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HomeMy WebLinkAbout2993 ; { , 4 ~ l • , said moctgagoc does hereby fully warraat the title to seid laad, and every pad thereof~ and will defend the same against the le~vful claims of all persoas whomsoever. PROVIDED ALWAYS. and these presents ace executed and delivered upoa the folloai~g conditioas. to wit: The mortgegw agrees to pay the matgagee. or order. the principal sum of j~ipa t~10~8dd tt1Ta~ huadred fifty aad No/L00 Dollars (S 9~ 950. 00 as evideaced by a note of even datf~~herewith. aith iaterest from date at the rate of $~C ~~~1Ted~g~ll~'t~1s pe~ centum ( 6~3/~ 96) per annum on the unpaid balance until paid. The said ptincipal and interest shall be payable at the office of 80g Ley ~ Hartiog, Mahonay ~C Lebliag, Inc., a Marylaad Corporatioa, 7b00 Wiscoasin Ava., ChevY Ct~aae, Mar~rtaad, 20015 or at such ot ec place es t=hold==of th==ote m_y designate in writi~g. in monthly installments of $ ~Xty atld ~9~100 Dollars (s 60. 69 comaiencing a~ the first day of Daeedber , 1~8 ~ and on the first day of each month theceafter until the principal and interest are fully paid, except that the final payment of principal and interest. iE not sooner paid. shall be due and payable on the ficst day of November, 1998 : And shall duly. promptly. and fully perform, discharge, execute, effect~ complete, and canply with and abide ' i by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this moctgage~ then this mortgage and the estate hereby cceated shall cease and be null and void. Aod the mortgagor further covenants as follows: 1. That he will pay the indebtedness. as hereinbefore provided. Pri'vilege is reserved to pay the debt in whole, or in an amonnt equal to one or moce monthly payments on the principal that are next dne on the note, on the first day of any month prior to maturity: Provided, however. that written notice of an inteAtion to exercise such privilege is given at least thidy (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 insnced under the provisions of the National HousingtiAct. he will pay to the modgagee an adjusted premium charge of one per centum (1%) of the origil~al 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 Honsing and Urban Development on account of modgage insurance. 2. That, in ocder more fully to protect the security of this modgage, the mortgagor, together vvith. 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 modgagee the follawing sums: (o) An amouat su(ficient to provide the holder hereot with funda to pay the nezt mortgage insurance premium if this instra- ment and the note secured hereby are insured. or a moathly charge (in lieu oE a mortgoge insurance premium) if they are held by the S~etary of Housing and Urban Development, as [ollo~vs; Q) If and so lo~g as said aote of even date and this instrument are insured o~ are reinsured under the provisioas of the National Housing Act, an amount su(ticient to accumulate in the hands of the holder one (1) month prior to its due date the annual mortgege insurance premium, in order to pwvide such holder with funds to pay suchpremium to the Secretary o[ Housing aad Urban Dev~lopment pursuant to the National Houaing Act, as amended, ond appliceble Regu- lations thereunder. or (II) If and so long as said note of even date and this instrument are 6eld by the Secretary o[ Housing and Urban Develop- ment, a montiily charge (in lieu of a mortgage insurance premium) which shali be in aa amount equal to Qne-twelfth (1/I2) of one-half (K) per centum o[ the average outstanding balance due on the note computed withouttakiag into nccount delinquencies or prepayments; ; (b) A sum equal to the ground rents, if any, next due, plus the premiums that will aezt become due and payable on policies ~ of fire and other hezard insurance covering the mortgaged property, plus ta:ea and assessments nezt due on the mort- ~ gaged property (all as estimated by the mortgagee) tess all sums already paid thereEor divided by the number of months ~ to elapse before one month prior to the,date when such ground rents, premiums, ta:es, and assessments will become de- i ~ linquent, such sums to be held by mortgagee in trust to pey said ground rents, premiums, ta:es, andspecialassessments; t~ and ! ~ (c) All payments meationed in the two preceding subsections of this paregraph and all p~ymepts to be made under the note ; secured hereby shall be added together and the aggregste amount thereof shall be paid by the mortgagor each month in a ; single payment to be applied by the mortgagee to the [ollowing items in the order set forth: I (n premium charges under the coatract of insutapce with the Secretary of Housing and Urbaa Development, or monthly ' charge (in lieu o[ mortgage insurance ~emium), as the case moy be; , (II) ground rents, tazes, assessments, fire, and other hazard insurance premiums; ~ (III) interest on the note secured hereby; and j (I~ amortization of the principal of said 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 d default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2a) for each dollar (S1) 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 modgegor under (6) oE paragraph 2 preceding shall exceed f the amount of payments actually made by the mortgagee, fac gcound reats, taxes and assessments and insurance ~ ~ premiums, as the case may he, 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 (bJ of paragraph 2 pre- ~ ceding shall not be sufficient to pey ground rents, taxes and essessmants and insurance premiums, as the case ~ ; may be, when the same shall become due and payable, then the matgagor shall pay to the mortgagee any amount ~ necessary to make up the deficiency. on or befoce the date when payment of such ground rents, taxes. assessments. ~ or insucance premiums shall be due. If at any time the mortgagor 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 uader the ptavisions of (o) af paragraph 2 hereof which the mortgagee has not become obligated to pay to ~ the Secretacy of Housing and Urban Development and any balance remaining in the funds accumulated under the ~ provisions of (b) of said paragraph 2. lf there shal! be a deEault under any d the provisioas of this moctgage, re- ~ sulting in a public sale of the premises covered hereby, or if the matgegee acquicea the property otherwise after default, the matgagee shall apply.•at the time of the commencement of such proceedings or at the time the prop- erty is othervvise acquired, the balence then remaining in the funds accumulated under (bJ of paragraph 2 preceding as a credit egainst the amount o[ priecipel tl~en reinaining unpeid under said note and shatl properlyedjust any ~ payments which shall have b~en made under (a1 of said paragtaph. 4. That he will pay all taxes, assessments. water rates, end other govecnmental or municiPal charges, fines, or impositioos, for which provision has not been m~de heteinbefae. and in default thered the mortgagee may pay the same; and that he will promptly deliver the official receipts therefor to the mortgagee. . ~ ~i'~3 ~~~'S ` ~ ~ , - - _ Vt ~X 4 S _s .