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Home My WebLink About1034 q ~ • ~ ~ ~ ~ _ R ~ I ~ i. e~ C'. PROVInF.n :~[.~~~AY~, and li~e;~ prrsc~nts are t~xe~cutE~d ~z~id deli~•ei•ed tipun the follo~~•ing condi!i~~ns, to Ij ' I it : ; The mortgagor agrees to pay the mortga~ee, or oi•de2•, the principal sum of NINE THOUSANL~ SIX HUNDRED AND NO/100-------------------------------------------....__------- Dallars 9• 600.00 as e~~idenced t~~• a notc~ of e:•en date here~~~ith, «•ith interest from iiatc ! ? at the rate of FIVE AND ONE-FOURTH pei• centum ( 5~C ) per annum on the un- ~ ~ paid balance until paid. The said principal and interest shall be pa~~able at the otlice of United Mortgagee I Servicing Carp., 3200 Pacific Avenue, Virginia Beach, Virqinia ~ oi• at such other ~lace as the holder of the note n~n~~ designate in ~~•riting, in monthi~• installments of I ~ ~ 53.09 ~ FIFTY THREE AND09/100----------- Dollars commencing on I ~ the first day of October , 19s5 , and on the fii•st da~• of each month thereafter until the ~ principal and interest are fully paid, except that the final payment of princi ~al and intei•est, if not sooner ' aid, shall be due and payable on the first da~~ of September ~ 19 9~ ; ~i ~ F ' And shall duly, pramptly, and fully perform, discharge, execute, effect, complete, and comply with and ~ - abide bs~ each and every the sliUuixti~n~, <<K~re~ucut;, Cl~Iltltl,ll>I1J~ atid co~•enant~ of s~iid ~~romissory note ~ and of this mortgage, then this mortgage and the estate hereby cre~ited shall cease and 1>e null and void. ~ i And the mortgagor further co~•enants as fullu~~s: _ I 1. That he w•ill ~y the indebtedness, ~s hereinl~efore provic~ed. Pri~~ile~e is reser~~ed to pay the debt in whole, or in an t~I1lOl2Rt "f~tl.l~ tll Uflt OC' f11U1'C C11UIii:~:}' j1.t~'f111`T;::; Oi~ Z}~~ [1Y;1~:'lil:l~ t}~.^.i 21t'C ;1CXt (jUC OIl tfit: IIOtE', on the first d~~' Ot ~1i11' IllOllt}1 j~:'i'J:' t:: :'.:::tUl'1~,1' :~~l'O\'1(~Cf~, }ll)~~"E'~'~`1', t~12ii ~~~rittc~i nutice of an ! i ~ inter~tion to exercise such pri~•il~~Ke ~s gi~•en at teast thirty~ (30) da~'s ~~ri~~r tu ~n•t:}ia)~ment ;~nd, pro~•ided _ further, that. in the e~~ent the debt ~s ~~aid in full pt•ior ta maturit~~ and .it th~it time it is insut•ed unciei• - i the pro~•isions of the Iv'ational liousing Act, :~e ti~•ill ~~~~y to the m~?rt~<igee an ~tdjusted ~n•emium charge of ~ one per centum (1 << ) of the origii~al princ~pal amuunt thereuf, exce~~t that in nu e~~ent sh~ll the ltdjustErd ; j ~ premium exceed the a~gre~ate amount of Eu•emium charges ~•hich would h~i~•e heen j~a~•al>le if the mort- gage had continued to be insured until m~iturit~•; such pa~•ment to be ap~~lied l>~~ the mc~rtgagce upon its obligation to the Federal ~iousiug Commissianer un account. of mort~age ~nsur~~nce. ~ i That, in order more fuliy to protect the security of this mort~age, the mort~agoz•, together µ~ith, ~ and in addition Yo, the monthly pa~~ments under tltie terms c~f tlie nute secur~d hereb~•, (7Il t~le tll'5t (~cl~' of ~ each month until the said note is fully p~id, w'iil pztiy to the mortga~ee the follow~ing sums: i ~ (a) An amount sufTicient to pro~~ide the holder hereo~ ~~•ith ftmds to pa~• the next mortgage ~ insurance ~iremium if this instrument and the r,ote secured hereb~~ are insured, or a monthi~~ charge ( in lieu of a murtgage insura~~ce premium ) if the~• are hetd b~• Lhe Feder<il Housing Commissioner, ~is follo«-s : ~ ~ ~ (t) If and so lon~t as said note of e~•en ~iate and this instrument are ins~red or are rc•insuY•eri unriei• the pro~~i~ions of the \atior;al Housiny~ Act, an amount sufficient to aceumulate i~~ the h:~nds of the holder one (1) month ~~riur to it~ ~iue date the annu.il mo~~tgagE insuranee premiwn, in ~~rdcr to pr~,rive such holder ~~•ith fund~,to pa~• such premium to the Federal fi~u~ing Commissioner ~:::rsu~~~t to the \atirr~al Hnusing Act, as a?iiended, and a~~piicatric~ Re~ulations thei•eundc•r; or (it) If and so lon~ a~ said note of e~•~~n date and this insti•umrnt ai•e held hy the ficYieral Housin~ f'ommis- sioner, a monthly char~e (in lieu of a mort~a~e insurance ,~rerniwn) ~chich si:ail be in 1n amount equat to