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HomeMy WebLinkAbout0784 i ~ said mortgagor does hereby fully warrant the title to said land, and eve~y part the~eof, and will defend the same against the lawful claims ot all pecsons whomscever. PROVIDED ALWAYS. aad these presents are executed and delivered upon the following conditioc~s~ to wit: The mortgagor agrees to pay the mortgagee. or order. the principal sum of ELEVEN THOUSAND ONE HUNDRED FIFTY AND NO/100- ~ - ~ - - - - - - - - - - L)ollars (S 11 ~ 1 S~ . 0~ as evidenced by e note of even date hecewith, with interest from date et the rete of Seven and One-Half- per centum ( per annum on 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 monthly installments of S EVENTY E I GHT AND 0 5/ 10 0- - Dollars (S 7 8. 0 S- commencing on the first day oE January . 19 70 . and on the Eirst day of each month thereafter untiltheprincipal ~ and interest are fully paid. except that the final payment of principal and interest, if nd sooner paid, shall be due ~ and payable on the first day of December, 1999 ; ~ And shall duly. promptly. and Eully pedorm. discharge. execute. effect. complete. aad comply with and 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. t And the mortgagoc 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 amount equal to one or moce monthly payments on the principal that are next due on the note, on the first ; day of any month prior to maturity: Provided, however. that written notice of an intention 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 insuced under the provisions of the National Housing Act, he will pay to ! the modgagee an adjusted premium charge of one per centum (13'0) of Ihe original principel amoant thereof, except ? that in no event shall the adjusted premium exceed the 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 Development on account of mortgage insurance. 2. That, in order more fully to protect the security of this mortgage, the modgagor, together with. 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 mortgagee the following sums: (aJ An amount su[ficient to provide the holder hereot with funds to pay the nezt 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) i( they are held by the Secretary of Housing and Urban Development, as [ollows: (I) If and so long as said ~ote o[ even date and this instrument are insured or are reinsured under the provisions of the j National Housing Act, an amount sutficient to accumulate in the hands of the holder one (1) month prior to its due date the annual moctgage insurance premium, in order to provide such holder with [unds to pay such premium to the Secretary of Housing and U~ban Developmmt pursuant to the National Housing Act, as amended, and applicabie Regu- lations thereunder; or (II) If and so long as said note o[ even date and this instrument are held by the Secretary ot Nousing and Urban Develop- ment, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount. equai to one-twelfth (1I12) of one-half per centum of the everage outstending balance due on ihe note computed without taking into account delinquencies or prepayments; (b) A sum equa! to the ground rents, if any, next due, plus the premiums that will ne:t become due and payable on poticies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mort- ' gaged property (a!I as estimated by the mortgagee) less ali 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 vcitl become de- ; linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, ta:es, and special assessments; ~ and r t (cJ Al! 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 the aggregate amounl the~eo[ shall be paid by the mortgagor each month in a - ~ singte payment to be applied by the mortgagee to the [ollowing items in the order set [orth: ~ (n premium cherges under the contract of insurance with lhe Secretary of Housing and Urban Development, or monthly E charge (in Lieu of mortgage insurance premium), as the case may be; ~ ~ (II) ground rents, taxes, assessments, fire, and other hazard i~surance premiums; ; (III) interest on the note secured hereby; and f ~ (I~ amortizetion of the principal ot said note. ~ Any deficiency in the amount oE 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~) fc~r each dollar (~1) of each payment more than fifteen ~ (15) deys in anears to cover the e~ctra expense involved in handliog delinquent payments. ~ 3. That if the total of the payments made by the modgagor under (6J 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 moctgagee on subsequent payments to be ' ~ made by the mortgagor. If, however, the monthly payments made by the matgagor 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 due and payable, then the mortgagor shall pay to the modgagee any amount necessary to make up the deficiency, on or befae 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 mortgsgee 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 ' z made under the provisions of (a) of parag~aph 2 hereoE which the modgagee has not become obligated to pay to : the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the provisions of (6J of said paragraph 2. If there shall be a default under any of the provisio~s of this mortgage, re- j ' sultin in a ublic sale of the remises covered hereb , or if the mort a ee ac uires the ro rt otherwise after ~ B~ P P Y B 8 9 P Pe Y ; 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 ie the funds accumu(ated under (b) of paragraph 2 preceding - as a credit against the amount of p:incipel then remaining unpaid under said note and shall properly adjust any ~ payments which shall have been made under (aJ of said paragraph. 4. That he wilt pay all taxes, assessments, water rates, and other guvernmental or municipel charges, fines, ~ or impositiais; fer-~vhich provision has not been made hereinbefore, and in default thereof the mortgagee may pay ; ~ the same;-and that he will promptly deliver the official receipts thereEor to the mortg,agee. ~ # ~ ~ ' 600K ~8~ PAGE., 7~ ~ ~ ~ - - - . _ . . _ _ .