HomeMy WebLinkAbout1037 . ~ .~.,.j
Pttovm~n At.w~YS. and these preseiits' a~ ~~~uted an~ delivered upon the following conditions, to
wit :
The mortgagor agrees to pay the mortgagee, or order~ the principal sum of =1~Y~f TB~S?ND
HI]~! ~ and 00/100- • • • • - - • • • - • • • • • • - - • • • • • ~ - . • - -
Do~lara (a u~gpp.pp as evidenced by a note of even date herewith~ with interest ~mm date
at the n?te oi Fin d~ tLr~e-lonrth per centum ( 5 3/4 96 ) Uer annu~a on the un-
paid balance until paid. The said principal and intereat ahall be payable at the o~tice of
J. I. IIS~r11C 1~D~flTG~G$ COBP~O~TI~ O~F FIA~DA, in Miaai ~~lorids
or at auch other plaoe as the holder of the note may designate in writing, in monthly installments of
SSITY~~ aad 50~100- - - - - - - - - • Dollars (a 69.50 ) , commencing on
the flrst dsy of Lngnat . 19 66 . and on the first day of each month thereafter until the '
principal and interest are i~lly paid~ except that the Rnal payment of principal and interes~ if not sooner
paid, shall be due and payable on the ftrst day of Jnl~ . 1996 ;
And ahall duly. promptly. and fuUy perform, discharge. execute. effect, complete. and comply with and
sbide by each and every the stipulationa. agreements. conditiona, and covenants of said promissory note
wd of thi~ 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 will 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 d~ flf anx month pr,ior to rr?aturity: Prnvided. however, that writtcn potice of an
intention to exerciae such privilege is given at least thirty (30) days prior to prepayment; and, prn:?ided
further. that in the event the debt is paid in full prior to maturity and at that time it is insured under
the provisions of the National Housing Act, he wiU pay to the mortgagee an adjusted premium charge of
one per centum (1;6) of the original prmcipal amount thereof, except that in no event shall the adjusied
premium exceed the aggregate amount of premium charges which would have been payable if the mort-
gage had continued to be insured until maturit3~: such payment io be applied by the mortgagee upon its
obligation to the Federal Housing Commissioner on account of mortgag~e insurance.
2. That, in order more fully to pmtect 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 following sums:
(a) An amount sufticient 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 monthly charge
(in lieu of a raortgage insurance premium) if they are held by the Federxl Housing Commissioner. ~
as follows :
(t) If and ao long as said note oi even dste and this inatrument srP insured or are reinsured under the
pro~risiona ot the Nationsl Houaing Act, an amonnt suflicient to aecumulate in the hands of the holder
one (1) month prior to its due dste the annnal mortgage insurar.oe premium~ in order to provide such
holder with funds to pay such premium to the Ftdetal Houaing Commiasioner pursuant to the National
Housing Act~ as amended~ and applicable Re~ulations thereunder; or
(n) If and ao long aa said note of even date and th~a instrnment are held bjr the Federal Housing Commis-
sioner. a monthly charge (in lieu of a mortgage insuranee premium) which shall be in an amount
equal to one-twelfth of one-half ( 34 ) per centum of the average outatanding balance due on the
note computed without taking into aoeount delinquenciea or prepayments;
(b) A sum equal to the ground rents. if any. next due, 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 assessmenta 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
I to the date when such grodnd~ 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 assess-
~i ments ; and . - , .
! (c) All payments mentionQd in the two -preceding subaections 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:
6 preminm eMrqes under the mntract of inaurance with the Federal Houging Commissioner. or monthly
~ charge (in lien oi mortgage insnrance premium), aa the case may be;
(it) gnound rents. taxEa. assessmenta. 6re, and other hazsrd inaurance premiums;
(nt) intereat on the note secu~~ed henby; and .
(tv) amortization of the prineipal 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 pa~yment~ 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 paymenta.
3. That if the total of the payments made b themortgagor under (b) of paragraph ~ preceding shall
exceed the amount of nayments ac~tually made ~y the mortgagee, for Rround rents, taxes and asaes.aments
snd insurance premiuma, aa the case may be, such eucess shall be credited by the mortgagee on subsequent
~ pa,yments to be made by the mortgagor. If, however, the monthly payments made by the mortgag+or
ander (b) of paragraph 2 preceding shall not be au~cient to pay ground rents, taxes and aasessments
and inaurance premium~ aa 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 renta taues, aa~sesarnents, or inaurance premiuma shall be due. If
~ at any time the mortgagor shall tender to ~the mortgagee in aocordance with the proviaions of the note
aecured hereby, full payment of the entire indebtedneas represented thereby, the mortgagee shall, ~n com-
~ puting the amount of such indebtedneas, credit to the acoount of the mortgagor all payraents made under
the provisions of (a) of parsgraph 2 hereof which the mortgagee haa not be~~me obligated to pay to the
Fedenl Housin~ Commiaeioner and any balance remaining in thg funds accu~ulated under the pro~•isiona
of (b) oi aaid paragrsph 2. Ii there ahall be a default under sny o~ the pmviaiona of this mortgage~ re-
sulting in s pubiic sale of the premiaes covered hereby, or ii the lnortgagee acquires tlie property other-
wise after defauit, the mortgagee shall apply, st the tune of the commencement of such proceed~ngs or at
the time the property is otherwise acquired. the balance thett remaining in the funda accumulated under
(b) of paragraph 2 preceding ss a credit againat thE amount of principal then remaining unpaid under
said nots snd ahall prnperly adjust any paymenta which ahall have been made under (a) of sai~ ~a~a~raph.
4. That he will pay all taxes, assessments, water rates. and other grovernmental or munic~pal~cfiarges,
.
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