HomeMy WebLinkAbout0193 PROVIUEI) ALtiVAYSy and these presents are ex~~cuted and deli~•ered upon ti?e follo«~ing conditions, to
it :
The mortgagor agrees to pay the mortgagee, or order, the principal surn of N fne Thoussnd S ix
Hundred Fifty and Na/100
Dollars 9,650.00 as e~~idenced by a note of even date here~ti~ith, ~rith interest from date
at the rate of F'LVe & One-Quarter per centum ( 5~ r'o) per annum on the un-
paid balance untii paid. The said principal and intPrest shall be payable at the office of
McCaughan Martgage Company, Inc.,
or at such other place as the holder of the note may designate in ~~•riting, in monthl~• instaUments of
F if ty Three a~?d 36/140 - - - r - - - - - - - -Dollars ( $ S 3 . 36 ) , commencing on
the first day of Jenusry , Y9 66, and on the first day of each month thereafter until the
priucipal and interest are fu11y paid, except that the final pa~~rnent of prin~ipat and inteY•est, if not sooner
paid, shall be due and payable an the first da>• af ~Cember ~ 1995 ~
And shall duly, promptly, and fully perfarm, discharge, execute, effect, complete, and comply with attd
abide by each and every the stipulations, agreements, cunditions, and covenants of said promissory nete
and of this mortgage, then this mortgage and the estate hereby created shall cease and be n~ll attd void.
And the mortgagor further covenants as follows :
1. That he will pay the indeUt~dness, as hereinbefore provided. Pri~•ilege is reserved to pay the
debt in whole, or in an amount equal to one or mo~•e monthly payments on the principal thlt are next due
on the note, on the first day of an~~ month prior to maturity: Provided~ ~lOµ'E'Ver, that w•ritten notice of an
intention to exercise such pri~•ilege is gi~•en at Ieast thirty (30) days prior to prepayment; and, provicled
further, th~t in the event the det;t is paid in full prior to maturity and at th~t time it is insured under
t'r.e provisions of the N~tional Ilousing Act, he will 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 exceed the aggregate amount of premium charges which would ha~~e been payable if the mort-
gage had continued to Ue insured until maturit~•; such payment to be apptied by the mortgagee upon its
obligation to the Federal Housi?~g Commissioner 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 m~~nthty pa~ments under the terms of the note secured hereby, on the first day af
each month until ihe said note is fully paid,'will pay to the mortgagee the following sums:
(a) An amount st~fficient to pro~•ide the holder hereof ~rith funds to pay the next mortgage
insurance premium if this instrument 1nd the note secured hereby ar•e insured, or a monthly charge
(in lieu of a mortgage insurance prernium) if the~• are held b3~ the Feder~t Housing Commissioner,
as follo~~•s :
If and so lonh> as said note of eren date and this instrument are insured or are reinsured under the
piror•isiuns of the \ational Hcusin~; Act, an amount sufficient to accumulate in the hands of the holder
one (1) mot~th pi ioi• to its duc date the unnual moi-tgage insurance premium, in order to provir~e such
holde~• w•ith funds to ~~ay such p~•emium to the Federal Housing Commissioner ~~ursuant to the :~ationai
Housin~,r Act, as amended, and applicabl~ Re~ulations thereundc~r; or
(tt) If ancl so lon~ as caid note of eo•eii ilate and this instrument are held h}• the Feder~al Housinq Commis-
sioner, a monthl}• charAe (in lieu of a n:ort~a~e ingurance premium) w~hich shall be in an amount
eryual to one-tti•elfth (t'~ of one-half ) pc•r centum of the avera~e outstanding balance duo on thP
note computed without taking into account delinquencies or prepayments;
(b) A sum equal to the ground rents, if any, next due, plus the prerniums that will next become
due and ~~ayable on policies of fire and other hazard insurance co~•ering the mortgaged Uroperty, plus
taxes and assessments next due on the mortgaged proF~erty (atl as estimated h~~ the mortgagee) less
all sums already ~aid therefor• divided l~y the number of months to elapse before o~ie month prior
to the date u~hen such ground rents, premiums, taxes, and assessments will becotr?e delinquent, such
sums to be held by t*_mortgagee in trust to pay said gr~und i~ents, premiums, taxes, and special assess-
ments ; and
(c) All pa~•ments mentioned in the tw•o preceding subsections of this paragraph and all pay-
ments ta be made under the note secured herel~y shall be added togetl~er and the aggregate amount
thereof shall be paid by the mortgagor each mnnth in a single payment to be applied by the mort-
gagee ta the following items in the order set forth :
(i) premium char~es under the contrazt of insurance with the F~~cleral Hou.in~ Commissioner, or monthl}•
charRe (in lieu of mortRaRe insut•atzce premiurr~), as the case ma>~ be;
(II) ;qround rents, taxes, asses;ments, fire, and other hazard insurance prc~miums;
(ttt) interest on the note secured hereby; and
(i~') amorLization of the prinaipal of said nofe. ~
Any deficiency in the amount of such aggregate monthly pa~~ment shall, unless made good by the
mortgagor pi•ior to the d«e datc of ti~e ne~t such payment, constitute ~n event of default under this mort-
gage. The mortgagee may cullect a"late charge" not to exceed tw•a cents (2t~) for each dollar ($1) of
each payment more than fifteen (15) days in arrears to co~•er the extra expense in~•olved in handling
delinquent payrnetits.
3. That if the total of the payments rnade by themortgagor under (b) of paragraph 2 preceding shall
exceed the amount of nat~ments actually made by the mortgagee, for ~ruund rents, taxes and assessm~nts
and insurance premiums, as the cas~ may be, such excesg shatl be credited by the mortgagee on subsequent
payments to be made by the mortgagor. If, h~wever, the monthly payments made by the mortgagor
~ ander (b) of paragraph 2 preceding shall not be sufficient tr~ pay graund rentg, taaces and asaessments
~ 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 neces~aary to rnake up the deficiency, on or before the
date when payment of such grnund rents, taxes, assesRments, or insurance premiums shall be due, If
~t any time the mortgagor shall tender to th~ mortgagee in accordance with the provisions of the note
secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, ~n com-
puting the amount of such indebted~esa, credit to'the~accroi~nt of the mortgagor all payments made under
the provisi4ns of (aj of para,graph 2 hereof which the mortgagee has not become obligated to pa~~ to the
Federal Housing Cornmis~ioner and any balance remaining in the funds accumulated under the pro~•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 premiaes cavered hereby, or if the rnortgagee acquires the prnpert5• other-
wise after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at
the time the property is otherwise acquired~, the Yralance then remaining in the funds accumulated under
(b) of paragraph 2 preceding as a credit againxt the amaunt of principal then remaining unpaid under
ssid note and shali prop~rly adjust any payments which shatt have been made under (a) of said paragraph.
4. That he will pay all taxes, assessments, water ratea, and other governmental or municipal charges,
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