HomeMy WebLinkAbout2192 P~.r~vin~:n a~.~~~r~~'a, and thf>;r ~~i•r~~E~nts arf~ ~~~~~cutt~~i .~nd dt~li~~erc~il u~~oii the follo~~•ing conditions, to
it :
The mol~tg2i$'Or aRrees to pa~• the mort~a~ee, or orcjer, the principal sum of <~Nr
iti Ya~rityi r~ Mry~Ypp ~ _ ~ _ . ~ _ . _ ~ ~ . r . . _ . _ . _ _
pollar~ as e~•idenced b~~ a note of c~~e~t date here«•ith, ~~•ith interest from ciate
at the rate of per centum { s} per annuttt on the un-
pai~i k~alatice u~itil paid. The said principal and iiitc:i•est shnll be pa~~able at tht~ oflice of
~ ~r
or zt such other place as thc holder of the note m~y de~ign~te in ~~~riting, in monthl~~ installments of a~
~II~IIe+M~ '~Vr OMllrl!'+~ r/~ K~l~ •~ollars 1(~.i; commencing on
the first day of , 9 , and on thE~ first da~- of each month thereafter uiitil the
i~rincipal and intei•est are fully paid, except that the final ~a~•ment of ~~rincipal arid intei•est, if nc~t sooner
paid, shall be due and paS~able on the fii•st da~~ of ~t' , 1'~S;
And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and
abide by each an~ e~~ery the stipulatiuns, agrr~c~ments, conditions, and ca~•enants of said promissory notz
and of this mortgage, then this mortg~ige and the c:st~ite ht~rel~y cre~~t~~d shall cease ~ind be null and ~•oid.
And the mortgagor furthei• co~•enants ~ts fullo~~~s ;
1. That he will pay the indebtedne4s, .i; herc~inl,efu~•e pravicied. I'ri~~ilege is reser~•ed to pay the
debt in H•hu1e, or in an amount equ<~l t~~ une ur m~~re m~mt{~1~• ~~a~~ment, ~m the in•inci~~al th~it are ne~t due
on the note, un the tirst cla~• af a~~~• mr»>th priur tc> maturity : Pro~•idt~d, ho«~e~~c~r, that ~~~ritten notice of an
intention to exerc:.~e sucti pri~~il~ge is gi~'en at least thirty (30) da~~s priur to ~~repa~•ment; and, pro~•icled
further, that in the e~~ent tl~e del~t is paid in full ~~rior to maturit~~ ~ind at that time it is insui•ed uncier
the pro~~isions of the National liuusing Act, he H•ill pa>• to the mortgageE~ an adjusted p?•emium charge c~f
one per centum f 1<< ) of the original pcincipal amount thereof, except th~t in no e~~ent shall t}ie adjusted
premium exceed the aggregate amuunt of premium charges which w•ould ha~•e lmen payahle if the mort-
gage h~d cont:nued to be insured until maturity; such payment to be applied 1~~• the mortgagee upon its
obligation to the Federal H~~using Commissiouer on account of mortgage ~nsurance.
That, in order moY•e fully to protect thc security of this mort~a~e, the mort~agoz•, to~ether µ~ith,
and in addition to, the m~>~~thl~~ pa~•ments imder the terms of the nute sec~ired herel?~~, on the tirst day of
each month until the said note is full~- ~~aid, will Eu~~• to the mortgagee the follow~ing sums:
(n) An amount suf~icicnt tc~ ~~ra~~ide the holder hereof ~cith funds to pa~• the ne~t mortgage
itistti•ance pi•emiiim if this i~ist?~um~~tit and the i~otE secured hereb~• ai•e insu?•ecl, ui• a montht~• charge
(lIl lieu of a nwi•tgagt~ lllSlli'c`111CE' pi•en~i~im) if the~~ are held by~ the Fecieral Housing Commissionei•,
ris follo«~~ :
(1) If anci so lung a; saiii tio±e ~f e~~c~n ~l~te ancl Yhis instnuiient ar~• instn•ed or are rr•insureil under thc
pro~•i~iona of the \atir,n.il Hnu~in~; ~ct, an amount sufiicie•nt to accumulate in the hand~ of the hc~ld~ i~
one (1) ~~lonth ~~i iur to its ~luc date th~~ annual mo~-tga~;e insuranre premium, in nrder t~~ pr~~~~id~ cuch
hnl~lc•r ~cith funds to ~rriy sueh ~~rernium tu the F'e~ierai H~u~in~{ Commis<ion~•r }~ursuant t~~ thc• \atior.al
Hnu.in~ Act, as amen~ied, and a~~~~licable HeRulatinns thei~eund~•r; o*
~ii) If an~l so InnK' as caid not~ of e~~E~n date an~i this in;trument are held b~• tht~ Fecl~~rai Hou~in~ Comrr?is-
sinner, a monthl)' char~;e (in lieu of a mnrtfia~e insurance premiuui) ~chich shall be in an amouni
equal tu one-t~i•elfth of one-half )}~er centum of the avera~;e ~~~~tstandinq h~tlance duc+on the
