HomeMy WebLinkAbout0401 PROVtut~:n r1t.~~'~Y;, and ttlE~;e ~?rc~sc~Itts ~z•r~ rxecuted ~~id delit~e~•~~d ttp~~n t}~c~ fullo~~•?n~ ~~,iuiitio~i~. t„
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The mortgagor agree~ to pa~• the mortgagee, or order, the principal sum of 't~aelve Tilous~ri~!
Nine Hundred and NojlUU
Dollars 12 , 9U{J . UU as e~'idenced b~~ a note of even date here~vith, ~~~ith inte?•est from datc
at the rate of F ive ~c One-Quarter pec• centum ( 5'-~ r'~ ) per annum on the un-
paid balance untii paid. The said principat and interest shall be pat~able at the office of
SOUTHr:A.STEtZN HOME rioKTcaU~ COt~1YANY
or at sach other place as th~ holder of the note may designate in ~rr:ting, in monthly installments of
3eventy One ~nd 34/l0U ---~»----~----Dp~~ars 71 .34 commencing on
the first day of ,J ul y , 1 J~ and on the first da~~ of each month thereafter until the
principal and interest are fully paid, except that the final payment of principal ~nd interest, if not sooner
paid, shall be due and payable on the first day of June , 19 95 ;
And shall duly, prornptly, and fully perfarm, discharge, execute, effect, comptete, and comply H•ith and
abide by each and e~~ery the stipulations, agreements, conditions, and covenants of said promissory note
and of this mortgage, then this mortgage and the ~state hereby created sh~ll cease and be null and void.
And the mortgagor further covenants as follow s:
1. That he will pay the indebtedness, as hereinhefore provided. Privilege is reserved ta pay the
debt in whole, or in an amount equal to one or mure monthly paynients on the princil~al that are next duc
on the note, on the first da~~ of an~• month prior to maturity : Pro~~ided, hoK•e~~er, that ~i~rittcn notice ot an
intention to exercise such pri~~ilege is given at least thirty (30) days prio~• to prepayment ; and, provided
further, that in the event the delit is paid in full prior to maturity and at that time it is insured undei-
the provisions of the National Iiousing Act, he will pay to the mortgagee an adjusted premium charge of
one per centum (1 ~'r ) uf the original principal amount thereof, except that in no e~•ent shall the adjusted
premium exceed the aggregate amoiint of premium charges which would have been payal~le if the mort-
gage had continued to be insured until maturit~~; such payment to be applied by the mortg~gee upon its
obligation to the Federal ~~ousing Commissioner on account of martgage ~nsurance.
2. That, in order more fully to protect the security of this mortgage, the mortga~or, tagether with,
and in addit~on to, the monthly ~~a~~ments under ttie tern?s of the note secured hereb~~, or~ the f rst day of
each month until the said note is fully paid, will ~~.~y to the mortgagee the following sums:
(a) An amount suflicient to pro~~ide the holder hereof ti~•ith funds to pa~~ the next mot•f,gage
insurance premium if this instrument and the note securec~ hereb5~ are insw•ed, or a rnonthiy charge
(in lieu of a niai•tgage ~nsai•ance premium) if they are held by the Feder~ll Housing Commissioner,
~l5 f01jGN'S :
If a~id su ion~ as s~iii note of e~~en ~iate and this instntmer~t zre insured o~• are reinsure~l under the
ni•o~ i,ions of the \ational Housink Act, an amount sufficient to aecumulate in the hancls of the holder
one ( i) month priur to its ~lue date the annuai morteage insurance premium, in ~~r~ri• to pru~•ide s~~ch
h~~cler w•ith funds to 4,ay such premium to the F'ederai Housing Commss~ionc~r pursu~tnt to the \ationai
Housin~; Act, as amended, and applicabl~ Regulations thereund4•r; or
(u} If and so lon~ as said r,ote of e~•en date and this instrument are held bj• the Feiieral Nousin,ss Commis-
sionei•, a monthl~• charae (in lieu of a moi•tRaRe insurance pretniurnl «•1;ich shall be in an am~unt
e~~ual to one-tw-elfth of one-half )~~ei• cenfum of the a~-er~Ke outstan~lin~ b3lar.ce duQ on the
