HomeMy WebLinkAbout1310 I'[tc~~'~nr:u at.~~'~~t'~, an~l thr~,~~ ~~rrs~>>its arc• t~xt~ctitt~cl ~u?d deli~•errd u[~on thc f~~llo~~~ing conciition,, to
i t :
T}ie mort~x oi• ~~f•ees tn p~ the moi•t~a~ee, or oc•cier, the princi~al sum of Nine Thousand One
Hundred Fi~ty and Na/i100 ---------------------------..________v_________
Dullars g,15Q . 00 as e~'?ci~~ncecl b~' R note of e~~en d~te hert~~ti•ith, ~~•ith interest fram date
at the rate of F].ve ~ One-Quar~er per centum ( ) per annum on the un-
paid balancE~ until p1id. The sa~d principa] and intert~~t shall bt~ pa~•atile ~t he oftice of
VANGUARD MORTCAGE COMPANY
t~r at such other pl~c~ a~ the hc~ld~~r of th~ not~~ ma~~ desi~tiate in ~~~riting, in monthi~• installments ot'
Fifty and 60,~100 -----___.._..____..~_.Dollars 50.60 comnlencing on
the first day~ of gebruary , Y9 6~ , and on the first da}~ of each month thereafter until the
principal ancl interest are full~~ paid, exce~~t that the final pa~•men± of Principal and interest, if not sooner
paid, shall be due and payable on tlie fii•st da~• of Jat~ueTy ~ 1996~
And shall duly, promptly, and fully perfornt, discharge, exeeute, effect, complete, and comply with and
aliide uy each nnd e~~ery the stipulations, ~igreements, conditiuns, and covenatits of said promissary note
and of this murtgage, then this n~ortgage t~nd the estate herel~y ~r~~ated ~hall cease and t3t null and vuid.
And the mortgagor further co~~ennnts as fe~llows:
1. That he will pay the indebtE~dne~s, as hereinl~t~fc~re pro~•ided. Pri~~ile~e is resert•ed to pay the
debt in whule, or in an amount equ.il t~~ c~ne ~~t- mure nu~nttzly payf11kI1~S l)il tilf~ ~rrincit~ai tl~at are next due
OIl t~lE' IIOtE', on the first da~• of an~' I17011t}1 ]1l'101' t0 i11ii~U1'lt~' :~~I'O\'1(~t'(~, ~l0\\'E'\'c'1', tfili~ ~~~rittcn i~utice of an
intention to etercise such pri~~ilr~e is gi~'en at least thirty (30) da~~s ~n-ior tu ~n•~~~ia~•meni ; and, pro~•icled
further, that in the e~~ent the deUt is paid in full l~rior to mlturit~• ~nd at that time it is insured uncier
the provisions of the N.~tional lluusing r1ct, he wiil pa~' to the mortgagee an adjusted premiutn charge of
one per centum ( 1 rr ) of the ori~inal principal amount thereof, except that in no event shall the adjusied
premium exceed the a~~'re~;ate amount of }~remium charges w~}iich would hare l~een payal>le if the niort-
ga~e had cantinued to be insured until maturit~~; such pa~~ment to be appiied by the mortgagee upon its
ot~ligation to the ~'ederal ~iousi?ig Commissioner on account of mortgage ~nsui•ance.
2. That, in order mo?•e Tully to ~~rt>tect the security of ihis mortgage, the mortgagor, together with,
and in addition to, the monthl~~ xri~•ments under the terms of the note secured hereb~~, on the first day oi
each month until the said note is full~~ ~~xid, µ'lI~ ~1ily to the mortgagee the follo~ti•ing sums:
(a) Ari amot~nt siif~icient t~~ pi•o~~ide the holdei• hei•eof ~~~ith funds to pa~• the neYt moi•tgage
insura?icc~ }~rt~mium if tl~is inst~~unient ilTl(~ t}lE' ~~ote secured he~•eby are itistxred, or a monthty charge
( in lie;~ of a mortgage insurat~c~~ premium) if they~ are heid by the Fecler,tl Housit~g Commissioner,
as follo~,-s :
(t) If an~l cr, lon~ as ::ai~l ~~~tr~ of ~•~•en ~1ate and this instrinneni arc~ insurcvi t~r are r~~insurcii tuider thc
~~ro~•i,iotis of the \atii~nal }Ioi~sis~~; Act, an antount sufficie~nt to accumt~late in thr hanils of the holder
one (1) month (~i iuc tu its ilue date the annuaf mo~~t~Ca~e insurance premiutn, in nrdc•r t~~ pru~•ide such
hni~ler ~~~ith fun~is to E~~ y such i~~f•n~itmi t~ thc Fe~ierat H~usin~; Cnmmis~:nnf~r ~~ur~uant t~ thr \ational i
x~,~,;~~~~; .art, a; airien:le~i, and a~,E~licablE~ Re~ulati~~ns thei~cun~fi•i ; oi~
i n) If an~i so lon~ as ~ui~i n~~te ~f e~~en date anil this instrument are h~~ld b}~ thc~ Fezi~~~~al Housin~,r Comiriis-
sionrr, a mnnthl}• rhar~e (in lieu of a m~rtfiaRe inslu-anec~ i~remiiirn) H~hich shal; he in an amount