note compufed t~•ithout takin~; inta account delinqucncies or pre~~a}•ments;
(b) A s~im equal to the ground rents, if an~•, next due, plus the premiums that ~ti~ill next become
ciue ~inci ~~<:~•a1~le on ~~olicies of fire and c~ttler hazard insurance co~~ering the nznrtgaged pr'i>pert~•, t~lus
taxes ~~nd assessments next due an tiie m~~i-tga~;ed property (all as estimated h~• the mortga~ee) less
all SUI115 alread~~ ~>aid therefur di~~ided I~~• the num~er of 1110T1t}l5 to e]apse befure one morith prior
to the date w'hen such ground rents, premiums, taxes, and a~~es~ri~ents w~iii become delinquer.t, such
sums to be held t~y murtgagee in trust to ~~ay said gi•ound i•ents, premiums, taxes, and special assess-
ments ; and
(c) All pa~~ments mentioned in the t~~~o preceding subsections of this paragraph and all pay-
ments to be made under the note secured hereby shall k~e added together and the aggregate amount
thereuf shall be {~aid b~~ the mortgagor each mnnth in a single pa~•ment to be api~lied by the mort-
gagee to the following items in the order set furth: ~
(I) ~,remium char~es t:nrlec• the cnr,Uact ~f insw~ance ~sith the F'ecle~~al g~nu:in~ Comnussinn~•~~, m~ n~nt~th]}•
char~e (in lieu ~f mort~aKe insurance E~r~~miuml, a~s ihe ca~e ma~~ be;
jt1) ;Cr~iun~l rents. taxe:~, assc•s.iuc~nt::, fira•. and uti~er hazar~i insurance ~~remiinns;
lut) inte~rest on thc~ note se•cure~~i h+~rc~bt•: anri
(t~') amortization of the princi~~al of sai~1 nate.
An~• deficiency in the' amount of such ag~regate n~~ritfilti• pa}~ment s}~all, unless macle good by the
mortgagor prior to the due date ~>f the ne~t such paymE~nt, constitute an e~-ent of default under this mort-
gage. The mortgagee ma~• culiect a"late charge" nut to e~ceed t«'o cerits (2~•) .fo?• each ~iollar (~1) of
each payment more than fifteen (1~) days in arrears to co~•er the extra e~petise in~•ol~•ed ill handling
delinquent pa~~ments.
3. That if the total of the ~a~~merits made b~~ the moc•tgagor unde?• (b) of pai•agraph preceding sha'.l
etceed the amo~_~nt of pa~•ments act~iall~~ mad~ bt• the mortKa~ee, foi• gi•ound rents. ta~es anc~ as~c~s~ments
and insurance premiums, as the case may be, such excess shall be crediteci by~ the mortgagee on subsequent
payments to be made by the mortgagor. If, hoK•e~•er, the monthly pa~•ments made b5• the mort.gagor
under (b) of paragraph 2 preceding shall n~t be sufficient to pay ground rents, taxes and assessments
and insurance premiums, as the case may be, ~•hen the same shall become due and pa~•able, ±her: the
mortgagar shall pay to the mortgagee any amount necessary to make up the deficiency, on or before thP
date w~hen pa~~ment of such ground rents, taxes, assessments, or insurance premiurns shall be due. If
at any time the mc~rtgagor shall tender to the mortgagee in accordance with the provisions of the note
secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, ~n con~-
puting the amount of such indebtedness, credit to the account of the mortgagor all payments made under
the provisions of (a) of paragraph 2 hereof which the m~rtgagee has not become obligated to pa~• to the
Federal Housing Commissioner and any balanc2 remaining in the funds accumulated under the pro~~isioris
oi (b) of said paragraph 2. If thei•e shall be a default under any of the provisions of this moz•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 proceedings or at
the time the property is otherw•ise acquired, the balance then remaining in the funds accumulated under
(b) of paragraph 2 preceding as a credit against the amount of prii~cipal then remaining unpaid uncier
said n~te and ~hall properly adjust any paS•ments ~~hich shall ha~•e been made under (a) of said parag?~aph.
4. That he will nay all taxes, assessments, w~ater rates, and other go~-ernmental or municipal charges,
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