note com~uted ~.ithout taking into arcount deli~iryuencies or prepa~•rriEnts;
(b) A si~m equa! to the ground rents, if anv, next due, plus the premiums that w~ill next become
due and pa~•al;le on )~olicies of fire and uther hazard insurance co~~ering the mo~•tg~i~ed prc~~~ert~~, plus
taxes and assessments next due on tlie martgaged property (ali as estimated i~~~ the Riort~agee) less
all sums already paid therefor di~~ided f~~• the number of mw~ths to elapse before one month prior
to the c~ate when such ground rents, premiums, taxes, and asses~ments w•i11 become delinquent, such
sums to be held by mortgages in trust to pay~ said ground rents, premiums, taxes, and speciat assess-
ments; and
(c) All pa~'ments mentioned in f,he tw•o preceding subsections of this paragraph and all pay-
ments to be made under the note secured }t~~reby shal! be added togetiher an~j the aggregate arr?ount
thereof shaIl be paid bz~ the mortgagor each rnnnth in a single pa~~ment to be applied by the mort-
gagee to the fo1loK~ing items in the order set forth :
(t) premiun~ char~es under the conUact of instn•ance ~•ith the Feciei~al HousiiiK Commissionei~, o~• mn~;ti~?~•
char~e {in !ieu of mortkuge in~urance ~rrem~um), as the case may be;
(t[1 firoun~i rentc, taxe~, as;essments, fire, and c~thet' hazar~l irsurance premiur!is;
lut) interest on the note secureri iirreb~•; an~
(it') amorEization of the princil>al of sai~i n~te.
Any deficiency in the amount of such aggregate monthl~• pa~~ment shall, unless made ~ood by the
mortgagor prior to the due date of the next such pa~•ment, constitute an e~~ent of default u~der tiiis mort-
gage. The mortgagee ma~• e~~llect a"late chai•ge" not to exceed t~+~o cents (`~c') for eac}t dollar (~1) of
each payment more than fifEeen ! 15) cla~•s in arreai•s to co~•r~r the extra expense inrol~•ed in handling
delinquent pay~ments.
3. That if the total of th~ pa~•ments made b~~ the martgagor under (h) of paragraph 2 prece~ling shall
exceed the amount of na~~meT~ts actuallti~ made b~~ the mortgaqee, for R?•ound rents, t8}CE'S c1I1(I $S~E'S;~ments
and insurance premiurns, as the case may be, such excess shall be credited by the mor~gagee on subsequent
payments to be made by the mortgagor. If, howe~•er, the monthly pay~ments made by the mortga~or
under (b) of paragraph 2 preceding shall not 1~ sufficient to pay ground ren~~, taxes and assessments
' and insurance prerriiums, as the case may be, when the same shail becotne due and pa~•able, then the
mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the
date w•hen ~ayment of such graund. rents, taaces, assessments, ar insurance premiums shall be due. If
at any tirne the mortgagor shal] tender tt> thQ mortgagee in accorda~ice with the provisiuns of t}ie note
secured hereby, full payment of the entire indebtedness represen~d thereby, the mortgagee shatl, ~n com-
gu~ing the amount of such indebtedness, credit to the account of the mortgagor ali payments made under
the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pat• to the
Federal Housing Commissioner and any balance remaining in the funds accumulated under the p~-o~~isiutis
af ( b) of said paragraph-2. If t.hei•e shall be a default under any of the provisions of this mortgage, re-
sulting in a public sale of the premis~s covered hereby~ or if the mortgagee acquires the propertt• ot~~er-
~ w•ise after default, the mortgagee shall apply, at the time of the commencement of such proceedings or ut
the time the property is oLherw•ise acquired, the balance then remaining in the funds accumulatecl under
~ (b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid uncler
~ said noLe and shall properly adjust any paytnents which shall have been made under (a) of said parag?•aph.
4. That h~ wiil pay all taxes, assessments, water r$tes, and other governmeniai or mu~~icipa~ ri~a~
aoo~ 118 3~
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