HomeMy WebLinkAbout0948 PROVIDED ALWAYS, and these presents are executed and deli~~erecl upon the fullowing conditions, to
wit :
The mortgagor agrees to pay the mortgagee, or order, the principal sum of ~l ine Thous and S ix
Hundred Fifty an~ No/100
~ nollars 9,650.00 as eridenced by a note of ev~n date herewith, ~rith interest from date
a~ the rate of Five & One-Quarter per centum ( .5~ ~"o) per annum on the un-
paid balance until paid. The said principal and interest shall be payable at the affice of
McCAUGHAN MURTGAGE COd~fPANY , INC . ,
or at such other place as the holder of the note may designate in ~~•riting, in monthly installments of
Fifty Three and 36/100 Dollars 53.36 commeneing on
the first day of September , 19 65, and nn the first day of esch month thereafter untii the
prin~ipal and interest are fully paid, except that the final payment of princi~al and interest, if not sooner
paid, shall be due and payable on the first day of August ~ 19 95 ;
And shall duly, promptly, ~nd fully perform~ discharge, execute, effect, complete, and comply with and
abide by each and every the siipulations, agreements, conditions, and covenants of said promissory note
and of this mortgage, then this mortgage and the estate hereby created shall cease and t~e nult and void.
And the mortgagor further co~ enants as folloK~s :
1. That he will pay the indebtedness, as hereinl~fore provided. Privilege is reserved to pay the
debt in whole, or in an amount equal to one or moi•e monthly payments on Lhe principal that are next due
on the note, on the first da~~ of any month prior to maturity : Provided, ho~•ever, that written notice of an
intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and, provicled
further, thatt in the event the debt is paid in full prior t~ maturity and at that time it is insured under
the provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of
one per centum (1 ~/r ) of the original principal amount thereof, except that in no event shall the adjusted '
premium exceed the aggregate amount of premium charges which would have been payable if the mort-
gage had continued to be insured until maturit3~; such payment to be applied by the mortgagee upon its
obligation to the Federal Housiug Commissioner on account of mortgage insurance.
2. That, in arder more fully ta protect the security of this mortgage, the mortga~or, together with,
and in addit~on to, the monthly payments under the terms of the note secure~ hereby, on the first day of
each month until the said note is fully ~~aid, will p~y to the mortgagee the following sums:
(a) An amount suflicient to provide the holder hereof with funds to pay the next mortgage '
insurance premium if this instrument and the note secured hereby are insured, ur a monthly charge
(in lieu of a mortgage insurance premium) if they are held by the Feder~l Housing Commissioner,
as follow•s :
(i) If and so long as s~id note of e~•en date and this instrument are insured oi• are i•einsured under the
provisions of the National Housing Act, an amount sufficient to accumulate in the hands of the holder
one (1) month pi•ior to its due date the annual mortgage insurance premium, in order to provide such
holder with funds to pay such pi•emium to the Fecleral Housing Commissioner pursuant to the National
Housing Act, as amended, and applicah~e Regulations the~~eundei•; or
([i) If and so long as said note of even date and this instrument are held by the Federal Housing Commis-
sioner, a monthly charge {in lieu of a mortgage insuranee premium) which shall be in an amount
equal to one-twetfth (y~~) of one-half ) per centum of th~ avera~e outstanding balance due on the
note computed without taking into account delinquencies or prepayments;
(b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become
due and payable on policies of fire and other hazard insurance covering the mortgaged praperty, plus
taxes and assessments next due on the mortgaged property (ali 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 date when such ground rents, premiums, taxes, and assessmeats will become delinquent, such
sums to be held by mortgagee in trust to pay said grQUnd rents, premiums, taxes, and special assess-
ments ; and
(c) All payments mentioned in the two preceding subsections of this paragraph and all pay-
ments to be made under the note secured heret~y shall be added together and tl~e aggregate amount
thereof shall be paid by the mortgagor each month :n a single payment to be applied by the mort-
gagee to the following items in the order set forth:
(i) premium char~es under the contract of insurance with the Federal Housin~ Commissioner, or monthly
charKe (in lieu of mort~age insurance premium), as the case may be;
(r[) Rround rents, taxes, assessments, fire: and other hazard insurance premiums;
(III) intei•est on the note secured hereby; and -
(n•) amartization of the principal of said note. ~
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the
martgagor prior to the due date of the next such payment, constit~te an e~~ent of default under this mort-
gage. The mortgagee may cullect a"late charge" not to exceed two cents (2~) for each dollar ($1) of
each payment more than fifteen (15) days in arrears io cover the extra expense involved in handiing
delinquent payments.
3. That if the total of the payments made by themortgagor under (b) of paragraph 2 preceding shall
exceed the amount of pay~ments actuallv made by the murtga~ee, for Rround rents, taxes and as4es.4ments
and insurance premiums, as the case may be, such excess shall be credited by the mortgagee on subsec~uent
payments to be made by the mortgagor. If, however, the m~nthly paymenfis made by the mortgagor
` under (b) of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes and assessments
` and insurance premiums, as the case may be, when thE same shall become due and payable, then the
mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or Uefore the
da+te when payment of such ground, rents, taxes, assessments, or insurance premiums shall be due. If
at any time the mortgagor shall tender to the mortgagee in accordance with the provisians of the note
secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shail, ;n com-
~uting the amaunt of such indebtednesa, credit to the acconnt of the mortgagor all payments made under
the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa5• to the
Federal Housing Commissioner and any balance remaining in the funds accumulated under the pro~~isiuns
of (b) of said pai•agraph 2. If there shall be a default under any of the provisions of this rnartgage, re-
sulting in a public sale of the premises covered h~reby, or if the mortgagee acquires the propert~• other-
wise after default, th~ mortgagee shall apply, at the time of the commencement of such proceedings or at
the time the property is otherwise acquir.ed, the balance then remaining in the funds accumulated under
(b) of paragraph 2 preceding as a credit against the amount of princip~l then remaining unpaid under
said note and shall pmperly adjust any payments which shall have been made under (a) of said paragraph.
4. That he will pay all taxes, assessments, water rat.~s, and other governmental or municipal charges,
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