HomeMy WebLinkAbout0087 ~'~~K Va1.~'~: h~:t~~:~vr:n, the undersigned pr~mi5e(~) to pay tu
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, a coa•poration organized and existing undNr
thc• la~~~s of Jt~tf' ;'1,. i• ~;i=~ , or order, the principal sum of
'~~,:rlve ::h-_u~~.r.d ii~_:ncir•eci _:r.~? ~C`,I~n~_ _ _ _ _ _ -~Dollars($ l~,~Ot~.!~;1 ),~~•ith
ir~te~~est fi•c~m date at the i•ate of i'iv~~ ~ C?::e-±'e~irti-i per centum ( ) per
annum on the tinpaid balance until paid. The said princigal and interest shall be payable at the of~ice of
mn r~ tr7 p~ nn:• {
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iR ;,a^ksor.v;_11~ lnr~ d~. , or at such other piace as the
iialclrr ma~~ designate in ~~~i•iting, in monthly installments of Si~•:t~ -::~ti~~r 'i~:d -;?;~1C~'~-
Dollars ~ j.~:7 cammencing on the firsL day of Jur~~ , 19~~~ , and
on the first dati• uf each month thereafter until the principal and interest are fully paid, except that the final
pa~~ment of the e?itire indebtedness evidenced hereby, if not sooner paid, shall be due and payable on the
fii•,t day of , 19 ~5
If default be made in the payment of any installment under tiiis note, and if such default is not made
good prior to the due d~tte uf the next such installment, the entire principal sum and xcerued interest shali
at once become due and pay~able without notice at the option of the holder of this note. Failure to exercise
this option shall not constitute a wai~•er of the right to exe:cise the same in the event of any subsequent
default. In the event c~f default in the paymer~t of this note, atid if thE same is collected by an attorney
at law, the undersigned here~y agree (s) to pay all custs of collection, including. a reasonable att.orney's fee.
Presentment, protest, and notice are Yiereby waived.
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And shall duiy, promptly, and fully perform, discharge, execute, effect., complete, and comply with and
abide by each and every the stipulatiohs, agreements, conditions, and covenants of said promissory note
and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. ~
And the m~rtgagor further covenants as follows : ~
1. That he will pay the indebtedness, as herei~t~efore provided. Pri.~ilege is reserved to pay the 1
debt in whole, or in an amount equal to one or moi•e monthly payments on the ~arincipal that are next due
on the note, on the first day~ of any month prior to maturity : Pro~~ided, ho~~•e~~ei•, that w•ri±ten notice of an ~
intention to exercise such pri~•ilege is gi~~en at least thirty (30) days priar to prepayment ; and, provided ~
further, that in the event the debt is paid in full prior to. maturity and at thxt time it is insured under ;
the provisions of the National ~Iousing Act, he will pay to the mortgagee an adjusteci premium charge of ;
one per centum (1 ) of the original principal amount thereof, except that in no e~•ent shail the adjusted ~
premium exceed the aggregat~ amount of premium charges ~vhich would have be~n payable if the mort- i
gage had cantinued to be insured untit maturit~~ ; such payment to be applied by the mortgagee upon its i
obliga,tion to the Federal Housing Commissiotier on account of mortgage ~nsurance. ;
2. That, in order more fully to protect thc security of this mortgage, the mortgagor, together with, +
and in addit~on to, the monthiv payments under the terms of the notE secured herebv, on the first day c~f
each month until the said note i~ fully paid, will pr?~~ to the mortgagee the folloti~ing sunis: ,
(a) An amou~:t sufficient to pro~•icle the hoSder hereof ti~•ith funds to pay the next mortgage
insurance premium if this instrument and the note secured hereby are insured, or~ a montt:iy charge
(in lieu of a moi•tgage insurance premium) if thes~ are held by~ the Federzl Housing Commissioner,
as follo«'s : '
(t) 1f and so lonR as said note of eti•en date and this instrutner.t are insui•ed or are reinsured under t.he
pro~•isions of the tiatioral Housin~; Act, ar amount. suff.icient to accumi~late in the hands of the holder
one (1) nlonth prior to its ciue date the annual mortgage insurance premium, in order to pro~•ide such
hotder with funds to pay such premium to the Fec?erai Housing Commissionei• pursuant to the National
Housin~ AcL, as amended, ar.d applicabte Regulations thereunder; or
( tt ) If and so long as said note of e~~en date and this instrument are held by the Feciei~al Housinq Commis-
sioner, a monthly charge (in lieu of a mortqage insurance premium) ~~hich shall be in an amount
ec~ual to one-twelfth of one-half ) per centum of the avera~;e outstanding balance due on tne
note computed u~ithout takinR into account ciel~nquencies or prepayments;
(b) A sum eqval to the ground rents, if any, next due, plus the premiums that will next become
due and pa}~able on policiQS of fire and other hazard insurance co~~ering the mortgaged propert~~, plus
ta~:es and assesstr~ents next due on the mortgag?d property (all a5 estimated b~• the mortgagee) less
all sums already paid therefor divided by~ the number of munths to elapse before oiie month pric~r
to the date when ssch ground rents, prerniums, taxes, and assessrnents will become deiinquent, such
sums to be held by mortgagee in trust to pay said ground i•ents, pi•emiums, tax~s, and special assess-
ments ; and
~ (c) All pa~~ments mentioned in the two preceding subsections of this paragraph and all pay-
t ments to be made under the note secured `nPreby sliall be addPd together and tlie aggregate amount
thereof shall be paid by the mortgagor each month in a single payment to be applied by tne mort-
gagee to the following items in the order set ~orth :
(t) pren~ium char~es un~ier the contract of insurance w•ith the Fecieral HousinK Commissiener, ar mnnthl}•
chay~Re (in lieu of mort{~aqe insurat~ce pi-emium), as the case may be;
( tt ) ground rents, taxeG, assessments, fire, and other hazard insurance premiums;
(i?i) interest on thc~ nete secured hrreby; and
amortization of the principal of said note.
~ny ~J~fi~ir,r;~y in tr,e amount of such aggregate monthly payment shall, unless made good by the
mortga~or prior to the due date of the next such p~S~ment, constitute an e~•ent of default under tius rnort-
gage. The mortgagee may culiect a"late charge" not to exceed tw~o cents (2c~} for each dollar ($1) of
each payment more than fifteen (15) days in arrears to cm~er the extra expense ;n~•ol~•ed in handling
delinquent payments.
3. ihat if the total of the pa~~mer~ts made by themort~'agor under (b) of paragraph 2 preceding shall
exceed the amount of na~~ments actuall>• made b~~ the mortga~;ee, for ~round rents. taxes an~i assc~s~rnents
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