HomeMy WebLinkAbout1679 PROVIDED AI.WAYS, and these presents are t~xeci~teci and ~~1eli~•ered upon the following conditions, to
H~ it :
The mortga~or agrees to nay the mortgagee, or orcler, the principal sum of Eleven Thousand Four
Hundred and No/100
Dollars 11 , 400. 00 as e~~idenced b~~ ~ note of e~ren date here~•ith, ~~•ith interest frc~m date
at the rate of Five & One-Quar~er per centum ( ~a per annum on the un-
paid balance until paid. The said principai and interest shall be payable at the office of
McCAUGHA,N MORTGAGE COMYANY, INC.,
or at such other place as the older of the note may design~te in ~~~riting, in rnonthl~• installments of
Sixty Three and 04/~100------------- Dollars 63.04 commencing on
the first day of September , 19 6~, and on the first day of each month tliereafter untit the
principal and interest are fully paid, except that the final payment of principal and interest, if not sooner
paid, shall be due and payable on the first da~~ of August , 19 95;
And shall duly, promptly, and fully perform, diseharge, execut.e, effect, complete, and comply with and
abide by each and every the stipulations, agreements, conditiuns, and covenants of 5aid pramissory note
and of this mortgage, then this mortga~e and the estate hereby created shall cease and be null and void.
And the mortgagor furth~r covenants as follow~s ;
1. That he will pay the indebtedness, as hereinl~efore pro~~ided. Pri~•ilege is reserved to pay the
debt in whole, or in an amount equal to one or more monthly payments on the 4~rincipal that are next due
on the note, on the first da~~ of any month prior to maturity: Pro~•ided, ho~~-e~•er, that ~~rittcn notice of an
intention to exercise such pri~•ilege is given at least thirt~~ (30) days prior to ~frepayment; and, provided
further, that in the event tY~e deUt is paid in full prior to maturity and at that time it is insured under
the provisions of the National Iiousing 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 e~ent shall the adjusted
premium exceed the aggregate amount of premiumcharges which would l~a~•e been payat~le if the mort-
gage had continued to be insured until maturit~•; such payment to be applied by the mortgagee upon its
obligation to the Federal ~iousii~g Commissiorier on account of rnortgage ~nsui•ance.
2. That, in order more fully to protect thc security of this mortgage, the mortgagor, together with,
and in addit~on to, the monthly payments under the terms of the note secured hereb~~, on tlie first day of
each month until the said note is fully paid, will ~xy to the mortgagee the follow•ing sums :
(a) An amount sufficient to pro~~ide the holder hereof ~~•ith funds to pay the next mortgage
insut•ance premiiim if this instrument and the note secured herebs~ are insured, or a monthiy charge
(in lieu of a moi•tgage insurance premium) if they are held by~ the Feder~l Housing Commissioner,
as follow•s :
(I) If and so long as said note of e~~en date and this instrument are insured or are i•einsured under the
provisions of the Nationai Housin~ Act, an amount sufficient to accumulate in the hands of the holder
one (1) month prioi• to its due date the a.nnual mortgage insurance premium, in order to pro~•ide such
holder with funds to pay such premium to the Federal HousinK Commissioner pursuant to the Nationat
Housin~ Act, as amended, and appli~able Regulations thereunder; or
(tt) If and so tong as said note of even date and this instrument are held by the Fecleral Housin;~ Commis-
sioner, a monthly charge (in lieu of a mortRage insurance p?•ernium) which shall be in an amount
equai to one-twelfth i~) of one-half (1_~ ) per ¢entum of the a~•era~e outstanding balance due on the
note computed without taking into accoant del?nquencies or prepayrnents;
(b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become
due and {rayabie on policies of fire and other hazard insurance covering the mortgaged property, plus
taxes and assessments next due on the mortgaged property (all as estimated b~~ the mortgagee) less
all sums ~ilready paid tlierefor di~~ided by the number of munths to elapse before one month prior
to the date when such ground rents, premiums, taxes, and assessments will become delinquent, such
sums to be held by mortgagee in trust to pay said ground i•ents, premiums, taxes, and speciai assess-
ments ; and
(c) All payments mentioned in the two preceding subsections of this paragraph and all pay-
ments to be made unde* the note secured hereby shall be added together and tiie aggregate amount
thereof sh~ill be paid by the mortgagor each month in a single payment to be applied by the mort-
gagee to the followir~g items in the order set forth :
(t) premium char~es under the contract of insurance w-ith the Fecieral HousinR Commissioner, or monthly
charRe (in lieu of mortRage insurance premiuml, as the case may be;
(t~) ;~roimd rentc, taxes, assessments, fire, and other hazard insui•ance prem~utns;
(Ili) interest on the note secured hFreby; an~
(t~~) amortization of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the
mortgagur prior to the due date of tl~e next such pa~•ment, constitute an eti~ent of defauit uz~der this mort-
gage. The mortgagee ma~~ cullect a"late charge" not to exceed t~•o cents (2c~) for each dollar ($1) of
each payment more than fifteen (15) da}•s in arrears to co~•er the extra expense im~ol~~ed in handling
delinquent payments.
3. That if the total of the pa~•ments made by the mortgagor under (b) of paragraph 2 preceding shall
exceed the amount of pa~•ments actuall.r• made b~~ the mortgaqee, foi• Ri•ound rents. taxe~ an~i as~t:~sments
and ~nsurance premiums, as the case may be, such excess shaU be credited by the mortgagee on subsequent
~ payments to bs made by the mortgagr,r. If, hoK•er•er, the monthly payments made by the martgagor
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 pa~•able, Yhen the
mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the
datP when payment of such ground, rents, ta~ces, assessments, or insurance premiums shall be due. If
at any time the mortgagor shall tender to the mortga~ee in accordance with the provisions 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 mortgagar all payments macie uncier
the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa~• to the
Federai Housing Cc,~nmissioner and any balance remaining in the funds accumulated under the pro~•isions
of (b) of said paragraph 2. If there shall be a default under any uf the provisions of this mortgage, re-
sulting in a pvblic sale ~f the premises covered hereby, or if the mortgagee acquires the propert~• other-
wise after default, the mortgagee shall apply, at the time of the commencement of such proceedings o?• at
the time the propert3~ is otherwise acquired, the balance then remaining in the funds accumulateci under
(b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid uncier
said note and shall properly adjust any payments which ahall have besn made under (a) of said paragi•aph.
4. That he will pay all taxes, assesaments, water rates, and other go~~ernmental or municipal charges,
ao~K 1~5 ~ 77