HomeMy WebLinkAbout1855 Pt~~~4'IDF:t~ a[.~ti~~~l's, an~l tht~.c~ {>1•e~st~r~ts ~it•t~ E~xeei~t~~~i ari~l rlelirt~rt~d unon the folloi~•ing eorl~jitione, to
i t :
The mortg.igor a~rc~es to ~~a~~ the mort~2gee, or ordr~r, the pz•incip~il sum of Ten Thousand
One Hundred Fifty and No/100 _
T~ollars 10,15Q,00 ~l, e~•idenceci h~• a note of e~~en date F?c~re«~ith, ~~•ith interest from date
at the rate uf Fi.ve ~C One-Quarter per centum ( 54 ) per annam on the un-
paici balanct: until paid. The ~zid pririciEyal and interest sh~ll be prz~~able at the of~ice of
VAhGUAFtD MORTGAGE COMPANY,
~
oi• at such othei• place a~ the hold~~i• c~f thc iiote~ m~i~• cle,i~nate in ~~•rititig, in mc~nthl~~ installments of
Fifty 5ix and 13/100 --------------L7ollars 56.13 commencing on
the first day of February , 1~6 , and on the fii•st da~• of each month thereafter until the
principal and interest are fully~ p~id, e~ccept that the final p~iti~ment of principal and intei•est, if not sooner ;
paid, shall be due and payable on the tii•st da~~ of January , 19 95 ;
~nd shall duly, promptly, and fuliy perfarm, discharge, execute, ef~'ect, complete, and comply with and *
abide b,y each ana e~~ery the stipulatioi~~, :~green~ents, conditions, and co~•en~t»ts of said promissory note
and of this mortgage, then this mortgage and the estate hereby~ crE~atecl shall cease and be null and void.
And t};e mortgagor further co~•enarits as follu~tis:
l. Th~~t he will p~y the indeutE~dne~,, as hereinhefore provided. ~'ri~•ile~;e is z•eser~~ed to ~~ay the
debt in whole, or in an amouiit t~qu.ll t~~ u~ie ~>i• n~~»~e Ill(1IltI1~Y p<;~•ment~ un the ~~i•inci{>al that are next due
on the note, on the first da~• of an;• n~unth pi•ioi• to maturit~~: Pi•a~~ided, ho«•e~•er, ttiat ~i't•ittCIl ilOilCe Ol an
intention to exercise sttch pri~~itrKr is gi~•en at leasi thirty~ (30) da~~s prior to au~epa~•ment; and, provided
further, th~?t in the event the del~t is paid in full ~n•ior to m<itui•ity and at. th.it time it is insured urider
the pro~•isions of the National Iic~u~ing Act, he w•ill pay to thE~ mort~agee an adjusted premium charge of
one per centum (1 ) of the uriginal princi~~al amoarit thereof, except that in no ~~~~ent ~hall the adjusted
premium excee~ the a~~;re~;ate amount c~f premium char~es which would ha~-e been payal,le if the n~ort-
gage had continued to Ue insured until maturit~• ; such pay~ment to Ue applied Ly~ the mortgagee upon it~
obligatiun to the Federal Housi~ig Con~missiorier on account uf mortgage ~nsurance.
2. Th~t, in order more fully to protect the security of this mortgage, the mort~agor, togethcr with,
and in addit~on tc~, the monthly pa~~ments under the terms of the note secured herek~y, un the tirst day of
each month until the s.~it~ note is fuli~~ ~iaid, ~~ill p<«~ to the zrwrtga~ee tlie folloµ•ing sums: ?
(a) An amount si~fi~icierrt t~ p~•o~~ide the holder hereof ~~~ith ftmds to pa~~ the next mortgage
i~isui•ance premitim if this itistrt~me?zt ~111(~ tilE' IlOtE~ secui•ed hereb~• art~ insttt•c~d, oi• a monthi~~ c}iarge
(in liett of a mortgage lI1S111'~i11CE' premium) if they are held by~ ihe ~'ecier~ll Housirig Commissiozier,
<<s fa11~~ti~s :
(c) If an~i ~n lony* as sai~i note of f~~•e~n ~late and this instruiiier~t are insurecl oi• are rc•in~ui~ed unrler thc~
pro~'isinns of t}~e \a!ionul FI~u~in}: act, an ant~utit suPticieut to accuntulate i~~ tht• hands of the holifer
one (1} month {,riur t~~ its ~tur ~~ate tiic annua! rnortguge insurunce premiurn, iu r~rd~r to ~ro~-ide such
hot~ler ~+•ith fun~l~ to }~~at• such ~~~~erniutn to tYrc~ Ferierul II~ucin~; C~,mmis:ir~nc•r {~ursu~in! to thc \ationul
Hou~in}; Act, as ;amen~led, and a~~}~lica}alc+ IteKulatinns ti~en•undc•r; ur
(nl If ari~1 so lonK as said nt,te r,f ~~~en ~latc zn~1 this instru~nc•nt are heid h}• th~ I~'c•cit~ral f~oii~in~ Co~ttmis-
sioner, u mot~thl~• char~e (in lieu of a mortca~e insurance ~~r~~miuni) w•hi~h shall be in an an~ount
ec~ual to ~~tie-t«~e~ifth ) of one-lialf ) ~u•i~ ce~~turr~ of th~• ~~•~•t~a~;e ~~utstat~di>>~,~ baltu~ce :iu~ on the
