HomeMy WebLinkAbout2199 ~'Ft~v[nF.u ~1,~t~nY~, an~l th4~.~~ air~~sE~rits at•E~ e~~c~cutt~~1 and deli~~er~~d uPoi; t}ie follo~ring conditions, io
i t :
The moi•tga~or a~re~~s to ~~a~• the mo~~t~a~ee, ar order, the princip~l s~~m of Eleven Thot,~s and
and No~100
Dollars 11,000.00 as e~~ideneeci i>~• a note~ of c~~en c~ate here~~•ith, «•ith interest from date
at fhe rate ofFive 8i One-Quarter per centum ( 5a ~ pE'I• annum on the t~ri-
paid batance ttntil paid. The said prinei~~al ~znd iriterest shall be pay~at.~1e at the ot~ice of
VANGUARD MORTGAGE COMYANY,
lll' ~it SL1C}t Ot}lf'1• l~l re as the holder of the notc ma}~ designate in ~~•riting, in m~mthl~• inst~llments of
Sixty atld £i3~100 Dollars 60.83 commencing on
the first day~ of February , 1`~66 , and on the first da~~ of each month thereafter until the
pi°incipal ~rid intei•est are fully paid, except ttlat the final p~t~~ment of princip~il and intei•est, if nc~t sac~ner
paid, shall be due and pay~able on tiie fii•st da~• of Ja~tuary , 1996 ;
And shall duly, promptly, and fuliy perforcn, discharge, execute, effect, com~~lete, ard comply with and
abide by each and e~•ery the s~ipul~itions, agi-een~ents, cundilions, 3i1(~ covenants of s~iid promissory note
and of this mortgag~, then this mortgage and the estate herel~~~ created sha11 cease ~tind l~e null and ~~oid.
And the mortgagor further ca~•enants as folio« s:
1. That he will pay tiie indebtt~dnes~, as hf~reint~ef~~re pro~~ided. Pt•i~•ilege is i•esert~ed to pay the
debt in wh~~le, or in an ~~mount eyual to ~me ur n~ure nu,nftily payments r,n the ~~rir~ci~~,;l that are neYt due
un th~.~ note, on the first cia~• of an~' mt>>>th prior tc~ m~~turity~: Pro~~ided, ho~t~e~~er, ihat ~+~rittcn notice of an
inter~tiori to ~.~xer•cise such pri~~ilrge is gi~~er~ at least thirty~ (30) days pi•ioi• t~~ pi•epayment; and, pru~~icled
fuether, that in the e~•ent the del~t is p~iid in f~ill ~~rior to maturit~• nnd at that time it is insured undei•
the pro~~isians of the Nationr~l Ilc~using Act, he will p~~y~ to the mortgagee an adjusted premium charge of
one per centum (1 ) of the originat princi~~al amount thereof, exce~>t that in no event shall the ~ac3justed
premium exceed the a~~_,~ate amount of premiumcharges H•hich w~ould ha~•e 1>E:en paya{>le if the mort-
gaqe had continued to ~e insured until maturity~; such payment to be applied by the mortgagee urion its
abligation to the Federal Huusing Commissioner on account of mortg~ge ~nsurance,
2. That, in order more fully to ~~rotect the security of this mortgage, the mort~Rgor, together with,
and in addition to, the monthl~~ pa~~riients under the terms of the note secured herel~~~, on the first day of
each month until the said nute is fulls• }?aid, wiil ~3ay to the mortga~~~e the follow~ing sums:
An amount suffici~~tit to ~~Y•o~•ide the hol~ei• hei•eof ~~~it.h funds to pa~• the next mortgage
ins~~rance premium if this ]i1St1'L1i17Ellt at~d the note secured iiereb~~ are insurt~d, or a ntonthty char~e
(i~i lieu af ~ mortgage insurance premium) if the~• are hel~l b~~ the ~'eder.il Housing Commissionet•,
as fotlo:~~s:
(tj If an~i so lon~ ac said nntty of e•ren ~iate .uid this instrun~rnt are ins~n~e~l or arc rf•insure;i under thr
pro~•isioiis c~f the \;.~ti~nal }iousin~ act, an amour.t suffici+~nt to a:ci:mulate in thc~ hands of the holiler
oi~e (1) montn ~~rior to its ~tuc date the ~snnuai rno~~tgage insurance prr~nlium, in orde~r to pro~•ide such
hol~ler ~vith funds to pa~- such J~remiunt to the ~'ederal Housin~; C~~mmis.=inn~~r l,ursuant tc~ tiie'.~ati:,nal
Iiousing Act, as amended, and applicablc, FLeaulatiors thereun~i~•r; or
(~t) If and so lonR as said f70tP pf Pl'Pll date and this znctrumc•nt arc held b~• thc~ Fedrral Housir(~ Comtnis-
sioner, a monthly chai•~e (in lie.u of a~T~ort~,•ai~e insuranee {ieevnium) «•hich :hall b~~ in an amou~it
