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Home My WebLink About0462 . , . ~ _ . v.....: Mi. said mortgegor does hereby tully wanaat the title to seid land, aad every p~rt theceof, and will defend the same against tl~e lawful claims of all persons whomscever. PROVIDED ALWAYS, and these presents are executed and delivered upoa the follawing coadltioas, to wit: The mortgagor agirees to pay the matgagee, or ocder, the principal sum of jlpyrteep '~Ipuaapa paur li~etdr~d and ~to/100-------------•-----•----•--------•-•--•----- (s 14,400•00 as evidenced by a note of even date herewith. wlth ititerest froa date at the rate of Stv~R ~=1d ODS•hal! per ceatum ( 7+~ y6) per anaam oa the unpaid balence uatil paid. The said principal and interest shall be payable at the oEfice oE A'j'j~ Fj~j~jijC~j, OORPO~ATIO~I~ a aorporatioa und~r th~ lava o! tba Stata o! Dalavart, P. O. Box 3131, l~ia~i, Flsrid• uoc -a_t ~such other lacpe a tMhe holder of the note may designate in writir?g~ in monthly installments of OD! ~MY~ ~Q~ VD~W~~~'~~~~~~~~~~~~.~~~0118[S ~,t iW~80 COAImBQC1Qg OII the first day of .11~Aa 1 , 19 69 . aad on the first day of each month thereafter until the principal aad interest are fuUy paid, except that the final paym~t of principal and interest, if not sooner paid, shall be due and payable on the first day of Meq 1~ 1999 : And shall duly. promptly, and fully pedorm, discharge, eYecute. effect, complete. and comply aith aad abide by each and every the stipulations. agreements, conditio~s, and covenants of said promissory note and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenaats as follows: ~ 1. That he will pay the indebte~ness, as hereinbefore provided. Privilege is reserved to pay the debt in whole. or in an amount equal to o~e ot moc~ monthly payments on the principal that are next due on the note. on the first day of any month prior to maturity: P,ovided, however. that written notice of an interltion to exercise such privilege is givea at least thirty ~30) days prioc to prepayment; and. provided fudher, that in-the event the debt is paid in full prior to maturity and at that time it is insured under the provisior~s of the National Housing Act, he will pay to the modgagee an adjusted premium charge of one per centum (196) of the origiaal principel amount thereof, except that in no eve~t shall the adjusted pcemium exceed the aggregate amount of premium charges which would have been payable if the mortgage had continued to be iasured until maturity; such payment to be applied by the mort- gagee upon its oblig,ation to t6e Secretary of Hoasing and Urban Development on account of mortgage insurance. _ 2. Tbat, iu order more fully to protect the security of this modgage, the mortgagor. together with, and in addi- tion to. the mo~thly payments under the terms of the note secured hereby. on the first dey of each month until the said note is fully paid. wiU pay to the modgagee the follawing sums: (a) Aa amouat sufficieat to provide the holder hereof with funds to p~y the next mortgage u?surance premium if this iastru- ment nnd the note secured hereby arc insured, or a monthly charge (in lieu of a mortgage inswance premium) i[ they are 6eld by We Secretary o[ Housing and Urbaa Development, •s toliows: (I) If and so long as said note of even date oad this instrua?ent arc insured or are reinsured uader the pmvisions o[ the National Houaing Act, an amount su(ticient to accumulate ia the hands of the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such holder with funda to pay such premium to We Secretary of Housu?g and Urban Developmeat pursuant to t6e Natioael Housing Act, as amended, and applicable Regu- lations thereuader, or (II) I[ and so long as said aote of even date and this instn~meat are held by the Secretarq of Houaiag aad Urban Develop- • ment, a monthly charge (in lieu of a mortgage insurance premium) which sh~ll be in an amouat equol to one-twel(th (i/12) ot one-half (yS) per centum of the average outstanding balance due oa t6e note computed without taking into a~count delinquencies or prepaymeats; (6J A sum equal to the ground rents. it any, next due, plus the preauums that wili nezt become due and payable on policies ; of tirc aad other hazard insurance covering t6e mortgaged property, plus ta:es and assessmeats next due oa the mort- ~ gaged property (oll as estimated bp the mortgagee) lesa all sums already paid there[or divided by the number of months ' to elapse beEore one month prior to the date when such ground rents. premiums, tazea, aad asaessmeets aill become de- tinquent, such sums to be held by mortgagee in trust to pep said ground rents, premiums, ta:es, aad special ossessments; and (c) All payments mentioned in the two preceding subsections of this paragraph and ail payments to be made under the note ~ secured hereby shall be added together and the aggregate amouat thereoi shall be paid by the mortgagor each month in a single payment to be applied by the mortgagee to the (oliowing items in the order set forth: ~ (n preauum chargea uader the contnct of insurance with the Secretary of Housing and Urban Development, or monthly ' charee (in lieu of moctgoge insuraace premium). as the case moy be; ~ (ll) around rents, ta:es, assessa?eats. tire, ond other hazard insu~ance premiums; (III) interest on the note securcd heroby; and ~ (I~ amoKisation o[ the prfncipal 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 deEault under this mortgage. The modgagee may collect a"late charge" not to exceed two cents (24) for each dollar (Sl) oE each payment more than fifteen (15) days in arrears to cover tbe e~ra expense involved in handling delinquent payments. 3. That if the total of the payments made by the mortgagor ander (6) of paragraph 2 pceceding shall exceed the amount of payments actually made by the mortgagee, f~ gcound rents, taxes and assessments and insurance premiums. as the case may be. snch excess shall be credited by t6e mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under (b) of paragraph 2 pre- ceding shall not ba sufficient to pay ground rents, taxes and assessmants end insurance pcemiums~ as the case may be, when the same shall become due and peyable, then the moctgagor shall pay to the mortgagee any amount ~ necessery to make up the deficiency, on « befae the date when payment of such groand reats. taxes, assessments. or insurance premiums shall be due. If at any time the modgagor shall tender to the mortgagee in eccocdance with the provisivns of the note secured hereby, fuU peyment of the eMire indebtedness represented thereby. the mort- gagee shall, in computing the amouat of such indcbtedness, credit to the account of the mortgegor all peyments made undet the pravisions of (a) oE paragraph 2 hereoE which the mortgagee has not become obligated to pey to the Secretary of Housing and Urban Development and eny balaace remaining in the funds accnmulated nnder the provisions of (b) of seid paragraph 2. If there shell be a default under any of the provisio~s oE this moctg,ege, re- ~ sulting in a public sate of the premises covered hereby, ai if tbe matgagee acquires the property otherNrise after default, the matgagee shall apply. at the time of the commencement of such proceedings or at the time the prop- edy is othenvise acquired. the balance then remaini~g in the fnnds accumulated under (b) oE pacagraph 2 preceding as a credit agaiast~the amonnt $f prtncipol tbea reawinieg ~paid under said note and shall properlyadjust aey payments which sball have been mede under (a) oE said paragraph. 4. That he will pay ell taxes, assessments. water rates, aad dher governmental or municipel charges, Eines, oc impositioas, fa whicfi provision has not been ~de hereinbefart, and in default thereaf the mortgagee nwy pay tbe same; and that he will promptly deliver the oEiicial receipts therefor to the moctg~agee. ~ e~aKi?7 ~62 ~ _ ~ - : ~ _ ~z~~~~-~~ e.: . _