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HomeMy WebLinkAbout0695 I'tt~~~'1DF:u a~.~~'~~1'~, anci thc~sc~ ~~r~~srlltS ar~~ ~~xeeut~~ci and cii~li~~er~~c~ ul~c~n thc~ f~~llo~~•in~ eanditions, to it : The mai•t~agor ~i~;t•ees to p~~~~ the moi-t~'a~c~e, oi• oi•dei•, the pi•incipal :;um of N ine '~housand Four Hundred Fifty and No/100 I~oll~lrs 9, 4S0. QO as e~~icienced h~~ ~ note of e~•en date hei•e~~~ith, «~ith interest fi•om ~late at tYYe rate of F'LVe & ORe-QuArter pei• centum ( 5~ ) pc~r annum an the un- paici balance until paid. The said principal and interest sh~ll be ~a~'~ble at th~ offiice of McCAUGHAN MORTGAGE COMPANY, INC., o~~ at such othei• place as the haldei• of thc tiote m~i~~ designate in ~~~riting, in monthl~• installme;~ts of Fifty T~?io and 26/l0U --------------nollars 52.26 commencingon the first da~- of January , 1~ 66 , and an the first cia~• of eaih month thereafter until the ~~rincipal and interest are fully ~aid, except. that the final pa~•ment of ~~rincip~~l and interest, if not sooner paid, shall be due and payable on the fii•st da~• of December , 1995 ; And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and abide t~y each and e~~ery the stipulations, agreements, conditions, and c~~•enxnts of s.lid ~~romissory note and of this mortgage, then this mortg~~ge illl(~ t~le E'St~ite herel~~~ created shalt cease and be null and void. And tlie mortgagor further covenants as fullo~tis: 1. That he will pay the indebt~~dness, as hc~reinl~ef~~re ~~rcn~ided. I'ri~~ile~e is :•eserved to pay the debt in whoie, ar in an amount ec;ual t~i une ~~r me,~'c m~mtl~ly pay'17YE'il~.~, l)Il ~~lE ~n~inci~ril th~it are ne~ct due ol: the ~iote, on the first da~~ of an~~ montti prioi• to ~l~atui•it~~ : Pco~~ided, lic~~+~e~~c~t•, that «~i•ittc~i notice of an intention to exercise such pri~~il~~Ke is gi~•en at least thirty (30) days ~~ri~~r to pre{~ayment; and, provided further, that in the e~•ent the dei~t is paid in full ~~rior to maturit~• and at that tirne it is insured under the prot~isions of ttte National 1lousing Act, he v?•ill paY to the murt~'a~ee xn adjusted pr~e~mit~m charge of one per cet~tum (1 ) of the original prinripai amount thereuf, exce~~t that in no e~•ent shall the adjusted premium e~ceed the a~;gregatE~ amount of pi•emium charges K•i~ich would h~~~•e l>ee11 j)8y~at~le if the inort- ga~e had continu~d to be insured i~ntil maturit3~; such payment to be <i~~plied l~y the martgagee u~~on its obligation to the Federal tlousi~ig Commissioner on account of martgage ~nsurance. That, in order more fully to protec~t the security of this mort~;a~e, the mortgagor, together with, and in additian to, ihe munthly p~i~•ments under the terms uf the note secured herei~~~, un the first day of each month until the said r+ote i; fully }~aid, ~ti~ill ~rty to the niortgn~ee the foll~w•ing swns: (ttj An amount suf~ici~nt t~ pro~~ide ti~e hoicier hei•eof ~~~ith fimds to pa~~ the next mortgage l]1S1i1'ilriCf' j)1'E'111111ri1 lf t~11S lI1St1'U;77E'llt .iI1C~ t}lE' IlOtE' SE'C'Ul't'(~ }lE't'E'~~' ~lY'l' 1115111'E'(~, U1' c7 1T10Ilt~ljl' C}l<ll'~C ( in lieu of a~ mut°tgage lI1SUt'311ce ~7remium) if the~- are held b~• the Fecier~tl Housing Commissioner, ~ls follo«~s : (t) If an~i sn inng ac said note of c~•en ~latc• ~tiid thi~ instr.itnent are insured ur arc r<•insur~~~l un~ier th~ pro~~isinns of the \aticmal Housing Aet, an amo~n: suf}icient to tsccumu!ate in the hancls of the h~l~ler o~re 1 1) month {~riur t~~ its ~i,_ie rlate thi~ .innual m~rrt~;a~e insurance premium, in nrdcr t~~ pru~•ide ~uch luil~ler ~cith funii~ to ~~ay sttch ~iremium tn the Fe~ie!