ec{ual to one-tµ•elfth j of one-half z) ?+et• crnturn of thr ar~>> a~;c ui~tstarzdin~* bstar~ce dun w~ the
note computed u~ithout takin~; into account delinqucncies or I~re~~a~~me•nts;
(h) sum equal to the ground rents, if an~•, next due, plus the premiums that ~ti~ill ne~t become
due ..nd ~>a>•at~le on ~~olicies of fire and ottier hazard insl~rance co~•ei~ing the m~~rt~<i~e~ propert>~, ~~lus
ta~es and assessments next due on the mortgaged properts~ (ail as estimated 1f~~ the rnc~rt~agee) less
aH sums airead~~ paid therefur ~i~'ided b~• the number of mor:tl7s to ela~~se before one month prior
to the date w•hen such ~round i~ents, premiums, taxes, and a~sessments w•ill become delinquent, such
sums to be held by mortgagee in trust to =~ay said ground rents, ~iremiums, t~ixes, and speciai assess•~
ments ; and
(c) A11 pa~•ments n~entioned in tlie t~~o preceding stTbsections c~f this paragraph arid all pay-
ments to l~e made under the note secured herel~~• sl~all be added together and th~~ a~gregate amount
thereof shall be paid by~ the mortgagor ea~h m;~nth in a single pa~•ment to be applied t~~~ the mort-
gagee to the following items in the oa•der set furth :
(t) y~remium char~es under the contract ~f insurance x•ith tFe Fetitc•ral f(ou~in~; Comrnissi~mc~r, nr ~7im~t?71}•
char~e (in lieu of mo~~t~a~e insur<?i?ce 1>~~t~mium), as th~• case may be;
(II) ~r~~nu! rents, taxe~, assc•ss~nc~nts, fire, and vih«~r harar~l insuranec• ~~retititnns;
Iut) intc•rc~st on thf~ note sc•ct~rc~d hr~rc~ht~; an~i
(i~') amortization of the prin~i~~al of sai~l note.
Any deficiency in the amount of such aggregate monthl~~ pa~•ment shall, unless macie go~d br,• the
n~ortgagor prior to tht~ clue date uf' the next sttch pa~~mc~iit, constitute a~i e~•ent of defauit uT](~E'1' t}11S 1T10I't-
gage. The mortgagee ma~~ cullect a"late charge" not ta exceed t~~o c•f>nts (2c) for each dollar ($1) of
each payment more than fifteen (15) c3a}~s in arrears to co~•er the extra etpense in~•ol~•ed ir~ handlin~
delin~uent payments.
3. That if the total of the pa~•ments made b~• themortgagor under• (b) of pai•agraph 2 preceding sh~ll
e~cceed the amount of na~•ments actuall~~ made b;~• the mort~a~'ee, f~r ~round rents, taxes an~ as~c~scments
anci insurance premiums, as the case may be, such exress shatl be credited b~• the rriortgagee on st~bsequent
payments ta be mac~e by the mortgagor. If, hou•ever, the monthly pay~ments made by the mortgagor
under { b) of paragraph 2 preceding shall not be sufficient to pay graund rents, taxes and assessments
and insurance premiums, as the case may~ be, when the same shall become due and pa5•able, then the
mortgagor shall pay to the mortgagee any amount necessary to rnake up the deficiency~, on or before ttie
date w~hen payment of such graund rents, taxes, asses~men~s, or insur.ance premiums shall be due. If
at any time the mortgag~r 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 coxi~-
puting the amount of such indebtedness, creciit to the account of the mortgagor all payments made under
the provisiorts of (a) of paragragh 2 hereof whic}i the mortgagee has not become obligated to pa~• ~o the
Federal Housing Comr~issioner and any balance remaining in the funds accumulated under the pro~~isions
of (b) of said pai•agraph 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 premises cos~ered herehy, ar if the mortgagee acquires the property other-
wise after default, the mortgagee shall apply, at the time of the commencement of surh proceedings or at
the tirne the property is otherwise acquired, the balance then remaining in the funds accumulat.ec! under
(b) of paragraph 2 preceding as a credit against the amount of principai then remaining unpaid under
said note and shall properly adjus+ any payments K•hich shat! have been made under (a) of said paragraph.
4. That he will pay all taxes, assessments, water rates, and other governmentai or municipai char~es,
B!'kK ~~`t ~c~