HomeMy WebLinkAbout0126 PROVIDED ALWAYS. and these presents are e~cGteci and delivered ~.~poh the following conditions. to
wit: ~
The mortga r agrees to pay the mortgagee, or order, the principal sum oi gight ~tats8pd Ni~e '
Huadred aad No~100-----------------------------------------•------------------------
Dollars (a8~900.00 as evidenced by a not~ of even date herewith~ ~vith interest fmm date
at the rate of Fiv~e and et~e-half per centum ( 5~],~2 96 ) per annum on the un-
paid balance until paid. The said principal and interest shall be payable at the office of
Natianal. Haaes A~cceptauce Corporation, Lafe~yette~ Indiana
or at such other place as the holder of the note may designate in writing~ ia monthly installments of
1~'i~qr end 55/1A0----------------•-------- Dollars 5p.55 commencing on
the t~rst day of J1~ne . 19 66 , and on the first day of each month thereafter nntil the
principal and interest are fully paid, except that the flnal payment of principal and interest~ if not sooner
paid, shall be due and payable on the ftrst day of May , 1996 ;
And shall duly, promptly. and fully 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 thig mortgage, then this mortgage and the estate hereby created shall cease and be null and void.
And the mortgagor further covenants as follow•s:
l. That he wiU pay the indebtedness. as hereinbefore provided, Privilege is reserved to pay the
debt in whole, or in an amount equal to one or moi~e monthly payments on the principal that are next due
on the note, on the first da~ of any month prior to maturity : Provided. how ever, that written notice of an
intention to exereise 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 full prior to maturity and at thut time it is insured under
the provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of
aiie per centum (2'';~.) of the urigin~l principal amount thereof, exce~t that in no event shall the adjusted
premium exceed the aggregate amount of premium charges which would have been payable if the mort-
gage had continued to be insored until maturitl ; such payment to be applied by the mortgagee upon its
obligation to the Federal Housing Commissioner on account of mortgage 2i~surance.
2. That, in order more fully to protect thc 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 following sums:`
(a) An amount sufficient to provide the holder hereof with funds to pay the next mortgag^e
insurance premium if this instrument and the note secured hereby are insured, or a monthty charge
(in lieu of a mortgage insurance premium) if they are held by the Federnl Housing Commissioner,
as follows :
(t) If and so long as said note of even date and thia instrument are inaured or are reinsnred under the
provisions oi the National Housing Act, sn amount auftieient to accumulate in the hands of the holder
one (1) month p~ior to its due date the annual mortgage insurance premium, in order to prnvide such
holder with funds to pay such premium to the Federel Houaing Commissioner pnrsuant to the National
Housing Aet~ as amended. and ap licable Re~ulations thereunder; or
(tt) If and eo long as said note ot even Sate and th~e instrnment ane held by the Federal Honsing Commis-
sioner. a monthly chsrge (in lieu of a mortgage insurance premium) which shall be in an amount
equal to one-twelith (y~=) of one-half ( 34 ) per ecntum of the average outstanding balance due on the
note computed without tsking into aecount delinquencies or prepayments;
(b) A sum equal to the ground rents, if any, next du~ plus the premiums that will next become
due and payable on policies of fire and other hazard insurance covering the mortgaged property, plus
taxes and assessments next due on the mortgaged property (all as estimated by the mortgagee) lesa
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
sums to be held by mortgagee in trust to pay said ground rents. premiuma, taxes, and special assess-
ments; and ~
(c) All paymenta "mentioued ~in the two preceding~ subsectioris of this paragraph and all pay-
ments to be made under the note secured hereby shall be added together and the aggregate amount
~ thereof shali be paid by the mortgagar each month in a single payment to be applied by the mort-
~ gagee to the following items in the order set forth:
E premium charqea under the contract of insurance with the Federal Housing Commissioner, or monthly
~ charge (in lieu of mortgage insurance premium)~ aa the case may be;
~ (iitj ,n~terest on the not~e secu~~ed hereby,~andd other hazard insurance premiums;
~ (tvj amortization of the principal of said note.
~ Any deficiency in the amount of such aggregaYe monthly payment shall, unless made good by the
mortgagor prior to the due date of the 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
~ each payment more than fifteen (15j days in arrears to cover the exLra expense involved in handling
~ delinquent payments.
~ 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall
~ exceed the amount of payments actuslly~ made by the mortgagee, for Rround rents, taxes and assesaments ~
~ and maurance premiums, as the case may be. such exceas ahall be credited by the mortgagee on subsequent
= paymenta to be made by th~ mortgagor. If, however, the monthly payments made by the mortSaSor
~ nnder (b) of patagraph 2 preceding ahall not be au~cient to payground renta, taxes and aasessments
4 and insurance premiums, as the case may be, when the same ahall ~ecwme due and payable. then the
r mortgagor shall pay to the mortgagee any smount necessary to make up the deficiency~ on or before the
€ date when payment of such ground renta, taxea, assessmenta, or insvrance premiums 8ha11 be due. If
~ at any tune the mortgsgor shall tender to the mortgagee in acxordance with the prnviaions of the note
; secured hereby, full payment of the entire indeb~esa represented thereby, the mortgagee ahall. ;n com-
puting the amour.t of auch indebtedneas~ credit to e acoount o! the mortgagor all payments made under
~ the prnviaions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pay to the
~ Federal Houaing Commissiones and aay balance remaining in the funds acc~nnulated under the pro~ isions
~ of (b) of said paragraph 2. If thei~e shall be a defauit under any of the pravision~ of thia mortgage, re-
~ sulting in s public sale of the premiaes covered hereby, or if the mortgagee acquirea ttie property other-
wise after default, the martgagee shall spply, at the time of the oommencement of auch proceedings or at
~ the time the prnperty ia otherwiae acquired, the balunce then remaining in the funds accumulated under
3 (b) of paragraph 2 pr~ceding as a credit againat the amount of principal then remaining unpaid under
~ said note and ahall properly adjuat any paymenta which shall have been made under (a) pf sacd pa.ragraph.
~ 4. That he will pay all taxes, asaessmenta. water rates, and other governmental or rt±unicipai chargea,
~ OR ~
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