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HomeMy WebLinkAbout29591 •. said mortgpga does hereby fully warrant the title to said lead, and every part thereof, and will defend the same against the lawful claims of all persons whomsoever. PROVIDED ALWAYS, and these presents are a:crated and delivered upat the following conditions, to wlt: The modgagor agrees to pay the sartgagee, a order, the principal sum of •-••••-•---•---•--•------- ---------•--------ZIiVBN rnovse~ID 8u HvNa~sn b no/100------------------•---------- Dollars (Z 11, 600.00 ), as evidenced by a note aE even date herewith, with interest from date at the rate of 8eve>t and one half per centum (7 1/Z %) per annum oa the unpaid balance until paid. The said principal sad interest shall be payable at the office of National Hodes Acceptances i Corporation, 1Lul •venue at liallaca 1n Lafayette, Indiana~- a at sttc6 other place as the bolder of the cote may designate in writing. in monthly installments of ----------- -----Eighty ono b 20/loo---•-------------- collars (S 81.20 ). commencing on the first day of No~veabar , 19 69 , and oa the first day of each month thereafter untilthe principal and interest are folly paid, elocept that the final payment of principal and interest, if not sooner paid, shall be due and payable oa the first day of October 1999 Aad shall duly, promptly, and folly perform. discharge, execute, effect, complete, and comply with and abide by each and every the stipulations, agreements, corditions, and covenants of said promissory note and of this modgage, then this mortgage and the estate hereby created shall cease and be null and void. Aad the mortgagor further covenants as follows: ' 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in as amount equal to one ar mare monthly payments on the principal that are next due on the note, on tle first day of any month prior to maturity: Provided, however, that written notice of an intention to 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 Housing Act, he will pay to the modgagee an adjusted premium charge of one per centum (1%) of the original principal amount thereof, except that in no event shall We adjusted premium a:reed 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 Housing and Urban Development oa account of modgage insurance. 2. That, in order more folly to protect the security of this mortgage, the mortgagor, together with, and in addi- tion to, the monthly payment~.uader the terms of the ante secured hereby, on the first day of each month until the said note is fully paid, will pay to the mortgagee the following sums: (uJ M amomt snfticient to provide the bolder hereof with [ands to pay the rrezt mortgage insurance premium if this instru- ment and the note secured hereby are insured. ~ a monthly charge (in lieu of a mortgage insurance premium) If they are held M the Secretary of Housing and Urban Development, as follows: (I) U sad so long as said cote of even date and this instrument are insured or are reinsured under the pwvisiona of the National Housing Act, an amount sutticieat to accumulate in the hands of the bolder one (1) month prior to Its due date the annual mortgage insurance prep~ium, in order to provide such bolder with funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- lations thereunder; or ()T) If and so long as said notes d even date sad this Instmment are held by the Secretary of Housing and Urban Develop- ment,. a monthly charge (in Ilea of a mortgage insurance premium) wl~h shall be in an amount equal to one-twelfth (I/12) of one-half (ys~ pet centum of the avenge outstanding balance due on the note computed without taking into account delinquencies or prepaysleats; (b) A sum equal to 1lre ground rents, it nay, nest due, plus the premiums that will nest become due and payable on policies of fire and other hazard iasaraacs cotering the mortgaged property, plus fazes and assessments nett due on the mort- gaged property (all as estimated by,the< mortgagee) less all sums already paid therefor divided by the number of months to elapse before one month prior to the date when such ground rents, premiums, fazes, and assessments will became de- linquent, snob sums to bi• held by mortgagee in trust to pay said ground rents, premiums. fazes, and special assessments; and (c) All paysrenta mentiabed in •the two p~ecading subsections of this paragraph and all payments to be made under the note secured hereby shall be added together sad the aggregate amount thereof shall be paid by the mortgagor each month in a single payment to be applied by the mortgagee to the following items in the order set forth: (1) premium charges ender We contract of insurance with the Secretary of Housing and Urban Development, or monthly charge (ia lieu of mortgage insurance premium), as the case may be; (II) ground rents. toes, assessments, fire, and other hazard insurance premiums; (III) interest on the note secured hereby; and (IV) amortisation of the principal o[ said note. Aay deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the nest such payment, constitute an event of default under this mortgage. The mortgagee may collect a "late charge" not to exceed two cents (2~) for each dollar (SI) of each payment more than fifteen (15) days in arrears to corer the ez<ra ezpense involved is 6andliitg delinquent payments: 3. That if the total of the payments made by the modgagor under (b) of paragraph 2 preceding shall exceed the amount of payments 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 (b) of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessments and insurance premiums, as the case may be, when the same shall become doe and payable, then the mortgagor shall pay to the mortgagee any amount necessary to mane up the deficiency, os oc before the date when payment of such ground rents, taxes, assessments, or insurance premiums shall be due. U at any time the mortgagor shall terrier to the mortgagee in accordance with the provisions of the note secared hereby, full payment of the entire indebtedness represented thereby, the mort- gagee shall, in compatiag the amount of such indebtedness, credit to the account of the mortgagor all payments made Hader the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to payto the Secretary d Housing and Urban Development and any balance remaining in the funds accumulated under the provisions of (b) 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 hereby, 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- erty is otherwise acquired, the balance then remaining in the funds accumulated under (6J of paragraph 2 preceding as a credit against the amount of prtocipel then remaining unpaid under said note and shall properly adjust any payments which shall have been made under (a) of said paragraph. 4. ?hat he will pay all taxes, assessments, water rates, and other governmental or municipal charges. fines, or impositions. for which praNisian has not been made hereinbefore, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the official receipts therefor to the mortgagee. 600K 1 79 PACE 295?