The URL can be used to link to this page

Home My WebLink About2892 Doca~eatsr~ ataops in tly a~onnt ot ~ . ~.20 af f 3zed ta as~ ~ancal2td oa orisiaal aote. ~ ri'~. Q93`~~'2~ . =t.~t~, , P~tovm~ A~.wsYS. and these presenta are e~~t$d and ~1~"v upon the iollowing conditiona. to wit: The mortQag~or a~reee to pay the mortgagee. or order. the princip~l aurn of il~ti 9~O1~At0 ~~ii ~ ~nW • • • • • r • ~ • ~ • ~ • • ~ • a • • • ~ • ~ ~ • ~ • • • • w Dollars ~6~800,00 aa evidenoed by e~ note oi even date herewith~ with tnter~est irom date at the r~te oi p;~ ~ 0~•~1! per centum iJ2 96 ) per annum on the un- pnid b~?lance until paid. The said principal and intereat shall be payable at the o~ce of J. x. u3tt Mc~ltl+c'~A~Gi OOIt~~TiON Ct~ rtAltlDiA~ 1220 Siacayw Bonlehsd - Miud~ l~lo~3ds or at auch other place ita the holder of the note may designate in writing, in monthly inatallments of NinetT-f i~ and 42/100 • • • ~ • - - - - - - ~ « 95•42 ) . commencing on the firat day of , 19 .~nd on the firat day of exch month thereafter until the prtncipal snd interest are ful~y paid, except ~at the tinal psyment of principal and interest, if not sooner paid, ahall ba due and ps~?sble on the Srat dsy oi Jmr , 1996 ; And aball duly, promptly, and tuily perfornt. diacharge. execute, effect, oomplete. snd comply with and abide bq each and every the stipulations, agreementa, conditione, and covenanta of said promiasory note aud of thi:s mort~~e, t6en thia mortgage and the estate hereby created ahall ceaae and be null and void. And the mort~agor further covensnts aa foUo~s: l. ~FhaE he ~vlll p~y 'the indebfi,edness. as hereinbefore providea. Frivilege ~~~vda w~~`~e debt ia whole. or in an amount equal to one or moi~e monthly p~ayments on the principal that are next due on the note, on the first da,~• of any month prior to maturity: Provided~ ho~ever. that written notice of an intention to exereiae such privilege 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 that time it ia insured under the provisions of the National Housing Act. he wilt pay to the mortgagee an adjusted premium charge of one per centum (t~~fo ) of the original principal amount thereof, except that in no event shali the adjusied premium exceed the a~gregate amount of premium c~arges which would have been payable if the mort geg~e had continued to be insured until maturitr; auch payment to be applied by the mortgagee upon its oblig~tion to the Federal Houaing Commissioner on sooount oi mortgage ~nsurance. 2 That, in order more fully to protect the security of this mortgage. the mortgagor~ together with. snd in addition to~ tbe monthly paymenta under the terma of the note secured hereby. on the first day of each month until the said note is fuAy paid, will pay to the mortgagee the following sums: (a) An amount sufficient to provide the holder hereof with funds to pay the next mortgage insurance premium if •this instrument 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 follows : If and so long aa said note of even date and thia inatrument are insured or are reinsured nnder the pro~ isions of the National Aousing Act, ~n atnount suflicient to accumulate in the hands of the hoider one (1) nronth prior to its due dAte the annual mortgsge insuranee premium, in otder to provide such - holder w~ith funda to pay such premium to the Federal Housing Commissioner pursuant to the National Housing Act, aa smended. snd applieable Re~ulations thereunder; or (tt) If and e~ long as said note oi even date snd th~s instrument are held bjr the Fede~sl Aousing Commia- sioner. s monthl~r cha~'~e (in lieu oi a mortgage inaurance premium) which shall be in an amount equal to one-twelfth (~i'~s) oi one-half (',4 ) per centum of the average outatanding balanee due on the note compnted without taking into socount delinquenciea or pnpaymenta; (b) A sum equal to the ground rents. if any, neat due, plua 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 pruperty (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 pay said ground rents. premiums. taxes, and special assesa- 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 ahall be added together and tlie aggregate amount thereof shall be paid by the mortgagor each month in a single pa~ment to be applied by the mort- gagee to the following items in the order aet forth: - - • ~ (i) premium char~ea undet the eontraet oi ieaurance with the Federal Housing Commissioner, or monthip charge (~n lieu oi mott~tge inaurance pnemium), as the case ~ay be; (tt) ~round rents, taxea. aasessments, Sre, and otJ?er hazard inaurance premiums~ (ttt) mterest on the nota secured herebp; ard • (~v) smortization of the principal ot 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 pa~ment, constitute an event of default under this mor~ gage. The mortgagee may cullect a"late charge' not to exceed two cents (2C) for each dollar (51) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent paymenta. - 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding ahall t?acceed the amount of payments actualiy made by the mortgagee. for Rround rents, taxes and assesaments ~ aad ~nsurance premiums, aa the case may be, such excess ahall be credited by the mortgagee on subsequent ~ paymenta to be made by the mortga~or. If, however. the monthly payments made by the mortgaSor nnder (6) of paragraph 2 preceding ahall not be suBcient to pay~round rents, taxes and asaesaments ~ and insurance premiuma, aa the caae may be, when the same nhall become due and payable, then the mortgagor ahall pay to the mortgagee any amount nec~asary to mske up the deficiency, on or before the ~ date when psyment of such ground renta, taxea, aasesamenta, or insurance premiuma shall be due. If at any time the mortgaeor ahsll tender to the moyrt~ee in ~~ocardsnce with t6e proviaions of the note secured hereby, full payment oi the entire indebtedness represented thereby, the mortgagee ahall, ;n com- ac o puting the amount oi such indebtednesa, credit to the acc~ount of the mortgagor all pa~rmenta made under the provisions of (a) of paragrsph 2 hereoi which the mortgagee hss ~not become oblig ted bo pap to the Federal Housing Commiasioner snd sqf? balance remaining int~ie funda accwnulated un~er the pro~•isions oi (b) oi said pai~rsph 2. if thel~e ahall be a deisnlt under_ ~u'iy of the prnviaions of thia mortgage, re- sultin~ in a public sale of the premiaes covered hereby, or if the mortgagee acquirea ttie prop~rrty other- wiae after default, the mortgagee a}isll apply, at the time of the commencement of auch proceedings or at the time the property is otherwise ac~quired. the balance then remAining in the funds accumulated under (b) of paragraph 2 preceding as a credit s~ainst tbe snwunt of principal then remaining unpaid under uid note and ahall properly adjuat any payments ahich ahall have been msde under (a) of said paragraph. 4. That he will pay all taxea, asseaamenta, water rat~es, and other governmenta~ or municipal charges, ~ . . ~i~47 490 . , } . . - ~ _ - _ - - , _ - ~ s.~.~~ _ ~ ~ . _ _