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Home My WebLink About0094 . , PROVIDED AI,WAY3, and these presenta a~ executed and •delirered upon the following conditions~ to ~ it : The mort~a gor agrees to pay the mortgagee. or order. the principal sum of $ight Thouaand Three Hundred ~ no/100-•--••--•-----------••••-----•--•--.,-•- Dollars (a 8,900.00 aa evidenced by a note of even date herewith. with interest frnm d~te at the rate of Five ~ One-Half •--r•---••- Per centum ( 5 1~Z g6 ) per annum on the un- paid balance until paid, The said principal and interest shall be payable at the ofl~ce of FSaSRAL N1ITIONIIL M4QTG~AGS ASSOCIATION ' 34 Peachtree Street, N.E., ~,tlanta~ Georgia or at such other place as the holder of the note may designate in writing, in monthly installments of . Forty-Seven ac 14/100-•----~-~~~~~ Doliars (a 47.14 commencing on the first day of ~y ~ 19 and on t,he first day of each month thereafter until the principal and interest are fully paid, except that the final payment of principal and interest, if not sooner paid. shall be due and payable on the Srat day of April •1996 : And sh$11 duly~ promptly, and fuUy perform, discharge. execute, effect, complete. and comply with and abide by each and every the stipulations, agreements~ conditions, and covenants of said promissory note and of this mortgage, then this mortgage and the estate hereby created sha11 cease and be null and void. And the mortgagor further covenants as fotlows: 1. That he will pay the indebtedness, xs hereinbefore provided. Privilege is reserved to pay the debt in whole. or in an amount equal to one or mot~e monthly payments on the principal that are next due on the note, on the fir~t da3~ of any month prior to maturity: Provided, hoKever, that written notice of an intention to exercise such pri~•ilege is given at least thirty (30) days prior to prepayment; and. provided further, that in the event the debt is paid in fuli prior to maturity and at that time it is insured under the provisiot~s of the National ~Iousing Act. he will pay to the mortgagee an adjusted premium charge of one per centum (1%) of the original principal amou~t thereof, except that in no event shall the adjusted premwm exceed the aggregate amount of premium charges which would have t~een payable if the mort- gage had continued to Ge insured until maturit~•; such payrn~nt to be applied by the.mortgagee upon its obligation to the Federal Housing Commissioner on account of mortgage insurance, 2. That. in orcler more fully to protec.t the security of this mortgage. the mortgagor, together with, and in addition to. the monthly payments under the terms of the note secured hereby. on the first day of each month until the said note is fully paid. will pay to the mortgagee the foltowing sums: (a) An amount sufficient to provide Lhe holder hereof with funds to pay the next mortgage insui-ance premium if this insti•ument and the note secured hereby are insured~ or a monthiy charge (in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner, as follo~~ s : (t) If snd so IonR as said note of even date and this inatrument are insured or are reinsured under the provisions of the t`'ational Housing .1ct. an amount suAicient to seeumulate in the hands of the holder one (1) month prior to its due date the annuat mortgage insurance premium, in order to pro~ ide such holder N ith funds to pag such pi~emium to the Federal Housing Commissioner pursusnt to the National NoasinR Act. as amended, and applicable Regulations thereunder; or If and ~o long as said note of even date and this instrument ate held by the Federal Housing Commis- sioner, a monthly charg~e (in lieu ot a mortgage insurance premium) which shall be in an amount equal to one-tKelfth (y~.) of one-half (',4 ) per centum of the averaqe outatanding balance due on the note coniputed v?ithout taking into account detinquencies or prepayments; (b) A sum equal to the ground rents, if any~ ne~ct due. plus the premiums that will next become due and payable on policies of frre and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number of months to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments will become delinquent, such snms to be held by mortgagee in trust to pay said ground rents, premiums, taxes. and special assess- ments; and (c) All payments mentioned in the two preceding subsections of this paragraph and all pay- ments to be made under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a single payment to be applied by the mort- ' gagee to the following items in the order set forth : (t) premium chsrRes under the contract of insurance vvith the Federal Housing Commissioner. or monthly i charRe (in lieu of mo~~tp~age insurance premium), as the case may be; j (t~) ground rents, taxes, asseasments~ fire, and other hazard insurance premiums; ' ~ (ut) interest on the note secured hereby; and • ; (~v) amortization of the principai of said note. i Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the i martgagor prior to the due date of tl~e next such payment~ constitute an event of default under this mort- ~ gage. The mortgagee may cullect a"late charge" not to exceed two cents (2~) for each dollar ($1) of g each payment more. than fifteen (15) days in arrears to cover the extra expense involved in handling ~ delinquent payments. ~ 3. That if the total of the pa3 ments made by the mortgagor under (b) of paragraph 2 preceding shall ~ exceed the amount af nay ments actual~y made bv the mortgagee. for Rround rents, taxes and asses.Rmenta t and ~nsurance premiuma, as the case may be, such excesa shali be credited by the mortgagee ott subaequent ~ payments to be made by the mortgagor. If, however, the monthly payments made by_ the mortgagor ; under (b) of paragraph 2 preceding ahall not be su~cient to pay und renta, taxes and assessmenta ~ and insurance premiums, as the case may be, when the same ahal~~ecome due and payable, then the f mortgagor shall pay to the mortgagee any amount neceasary to make up the deficiency, on or before the : date whea payment of such ground rents, taxea, assesaments, or inaurance premiuma shall be due. If ~ at any time the mortgagor ahall tender to the mortgagee in accordance with the provisions of the note ~ secured hereby, full payment of the entire indebtednesa represented thereby, the mortgagee ahall, ;n com- ~ pnting the amount of such indebtedness, credit to the acoount of the mortgagor all payments made under ~ the pmvisiona of (a) of paragraph 2 hereof which the mortgagee has not become obiigated to paS• to the ~ Feder~l Housing Commissioner aud any balance rernaining in the funds accumulated under the prorisiona ; of (b) oi said p~arrag~rsph 2. Ii thei~e ahall be a default under any of the provisiona of this mortgage~ re- ~ aaltin~ in a public aale of the premiaes oovered hereby, or if the mortgagee aoquires tlie praperty other- ; wise after default, the mortgagee ahaU apply, at the time of the commencement of such proceedings or at F the time the property is otherwise acquired~ the balance then remaining in the funda accumulated under ~ (b) of paragraph 2 precedin as a credit againat the amwunt of principal then remaining unpaid under ~ said note and shall properly a~juat any paymenta which shall tiave been made under (a) of said paragraph. ~ 4. That he will ~ pay all taxea. assessments~ water rates, and other governmental or myni~ip~l~charges, ~ . ~ . t ~ ~ g~~~ _ ~ ~ _ r ~ ~ _ _ - _ - - - - - _ - _ - ~ r -