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Home My WebLink About1957 PROVIDED ALWAY3, and these presents are executed and delivered upon the following conditions~ to Wlt: The mortgag~or agrees to pay the mortgagee, or order, the principal sum of N~s s~o~~ ~oat t~nso ~s rolloo ___N..._M.f_....i..._._.._____.~,_..,.._.___... Dollara l,~.00 as evidenoed by a note of even date herewith, with interest from date at the rate of ~i~~ a~ Ztts~t•to~uctbr per centum ( s 3/q ~'b ) per annum on the un- paid balance until paid. The said principal and interest shall be payable at the oftice of lbrtl~ ~rsi~as 1~ort~~~ Corpratioa t.0. ~aac 123y9, tt. tetersb~, 1?loriia or at such other place as the ho]der of the note may desigmate in writing~ in monthly inatallments of l~i~ty ?out aad 90/100 Dollars SS.90 commencing on . the flrat day of t~ptwb~r ~ 19 6i . and on the ftrat day of each month thereafter nntil the principal and interest are fuUy paid. except that the final payment of princip~al and intereat, if not sooner Faid, ahalt be due arid payable on the first day of , 19li ; And shall duly. prompUy~ and fullq perform, discharge, execute, effect, complete, and comply with and ' abide by each and every the stipulations, agreements. conditions~ and covenants of said promissory note ~nd of thi.s 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 will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or mo~~e monthly payments on the principal that are next due on the note, on the first da~• of any month prior to maturity : Pmvided, however. that written notice of an intention to exercise such pririlege 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 is insured under the provisiona of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum ( l;h ) of the original principal amonnt 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 insured until maturit~•; anch payment to be applied by the mortgagee upon its obligation to the Federal Housiug Commissioner on account of mortgage !nsurance. 2. That. in order more fully to protect the security of this mortgage. the mortgagor, together with, snd 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 p~y the next mortgage insurance premium if this instrument and the note secured hereby are insured. or a monthfy charge (in lieu of a mortgag~e insurance premium) if they are held by the Federnl Housing Commissioner, as follows : (i) If and so long as said note of even date and thia inatrument are insured or are reinsured under the provisions of the National Housing Act, an amoynt aufticient to accumulate in the hands of the holder one (1) month pi•ior to its due date the annnal mortgage insurance premium, in order to pmvide such holder with funda to pay such p~~emium to tbe Federal Housing Commissioner pursuant to the Nationai Nousing Act, as amended, snd applicabls Re~ulationa thereunder; or (tt) If and so long as said note oi even date and th~s instrument are held by the Federal Housing Commis- sioner, a monthly cha (in lieu oi a mortgsge tnsurunce prernium) which ahal! be in an amount equal to one-twelfth of one-hali ('~4 ) per ccntum ot the average outstanding balance due on the note computed without taking into sa:oun0 delinquencies or prepayments; (b) A sum equal to the ground rents. if any, next due, plua the premiuma that will next become due and payabte 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. sach sums to be held by mortgagee in trust to pay said ground rents. premiums, taxes, and special assess- ments; and (c) All payments mentioned in the two preceding subsections of this paragraph and ail pay- ments to be made unde~' the note secured t~ereby 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: . pnemium charRes under the contract of insur~?nce with the Federal Housing Commissioner. or monthly charge (in lieu of moitgage insnrance premium), as the~case may be; (u) R~nund rnnts, ta~ces. asseasments. Sre. and other haurd insurance premiums; (ui) inte~rst on the note secured hereby; and (iv) amortization of the principal of said note. Any deficiency in the amount of such aggregate monthly payment shali. unless made good by the mortgagor prior to the due date of the next such payment~ constitute 9n event of default under this mort- gage. The mortgagee may cullect a"late charge" not to exceed two cents (2p) for each dollar ($1) of each payment more than fifteen (15) days in arrears to cover the extra expense invoived 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 vayrt~ents actua~ly made by the mortgagee, for Rround rents, taxes and asses.cments and inavrance premiums, as the case may be, such excesa ahall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the mortgag~or under (b) oi paragraph 2 preceding shall not be sufficient to paygro und rents, taxes and assessments and insurance premiums. aa the case may be, when the aame shall tiecome due and payable, then the mortgagor shall pay to the mortgagee any amount neceasary to make up the deficiency~ on or before the date when payment of such ground rents, taxes. assesaments. or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordsnce with the provisions of the note secured hereby, fuil payment of the entiz+e indebtedness repreeented thereby, the mortgagee shall, ;n com- puting the amount oi such indebtednese, credit to the account of the mortgagor all payments made under the pmviaions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pas to the Federal Housing Commissionsr and stny baiance remaining in the fund~accumulated under the pro~•isions of (b) of said paragraph 2. If Lhere shall be a defsult under sby of the provisiona of this mortgage. re- sulting in s public aale of the premises covered hereby, or if t!?e mortgagee acquires the property other- wise af: er default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property ia otherwise acquired. the balance then remaining in the funde accumulated under (b) of patagraph 2 preceding aa a credit againat the amount of principal then remaining unpaid under said note and shall pmperly adjust any paymenta which shall have been made under (a) of said paragraph. 4. That he will pay al1 taxes, assessments, water rates, and other governmental or mnn~cipal charges. ; ~ ~~~~.51 _ 156 . _ _ r ~ ~ ~ ~ - - - ;~:r