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Home My WebLink About0654 said mortg~ao~ docs herrby fully vearrunt the title to said lartd, and e~•er~• pa~t thereof. and u~ili defead the same against the lawl~l claims of all pe~so~s whomscevet. PROVIOCD AI.NAYS. and these presents ace executed and delivered upon the following conditions. to wit; Thc moitgagor ag~ees to pay the mortgc~gee, ot o~der, the principal sum of ~~pd 8~Z ~d n~ ~ ~~~~~~~~~~~~w~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~N~~~~~~~~~~~~~~~~~~~~~~~~~~~• Dollars S ~ as evidenred by a note oi even date herev? ith. v? ith inte~est trom dxte at the 1Q~690~00 tiitP OE ~~~~o~~~~•~~~~~~~ pec centum ( 6 76) Per 8Rf1UAI Ofl ~~IC unpaid balance until paid. The said principal and interest shall be payable at the of[ice of A~O ~~A~:W+ Ibit 0l21CO BOOC 3331~ Ki.ais ~1Dlida or at such other place s~s the holde~ of the note may designate in W riting, in monthls instalIsr~ents of B3Z~ ~ ~ i~N~~~~~~~r~~~~~~~~~~~~~~~~~~~~~~~ ~Olla~S ~s 63~~ comn,cnci~g Ofl ~he iicst day of ~T~II~tT~ . 19~ . and on the first day of each month thereafter untiitheprincipal j and interest are fuily paid, except that the final payment of pcincipal and interest. if not sooner paid. shall be due and payable on the first day of DOC~bAT~ l~r : And shall duly. promptly. and [ully perform. discharge, execute, effect, complete, and cumply with and abide b~• each and every the stipulations, agreements, conditions, and cu~enants of said pcomissory note and of this moctgage. then this mortgage and the estate he~eby created shall cease and be null and void. And the mortgagor fudher covenants as follows: 1. That he wil! psy the indebtedness.as hereinbefoce pro~ided. Privilege is reser~ed to pay the debt in whole. or in an amount equai to one o~ mote monthly payments on the principal that are r.ext due on the no:e. on the [irst da~• of any month prior to matucity: Prui~ided, however. that written notice of an intention tu 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 full prior to maturity and at that time it is insured under the provisions of the National liousing Act, he will pay to the mo~tgagee an adjusted premium charge of one per ce~tum (1~) of the ociginal principal 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 modgage had continued 1o be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Nousing and Urban Development on account of mortgage insurance. 2. That. in order mere fulyy to protect the security_ of this modgage. the mortgagor, together with. and in addi- iion to, the monthly payments under the te~ms of the ~ote secured hereby, on the first day of each month until the said note is fully paid, will pay to the mortgagee the foltowing sums: (~J An amount su[(icie~t to provide the holder hereo[ with tunds to paY the next mortgage insurance premium iE this inslru- ment and the note secured hereby are insured, or a monthly charge (in lieu oE a mortgage insurance premium) if they are hetd by the Secretary of Housiag and Urban Development, as tollo~rs: (I) It and so lang as said note ot even date and this instrumeat ore insured or arc rcinsured under the provisions of the i\ational Housing Act, an amount sutCcient to accumulate in the hands of the holder one (1) mo~th prior to its due date the annual mortgage iasurance ~xemium, in order to provide such holder with [unds to pay such premium to the Se.:retary of Housing and Urban Development pursuant to the N~tional Housing Act, aa awended, and applicable Regu- lations thereunder; or ' (II) If and so long as said note ot even date and this instcument are-held by the Secretary of Housing and Urban Develop- ment, a monthlr charge (in lieu of a aortgage insurance prcmium) which shall be in an amount equal to one-twel[th ' ~ (1/12) of one-half ('iS) per centum o[ the avetage outstandiag balance due oa the note computed without taking into ; account delinqueacies or prepaymeats; (hJ A sum equai to the gromd rents, i[ any, next due, plus the preauums t6at will aext become due and pnyable on policiea of fire and other hazard insurance covcring the mortgaged property, plus ta:es a~d assessments ne=t due on the mort- ~ gaged propertr (all as estimated bp the mortgagee) less all sums already paid Ihere(or diviued by the number of months i to elapse before one month prior to the date when such ground rents, premiums, tazes, and assessmeMs will become de- ; j linquent, such sums to be held 3y mortgagee in trusi to pay seid ground rents, premiums, ta:es, aad speciatassessments; ~ i ~ an~ ! (c) A!L payments mentioned in tke two preceding subsections of this paragraph and all paymcnts to be made under the note ; secured hereby shall be added together and the aggregate amount thereot shall be paid by the mortgagor each month in a ; single payment to be applied by t6e mortgagee to the [ollowing items in the order set Eorth: ? premium charges under the Qontract of iqsurance ~vith the Secretary o[ Housing and Urban Development, or monthly ; charge (in lieu of mortgage iesurance preraium), as the cose may be; - (II) ¢round rents, taxes, assessments, tirc, and other hazard insuraace premiums; j (III) interest oa the aote secured 6ereby; ind : . • - (I~ amortisation oE the principal oE said note. ~ Any deficiency in the amount of such agQ,regate monthly payment shall, unless made good by the mortgagor prior to the due date of the .next sach payment. constitute an event of default under this mortgage. The mortgagee ; may collect a"late chacge" not to exceed two cents (2a) for each dollar (Sl) oE each payment more than fifteen ~ (15) days in arreacs to cover the eatre expensr involved in handling delinquent paymeats. • 3. That if the total of the payments made by the modgagor under (b) of paragraph 2 preceding shall e:ceed the amount of payments actually made by the m«tgagee, for gcound rents, taxes and assessments and insucance premiums, as the case may be. such e:cess shall be credited by tht mortgagee on subsequer?t payments to be made by the mortgagor. If, however, the monthly payments made by the moctgagor under (b) of paragraph 2 pre- ceding sh~l! not be sufEicient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case may be, when the same shall become due and peyable, then the moctgagor s6a11 pay to the moctgagee any amount necessary to make up the deficiency. on oc befoce the date whea paymeat of such groand rents, taxes, assessments, or insurance premiums shall be due. IE at any time the modgagor shall tender to tl~e morigagee 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 mortgagor all payments made under the provisions of (a) of paragraph 2 hereof which the mertgagee has not becort~e obligated ta payto - the Secretary of Housing and Urban Developmeat and any balance remaining in the fnnds accumulated under the provisions of (bj of said paragraph 2. If there shall be a default undet any of the pcrn?isio.1s of this mortgage, re- f sulting in a public sale of the premises covered iereby. oc iE the matgagee acqnires the propc rty otherwise af:er default. the matgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- ; erty is othecwise acquired, the balance then remaining in the funds accumulated under (bJ of paragraph 2 preceding ' as a credit against the amount of prtncipel then remaining uapaid under said note and shall properlyadjust any ~ payments which shall have been made under"(a) oE said paragraph. ; 4. That he wiil pay all taxes, asses~mentS, watet r9tes. and other governmental a municipal charges, fines, or impositions, for ahich provision nas not been made hereinbefae, and in default thereof the mortgagee may pay ~ the same; and thet he w-ill promptly deliver the official receipts therefor to the mortg,egee. i , .t ~ ~ . Pnc~ ~ ; . ~ ~ -