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Home My WebLink About1562 ; ~ ~ ~ 1 K ` ~ / Pttovtn~ ALw~YS, and these presenta are executed and delivered upon the following conditiona, to wit: The mortgagror agree~ to pay the inortgag~ee, or order, the principal aum of ~I1TW 'l~~TD liOQlt ~D~ID aad 00/100- - - • - • • • • • - - - • • - . • - • • • - • - - • • - • - Dollars (a 16~400.00 a~ evidenced by a note oi even date her~with, with interest from date at the rate of ti~~ a1d tbsy~•io~rth p~r centwn ( 5 3/4 96 ) I~er ut?nwAa on the un- paid balance until paid. The said principal and interest shall be payable at the o~ice of J. T. 8l1~ ~~G$ CQ~~ IYC., 100 1liraol~ ltll~ is Qoral OaDl~a~ llosid~, or at anch other place as the holder of the note may designate in writing, in monthly installments of ~D~l?-JiYi aLd 76~100- - • • - - - - ~ _ Dollars 95•78 commencing on the flrat day of Yov~bss , 1966 , and on the ftrst day of each month thereafter until the principal and interest are fully paid~ except that the tinal payment of principal and interea~ if not sooner paid. ahall be due and payable on the ftrst day of pa~~ , ly~ ; And shall duly. promptly, and tully perform, discharge, execute, effect. complete. and comply with and abide by each and every the stipulations, agreements, conditions, and covenanta of said promissory note s~ad of this mortgage, then this mortgage and the eatate hereby created shall cease and be null and void.. And the mortgagor further covenants as foUow•a : 1. That he will pay the indebtedness. as hereinbefore prnvided. Privilege is r~eserved to pay the debt in whole. or in an amount equal to one or moz~e monthly p~yments on the principai that are next due on the note. on the first day of any month prior to maturity : Provided, however, that written notice of at~? intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and. provided further, that in the event the debt is paid in fuli prior to maturity and at that time it is insured under the provisians of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (l;b) of the original principal amount thereof. except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been payabte if the mort- gage had continued to be insured untii maturits•; such payment to be applied by the mortgagee upon its obligation to the Federal Housing Commisaioner on account of mortgage insurance. 2. That, in order more fully to protect 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 fuUy paid. will pay to the mortgagee the fottowing sums: (a) An amount suft'icient to provide the holder hereoP with funds to pay the ne~ct mortgage insurance premium if this instrument and the note secared hereby are insured. or a monthiy charg~e. (in lieu of a mortgage insurance premium) if they are held by the Federnl Housing Commissioner, as follows : If and so long as said note oi even date and this instr~ment sn i~sured or are reinaured under the provisions of the National Housing Act, an emount auAkient to aecomulste in the Landa of the holder one (1) month prior to ita dne date the annual mortgage intwrance premium. in order to provide such holder with funds to pay such premium to the Federal Housing Commissioner purauant to the Nationa! Housing Aet~ as amended, snd applicable Regulstions thereunder; or (u) If and ~o long aa said note of even date and this inatrument are held by the Federal Housing Commis- aioner. a monthly cha (in lien of a mortgage inaurance premium) which shall be in an amount equal to one-twelfth of one-half ( 3!e ) per centum of the average outatanding balance due on the note computed v~ithout taking into aocount detinquenciea 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 flr+e and other hazard iasurance~ covering the mortgaged property, plua taxes and assessments next due on the mortgaged property (all as estimated by the mortgagee) lesa all sums already paid therefor~ivided by the number of months to elapse before one month prior to the date when such ground rents, premiums~ taices. and assessments will become delinquent, such sums to be held by mortgagee in trust to psy said ground rents, premiums, taxes, and special assess- menta; 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 shall be added together and the aggregate amount thereof shail be paid by the mortgagor each month in a single p~yment to be applied by the mort- gagee to the following items in the order set forth: (t) preminm charRes under the eontrsct of inaurance with the Federal Aousing Commissioner. or monthly charge (in lieu oi mortgage'insnrance premium). as the ease may be; (tt) ground renta, ta~ces. as~essmenta. fire, and oiher hassrd insurance premiums; (ttt) interest on the note aecured hereby; and• ([v) amortiration oi the principst of aaid 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 payment, constitute an event of default nnder this mort- gage. The mortgagee may cullect a"late charge" not to exceed two cents (2t) 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 the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of payments actually made ~y the mortgagee. for Rround rents, taxes and asseawnenta ' ~nd ~naurance premiums, as the case may be, such excesa shall be credited by the mortgagee on subsequent pa,ymenta to be made by the mortgagor. If, however. the monthly payments made by the mortgagor under (b) of paragraph 2 precedinQ shall not be au~cient to psy und rents, taxes and aaaessmenta and insurance premiums, as the case may be, when the aame ahsl~Lecome due and payable, then the mortgagor shall pay to the mortgagee sny amount neceaaary to make up the deficiency, on or before the . date when payment of auch ground rents, tasea~ aaseasmenta, or insurance premiuma shali be due. If at any time the mortgagor ahall tender to the mortgagee in seoordance with the provisions of the note secnred hereby, full payment of the entire indebtedness repreaented thereby, the mortgagee ahall, ;n com- puting the amount of sucL indebtednesa, credit to the a~eount of the mortgagor all payments made under the proviaions of (a) of psragraph 2 hereof w6ich the mortgagee hss not become obligated to pay to the Federal Houaing Commiasioner and sny balance remaening in the funda accumulated under the prorisions of (b) oi said psrsgraph 2. Ii there sball be a defanlt under sny of the' provisiona of thia mortgage, re- aulting in s public sale of the premisea covered hereby. or if the raortgagee aoquires ttie property other- w~ae after default, the mortgagee shsp apply~ at the time of the c~ummencement of such proceedings or at the time the pruperty is otherwise ac~quired, the balsnce thea remaining in the funda accumulated under (b) of paragraph 2 precediu as a credit againat the amount ofpr~ncipal then remaining unp~,id under ss~id note at?d shall pmperly a~just any paymenta which shall have bcen msde under (a) of uid paragraph. 4. That he will pap all taxea, aaeesamenta, water ratea, and other g~overnmental or municipal charges~ ~ ~ aooK~55 36p - , ~ - _ ~ ~