one-t~ti~elfth of one-half )}~rr crntum of thr a~•era~;e outstanding balance ~l~io oy~ the note computed ~ti•ithout takinK into account delinquc?rcies or prepa~•ments; I (b) A sum equal to the ground rents, if any, next due, plus the premiums that ~~•ill next become i due and pa.yal~le on policies of fire and ~~ther hazard insurance co~~et'ing the mr>rt~aged property, i~lus taxes and assessments next due on the mortgaged propert~~ (all as estimated b~~ the mort~agee) less ' all sums alrea~}' ~~aid therefoi• di~•ided t~y the number of ?t~unths to elapse befui•e one montti prior rents remiufiis laxes, and assessments wi11 become delinquent, such a~ to the date when such ground , p , z, ~ sums to be held by mort.gagee in trt~st to pay said grourd rents, premiurns, taxes, and special assess- ments; and ~ ~ (c) All pa~~ments mentioned in the t~'o preceding subsections of this paragraph and all pay- ments to be made under the not~ secured hereby shall be added tugethe?• and ti~e aggr•egate amount ~ i thereof "shall be paid by the mortgagor eac h m~n t h in a sing le pa~•men t to be app lie d b y t h e m o r t- i gagee to the following items in the order set forth: d' i premium char~es under the contract of insurar.ce ~~•ith the Fecit~rai Housin~ Commissinnr•r, or mmithl;; c harRe (iri liw~ o f mor t~aqc insui•ance ~~~~e~ mi u m l, as th~• c:~~c• ma}• be•; : ~cs) ~;:~~unti rerts, taxes, assec:mrnts, fire, and uth~~r hazard insurance t~remiums; ~ (ItI) interes* an th~~ note sc•curc•~i hr~~~eb~•; ancj i (~c) amortization of the ~~rinci~~al of ~ai~i no?e. ! Any deficiency in the amount of such aggregate m~?it}il~~ pa~-ment shall, unless made good by the mortgagor pi•ior to the due date of tl~e next such pa~~ment, constitute an e~•etlt of default under this mort- ~ gage. The mortgagee ma~' culleet a"late charge" not to exce~ti t«•o cents ioi• each dollar (~1) of ~ each payment more than fifteen (15) day~s in ari•ears to co~•er the extra exper~se in~~ol~•ed in handlin~ ~ delinquent payments. ' 3. That if the total of the }'~a~~ments made b~~ the mortgagor under (L) of paragraph 2 preceding shall ~ e~ceed the amount of na~•ments actuall~• made b~• the moi•t~agee, for grot~nd r•ents, taxes anc~ assc~saments i and insurance premiums, as the case may be, such excess shall be crediteu' by the mortgagee on subsequent : payments to be made by the mortgagor. If, ho~'ever, the rnori±hly pay~ments made b~• the mortgagor , under (b) of paragraph 2 preceding shall r,ot te sufficient ta pay ground rents, taxes and assessments ' ~ and insurance premiums, as the case may~ be, :~•hen the same shall become due and pa~•able, then the ~ ~ mortgagor shall pay to the mortgagee any arnount necessary to make up the deficiency, on or before the date w•hen payment of such grour?d, rents, taxES, assessments, or insurance premiurns shal] be due. If at any time the mortgagor shall tender to the mortgagee in accordance w•ith the provisions of the tiute j " sc~cured.fiereb}•, full payment of the entire indebtedncss represented thereby, the rnortgagee sh :11, ;n com- ~ ~ puting the amou'~,~ of such indebtedness, credit to the accaunt uf the mortgagor all payments made uc~cier ~ the pro~~isiona of (a) of paragraph 2 hereof which the martgagee has no± become obligated to pa~• to thc ; Federal Housing Commissioner and any balance remaining i;~ the funds accumulated under the p?•n~~isiot;s i . of (b) of said pai•agraph 2. If thei•e s11a11 be a defauit under any of the pr~visions of this moi•tgage, re- ~ sulting in a public sale of the premises co~~ered hereby, ar if the mortgag~~e acquires the praperty~ other- ~ ~ wise after default, the mortgagee shall apply, at the time of the commencerrent of such proceedings ur at the time the property is otherµ~ise acquired, the halance then remaining in the funds accumulated under (b) of paragraph 2 preceding as a credit against the amount nf principal then remaining unpaici under ' said note and shall properl~• adjuat any pay~ments ~•hich shall hati•e been made under (a) of sa~d paragi•aph, t ~ 4. That he will pay all taxes, assessments, w•ater rates, and other governmental or municipal charges, ~ I go~K ~24 4~5 ~ -