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Home My WebLink About0156 I'xovin~n A1.IYAYS, and thest~ presents art~ t~xecuted ~lll(~ (~E'il~'E'I'E'(I upon the fo1lowing conditions, to \~'lt : The mortgagor agrees to pay the mortgagee, or or~ler, the ~rincipal sum of Te[1 Thousand One Huttdred Fifty ~nd No/100 Dollars 10 ~ ZS0.00 as e~~idenced by a note of even c~ate here~~~ith, ~~•ith interest from date at the rate of gLve & Otie-Qtiarter per centurn ( ~ ~'e) per annurn on the un- paid balance until paid. The said principal and interest shall be payable at the office of McCAUGHAN MORTGAGE COMP~Y, INC., or at such other place as the holder of the note ma~~ designate in u•riting, in monthly insta~lments of F if ty S ix ~nd 1. 3/100 - - - - - - - - - - - - -~ollars ( $ 56 . I. 3 ) , commenci ng on the first dav of J8tluery , 1966 , and on the first da~~ of each month thereaft~r until the principal and interest are fully paid, except that the final pa~~ment ~f princi~~al and inte~•est, if not cooner paid, sha11 be due and payable on the first da~- of DeCember , 199~; And shali duly, promptly, and fully perform, discharge, execute, effect, cumplete, and comply with and abide by each and every the stipulations, agreements, conditions, and co~enaiits of sai~ promissory note and of this mortgage, then this mortgage and the estate hereuy created shall cease and be null and void. And the mortgagor further covenants as follows : 1. That he will pay the indet~tedness, as hereintiefore provided. Yri~~ilege is reser~•ed to pay the debt in whole, or in an amount ec~ual to ane c~r nu~?•e monthly ~aym~nts on tiie princir~al that are next due on the note, on the first day of an~• r~ionth prior to rnaturity: Pro~~id~~d, }~o~i•e~~er, that ~~rittcn notice of an intention to exercise such pri~•ilege is gi~~en at least thirty (30j days prior to preF?ayment; and, provided furt.her, that in the event tlte del~t is paid in full prior to mattirity and at that time it is insured under the provisions of the National Housing Act, he wilt pay to the mortgagee an adjusted prernium charge of one per centum (1 ) of the origir~al principal amount thereof, exce~t that in no event shaU the adjusted premium exceed the a~gregate an?ount of premium charges which would have been payable if the mort- gage had continued to be insured until maturity; such payn~ent to be apptied f~y the mortgageP upon its obli~ation to the Federal Housi~ig Cammissior~er an account of mortgage }nsui•ance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with, and in addition to, the monthly~ p~yments under the terms nf the note secured hereby, on the first day of each month until the said note is fully paid, will pay to the mortgagee the following sums: (a) An amount. sufficient to pi•o~~ii~e thc ~iolder hei•eof «•ith funds to pa~~ the next moi•tgage insui•ance I~i•emium if this insti•umen± and the note secui•eci hereby~ ai•e insui•ed, or• a montht~• charge (iil tieii of a moi•tgage insuraiice premium) if the~• are held b5• the Federal Housing Commission~~•, .~s fol lo«~s : (1) Tf ~uui so Inn~; as sairl note nf c•~•en date and this instrument are insured or are rcinsured undcr th~ pro~•isions of the \ational Housing Act, an amount suflicient to arcumulate in the hands of the holder one (1 } month ioi• to its duc date the annu~el mortgage insurance pi•ernium, in c~rder to provide such hol~ler ~~•ith funds to pa~~ such premium to the Fecieral Housin~ Commissi~mer tiursuant to the National Hou~in~; Act, as amen~led, and a~iplicabie Re~uiations thei•eundei~; or If anc! so lon~{ as said note of even <late and this instrument are hc:ld by~ thc~ Federal HousinR Commis- sioner, a monthly charRe (in lieu of a mortR'a~e insurance premium) ~•hich shafl be in an amount ec7uai to one-t«•elfth of one-half ('z) per cc~ntum of the a~~erahe ou?standin~ halance duoan the note com~~uted without taking into account clelinquencies or prepa~•ments; (b) A sum equal io the ground rents, if any, next due, plus the premiums that will next become due and pa~•able on policies of fire and other hazard insurance cove?~ing the m~>i~tga~ed propert~~, ptus taxes and assessments next due on tlie mortgaged pro~~erty~ (all as estimated i~~~ the mortgagee) less all sums alread~~ t~aid therefor di~~ided ~y the number of months to elapse before one month prior to the date when such ground rents, premiums, taxes, ancl assessments will becc;me delinquent, such sums t~ be held by mortgagee in trust to pay said gi•ound i~ents, ~remiums, taxes, and special assess- ments ; and (c) All pa~~ments n~entioned in the two preceding subsections of this paragraph and all pay- ments to be made under the note secured hereby sh~ill k>e added together ar.d the aggregate amount thereof shall be paid by the mortgagor each mnnth in a single payment to be applied by the mort- gagee to the following items in the order set forth: premium char~es under the contract of insurance w~ith the Fc~iF•ral Hou~;n~ Comrtrissionc~r, nr mortth:t• char~e (in lieu of mortRaKe insurance prentium), as th~~ case may be; (it) groun;l rents, taxes, asses;ments, fire, and uther hazarcl insuranee Iii~c~miums; (ut) interest on the nate securc~d h~rebp; an~1 amortization of the principal of said note. Anv defieienc~~ in the amount of such aggregate monthly pa~~rnent shall, unless mac~e good by the mortgagor prior to the due date of tlie next such pay~ment, constitute an e~•ent of default under this mort- gage. The mortgagee ma~~ cullect a"late charge" not to exceecl t~~•o cet~ts (2~~) for each doSlar ($l ) of each payment more than fifteen (1 da~•s in arrears ta co~~er the extra expense incolved in handling delinquent payments. 3. That if the total of the pa~•n~ents made bS= the murtgagor under (b) of paragraph 2 preceding shall exceed the amc~tmt af pa~~ments actuall~• macie by the mortga~ee, for ~round rent~, taxes and asses~ments and insurance premiums, as the case may be, such excess shatl be credited by the mortgagee on subsec~uent payments to be 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 rnay be, when the same shall become due and pa~•able, then the mortgagor shall pay to the mort~agee any amount necessary to make up the deficiency, on or b~efore the date when payment of 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 hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, ;n corn- puting the amount of such indebtedness, credit to the account of the martgagor all payments made unclet• 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 pro~•isions of (b) of said pax•agraph 2. If therA shall be a default under any of the provisions of this moi•tgage, re- sulting in a pablic sale af the prernises covered hereby, or if the martgagee acquires Lhe gropert~• other- wise after default, the rnortgagee shall appiy, at the time of the commencement of such proceedings or at the timA the property is otherwise acquired, tt~~e balance then remaining in the funds accumulated under (b) of paragraph 2 preceding as a credit ag~ainst the amount of principa! then ren~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 will pa~ ali taxes, as.esscnents, water rates, and other governmentai or m~nicipal charges, ~OOK ~~J~ ~~U - i.~...~