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Home My WebLink About2045 said moctgagor does hereby fully warcant the title to said land. and every part theceot. and will defend the aame agaiast the lawful claims of all peraoas whoa~soever. PROVIDED ALWAYS. and these presents ace executed and delivered upon the following conditions. to wit: _ The matgagoc agRees to pay the a~atgagee. or ordet. tlu principal sum of ' FOURTEEN THOUSAND and no/100-------------------------------------- Dollars (S 14, 000. 00 as evidenced by a ncte of evea date herewltb. with interest tcom date at the ~ete oE ~ s ix and ~three-quarter per centua? ( 6 3~4 per an~um oa the uapaid balance until peid. The seid pri~cipel and interest shall be payable at the ofEice of MpLTON, AI.LEN & WILLIAMS, INC. - 524 North 21st Street - Birmingham, Alabama oc at such othec place as the holder of the note may designate in writing. in monthly installments of NINETY end 86/100------------------ Dollars (S 90. of commencing on the first day of Au~gt . 19 6$~ and a~ the first day of each month thereafter untiltheprincipal and i~tecest are fully paid, except that the tiaal payment of principal and interest. if not sooner paid, shall be due and payable on the first day of Jtlly ~ 1998 ; Md shall duly, promptly~ and fully pedorm, discharge. execute. effect~ complete. and comply with e~d abide by each and every the stipulations. agreements, conditions, end covenants of said promissory note and of this _ moctg,age,lh~n this modgage and the estate hereby cceated shall cease and be null and void,~_------- And the mortgegor fudher covenants as"fo~I~--- 1. That he wi'l-pay the iadebtedrtess, as hereinbefore provided. Pri'vilege is reserved_t~ay the debt in whole. oc in an amount equal to one oc mae monthly payments on the principal that are next due on the note. o~ the Eirst day of any month prior to maturity: Provided, however, that written notice of an intention to exercise such privilege is given at least thitty (30) days prior to prepayment; and. provided fudher, that in the event the debt is paid in Eull pcior to maturity and at that time it i~ insured under the provisions of the National Housing Act. he will pay to the modgagee an adjusted pcemium cha_•~e of one per centum (1%) of the original principal amount thereof, except that in ao event shall the adjusted premium exceed thz aggregate amount of premium charges which would have been payable if the modgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Developmeni on account of mortgage insurance. 2. That, in order more fully to protect the security of this modgage, the modgagor, together with~ and in sddi- 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 mortgagee the follawing sums: ~ (a) An amount sut(icient to provide the holder hereot aith tands to pay the next mortgege insurance premium if this instrv- ment and lhe note secured hereby are ins~red, ot a monthly charge (in lieu of a mortgage insuraace premium) if they are held by the SeCretary of Housing aad Urban Development, as followrs: . (I) If and so long as said note oE even date and this instcument are insured or ote reinsured under the provisioas o[ the National Housing Act. an amount sufficieat to accumulate ia the hands o[ the holder one (1) month prior to its due date the annual mortgage insuraace premium. in order to provide such holder with funds to pay snch premium to the Secretary o[ Housing aad IIrbaa Development pursuant to the National Housing Act, as amended, and applicable Regu- Intions thereuader. or ~ (II) If and so long as said note of even date and this u?strument are held by the Secretary ot Housing and Urban Develop- meat, a monthly charge (ia lieu of a moctgage insunnce premium) which shall be in aa amount equal to oae-twelfth (1/12) oE oae-half (~/i) per ceatum of the average outstending balence due on the note computed without taking iato account delinquencies or prepaymeets; (h) A sum equal to the ground reats, it aay, aext due, plus the premiums that will next become due and payable on policies of ~re and other hazard insuraace covering the mortgaged property. plus tazes and assessme~ts next due on the mort- gaged property (all as estimated by t6e mortgagee) less all sums already paid therefor divided by the number of months to elapse before one moath prior to the date when such grouad reats, premiums, taxes. and assessments will become de- linqueat, such sums to be held by mortgagee ia trust to pey said ground rents, premiums. tazes, andspecialassessments; ~d ~ ! (c) All payments meationed in the two p~eceding subsections of this paragraph and all payments to be made under the note ! secured hereby shail be added together and the aggFegate amouat thereof shall be paid by the mortgagor each month in a f single paymeat to be applied by the mortgagee to the [ollowing items in fhe order set forth: { (n premium charges under the contract of insurance with the Secretary of Housing and Urban Develop~nent, or monthly i ~ charge (in lieu of mortgage insurance premium), as the case may be; _ ; (II) ground rents, tazes. asaeasments. Rre, and other hazard insurance premiums; i ~ (QI) interest oa the note secured hercby; aad ~ (I{n amortizatioa of the priecipel of said aote. ~ ~ 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 under this mortgage. The morigagee ~ may collect a"late charge" not to exceed two cents (2t) for each dollar (Sl) of each payment moce than fifteen f (15) days in arrears to cover the extca expense involved in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under (6J of paragraph 2 preceding shall exceed the amount of payments actually made by the mortgagee, for gcound rents, taxes and assessments and insurance premiums, as the case may be, such excess shall be credited by the mortgagee oa subsequent payments to be ~ made by the mortgagor. If, however, the monthly payments made by the mortgagor under (6J of paragraph 2 pre- ceding shall not be sufficient to pay g~ound rents, taxes and assessm.~nts and insurance premiums, as the case may be, when the same shall become due and payable, then the mortgagor shall pay to the modgagee any amount i ~ necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessments, ~ or insurance premiums shall be due. If at any time the modgagor shall tender to the mortgagee in accordance with ~ ; the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- , ~ gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments ~ made under the pcovisions of (a) of paragxaph 2 hereof which the mortgagee has not become obligated to pay to s - the Secretary of Housing and Urban Development and~ny balance remaining in the fnnds accumulated under the s ~ provisions oE (bJ of said paragraph 2. If there shall be a default under any of the provisions 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 such proceedings or at the time the prop- , ~ ~ edy is otherwise acquired, the balance then remaining in the funds accumulated under (6J of paragraph 2 preceding ~ ~ as a credit against the amount of principal then remaining unpaid under said note and shall properly adjust any ~ payments which shell have been made under (a) of said paragcaph. ~ ~ 4. That he will pey all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositioas, for ahich pravisian has not been made hereinbefoce, and in default thereof the mortgagee may pay ~ the same; and that he will promptly deliver the official receipts therefor to the mortgagee. ~ ~ q t~t~ { 800K1~~r P~C~~.Ve1~ ~ , _ _ _ _ _ . - - - - _ ~ . _