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Home My WebLink About0108 ~i t~! P1tovID~ ALwsYS. and these present~, are e~pecuted and delivered upon the foUowin~ conditiona, to wit: • • The nwrtgagor agrces to pay the mortQag~ee, or order. the principal aum o! l~~R' ~LtD fIZ ~D~sai00~10~••••.......•••••••_•.••••......_ Dollata ~~i00.00 aa evidenced by a note of even date herewith. with interest iyrom date at the r~te o! !'in aN thw~l~ti P~ ( S 3/4 Per annum on the bn- paid balance until paid.. The said principal and inter~st shall be gayable at the o~ce of ~'OGtT~* 1~ljii~ ~?1a i Cp~i11T~ 100 Y~at ~y 31~t is Ja~la~~a~ill~~ ~l~riisi or at such other pisoe as the holder of the note may designate ~in writing, in monthly instaUmenta of l7T1'z-1~1t a~i 3+~~100• • ~ • • • • • • • • Dollara (i y4.3+~ . co~nmencing an the flrst da~y of 0~~~ , l9 i6 , snd on the tirat dq? of encl? month thereaiter antil the principal and interest are fully p~id. except that the tin~l p~yment of principsi and interes~ it not sooner paid, ahall~be due su?d payable on the fl~t daq oi ~~r ~ 1~1 ; ~ And shall duly, promp~y. suid fully perform, diacharge. execute, effect, complete. and comply with and ~ abide by each and every tl~e atipul~tiona. agreements. conditions. and covenanta of said pramissory note aad of this mo~ then thia mortgage and the estate hereby created ahall cease and be null and void. ~ And the mortgagor iw ther covenants as foUov~~a : 1. That he wiU pa~y the indebtedness, as hereinbefore p~r^ovided. Privilege is reserved to p~sy the debt ui ii?hble; oi°In ~i •a~oun~'equal to one or nfot~ ~ionttily psyfiedts on the ~rincipal that ar8 next due on the note. on the flrst d~• of any month prior to maturity: Provided, however. that written notice of an • intention to exercise such privilege ia given at least thirty (30) d~ya prior to prepayment; and. provided further, that in the event the debt is paid in full priur to maturity and at that time it is insured under the proviaiona of the National Housing Act, he will p~y to the mortgagee an ad,justed premium charge oi one per centura (1 ~b) of the original principal amouat thereof. except that in no event shall the ad,justed pr+emium exceed the a~regate amount of premium charges which would have been payable if the mort- gag~e had continued to insured until maturit3•; auch payment to be applied by the mortgagee upon its obligation to the Federal Houaing Commissioner on aoo~unt of mortgage Insura~ce. Z. That, in order more fuUy to protect the security of this mortgage~ the mortgagor. tog^ether wifh. and in addition to, the monthly payments under the terma of the note secured her~by. on the first day af each month until the said note is fully paid~ will pay to the mortgagee the foUowing sums: (a) An amount sufficient to provide the holder hereof with funds to pay the next mortgag~e insurance premium if this inatrument and the note aecared hei'eby are insured~ or a monthfy charg~e (in lieu of a mortgage insurance premium) if they are held by the Fedeml Housing Commissioner~ aa follows : (t) If and so bng aa ssid note of even dste snd this instrumert sre insnred or an reinanred nnder the proviaions of the National Housing Ack ~~nt suAieient to aecumulate in the handa of the hoider one (1) month piior to its due dste the annual mortgage inauran~e pnmium, in order to pmvide auch holder with funds to psy such premium to the Federal Honaing Coauniasioner pnrauant to the National Houaing Aet, as amended. and spplieable Re~ulwtions thereonder; or (n) If and ao long as said note oi even date and th~s inatrument sre held b~ the Federal Honsing Commis- sioner, a monthly char~e (in lieu oi s mortgage insnranea premium) whieh shall be in an amount equsl to one-twelfth of one-hali ( 3!e ) per centum