lhe note, on the first da~~ of any mo~ith prior to maturity : Provided~ t~owever~ that writtcn notice of an , intention to exercise a~uch privilege is given at leaat thirty (30) day~ prior to prepayment; and, provided further~ that in the event the debt ia paid in futl prior tu maturity and at thuL time it is insur~ unsler the provisions of the National ~Iuusing Act~ he will pay to the mortgag~ee an adjusted premium ch$r~e oi one per centum (1 ~k~) nf the ori~inal principa? amount thereof~ except that in no event shall the adjusLed premium exceed the aggregate xrt?ount of ~r~niium charges whlch woutd have been payabte if the mort- ~a~e had continued ta t~ inaured until maturit3•; euch puyment to be spplie~ by the mort~agee upon its obligation to the Federal Housing Comniissiu~~~r on account of mortgage insurance. ~ 2. That~ in arder more iully to protect ti~e ~e~curity of thia martga~e, the mortgagor~ together wilh~ a?nd in addition to~ the munthly ~xyments under the terms uf the note secured hereby, on the first day oi each month until the said note i~ #ully }u~id, wi11 ~y tu the mortgagee the followin~ sums: ia) ~?n amount sutRcient to provide the holder hereof with ~unds to pay the next mortgage inaurance premium i! this instrum~nt a~id the note secui•ed hereby are insured, or a monthly charge (in lieu of a mortgage insuranse premium) if they are held by the Federal Hauaing Commissioner~ . as foUowa : Ii ~nd w lon~ Aa wid note ot evau dwte and thia iastrumen! are in~ured oi• are ?~ein~ured under the ~ provisians ot tha Nationat Houying Act, ab xmount auHlcieni to stcumulate in the hands o! the holder j one (1) month p?•ior to its due date tha rnnual mort~a~s inwrance pnemium, in order to prov~de ~uch holder with lunda to pay ~~ueh premium to the Federai HoutinR Camrnitaione?• pursuant to the National ~ Nousin~ Aet, aa amended~ ~nd Applicsble Re~ulations thei~eunder; or (l~) If and w bn~ ~ ai?id note of even date and th~r instruq~ent are held b3 the Federni Houaing Commis- sioner, a mor~thly char~ge (in lieu ot • ma•tgage insWrsnse premium) whieh ahall be in sn Rmouat ~ equRl W one-tweltth (y~_.) ot one-heli ('.4 ) per centum ot th~ sves•nge outetanding b+?lance due on the I note computed without taking into ~ccount delicequenciea or prepaymenta; (b) A sum equai to the ground rents, if ur~y~ next due, plua the premiume that wi11 next become due snd payable on policies of fire ar~d other hazard insurance covering the mortgaged property~ plua t~xes t?nd assessmenta next due on the mortgaged property (al! as estimated~ by the mortgxgee) less ~1 sumg already paid therefor divided by the number of mut?ths to elapse before one month prior to the dste when such ground rents, premiums, taxes, and assessments wil) be~ome delinquent~ such sums ta be held by mortgagee in trust to pay eaid ground rents~ premiums~ ta~ces, and special assess- menta ; ~nd (e) All payments mentioned in the two prececiing subsectiona of this psragraph and all pay- meats to be made under the note secured hereby shall be added to~ether ~and ti~e aggregate artxxunt ' . thereof shall be paid by the mortgagor each month ~n a single payment to be applied by the mort- ~agee to the foilowing items in the order set forth : (t) premium chnrqes under the conti~~ct of inruranae wEth the Federal Housin~ Gammieaioner, or monthly ehorge (in lieu of moi•tgaQe inau~•anae pi~emium)~ As the case may be; (t~) ground rents, taYea, asaessments, 8re, and uther h~r.~?rd insur~?nce prem~umi; (u~) interest on the note secured hereby; and (tY) smortisxtion of the principAl ot seid note. Any deficiency in the amount o# such aggregate rnon#h!y payment ahe1D, unless made good by the mortgagor prior to ihe due d~te of the next such pa~yment, constitute an event of defauit under thie mort- The mortgagee may cuilect a"late chxrge' not to exceed twn centa (2~!) #or each doilar (~1) af e~h~ payment more th~n fifteen (15) daya in arrear~ to cover the extr~ expenee involve~d in handling delinquent prayme~t~. 3, That iF the total of the payments made by themortgagor under (b) of paragraph 2 preceding shall exceed the amount of t~aymenta actually made bv the mortgagee, for ~cround renta, taxes and asseaamenta sad rt~aurxnce premiuma~ $a the case may be~ auch exceas ahall be credited by the mortgagee on subaequent payments to be made by the mortgagor. If, however~ the monthly payments made by the mortgagor ~tnder (bj of parAg~nph 2 prec~din~ rhall nat bt ~ut~icien! to psy~~ro und ronb~ tsxes and assessme~ts and fnaur~?nce preeniums ss the c~~ae may lae, whcn the same sh~lt Lecorne due and payable, then the mort~agor shxil pwy ta t~e mort~agee any amount necesaary to make up the deficieacy~ on or before the date when payment of sucti Qround, rents~ taxes, aasesaments. or insursnce preraiwt~a ahall be dae, tf at any time the mort~a~or shall tendet to the mort,~a~ee in accordance with the provisiang of the note ~ecured hereby, full pnymant of the entire indebtedneaa repreaeAt,~sd thareby~ the mort~a~ee shail, ~n eam- , putan~ the ~nouat of nuch indebLedness~ credit to the account of tha mart~a~or alt ps~rmenta made under the proviaions ai (a) o! par~r~ph 2 hereot w~iich the mort~a~ee has not become oblt~xted to pay to the F`ederal HouainQ Canmissioner snd any bsl~nce rems?iain ir~ the funds ~ccumulated under the pro~•isiona oi (b) oi ~sid p~ars~rsp#~ 2. Ii there ahall be s def~ult un~er any of thc proviaioru~ o# this mort~a~e~ re- sultin~ in x public sale oi the premises covered hereby, or it the mortg~ec ~oquires the property other- wise atter default~ the mortQ~ce ahall apply. at the time of Lhe commencement ot such proceedin~a or at ' th~ ti~e the property i~ oth~erwise ~?cquired, the bnl~nce then remaininQ in the iunds accumulated under ; (b) ot pars~rapit 2 precedin ~ta ~t eredit a~ainst the amount of principsl th+~n remaiain~ unpaid under ~aid note >tnd ehalt property a~just ~y pr~yments which shall hsve been m~de ander (a) of sxid parx,~rnph, That he will p~y all t,~xes, ~ents. water rates~ and oth~t ~overnmental or municipai charges~ , - g~i17 . ~ x