e~~ual t~~ nr,~~-t~~~elfth of one-haif ~~er c~•r~tum cf thr a~'ei~ay;e oi~tstan~lin~ balanee iiue on the
nute computed w•ithout takin~; into accow~t delinquer.cies or prepa}-ments;
(h) A sum equal to the grounc~ rents, if anv, next due, plus the premiums that u~ill next become
due and ~~a~•ahle un policies of fire and c~ther hazard insurance co~~ering the me~rt~aged ,~ro~~ert~~, plus
taxes and assessments next due on tlte n~ortglged pro~~erty (all as estimated t,~• the mui•t~a~ee) less
all sums alread~• }~aid therefor di~'idE~d 1~~~ the number of n~onths to elapse before onc rnonth prior
to the date when such ~rounci rents, pr~~miums, ta~es, and as~e~timents w•ill l~~~come delinyuent, such
sums to be held k~y mort~agee in trust to pa~~ said gruunc: i~ents, premiums, taxes, and special assess-
ments ; and
{c) All pa~~ments mentionec~ in the tw•o preceding subsections of this paragraph and all pay-
ments to be made under- the note secu?•ed hereby shall t~e added toget}ier and tlie aggreg~ste amount
thereof shall be paid by the mortgagor each mrmtlt in a single pa)~ment to be aT7plied by the mort-
gagee to the follou~ing items in the order set farth:
l!) Iiremitnn char~;es un~ier thr~ cnntrac, ~~f insurar.ce «•it}~~ the Fc~cieral Eiousin~ C~nuni;si~in~~r, c~r m~nthl}~
charKe (in licu of mortK~~e irrsurance l~rernium), as the• casr• ma)~ be;
(~t) ~;r~ur.~i r•f~nts, taxe~, assc•ssments, fire, and uther hazar~l insurunce ~~remitmis;
III1) inti•f'c~st nn thc~ note sccurt~d hF•rc~h}~; ancl
{n~) atnortization of the princiE~al of sai~i note.
An~• deficienc~• in the amount of such ag~zregate m~nthl~~ pa}•ment shall, unless made ~zood b~' the
mortgagor pi•ior to the due date of the ne~t such pa~•ment, constitute ari e~'etlt of defaiilt t~ndei• this mort-
gage. The mortgagee rna~• cullect a"late charge" n~~t to exceed hti•o cents (2~~) fot• each c~ollar (~l ) of
each payment more than fifLeen (1~) d<3~-s in arreai•s to co~•er the extra expense iii~~ol~~ed i?i handlin~
delinquent payments.
3. That if the total of the pa~~mer~ts made b~• the mortgagor undci• (h) of paragraph 2 preceding shall
e~ceed the amount of 11c~~'i11PTitS ~CtUl~~~1~ made by the mortgaKee, for ground rer~ts, taxes anc~ assc~sGments
and insurance premiums, as the case may be, such excess shall be creditec~ by the mortgagee on subsequent
payments to be made by the mortgagor. If, however, the monthly payments r:~ade by the mc~rtgagor
under (b) of paragraph 2 preced'.ng shall not be sufficient ta pa~ g~^ound rents, taxes and assessments
and insurance premiums, as the case may be, w~hen the same shall become due and payahle, t}leTl the
mortgagor shall pay to the mortgagee any amount necessary to make up the deficienc~•, on or before ihe ~
date w•hen pay~ment of such ground rents, taxes, assessxnents, or insurance premiums shzll 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 af the entire indebtedness represented thereby, the mortgagee shall, ;n com-
puting the amount of such indebtedness, credit to the account nf the mortgagor all payments made undci•
the provisions of (a.) of paragraph 2 hereof which the mortgagee has not become obligated to pa}~ to tiie
Federal Housing Commissioner and any balance remaining in the funds accumulated under the pro~~isions
of (b) of said paragraph 2. If there shall be a defauit under any of the provision~ of this mortgage, re-
sulting in a public sale of the prernises covered hereby, or if the mortgagee acquires the progerty 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~se acquired, the balance then remaining in the funds accumulatecl uncler
(b) of paragraph 2 preceding as a credit against the amount of principal then remaining tmpaid under
said note and shall properly adjust any payments which shall have been made under (a) of sa~d parag?•aph.
4. That he will pay all taxes, assessments, water rates, an~ other governmental or municipal charges,
~oo~ 133 1Q4