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Home My WebLink About2756 • ; ~ q ` i . ' ` v ta .d Pxovw~ A~.w~YS, and these pr~enta are executed aad delivered upon the iollowing conditions. to . wit: The mort~tg~or agreea to pay the mortgsgree, or order. the principal sum of . Qa~ ~S =~1~~MNNNN~~~~N~~N~rNMNNN~~NNNN Dollare ~`~Tpp~pp as evidenced by a note of even date herewith. with intereat from date st th8 rate of ~in atid tbocNdo~trlhr per centum ( 5 3/4 per ~nnum on the un- paid bal~qe until paid. The said principal and interest ahs~ll be paysble at the o~ce of ' J. S!'i~ILJii' ~s OnQ~R, IIQ. ~ or at such other place aa the holder of the note may designate in writing, in monthly installments of 1I~'!-8~a i 53~100 ------•---------•--•~ollars 7r•53 commencing on the flrat day of 8~t~b~ ..19 66 . at?d on the first day of each month thereafter until the principal and intereat are ful~r paid. except that tha tinal p~ymeat of princip~al and intereat, if not sooner paid, stutU be due And p~?yable on the first day of ,i~s;~ , 1996 ; And shaD deily. pmmptly. and tuUy perform, diecharge. execute~ effect. complete. and comp~y with and sbide by~ each ~nd every the stipulationa. agr~ements, conditions. and covenants of said promissory note and of th'vs mortgAge, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as foDows: 1. That he wn'll pay the indebtedness~ as hereinbefore provided. Privilege ia reserved to pqy 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 : Pmvided, however. that written notice of an intention to exercise auch privilege is given at least tturty (30) days prior to prepayment; and. pmvided further, that in the event the deUt is paid in fuU prior to tnaturity and at th~t time it is insured under the pmvisiona of the National Housing Act. he wiQ pay to the mortgagee an adjusted premium charge of one per oentum (1~6) of the original principal 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 gsge had continued to be insured until maturit3•; suc6 payment to be applied by the mortgagee upon its obligation to the Federal Housing Commissioner on account of mortgage insurance. - 2. That, in orde~t more fully to pmtect the security of thia 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 e~c1t month until the said note is fully paid. will pay to the mortgagee the foliowing sums: (a) An amount sul~icient ~o prnvide 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 charg~e (in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner, as follows : (t) Ii and ao long as aaid note of even dste and this instrament sre insured or an reinsured ander the pmviaions oi the National Aousing Act, an amonnt sufHeient to accumulate in the hands of the holder one (1) month prior to its due date the wnnual mortgage inaursnoe premium~ in order to prnvide auch holder with funda to pay such premium to the Fedenl Housing Commissioner pnrauant to the Nat~onal Housing Aet. as smended, and applieable Re~ulations thereunder; or (~t) If and so long as aaid note of even date and th~s instrument sre held by the Federal Housing Commis- sioner, a monthly charge (in lieu of s mortgage insuranee premium) wh~ch shal! be in sn amount note eo~m nted without =tating into ~ao ount deli~ntum of the sverage outstanding balance due on the Pn ncNendes or PmMY~~: (b) A sum equal to the gmund rents. if any, next du~, plua the premiums that will next become due and payable on policiea of fire and other hazard~insurance oovering the mortgaged property, plua 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 elapae before one month prior to the dste when such ground rents, premiums, taxes, and a.gsessments will become delinquent. such sums to be held by mortgagee in trust to pay said ground rents, premiumg. taxes~ ~nd apecfal 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 aecured hereby shall be added together and tbe aggregate amount ~ thereof shall be paid by the mortgag~or each monfh in a sirigle payment to be applied by the mort- ~ gagee to the following items in the order set forth : (t) premium char~ea under the tontract of inauranee with the Federal Aousing Commisaioner~ or monthly charge (in lieu of mortgage insnrance premium)~ sa the case may be; (it) ~round renta. taues, asaessinents, Sre, snd other hazard insurance premiuma; (III) ~ntereat on the note, seed_r~d hereby: and - - - - - (iv) amortiution oi the principsl of aaid note. Any deficiency in the amount of•such aggregate monthly~ Qayment shall~~ anless made g^ood by the mortgagor prior ta the due date of the next such payment. constitute an event of default under this mor~- gage. The mortgagee may cc,llect 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 bq the mortgagor under (b) of parag?raph 2 preceding shall exceed the amonnt of payments aL•tually made by the mortgagee. for Rrnound rents, taxes and asseswnents - snd insurance premiuma, as the case may be, such excesa ahall be credited by the mortgagee on subsequent paymenta to be made by the mortgagor. If, however, the monthly payments made by the mortgagor nnder (b) af pAragrAph 2 precedinQ ahall not be su~cient to pay~round rents, taxes and saaeasmenta and insurance premiuma, aa the case msy be, when the s~me ehall become due and payable, then the mortgagor shall p~,y to the mortgagee sny amount necesaary to mske up the deficiency, on or before the date when payment of auch ground renta, tazes, asseasments, or inaurance premiuans ahall be due. If at any time the mortgagor shall tender to the mortQa~ee in socordsnce with the proviaions of the note secured hereb~?a ful,~ payment of the entire indebtei esa r~presented thereby, the mortgagee shall, ;n com- puting the amount oi surrh indebtedneea, credit to ~e a~coonnt of the raortQagor sll paymenta made under the proviaions of (a) ai paragraph 2 hereof wfiic6 the mortgagee haa not become obligated to pay to the Federal Housing Commissioner and a~y Wtlance remainin~ in the funda accumulated under the pro~•isions oi (b) oi aaid paragraph 2. If there ahall be a default under aay oi the pmviaiona of this mortgage, re- sultin~ in s pnblic aale of the pr~misea covered her~eby, or if the mortgagee acquirea tlie pmperty other- wise aiter=defsult, tha mortgagee shall apply, at the time of the conunencement of auch proceedings or at the titne the property is otherwiae aoquired, the balance then remaining in the funda accumulated under (b) of paragraph 2 precedin aa a credit ~gainst the amount of pruicipal then remaining unpaid under said note and shaU pmperly a~uat any paymenta which aha11 have been msde under (a) o~8~~dp~ragraph. 4. T!?at he will pay all taues, assesamenta, wster rates. and other g+ovemmental or tnunicipil chargea, y " ~ ~ ~ ~.y~~~S'~~~p~a~ y°`.,... ;.a",' ~ , . . . . . . . . _ c."w~^A~~Y3:r;. ~v.<i 4 ~s~~:,-~y _ - 7.. ~'n' ~ _