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HomeMy WebLinkAbout2306 ' ~ ~ said matgaqor does herrby fully warrant the title co said 3and, and every pa~l thereof. and ~vill defe~d the seme ~gainst the laMtul claims ot all persons whomscever. PROVIDED ALWAYS. and these presents are executed aod. deli~Yred upo~ the Eollowing coaditions. to vvit: ~ The mortgagor agrees to pay the mortgagee. or order. the principal sum of ~j~j$j,`?$ T80U$AND IQ'IVE 1 HUNDR~ FIF?Y A~ J~0/~QQ~~~~~~~~~~~.~~~..~~~~~~~~~~~~~~~~~~~~~~~~~w~~~~ ~ uo«8~ cs ~2,550.00 as evidenced by a nole of even date herewith. with interest from date at the rate of ~ $iZ prr centum ( 6 per ennum oa the unpoid balance until paid. The said principal and interest shall be payable at the otfice ot Federal ~iation~l Kortgag• leaociation in ~tlante, asorgia + oc at such other place as the holder ot the note may designate in writing, in monthly installments of ~ SLVRNTY~FIVB AND 30~100-••~--~-----~ Dollars (S 75~30 commencing on ; the first day of OOtOb~r . 19 6T• and on the first day of each moath thereafter untiltheprlacipal j and iaterest are fully pai8. except that the tinal payment of principal and interest. if not sooaer paid, shall be due 4 and payable on the first day oi 3aptsmber 1~? : And shall duly. pranptly. and fully perEorm, discharge. execute. effect. complete. and comply With and abide ~ by each and every the stipulations. agreemenis. conditions. and covenants of seid pcaaissory note and of this ~ mortgage. then this modgage and the estate hereby created shall cease and be null and void. And the roortgagor turther covenants as follows; - ' l. That he ~rill pay the indebtedness, as hereinbefore provided. Privilege is reserved to pey the debt in whole. ~ or in an amount equal to o~e oc mae monthly payments on the pcincipal that are next due on the note. on the first day of any month prior to maturity: ProriJed. however, that written notice of an intention to exercise such privitege ~ is given at least thirty (30) days prior to prepayment; and, provided fudher, thet 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 will pay to the modgagee an adjosted premium charge of one per centum (1 of the original principel amount thereof, except } that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been payable if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housi~g and Urban Developmenf on account of mortgage insurance. ' 2. That. in order more fully to protect the secnrity of this moctgage, the mortgagor, together with, and in addi- ? tion 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 morigagee the following sums: ~ (aj An amount sufficieat to provide the holdrr hercof with fuads lo pay the next mortgage insurance premium if this instru- ; ment andthe note secured hereby arc insured. or_ a monthly chorge (in lieu ot a mortgage insura~ce premium) i[ they are ~ held by the Secretary of Housing and Urban Development, as tollows: S (I) 1[ •nd so long as said note ot e~en date and this instrument are insured or arc reinsured under the pmvisions of the ; National Housing Act, an amount sufticient to accumulate in the hands of the holder one (1) month prior to its due ~ date the annual mortgage iasurance premium. in order to provide such dolder with funds to pay such premium to the r Secretary ot Housi~g and Urban Development pursuant to lhe Platioaal 1lousing Act, aa amended, and applicable Regu- lati~s thcreunder; or ~ (II) I( and so long ~s s~id r.ote of even date and this instrumeat are hetd by the Secretary of Nousing and Urban Develop- ment, a monthly charge (in lieu. of s morigage insura~ce premium) wbich shall be in oa amount equal to one-twelfth (1/12) of one-half (!4) per centum of the average outstaading balance due on the note computed without taking into account deliaquenciea or prepayments; (b) A sum equal to the qromd rents, i~aryy. next due. plus the premiums that will next become due and payable on policies ~i of tire and olher hezard insurance coveting the mortgaged properly. plus tazes and assessments ne=t due o~ the mort- j gaged pcoperty (all as estimated by the mortgagee) less ali sums already paid there[or divided by the number of months E to elapse betore one month prior to the dale when such ground rents, premiums, ta:es. and assessments will become de- { linqueot, such sums lo be held by mortgagee in trust to,pay soid ground rents. premiums, tazes, aad special assessments; ~ and . (e) All payments mentioned in the two preceding subsections of this paragraph and all poyments to be made under the note secured hereby shall be added together and the agg~egate amount thereo[ shall be paid by the mortgagor each month in a single payment to be applied by the mortgagee to the followiag items in tl~e order set [orth: (n premium charges under the coatnct of insurance with the Secretary of Housing and Urban Development, or monthly charge (in lieu ot mortgaqe insur~ce premium). os the case may be; (II) ground rents, ta:es. sssessmeats. tire, and other hazard insurance premiums; ` (UI) intercst on the note secured dereby; rad ; ~ . ' (I{~ amortization of the pri~ip~l oE said ndte. • Any deficiency in the amouat d such~aggregate mo~ithly payment shall, ualess made good by the mortgagor prior to the due date of the next such payment, constitute an event d default under this mortgage. The mortgagee may collect a"late charge" Qot to exceed trqo cents (2t) for each dollar (S~l 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 amoant of paymeats actually made by the mortgagee, for ground rents. taxes and assessments and insurance premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under (6j of paragraph 2 pre- : ceding shatl not be sufficient to pay ground rents, taxes and assessmants end insurance premiums, as the case may be. when ~the same shall become due and payable, theo the mortgagoc shall pay to the modgagee any amount ne~essary to make up the deficiency, on or befae the dete ahea payment of such ground rents, taxes, assessments, ~ or insurance premiums shall be due. II at any time the mortgagor shall tender to the awrtgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mod- gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgegor all payments made under the provisions of (a) of peragceph 2 hereof wbich the mortgagee has not become obligated to payto the Secretary of Housing and Urban Development and any balence remaining in the funds accumulated under the pcovisions of (b) of said paragraph 2. If there shall be a default under any of the provisioas of this mortgage, re- sulting in a public sale of the premises covered ~ereby, or if the mortgagee acquires the property otherwise after default, the mortgagee shall apply, at the time of the commencement of'sucb proeeedings or at the time the prop- ~ erty is otherwise acquired, the balance then remaining in t6e Eand~ accumulated under (6J oE paragraph 2 preceding j as a credit against the amount of principel then remainiog unpaid undq~ said note and shaU properlyadjust eny payments which shall have been made under /aJ of said paragraph. ' ~ 4. That he will pay all taxes, assessments, water retes. and other governmental or municipal charges. fines, or impositians, for which provision has not been made hereinbefae, and in default thereof the mortgagee may pay . the same; and that he will promptly deliver the dficial receipts therefor to the mortgagee. • ` a~oK1s~ P.!GEi~3Q6 : e. ~ , _ r.~ ~ r. - _ z. .