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Home My WebLink About1409 ~ PKOVIDED Al.~vaYS, and these presents are E~recuted and deli~•ereci upon the follo~~•ing conditions, to it : The mortgagor agre~s to pay the mortgagee, or ord~r, the principal sum of SIX'!'F.F'*! ^'HOIISAND 5IX F~''Cr'NDRED and 00~1.00- - - - - - - - - - - - - - - - - - - - - - - - - - - Dollars 16, 600.00 as evidenced by a note of even dat here~vith, «~ith interest from date at the rate of ~i~ ~ ot?e-f0u7~th per centum ,"b ) per annum on the un- paid balance until paid. The said principal and interest shall be payable at the office ~f J. T. ~iAET IiO~l"Or~ CC~lPI~?• IaC. ia Ca~ral C~blis, !'i~o~ids or at such other place as the holder of the note rnay designate in writing, in monthly installments of N7P3~`I'~'-CJN~E and 80~100- - - - - - - - - - -Dollars 91.80 carnmencing an the first day of Ik?cember , 1965 , 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 sooner paid, shall be due and payable on the first day of November ,19 95 ; And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide by each and e~•ery the stipulations, agreements, conditions, and covenants of said promissory note and of this mortgage, then this murtgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as follow~s : 1. That he will pay the indebtedness, as hereinbefore provided. Pri~•ilege is reserved to pay the debt in whole, or in an amount equal to one or mure monthly payments on the principal that are next due on the note, on the first day~ ~f any n~onth prior to maturity : Provided, IlUN'e\'Ql', that written notice of an intention to exercise such pri~~ilege is given at teast thirty (30) days prior to prepayment; and, provicled further, that in the event the debt is paid in full prior to maturity and at th~t time it is insured under the provisions of the National Iiousing Act, he will pay to the mortgagee an ~djusted premium charge of one per centum (1 << ) of the original princ~pal amount thereof, except that in no event shall the adjusted premium exceed the aggregate amount of premiurn charges which would have been payable if the mort- gage had continued to be insured until maturit~~; such payment to be applied by the mortgagee upan its obligation to the Federal Housi?~g Lommissiotier on account of mortgage ~nsui•ance. 2. That, in order more fully to protect thc security af this mortgage, the mortRagor, together w~ith, and in addit~on 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 the rnortgagee the follow•ing sums: (a) An amount sufficient to pro~~ide the holc~er hereof with funds to pay the next mortgage insurance pt•emium if this insti•ument and the note secured hereby are insured, or a monthly charge (in lieu of a moi•tga~re insu?•ance premium) if they are held by the Feder~l Housing Commissionei•, as folto~~•s : (t) If and so lon~ as said note of e~•en date and this inst:-ument are insured or are reinsured under the pro~•isions of the \'ational Housin~ Act, an amount sufficient to accurnulate in the hands of the holder one (1) moi~th prior to its due tlate the annual mortgage insurance premium, in order t~~ pro~~i~e such holder• ~~•ith funds to pay such premium to the Federal Housinq Commiss~oner pursuant ta the ~ational Housi?t~ Act, as amended, and applicable Regulations thereunder; or (u) If and so lon~ as said note of e~•en date and this instrument are hel~l by the Federai HousinR Commis- sioner, a monthly char~e (in lieu of a mort~aRe insurance premium) w•hich shall be in an amount equal to one-tw~elfth of one-half ) pei• centum of the averaRe outstanding balance due on the note computed without takin{~ into account delinquencies ~r prepayments; (b) A surn equal to the ground rents, if any, next due, plus the premiums that will next become due znd payaUle~on X~olicies of fire and other hazard insurance eovei•ing the mo?•tga~ed pro~~erty, plus taxes and assessments next duE on the mortgaged property (all as estimated b~~ the mor~gagee) less all sums alread~• paid therefor di~~ided by the number of munths tu elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments will become delinquent, such sums to k~e held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assess- ments ; and (c) All pa~~ments mentioned in the t~•o preceding subsections of this paragraph and ~Il pay- ments to be made under th~ note secured hereby shall be added togettYer and the aggregate amount thereof shall be paid by the mortgagor each m~nth in a single payment to be applied by the mort- gagee to the following items in the order set forth : (1) premium charQes under the contract of insurance ~sith the Federal HousinR Commissionei•, or monthl~~ charRe (in lieu of mortRa~e insin•ance premium), as the ca~e may be; ~;roun~i rents, taxes, assessments, fire, and other hazar~i insurance premiums; (III~ interi~st on the note secured hereby; and (i~') amortization of the princiral of said note. Any deficienc~~ in the amount of such aggregate monthl~~ pati~ment shail, unless made good by the mortgagor prior to the due date of the iiext such pa~~ment, constitute an e~•ent of default under this mort` gage. The mortgagee ma~~ cullect a"late charge" not to exceed t«~o cents (2~~) for each d~llar ($1) o~ each payment more than fifteen (15) days in arrears to co~•er the extra expense in~•ol~•ed in handling delinquent payments. 3. That if the total of the pa~~ments made by the martgagor under (b) of paragraph 2 preceding shall exceed the amounL uf na~•ments actuall~• made b~• the mortgaAee, for ~i•ound rents, taxes and assescments and insurance premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent ~ payments to be made by the mortgagor. If, however, the monthly payments rnade by the mortgagor under (b) ~f 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 before the date when payment of such ground, rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagar shail tender to the mortgagee in accordance with the provisions of the noLe secured hereby, full ~ayment of the entire indebtedness represented thereby, the mortgagee shail, ;n cor.,- puting the arnount of such indebtedness, credit to the account of the mortgagar all payments macle unciei• the provisions of (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 f~tnds accumulated under the pt•o~~isions of (b) of said paragraph 2. If thei•e shall be a default under any of the provisions of this moi•tgage, re- sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the property other- wise after default, the mortgagee shall apply, at the time of the commencement of such ~roceedings or at the time the property is otherwise acquired, the balance then remaining in the funds accumulated uncier (b) of paragraph 2 preceding as a credit against the amount of principal ther~ rerr?aining unpaid under said note and shall properly adjust any payments which shall have been made under (a) of said paragi•aph. 4. That he wi11 pay all taxES, assessrnents, water rat~s, and other governmental or municipal charges, g~oK 129 210 - -