note computeil «•ithout tukin~; into account ~irlinc~uencies or preE~a~•mrnts;
(b) r'~ sum equal to the ground r~~nts, if ~in~~, next due, plus the premiums that «•ill next become
due and pti~~<~hle or? pulicies of fire and other h~zard ir~surance co~~ering fhe m~>rt~;a~ed proi~erty~, r~lus
ta~es and assessments next due on tiie n~<:c-tgri~ed ~~r•opert~• (all as estimated i>~• the mi>rt~ageel less
all sums <ilread~• E~aid therefor di~~ided b~• the number ~~f mvnths to elapst before o~ie r?ionth prior
t0 f}le (jatE' ~ti'~lt'll tiUC}l ~'YOUiI(j 1'EPtS, j)I'E'1111LIT11S, t7ltt'S, F1T1(~ il~~ltitiillt'IltS µ'lll ~E'Cl)FIIE' (jP~lil(~UeIlt, SUC}1
sums to be held k~~~ mortgagee in trust to pa~' said gruund i~~>nts, E~rE~rz~iums, ta~:es, and special assess-
ments ; and
(c) r'~11 pa~•ments Iilf?Ilt;octed iii the t~i•o precedirig subsections of this paragraj~h and all pay-
ments to be m~~de undeY~ the note secui•ed herehy sh~„1 be added togetiier anc3 the a~gregate amourit
thereof shall be ~~aid by~ the mort~agor each m,mth in a single paymet~t to be a,~plied b~~ the mort-
gagee ta the follaticing items in the oi•der set f~~rtil:
~ (,t) ~~rentium char~es unrier the MnYract c~f in~urai,cc ~~~ith ihc• I'c~deral lIc;u<in~r C'omtris.~~,r,e~3~. nr ti,~r~ti~l~~
char~;r (in lic~u c,f mc~rt~a~c in:tn~ance )~rc~miun~i, ~+s tht~ ru~;c~ ma}• hc;
(t[ ~~,~t~~t~iui rE•nt~, tazr.:, as;E•s;mc•nt~, fir~~, an~t t~tht~r harar~l insu?~tince ~~rr~miums;
(ttt) interr•ct on thr note sce»red 1~r~r~~bt•; an~l
~ (tc) amortization of the princi~~ul of :>.ii~i iiote.
Any deficienc~• in the amouzit of sucii aggregate mc~iithl~• pa~~ment shail, unless made good by~ thF
mortgagor prior to the due ciatc of the next such pat•ment, constitute an e~~c:~t of ciefault t~n<ier ttzis mort-
~ gage. The mortg~gee ma~• cullect a"lat~~ charge" n~~t to exceed t~ro cents (21') for each doliar ($1) of
each payn~ent more than tIfCPE'Tl ( l:~) cia~•s in ai'I'Pal'S to co~•er the E~xtra E~xpense in~•ol~•ed in handlin~
delinq~aent pa~•ments.
3. That if the total of the ~~a~•ments tnade b~~ the mort{~agor under (t,) af paragraph preceding shali
exceed the amou»t of na~~ments actually made t~~~ the I7lOI~t~a~ee, fui• ~ruunc! rer~ts, taxes and as~E~s~ments
and insurance ~remiums, as the case may be, such excess shall be credited b~• the mortgagee on subsequent
paymznts to be made by the mortgagor. If, hok~e~•er, the monthly pa~~ments made by the rnortgagor
under (b) of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes and assessii~ents
and insurance premiums, as the case may be, w•hen the same ahatl becoma ~iue and pa~•abte, ther, the
mortgagor shall pay to the mortgagee any~ amo~znt necessary to make up the deficiency, on or before the
date u•hen payment of such ground rents, taxes, a.~sessments, or insurance premiurns shall be due. lf
at an~- time the mortgagor shall tender to the mortgagee in accordance with the provisions of the riote
se~ured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, ~rt corn-
puting the amount of such indebtedness, credit to the account of the mortgagor all payments made under
the pro~~isions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa~• to the
Federal Housing Commissioner and any balanc~ remaining in the funds accumulated under the pro~ isiuns
of (6) of sai~j paragraph 2. If there shail be a default under any of the provisions of this mot•tgage, re-
sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the propert~• other-
wise after default, the mortgagee shall apply, at the time of the commencement of such proceedings ur at
the time the propert3• is otherw•ise acquired, the balance then remaining in the fi~nds accumtalated un<Ier
{b) of paragraph 2 preceding as a credit against the amount of prir~cipal then remaining unpaid under
said note and shall properlg~ adjust any~ paS~ments w•hich shall have been made under (a) of said pa~•agraph.
4. That he wi11 pay~ all taxes, assessments, water rates, and other go~•ernmental or municipal char~es,
aoo~ 2~4 4~