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Home My WebLink About1272 PROVIDF.D ALK'AYS, and these presents arc~ e~ecuted and deli~•ered upoil the follo~~•ing conditions, to H' lt : T~ o ~o r a ees to the mortgagee, or order, the principal sum of NINETESN THOUSAND ~sZGH~ ~~RBU ~ND N~~~00_--_-_~------------------------------------------ Dollars ~°.800.00 as evidenced by a note of even date here~vith, ~~•ith interest frorn dnte at the rate of i'`~ ~ 0~-~~'~'H ~ per centum ( 5'~ ) per annum on the un- paid balance until paid. The ssid principal and interest shall be payable at the office of United Mortgagee Servicing Corp., 3200 Pacific Avenue, Virginia Beach, Virginia or at such other pla~e as the holder of the nate may designate in ~~•riting, in monthly installments of ONE ~IUNDRF.D NINE AND 49/100--------~ollars 109.49 cummencing on the first day of October , 19 65, and on the first day of each month thereafter until the principal and iiiterest are fully paid, except that the final payment of principal and interest, if not sooner paid, shail be due and payable .,n the first day of Septernber , 19 95 ; And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide Uy each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this mortgage, then th~s mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as follows : 1. That he will pay the inc?ebtedness, as herPinbefore provic~led. Pri~•ilege is reserved to pay the debt in whole, or in an amount equ11 to one or more monthly paymen~s an the pi•inciE~11 that are next due on the note, on the first day of an~~ month pi•ior to maturity: Pro~•ided, hoH•e~•er, that ~~•rittcn natice of an intention to exercise such pri~•ilege is given at least thirty (30) days prior to prepayment; and, provided further, that in the event the debt is paid in full ~?rior to maturity and at that time it is insured under th~ provisions of the National ~Iousing Act, he .~~ill pay to the mortgagee an adjusted premium charge of . one per centum (1 ) of the origi?ial principal amount thereof, except that in no e~~ent 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 rnaturity; such payment to be applied k~y the mortgagee upon its obl:gation to the Federal Housi»g Comrnissioiier on account of mortgage ~nsurance. 2. That, in order more fully to protec.t the security af this mortgage, the mortgagor, t~gether with, and in addition to, the monthly payments under the terms of the note secured hereby, on the first day of each month until the said note is fully paid, will p~y to ihe mortgagee the follow•ing sums : (a) An amount suf~icient to proti•ide the holder hereof «•ith funds to pay the next mortgage • insurance premium if this ii~strument and the note secu~•ed hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Fecler~l Housing Commissionei•, as fal lo~~•s : (i) If and so long as said note of e~•en date and this instrument are insui•ed or are reinsured under the provisions of the National Housin~ Act, an amaunt sufficient to accumu!ate in the hands of the hoider one (1) month prior to its due date the unnual mortga~e insurance premium, in order to pro~~ide su~h hnlder w•ith fu~ds to ~ray such premium to the T~ ederai Hausinq Commissioner pursuan: to the National Housin~; Act, as amended, and apF~licablo Regulutions thereunder; or (n) If and so lonR as said note of e~•en date and this instrument are held by the Fecieral HousinR Commis- sioner, a monthl~• char~e (in 1ie.u of a mort~aRe insurance premium) ~F~hich shall be in an amount equal t,o one-t«•elfth (~'i_) of one-half ) per ccntum of the a~•cra~e nirtstanding baiance due on the note computed ti~ithout taking into account deLnquencies or prepayments; (b) A sum equal to the ground rents, if any, next due, plus the premiums that H~il] next become due and payable on ~~oiicies of fire and other hazard insurance co~~ering the mortgaged ~roperty, plus taxes and assessments next due on the mortgaged property (all as estimated h~• the mortgagee) less all sums already~ ~>aid therefor divided by the number of munths to elapse before o?Ze month prior to the date when such ground rents, premiums, taxes, and assessments will become c~elinquent, such sums to be held by mortgagee in trust to pay said ground i•ents, premiums, taxes, and special assess- ments ; and (c) All payments mentioned in the tµ~o preceding subsections of this paragraph and all p~y- ments to be made under the note secured hereby shall be added tt,gether and tlie aggregate amount thereof shall be paid by the mortgagor each mnnth in a single payment to be applied by the mort- gagee to the following items in the order set forth : (t) pi•emium char~es under the contract of insut•ance ~rith the Fede~•al Hou~in~ Commissio~iei•, ~i• month'~• char~e (in lieu of mo~•tRa~e insurance premium), as the case may be; (II) ~rouncl rents, LSY~S~ 35SPStihlents, fire, and ~,ther hazae•d insur~zt:ce premiums; (t~~) interest on the note secured hFreby; ar.d (tt') amortization af the principal of said note. Any deficiency in the amount of such a~gregate monthl~~ pa}~rnent shall, unless made good by the ~ mortgagor prior to the due c~ate of tl~e ne!:t such payment, c~nstitute an e~•ent of default under this mort- . gage. The mortgagee may cullect a"late charge" nc~t to ezcEed t~+•o cents (2~~) for each d~llar (~1) of each payment more than fifteen (1~) da~•s in arrears to co~•er the extra expense invol~~ed in handling detinquent payments, 3. That if the total af the pati•ments rnade b~~ the mortgagor under (b) of paragraph Z preceding shall exceed the amount of Ua~•m~nts actually made b~~ the mortg~ReN, for ~round rents, taxes and assescments and insurance premiums, as the ca.se may be, such excess shall be credited by the m~rtgagee on subsequent paymeni~s to be made by the mortgagor. If, howecer, the monthly payments 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, wh~n the same shall become due and paS~able, then the . mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, an or before the date w•hen payment of such ground, r~nts, taxes, assessments, or insurance premiums shall be due. If at any tirrae tr,~ mortgagor shalt tender to the mortgagee in accordance with the provisi~ns of the note secured hereby, full payment of the entire indebtedness represented thereby~ the mortgagee shall, ;n com- puting the amount of such indebtedness, credit to the account of the martgagor all payments made under the provisions o~ (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa~• to the Federal Housing Commissioner and any balance remaining in the funds ~ecumulated under the pro~•isions of (b) of said paragraph 2. If there shall be a default under any of the provisians of this mortgage, re- sulting in a public sale of the Nremises cc~vered hereby, or if the mortgagee acquires the propertr other- wise after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at ~ the time the property is otherwise acquired, the balance then remaining in the funds accumulatecl unc3er (b) of paragraph 2 preceding as a credit against the smount of principal then remaining unpaid under said note and shall properly adjust any payments which shall ha~~e been made under (a) of said paragt•aph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, 60GK125 7~ ~i