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Home My WebLink About0005 PROVIDED AT.WAYS~ and these presents are exeGUted and delivered upon the following conditions~ to wit: ' The mortgag~or agrees to pay the mortgagee, ar order, the principal sum of Eleven Thousattd S ix Hundred Fi~ty and No/100 Dollars (a 11 , 6 50 . 00 as evidenced by ~ note of even date herewith~ with interest from'~ate at Lhe rate af Fiv~ ~ One-Quarter per centum ( 5~ per annurn on the un- paid balance untii paid. The said pri:~cig~l aud intereat shal] b,e paysble at the oflice of _ Mc CAUGHAN MORTGAGE COMPANY , IIdC o~ st such other place as the holcler of tne note may designate in evriting, in monthly installrnents of S ix ty Four ~nd ~?2/100 - ~ - - - - - - - - - - IJollars ( $ 64 . 42 ) , cammencing on the first day of November , 19 65 , and on the first day of each month thereafter until the principal and interest are fully paid, except that the final payment of principal and interest, if not ~oner paid, shall be dne and paysble on the first day of Oc t o be r , 19 9 S; And shall duly, promptly, and futly perform, discharg~, execute, effect, complete, and comply with and abide by each and every the stipulations, agreements, conditions, and cuvenants of stiid promissory note aad of this mortgage, then this rnartgage and the estate hereby create~d ahall cease and be null and void. And tha mortgagar further covenants as follow•s: 1. That he will pay the indebtedness, as hereinbefore provided. Yrivilege is reserved to pay the debt in whole, or in an amount etYual to one or moi•e monthly payments on the principal that are next due on the note, on the firat day of any month prior to maturity : Provided, how~ver, that written notice of an intentian to exercise su~h privilege is given at least thirty (30) siays prior to prepayment; and, provided further, that in the event the debt is paid in full prior to maturity and at that time it is insured under the provisions of the National Housing Act, he ~vill pay to the mortgagee an adjusted premium charge of one per r,entum (1 ~/o ) of the original pr~ncipal amount thereofy except that in no event shall the adjusted ~remiurn exceed the aggregate amount of premium charge~ which would hav~ been payable if the mort- gage had continued to t~e insured until maturit~ ; such payment to be applied by the martgage~ upon its obli~ation to th,e Federal Housing Commissioner an account of mortgage !nsurxnce, 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together wiLh, and in addition to, t~e monthty payments under the terms of the note s~cured hereby, on the first da~ of each rraonth urttil the said note is fully paid, will pxy to the mortgagee the following sums: (a) An amount suflhcient to provide the holder hereof ~uvith funds to pay the nFxt mortgag~ insurance premium if this instrument and the note secured hereby are insured, or a rnonthty charge (in lieu uf a mortga~e insurance premium) if they are held by the Federal Hausing Commissioner, ' as follows : (t) If and sc> long as said note of even date and ±his instrument are insured ar are reinsured ur~der the provisions uf the National Housing Act, an amount suflicient to accumulate in the hands of the holder one (1) month prior to its due datp the annuat mortgage insurance premium, in order to pravide such holder with funda to pay such pi•emium to the Federal Hausing Corr~m~ssioner pursuant to the National Houseng Act, as amended, und applicable Regulations thereunder; or t~i) It and so long as said no*.e of even date and this instrument are }?eid by the Fedei•al Housing Commis- sioner, a monthly charge (in lieu of a mortgage insurance premium) which shall ba in an amounL equal to one-twelfth ( i/~~ ) of one-haif ( i4 ) per eentam of Lhe avera~,re ovtstanding ~alance due on the note computed withoat tal:ing into account deiinquencies ur prepsyments; (b) A sum equal to the ground rents, if any, next due, plu~ the premiums that will next becc~me due and payable an policies oi fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property (all as estirnated by the mortgagee) less ali surns already paid therefor d~vided Y~y 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 surns to be held by mortgagee in trust to pay said ground a•ents, premiums, taxes, and special assess- menta ; and (c) AIl payments mentioned in the t~vo preceding ~ubse~tions of this paragraph and all psy- ments to be made under t1~e note seceaPed 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- ~agee to the ~ollowing items in the ~rder set forth: (i) premium charRes under the conta•act of insu~•ance with the Fedei•al Housing Commessior.er, or m~nthly ~ eharge (in lien of mortRaRe insurance premium), as the case may be; (u) R~round rents, taxes, assessments, fire, and other hazard insurance premiuma; (i») interest on the no#e secut•ed hereby; and (tv} amortization of Lhe principal of said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made gaod by the mortgagor prior to the d~e date of tl~e next such payment, constitute an event of default under this mort- gage. The martgagee rnay cullecL a"late charge" not to exceed two cents (2~) for each dollar ($1) uf each payment more than fifteen (15) days in arrears to cover the extra expense invol~ed in handling delinquent payments. 3. That if the total af the parments r?7ade by the mortgagor under (b j of paragraph 2 preceding shall exceed the amount of payments actualid made by the mortgagee, for ~round rents, taxes and asses.gments and insurance premiums, as the case may be, such excess shall be credited by the mortgagee on subseQuent ~ payrnents ta be made by the mortgagor. If, however, the monthly payments made by the mortgagor under (b) of p~ra~gr°aph 2 preceding shall not 1Qe sufficient to pay ground rents, taxes and asaessments and insurance premiurns, ~s the case may be, when the same ahall become due and payable, then the mcrtgagor shall pay to the mortgagee any amount necessary to make up the deficiency~ on or before the date when payment of sach ~rrnund. rents, taxes, asse~sments, or insurance premiums shall be due. If at any time the mortgagnr ahall tender to th~ mortgagee in accordance with the provisions af the note secured herebyy full payment of the ~ntire indebtedness represented thereby, the mortgagee shall, ~n com- putin~ the amount of auch indebtedneas, credit to the account_ of the mortgagar all payments made under the provisions of (a) of paragraph 2 hereof which the mortgagee has nat betorne obligated te pay~ to the Feder~l Hou~:ng Commiasioner and any balance remaining in the funds accumulsted und~r the pro~•isions of (b) af said psragruph 2. If there ehall be a default urni~r any of the provisiona o~' this mortgage, re- ~ulting in a public sale af the pr~misea covereci hereby, or ff the martgagee acq~ires the property other- wise after default, the mortg$gee ~hall apply~ at the time of the commenGement of such proceedings or at the time the property is Qtherwise acquired, the balance then remaining in the funds aceumulated under (b) of p~ragraph 2 preceding as a credit againat tt?e amount of principal then remaining unpaid under said note and shall properly adjust any payments which shall have been made nnder (a) of said paragraph. 4. Th~t he will pay a:l taxes, ass~ssments, w~ter rste~, and other governmental or municipal charges, BD~K 5 _ ~ - .