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HomeMy WebLinkAbout0081 said mo~tgagor does hereby fully wacrant the title to said land, and every part thereof, and will defend the same against the lawful claims ot al! persons whomscevec. PROVlDED ALWAYS. and these presents are executed ar?d delivered upon the following conditions. to wit: - The matgagor agrees to pay the morigagee, or order, the principal sum of TfiIRTEEN THOUSAND FIFTY AND NO/100- - _ _ . . _ _ _ _ _ _ _ _ Dollars (S 13 ~ ~ SO . 00 as evidenced by a note of even date herewith, with interest from date at the rate of Seven and One-Nalf- per centum ( 7'-~~ - 9G) per annum oc~ the unpaid balance _ until paid. The said principal and interest shall be payable at the office of =NATIONAL HOMES ACCEPTANCE CORPORATION, Earl Avenue, Lafayette, Indiana 47902 or at such other place as the holder of the note may designate in writing, in m_~_a'nthly installments of ~IINETY ONE AND 35/ 100 - - - - ~ - ~ Dollars (S 91. 35 ~ - - commencing on the first day of January . 19 and on the ficst day of each month thereafter untiltheprincipai and interest are fully paid, except that the final payment of principal and interest, if not soonec.~aid, shall be due and payable on the first day of December, 1999 ; And shall duly. promptly, and fully perform, discharge. execute. effect. coaaplete, and comply with and abide by each and every the stipulations. agreements. conditioc~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 covenants as follows: 1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or more monthly payments on the principal that are next due on the note, on the [irst 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 fudher. that in the event the debt is paid in Eull prior to maturity and at that time it is insured~nder the provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per cent~m (19'0) of the original principal amount thereof. except that in no event shall the adjusted pcemium 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 Housing and Urban Development on account of mortg~ge insurance. 2. That, in arder more fully to protect the security of this mortgage, the mortgagor, together with, and in addi- tion to, the monthly payments under the terres-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 following sums: (a) An amount sufficient to provide the holder hereo[ with tunds to pay the next mortgage insurance premium if this instru- ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Secretary of Housing and Urban Development, as [oltows: • (I) If and so long as said note ot even date and this instrument are insured or are reinsured under the provisions of the National Housing Act, an amount sufficient to accumulete in the hands of the holder one (1) month prior to its due date the annual :nortgage insurance premium, in onier to provide such holder with funds to pay such premium to the Secretary ot Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- lations ihereunder, or (/i) I[ and so long as said note of even date and this instrument are held by the Secretary oE Housi~g and Urban Develop- ment, a monthiy charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth (1,•'12) o! one-hal! (',4) per centum of the average outstanding~alance due on the note computed without taking into account delinquencies or prepayments; (b) A sum equal to the ground rents, it eny, next dae, plus the premiums that will ne:t become due and payable on policies of lire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due un the mort- ; gaged property (all as estimated by the mo~tgagee) 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, tazes, and assessments will become de- 3 linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, ta=es, and special assessments; g and ' (cJ All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note ~ secured hereby shall be added together and lhe aggregate amount thereof shali be paid by the mortgagor each month ir? a ~ single payment to be applied by the mortgagee to the [ollowing items in the order set [orth: ~ (n premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly ~ charge (in lieu of mortgage insurance premium), as the case may be; ~ (I[) ground rents, taxes, assessments, ~re, and other hazard insurance premiums; ~ (III) interest on the note secured hereby; and _ ~ ~ (IV) amortization of the principal o[ 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 of default under this mortgage. The mortgagee ~ ~ may collect a"late charge" not to exceed two cents (2~) for each cis~llar (S1) of each payment more than fiEteen ~ (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 modgagor under (bJ oE paragraph 2 Preceding shall exceed ~4 the amount of payments actually made by the mortgagee, for ground rents, taxes and assessments and insarance Ei ~ 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 mont6ly payments made by the mottgagor under (b) of paragreph 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 due and payable, then the mortgagor shall pay to the mortgagee any amount ~ necessary to make up tbe 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 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 oE such indebtedness, credit to the account of the mortgagor all payments _ made under the provisions of (a) of paragRaph 2 hereof which the mortgagee has not become obligated to pay to ~ _ the Secretary of Housing and Urban Development and any halance remaining in the funds accumulated under the = provisions of (b) of said paragraph 2. If there shall be a default under any oE the provisions of this mortgage, re- ; " sulting in a public sale of the premises covered hereby, or if the moctgagee acquires the property otherwise after f default, the modgagee 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 accumalated under (bJ of paragraph 2 preceding ; ri as a credit against the amount of principal then remaining unpaid under said note and shail pcoperly adj~lst any payments which shall have been made under (aJ of said paragraph. i > 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, ~ ::R: or impositions, for which provision has not been made hereinbefoce, and in default thereof the mortgagee may pay the same; and that he wiU promptly deliver the official receipts therefor to the mortgagee. ~ - BoaK181 ~~~E 8~. ~ , _ ~ ~ ~ ~ " . . _ - '„iF~ ~ ' " ~,2 { y._~ _ , 2~i . . . . . . a . . , a~ ~ .