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HomeMy WebLinkAbout0478 . ~ . i PROVIDED ALWAYS. and these presents are executed and delivered upon the following conditions, to ~ v~ it : The mortgagror agrees to pay the mortgag~ee. or order. the principal sum of Tet1 Thousand ! aQd No/100 Do~lars (a10,000.00 as evidenced by a note of even date herewith, ~vith interest from date at the rate of giv4 8~ Three Qu arters per centum ( 5 9/4 ;"o) per annum on the un- paid balance until paid. The said priacipal and interest shall be gayable at the oflice of VpN~~ MOR1~(iAGE COI~AtdY or at such other place as the holder of the note may desigmate in writing, in monthly installments of F~ftq SLx and 80/100 --------------Dollars (a 56.80 commencingon the ftrst day of J~ ~ 19 66 ~ and on the first day of each month thereafter until the principal and interest are futly paid. except that the ftnal payment of principal and interest, if not sooner paid, shall be due and payable on the first day of~y ,1996 ; And shall duly, pmmptly, and fu11y perform, discharge. execute, effect~ complete. and comply with and abide by each and every the stipulatians, agreements, conditions, and covenants of said pmmissory notz and of this mortgage~ then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as follow•s; 1. That he wiU pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole. or in an amount equ~tl to one or moi~e monthly payments on the principai that are next due on the note~ on the first dal of any month prior to maturity : Provided, however~ 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 full prior tq maturity and at that time it is insured unde~• the provisions of the_National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1%) of the original principa] amonnt thereof, except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would ha~e been payable if the mort- gage had continued to be insured until maturit~ ; such payment to be applied by the mortgagee upon its obligation to the Federal Housing Commissioner on account of mortgage ~nsurance. 2. That. in order more fully to protect the security of this mortgage, the mortgagor, together with, and in addit*on 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 pxy to the mortgagee the following sums: (a) An amount sufficient to provide the holder hereof with fands to pay the next mortgage insurance premium if this instrument and the note secured hereby are insured. or a monthiy charg~e (in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner, as foliows : ~ (z) If and so long as said note of e~en date and thia instrument are insured or are reinsured under the provisions of the National Housing Ack an amount auflicient to accumulate in the hands of the holder one ( i) month pi•ior to its due date the annual morigage insurance premium, in order to pro~ ide such holder with funds to pay such premium to the Federal Housing Commissioner pursuant to the National Housinq Act, as amended. and applicable Regulations thereunder; or (~i) If and su long as said note of even date and this instrument are held by the Federal Housing Commis- sioner, a monthly charg~e (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth of one-half ('~4 ) per centum o! the averaRe outstanding balance due on the note computed without taking into account delinquencies or prepayments; (b) A sum equal to the ground rents. if any, next due, plns 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 martgagee) less all sums already paid therefor divided by the number of munths 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 td pay said ground rents~ premiums. taxes, and special assess- ments; and (c) Atl pa3ments 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 tl~e aggregate amount thereof shall be paid by the mo~gagor each month in a single payment to be applied by the mort- ~ gagee to the following items in he order set forth : ~ i (t) premium charRes under the contract of insurance with the Federal Housing Commissioner. or monthly i charge (in lieq of mort}~age insurance premium), as the case may be; I (u) g~~ound rents. taxes. assessments. Sre. and other hazard insurance premiums; (t?t) interest on the note secmed hereby; snd (tv) amortization of the principal of said note. Any deficiency in the amount of such aggregate 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 (15) days in arrears to cover the extra expense involved in handling delinquent payments. , 3. That if the total of the payments made b the mortgagor under (b) of paragraph 2 preceding shail exceed the amount of na~~ments actually made ~y the mortgagee. for Rrovnd rent~4, taxes and asses.aments and insurance premiums, as the case may be, such exceas ahall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under (b) of paragraph 2 preceding shaU not be su8'icient to pay ground rents, taxes and assessments and insurance premiums, as the case may be, when the same ahall become due and payable, then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency~ on or before the date when payment of such ground rents, taxea, asse~smenta, or insursnce premiuma shall be due. If at any time the mortgagor ahall tender to the mortgagee in accordance with the proviaions of the note secured hereby. full payment of the entire indebtedness repreaented thereby, the mortgagee shall, ~n com- puting the atnount of st~ch indebtedness, credit to the acc:ount of the mortgagor all payments made under the pmvisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa~ to the Federal Houaing Commissioner and any balance remaining in the funds accumulated under the pro~•isions of (b) of said paragraph 2. If thei~e ahall be a default under any of the provisions of this mortgage, re- sulting in a public sale of the premiaea covered hereby, or ii the mortgagee aoquires the prnperty other- wise after default, the mortgagee shall apply, at the time of the oommencement of such proceedings or at the time the pmperty is otherwise acquired, the balance then remaining in the funda accumulated under (b) of paragraph 2 preceding aa a credit against the amount of principal then remainittg unyaid under aaid note and shall pmperly adjust any paymenta which shall have been made under (a) of said paragraph. 4. That he will pay all taxes, assessments, wster ratea, and other governmental or municipal charges, s~~i43 ~77 g. ~ - - ~x,~._ ~ - ~ ~ ~ ~ .f:~,z~'