of the svenge outatsnding balance due on the note oomputed without taking into soeount delinquen¢ies or prepaymen4; (b) A sum equal to the ground rents. if any. next due, plus the premiums that will neat became due and payable on policies of flre and other hazard insurance covering the mortgaged property. plas taxes and assessments next due on the mortgaged property (all aa estimated by the mortgagee) lesa all sums already paid therefor divided by the number of months to elapse before one month prior to the date when such ground rents, premiuma, taxes, and assessments will become delinquent, such . sums to be held by mortgagee in trust to pay said ground rents. premiums. taxea, and special assesa- ments ; aad (c) All payments mentioned in the two preceding subsections of this paragraph and all pay- ; ments to be made under the note secw+ed hereby.shall~ be ~ldded tpgetfier and the aggregate amount ~ thereof shaU be paid by the mortgag~or each month in fi single payment to be applied by the mort- ~ gagee to t~he following items i~i the oide~ set fort~i: : ! (i) pnxnium chsr~es-under ths oonh~act oi insuranoe with tl~ Feideral ~iousing Commiasioner, or monthly ~ chsrge (in lieri"6t mortgag~e insnranee premium), as the ease maq be; (tt) ground rent~ tsxes~assgssments, 8r~. and other hazaTd inaurance premjums; ~ (tu) interest on tT~e .note secui~d hereby; and . ~ (t~; amortization oi the principsl of ssid note. ~ Any deficiency in the amonnt of such aggregate monthly payment shall, unless made good by the mortga~or prior to the due date of the next such pa3yment, constitute an event of default under this mor~ ~ 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 payments. 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of payments aetually tnade by the mortgagee. for Rt~ound rents, taxes and asaes~ments ~ snd insurance premiuma, as the case may be. such excesa ahall be credited by the mortgagee on aubsequent psyments to be made by the mortgagor. If. however. the monthly paymeata made by the mortgaBor ~ undet' (b). o~f ParsgrAPh Z Pr~edinB shall not be au~cient to p~~yground renta, tau~ and aaaesaments and insura~s remiuma~ sa the case may be, whea the same slhall beoome due and payable, then the ~ ~oxtgagor ~p~y to the mortgagee any amount n~cessasy to make np the deficiency, on or before the ~ date ahen p~fyment of such ground renta, tasea, ssaeeaments, or insurance premiums ahall be due. If at anq time the mortgagor ahall tender to the mort,~agee in accordsnce with the provi~ions of ~he note ~ aec~ued hereby, fuUp~ymen t pf.th~ eatire iadebtedness repr~ented thereby, the mortgagee shall. ;n com- putiag the amount of such indebteduesa, credit to the acoount oi the mortgagor all paymenta made under ~ the provisions oi (a) of pxra~raph 2 hereof which the mortgagee has not become obligated to pay to the Federal Iiousing.Commisaio~r and sny ~alance ~emainin~ iqthe fnnds accnmulated undsr the prorisiona ~ of (b) o! said ~,srsgrsph 2. If there shall be a default under ~aq of the prnvisions of thia mortgage. re- ~ aultin~ in a pnblic ssle of the premise~s eovered hereby, or if the`mortgagee acquirea ttie property other- w~ae aiter defautt. the mortgsgee shall applq, at the time of the oommencement oi such proceedings or at aq the time the pmp~~y is otherwise a~quired, the balar?ce then remaining in the funds accumulated under ~ (b) of puagrap-h 2 preceding aa a credit agsinst the aawunt oi pnncipal then remaining unpaid under ~ aaid note and shaU pm p e rl y adjuat a n y p a y ments which ahsU have been made und er ( a) o i s ai d p a r a g r a p h. ~ 4. Thst he will pay all taxea, ssaessments. w~~r~t~, apd other governmental or manicipal charges, ~ ~ooK 153 ~ * ! ~ ~ ~ - A,~. ~-~~y~ ~w~ : _ _ . - - - - r~ , - = F _ ,.~~~t _