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Home My WebLink About0079 v ~tovtn~n A~.W~~'s, and these preaenta are executc~i ~d delivercd u~on the foltowing conditions, to wit: • 7'he mortgag^or ~t$rees to pay the mortgsg~e, or order, the princips?1 sum of ~~I.EVl3~i THOU~Ar1D THE~ Pi)ND~Danc3 OO~1Q0- - - - w - - - - - - - - - - - - - - - - - - - - - Dollars ~l,~pp.qp as evidenced by a nate oi even date herewith, vrith interest from date at the rate of ~ qs,~.=q~ per centum ( ~ ~"o ) per snnum on the un- paid balance until paid. The said principal and intere~t sh~?ll be payable at the otHce of J. I. ~I~ 1101~?a* CO~~'1'YL~ 0~ ~'~'i~? iti Mla~si, tla~i8a or at auch other piace as the holder af the note may designate in writing, in monthly installments of ~IJLTY-7'Y~10 and 4~/1CK~- - - - - - - - - -Dollara 62.49 commencing on the firs~t day of September , 19 b5 , and on the firat day of each rnonth thereafter until the principsl and interest are fully paid, exc~pt that the flnal paytnent of principal ari~ interest~ if not sooner paid, shall be due and payable on the first day of Auguet , 19g5 ; • And shall duly, promptly. and fully perform, discharge, execute, effect, complete, and comply with and abide by each an~d ~every the atipulationa, 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 mortgagor further covenants as foilvws: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or more monthly payments on the principal that are next due on the note, on the first da~ of any month prior to maturity: Provided, however, that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and, provided further, that in the event the debt is paid in fuU priqr to maturity and at that time it ia insured under the provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centurn ~ 1 ) uf the original principal amount thereof, except that in no event shall the adjusted premium exceed the aggregate arnount of premium charges which wonld have be~en payable if the mort- gage had continued to be insured until rnaturit~ ; such payment to be applied by the mortgagee upon its obligation to the Federal Housing Commissioner on account of mortgage insurance. 2. That, in order more fully to prote~c~t thc secucity of this mortgage, the rnortgagor, together with, and in additzon to, the monthly payments under the terms of the note secured hereby, on the first day of each month un'I the said note is fully paid, will pHy to the mortgagee the following sums: (a) An amount sufficient to pravide the holder hereof with funds to pay the next mortgage insurance premium if this instrument and the nQte secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Fecieral Housing Commissioner, as follor~•s : (i) If and so long as said note ot even date and thia inetrument are insured oi• sre ~~einsured under the provisions of the Nationa! Housing Act, an amount sufflcient to nccumulate in the hands of the holder one (1) month pi•ior to its due date the annual mortgage insurance premium, in order to pro ride such hoider with funds to pay such premium !o the I~`ederal Housing Commissioner pursuant to the National Housing Act, as amended, and ~pplicable Regulations thereunder; or (ii) If and so long as said note of even dste and this instrument ace held by the Fedei•al Housing Commis- sioner, s monthly charge (in lieu of a mortgage ina~rance premium) which shall be in an amount equal ta one-twelith of ane-half ('~s ) per centum of the awerage outstanding batance due on the note compated without taking inio accouni delinQuencies or prepayments; (b) A sum equal to the graund rents, if any, next due, plus the premiums that will next become due and paysble an policies of fire and other hazard insarance covering the mortgaged property, plus taaces and assessmenis next due on the mortgaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number of munths to elapse before one month prior to the d$te when such ground rents, premiums, taxes, and assessments will becume delinquent, such sums to be held by mortgagee in trust to pay said g?round rents, premiums, taxes, and special assess- ments ; and (c) Atl payments mentioned in the two preceding subsections of this paragraph and all pay- ments to be made under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a single payment to be applied by the mort- gagee to the following items in the orrler set forth : (t) premiurn char~es under the contract of insurante with the Federal HousinK Commissioner, or monthly charge (in lieu of mo~~tgage insurance premium), as the case may be; (ii) R~round rents, taxes, asseasments, Sre, and other hazard insurance premiums; (tii) intei•est on the note secui•ed hereby; and ([v) amortizaticn of the pri»ci*~a] of said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made g~od by the mortgagor prior to the due date of tlie next ~uch payment, constitute an event of defaulE under this mort- gage, The mortgagee may cullect a"late charge" not to exceed two cents (2¢) for each dollar ($1) af each payment more than fifteen (15) days in arrears to caver the extra expensP involved in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of pay~ments actuall.v made by the mortgagee, for ~round rents, taxes and asses.aments and tnsurance premiums, as the c~se may be, such excess shali be credited by the mortgagee on subsequent payments to be rriade by the mortgagor. If, however~ the monthly payments made by the mortgagor ander (b) o# paragraph 2 preceding ahall not be sufficient to pay ground rents, taxes and assessments and insur~nce premiuma, as the case may be, when the same shall become due and payable, then the mortgagor shall pay to the mortgagree any amount neceasary ta make up the deficiency, an or befc,re the date when payment af such ground, rents, taxes, aasessments, or inaurance premiums shall be due. If at any time the mortg~gor shall tender to the mortgage~e in ~ccordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shap, ~n com- puting the amount of such indebtedness~ credit to th~ account of the mortgag~ar al! payments made undei• the provisions of (a) of paragraph 2 hereof which the rnartgagee hss not become obligated to pa3- to the . F'ederal Housing Commiasioner and any balance remaining in the funds accumulated under the pro~•isions of (b) of eaid paragraph 2. If there shali be a default under any of the prnvisions of this mortgage, re- xulting in a public sale of the premisea covered hereby, or if the mortgagee acquires the propert~• other- wise after default~ the mortgagee ahall apply, at thg time of the commencement of such proceedings or at the time the property is otherwise acquired, the balanc;e then remaining in the funds accumulated under (b) of paragrsph 2 preceding sa a credit againat the atr~ount of principsl then rernaining unpaid under said note and shail properly adju$t any payments which shall have been made under (a) of $a~d paragi•aph. . 4. That he wili pay ail taxes~ assessments, water rates, and other governmental or municipal charges, ~ eaoK3~~3 ~7 - 3