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Home My WebLink About0606 - ~ ! ~ ~ fi PROVIDED ALWAY3, and these presenta are exe~uted and delivered upon the foUowing conditions~ to K'It: The martgagor agreea to pay the mortgagee. or order, tbe principal sum of ~~11/~~d ~~Or Ensdr~d • so/100~'~~~~~~~~~~~~~~~~~~~~~~~wi~.~~~~~~~~w~ Dollars •10~s00•00 aa evidenced by t? note of even dute herewith~ with interest irom date at the rate of ~i~~ • OsrHal!-•--------• per centum ( d 1/3 g6) per annum on the un- paid balance until paid. The said principal and intereat shaU be pay$ble at the ot~ce of l~RAL ~IllI011~L ~iiOCI~ZIOII a~ p~aestr~~ /tr~~t~ l1•s•~ ?tlaata~ a~~=tia ~ or at such other ptace aa the holder of the note may designate #n wr~tin~. in monthly installments of !it t~•11ls~ • 0~~~00----••-••---•••• Dollars ~ ta d~,OT commencing on the Srst day of l~a~ ~ 19 •0, and on the flrat day of each month thereafter until the principai and interest !ire fully paid. xxcept that the final payment of principal and interest, if not sooner paid. shall be due and payable ~n the flrat duy of ~psil ~ loo~ And ahaU duly. prompt~r, and lully perfotm, discharge. execute, effect~ complete. and comply w~th and abide by es~ch nnd every the stipulations, ag?reements, conditiona, and oovenants of said promissory note and of thiss mortgage. then this mortgage and the estnte hereby created shall cease and be null and void And the mortgag~or further covenRnts as folloKS: 1. That he will pay t'te indebtedness. as hereinbefore pmvided. Privilege is reserved ~to p~y 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, hoN•erer, that writtcn 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 ~rior 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 one per centum (1 ~h) of the originxl principal amount thereof. except 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 insure~ until maturity; such p~ayment to be applied by the mortgagee upon its obligation to the Federal Housing Commissioner on account of mortgage ?nsurance. 2. That, in brder more fully to protect 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 ~y to the mortgagee the following sums: (a) An atnount sufficient to prnvide the holder hereof with funds to pay the next mortgage insurance premium if this instrument and the note secured hernby are inaured, or a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner. as folloti•s : (i) If and.so lang as said note of even date and thia inatrument are insured or are reinsuted under the ~ provisiona of the A'ationa! Housing Act, an amount sufNcient to accumulate in the hands of the holder one (1) month prior to its due date the annual mortgage insurance premiam~ in order to pmvide such holder with funds to pay such pi~emium to the Federal Houaing Commissioner puraus~lt to the National Housing Act. as amended. snd applicable Aegulationa thereunder; or (u) If and ao long aa said note of even date and thia instrument are held bq the Federal Housinq Commis- sioner, a monthly chsrge (in lieu of a mortgage insuranoe premium) v?hich shall be in an amount equal to one-twelfth (y~_) of one-half per eentum of the averaRe outstanding balance dueon the note rnmputed without taking into account delinquencies or prepayments; (b) A sum equal to the ground rents, if any, next due, plus the premium$ 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) 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 sums to be held by mortgagee in trust_to p~y said ground rents, premiums, taxes, and special assess- ments ; and . (c) All payments mentioned in the two preceding subsectiona of this paragraph and aIl 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 charRrs under the contract oi insurance with the Federal Housinq Commissioner, or monthly charRe (in keu of mortgage insurance premium), as the case may be; (~t) ground rents, ta~ces, assessments, Rre. and other hazard inaurance premiuma; (ttt) inte~rst on the note secured hereby; and ~ (iv) amortization of the principal oi said note. • Any deficiency in the amount of such a$gregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such. pa~?ment, constifute an event of default under this mort- gage. The mortgagee may ~c411ect a"lat~ charge' not to exceed two cenfs (2Q) for each dollar (~1) of each payment moce than flfteen (15j days in arrears to cover the extra expense involved in handling delinquetet paymenta. ' • • 3. That if the total of the payments made by the mortgagor-under (b) of paragraph 2 preceding shall exceed the amount of t~ayments actually made.bv the mortgagee. for Rround rents. taxes and asses$menta and inaurance premiuma. as the caae may be, such exceas ahaU be credited by the mortgagee on subsequent paymenta to be made by the mortgagor. If, however. the monthly payraents made by the mortgagor under (bj of para~raph 2 precediag ahaU not be an~cient to pqyground renta, taxes and assessmenta and insurance premiuma, aa the case may be, when the asme ahall Lecome due and payable, then the mortgagor shall pay to the mortgag~ee anq amount neceasary to mslce np the deficienc~?, on or before the date when psyment of sach ground renta, taxea, aaseesmenta, or insurance premiums ahall be due. If at any time the mortgagor shsll teader to the mort,~sgee in ~ccordance with tLe pmvisions .of the .~ote aecured hereby, full payment of the entire indebtednesa repreaented thereby~ the mortgagee shall. ;n com- puting the amount of sucb uidebtedne~ credit to the Aeoowtt oi the mort~a~or ai1 paymenta made under the prnviaions of ~a) of pars~raph 2 hereof which the mortgag~e haa not be<wme obli ated to 8 pa)• to the Federal Housing Commiasioner aad any bslance remaining in the funda accumulated under the pro~•isions of ( b) of aaid Pal'~gt~sPh 2. r Ii thez+e shalt be a detsalt und~ sn,y o2 th~ provisions. bf thia mortgage, re- aultinQ in s public sale of the premises covered hereby, or if the mortgagee aoquirES t~?e pmperty other- wise after defsult, the mor~gagee ahsU spply. at the time of the eommencement oi auch proceedings or at the time the property ia otherwise acquired, the bals~nce thea remaining in the funda accumulated under (b) of paragrsph 2 precedin as a credit ~ainat the amopnt of principnl then remaining unpaid under said note aad shsll properly a~ust any payments which ahali have been made under (a) of said paragraph. 4. Thst he will paq all taues. saaeasiments, ~?ster rat,es, and other governmental o~ ~u~'~~argea~ ~ a~K 1~4 - ~ 5 - . - ~ - ~ ~ x -M-----__-_----__-_--~_ ~ _