HomeMy WebLinkAbout1974 Pxc?vinFa A~.~~~,~t'~, and these prc~sents art~ e!cecuted and deli~•er~~d up~n the follu~~~ing conditions, to
~~•it :
The mortgagor agrees to pa}~ the mortgagee, or order, the principal sum of FLfteeti Thouaand
and No/100
Dollars 15,040.00 as e~•idenced by a note of even date herewith, ~rith interest from date
at the rate of F'LVe $t Oue-Quarter per centum ( 5~ ",o ) per annum on the un-
paid balance untii paid. The said principal and interest shali be payable at the oftice of
McCaughan Mortgage Company, Inc.,
or at such other place as the holder of the note may designate in ~~•riting, in monthl~• installments of
Eighty Zrwo end 95`100 _____________}~~llars 82.95 commencing on
the first day of DeCe~mber , 19 6 5, 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 , 199~
And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and
abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note
and of this mortgage, then this mortgage and the estate herel~y created shali cease and be null and void.
And the mortgagor further covenants as follows :
1. That he will pay the indebtedne~s, as hereinbefore provided. Pri~•ilege is reserved to pay the
debt in whole, or in an amount equal to one ur mui•e monthly payments on the princi~~al that are next due
on the note, on the first da~~ of any~ month priur to maturity : Pro~•ided, ho~~•e~~er, that H•rittcn notice of an
intention to exercise such pri~•ilege is gi~~en at least thirty (30) days prior ta prepayment; and, provided
further, that in the event the debt is paid in full ~~ric~r to maturity and at th~t time it is insured undei•
the provisions of the National ~~ousing Act, he wil! pay to the mortgagee an adjusted premium charge of
one per centum (1 ) of the original principal amount thereof, except that in no event shall the adjusted
premium exceeti the aggregate amount of premium 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 upon its
obligation to the Federal Housing Commissior~er on account of mortgage ~nsurance.
2. That, in order more fully to protect the security of this mortgage, the mortgagor, together 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 fulty paid, will ~~ay to the mort~agee the following sums:
(a) An amount sufficient to pro~~ide the holder hereof «~ith funds to pay the next mortgage
insurance pren~ium if this instrument and the note secured hereby are insur~d, or a monthty charge
(in lieu of a mortgage insurance premium) if they are held by the Feder~l Housing Commissioner,
as follo~~•s :
{t) If and so lon~ as said note of even date and this instrument are insured or are reinsured under thc
~;i•ovisions of the \ational F~ousinR Act, an smount sufficient to accumulate in the hands of the holdei•
one (1) month prior to its ~lue date the annual mortgage insurance premium, in order to pro~•ide such
halder with funds to pay such premium to the Federal Housinq Commis,ionei• pursuant to the 2Vational
Housin~ Ac~, as amended, and applicable Regulations thei•eunder; or
([t) If and so long as said i~ote of eeen da;e and this instrument ai•e held by the Fecic=i•ai HousinK Commis-
sioner, a monthiy charge (in lieu of a mort},?aRe in,urance premiurn) w•hich shail be in an amonnt
equal to one-twelfth of one-haif ) per centum of thc avera~e outstanding balance due on the
. note computed w•ithout takinR into account delinquencies or ~repayments;
(b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become
due and payable on policies of fire and other hazard insurance covei~ing the mo?•tgaged ~~roperty, plus
taxes and assessments tzext due on the mortgaged pro~~erty (ali as estimated b~• the mortgagee) less
all sums aiready paid therefor di~•ided by the number of months to elapse before one month prior
to the date when such ground rents, premiums, taxes, and zssessments will become delinquent, 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 tv~~o preceding subsections of this paragraph and all pay-
ments to be made under the note secured hereby shall be added together and tl~e aggregate amount
thereof shall be paid by the mortgagor eacti month in a single payment to be applied by the mort-
gagee to the following items in the order set forth:
(t) premium charRes under the conti•act of insurance with the Fecieral Housin~ Con~missioner, nr monthly
char~e (in lieu of mortRaRe insurance premium), as the case may br;
(it) ~round rents, taxes, assessments, fire, and othei• hazard insurance premiums;
(III) interest on the note securaci hereby; and _
(t~~) amortization of Lhe principal ~f said ttote.
Any deficiency in the amount of such aggregate monthly payment shali, unless made good by the
mortgagor prior to the due date of tl~e next such gayment, constitute an e~•ent of default under this mort-
gage. The mortgagee may cullect a"iate charge" not to exceed two cents (2c) for aach dollar ($1) of
each payment more thar fifteen (15) days in arrears to cover the extra expense involved in handling
delinquent payments.
3. That if the total of the payments made by~ the mortgagor under (b) of paragraph 2 preceding shall
exceed the amount of pa~~ments actuall~~ made b,r• the n~ortga~ee, for ~round rents, taxes and assessments
and insurance premiums, as the case may be, such excess shail be credited by the mortgagee on svbsequent
payments to b~2 made by the mortgagor. If, however, 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, 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 ~f such ground rents, taxes, assessments, or insurance premiums shall be due. If
at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note
secured hereb3~, full payment of the entire indebtedness represented thereby, the mor'tgagee shall, ~n com-
pating the arnount of auch indebtedness~ credit ta the accaunt of the mortgagor all payments made uncier
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 funds accumulated under the pi•o~•i~io?is
of (b) of said paragraph 2. If there shall be a default under any of the pravisions of this moi•tgage, re-
sulting in a public sale of the premisea covered hereby, or if the mortgagee acquires the pr~pert~• other-
wise after default, the mortgagee shall apply, at the tirne of the commencement of such proceedings or at
the time the property is otherwise acquired, the balanee then remaining in the funds accumulated under
(b) of paragraph 2 preceding as ~ credit against the amount of principaD then remaining unpaid under
said note ar,d shall properly ad~ust any payments which shall have been made under (a) of sa~d paragraph.
4. That he will pay all taxes, asaessments, water rates, and other gavernmental or municipal charges,
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