•al F{ousin~ ('~nnmis:i~mc~r ~~ursuunt t~~ the \ational F~foucin~; Act, a: amended, an~l a}~~~licab!t, Re~ulati~ns therci~nd~~r; or I~t) If an~i so IonR as :airi note ~f e~•en ~1ate and this instrwn~•nt ace hcl~i hi• thc~ F'e~it•ral 1{ousin~,~ Conunis- si~nt~r, a monthl~' char~;e (in lieu of a tz~ort~;a~e insurance premium) ~+~hicii ~haii t~e in an amount E~~ual to one-t~~•elfth of one-half )~~er centum ~f th~ a~•cruy;e nutstan~iin~; balunee rlu~ on the note comi~uted ~e;thout taking into account delinc~uencies or prepa)~mf•nts; (b) A sum equal Yo the ground rents, if any, next due, plus the premiums that «~il] next become due anci {~a>'able on ~~ulicies of tire and other hazard insur~nce coverin~ th~e m~~rt~aged ,~r~~~~t>rt~-, plus taxes and asse~sments next due on the mortgaged proE~ert~~ (all as estimztc~d the mortgagee) less all ~ums alread~• }~aid therefur di~~ided t~~• the number ~~f nu,i~ths to e)aE~se befure one month prior to the date ~ti•hen such grotsnd rents, premiums, ta~es, and astieti~m~nts µ'lIl liE'C(ilTlt' delinquent, s~ach sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assess- ments ; ar.d (c) All pa~•ments mentioned in the t~•o precc:ding subsections ~f tl~is paragraph and all pa~~- ments to l~e made under ttie nute secui•ed herel~~• shall he added togetl~er and tlie aggregate an~ount thereof shall }7e {~aid b~~ the mortgagor eacit mnnth in a single pa~•ment to t~e applied by~ the mort- gagee to the following items in the order set forth : ?~t•emiunZ char~es un~ier th~ cot~t~~act c~f insur:ince ~~•iti~ thc I~ ed~•ral Flr~u~int ('onuni~sinn~•r, nr u~nr,thl}~ chai~,re (in licu r~f m~~,t~a~;e intuiance i~rei7~itiml, a~ th~• ca~c• n;a~~ 1,c•; 1 tt )~~~c~tm~l r~•nts, ta~es, assr.;~nu~nts, firc, and UIIIPI' }721'LUr~.I insur:snCC• ~n~~~mium;; ftti) intere~st ~n th~~ notP secure~l hFrE~h~ ; an~l (n') a~tior?ization of the Principal of ~ai~l note. An}~ defieieiie~• in the amount of such ag~rrgate m~nthl~' ~c'~)'f11E?Ti~ SE~ail, unless macle gooci b}• the mortga~or prior to the due date of tl~e next such pa~~mE>nt, constitute an e~'ent of defat~lt unc~er this mort- gage. The mort~agee ma}• cullect a"late charge" nc~t to exceeci t~~~o cc~nts ('~c) foi• each c~ollar (~1) of each pay~rnent more than fifteen ( l~) ila~•s in arreat•s to co~•er the e~tra expens~ in~•ol~~ed iri handling delinquent pa,r•rnents. 3. That if the total of the pa~•rl~ents made by~ themortgagor under (t~) of paragraph preceding shall e~ceed the amount of na~•ments actuall~~ made b~~ the mort~a~ee, for ~i•ouncl re?Its, taxes an~ a~sc~s~ments and insurance premiums, as the case may be, such excess shall be credited ~y the mortgagee on subsequent payments to be made by the mortgagor. If, haw~e~~er, the monthly payments made by~ the mortgagar under (b) of paragraph 2 preceding shall nat be sufficient ta pay graund rents, taxes and assessments and insurance premiums, as the case may be, :~hen the same shall become due and pa~•able, then the mc~rtgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the clate w~hen payment of such ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the mor;gagor 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, in coc~~- puting the amount of such indebtedness, credit to the aceount of the mortgagor all payments n~acle u?;clei• the provisions of (a) of paragraph 2 hereof which the rnortgagee has not become obligated to pa}• to tfie Federal Housing Commissioner and any balance remaining in the funds accumulated under the pro~ isiuns of (b) of said paragraph 2. If ther•e shalt be a default under any of the provisions of this moi•tgage, re- suiting in a public sale ~f the premises covered hereby, or if the mortgagee acquires the propert~• ottier- w•ise after default, the mortgagee shall apply, at the time of the commencement of such praceedings or at. the time the property is otherwise acquired, the batance then remaining in the funds accwnulated under (b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaici uncier said note and shall properlS• adjust any payments which shall have been made under (a) of said paragraph. 4. That he will pay aU taxes, assessments, water rates, and other governmental or municipal char~es, BOOK ~c~~ _~.r..