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Home My WebLink About1064 yaid mortgagor does hereby fully warrant the title to said land, and every pa~t theceof. and will defend the same against the lawful claims ot all persons whomscever. PROVIDED ALH'AYS. and these presents are executed and delivered upon the following conditior~s, to wit; The mortgagor agrees to pay the mortgagee. or order, the principal sum of 'j'~a M7i! ~indtOd ~ ~/~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Nr~~~~~~~~N~~~~~~~~~~~~~~~r~~~ ~ Dollars (S 1Q~SSQ•Q~ as evidenced by a note of even date herewith, with interest from date at the ; rate of $AV~lS v~d O~~~li1t per centum ('r per annum on the unpaid balance until paid. The said principal and interest shall be payable at the office oE ~ZRST ~AL SATII~B A11D IpAII A38pCIA?~ 0~ IIIDW RIVit 00~'Y, a oorponti~on und~r t.ba lamr o! the tloit~d ` States o! ~ict, P. 0. Daz 1209, ~ezo ~ea~cb, ~losidt. ~ or at such other place as the holder of the note may designate in writing, in monthly installments of $t'Y~IItj + gd~n aD~ ~~1QQ~~~~~N~~~~~~N~~~~~NM~~ Dollars (S 'r'r.~ comrtrencing on ~ the first day of ~j~y . 19 70, and on the first day of each month thereafter until the principal j ~ and interest are fully paid, except that the final payment of principal and interest, if not sooner paid. shail be due : and payable on the fi~st day of ~C~~' ~ : l~• ~ And shall duly, promptly, and fully perform, discharge, execute. effect, complete, and comply with and abide ~ by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this ~ i mortgage, then this mortgage and the estate hereby created shall cease and be null and void. ' And the mortgagor further covenants as follows: i 1. That he wilt pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, S or in an amount equal to one or more 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 inteAtion to exercise such privilege is given at least thirty (30) days ptior 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 o[ the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1%) of the original principal 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- 4 gagee upon its obligation to the Secretary of Housing and Urban Development on account of mortgage insurance. ~ 2. That, in orcler more fully to protect the security of this mortgage, the mortgagor, together with, and in addi- tion to, the monthl~~ 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: - (a1 An amount sufficiertt to provide the holder hereof 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 lollows: _ (I) 1[ and so long as said note o[ even date and this instrument are insured or are reinsured under the provisions of the National Nousing Act, an amount sufficient to accumulate in the hands ot the holder ~ne (1) month prior to its due ~ date the annual mortgage insurance premium, in order to provide such holder with funds to pay such premium to the s Secretary of Housing and Urban De~•elopment pursuant to the National Elousing Act, as amended, and applicable Regu- ` lations thereunder; or ~ t (II) If and so long as said note of e~en date and this instrument are held by the Secrelary of }iousing and Urban Develop- ment, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth (1 ' 12) of one-half ('.i) per centum of the average outstandiwg batance due on the note computed without taking into - ' account delinquencies or prepayments; ~ /h1 A sum equal to the ground rents, if any. nest due, plus the premiums that will next become due and payable on policies of [ire and other hazard i~surance covering the mortgaged ptoperty, plus taxes and assessmenis next due on the mort- Raged property (all as estimated by the mortgagee} less ail s~ms already paid therefor divided by the number ot months j tn elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments will become de- : 't linquen2, such sur.~s to be held b~• ~ortgagee in trust to pay said ground rents, premiums, taxes, and special assessments; ~ and 4 ~ <<~ / All payrrents mentioned m the :wo preceding subsections of th~s paragraph and all payments to be made under the note II secured herebc shall be added t~:gether and the a~gregate amount thereof shall be paid bp the mortgagor each munth in a sinRie pap~F•a! to be applied by the mnrtgagee to the [ollowing items in the order set iorth: _ (I) pre:r:ium charget under the coniract of insurance with the Secretar~ of Housing and lJrban Development,.or monthig charKe !in ?ieu o! mortgage insurance premium), as the case may be; ~ (II) grour.c! re•Ms, taxes, a,sessments, (ire, and other hazard insurance premiums; ~ (III) interes' on tiie nute secured hereby; and ~ (Il') amortiza!: ~n of the principal ot said note. 1 ~ :'1ny deiicie~~•_~, in the amount of such aggregate monthly pa~~ment shall, unless made good by the mortgagor ~ -~rior to the due ::~;:c~ of the next such payment, constitute an event of default under this mottgage. The mortgagee ; ; ~~ay coliect a"?a!e charge" not to exceed two cents (24) for each dollar (Si) of each paymen? more than fifteen ~ ' 15j da~~s in arrears to cover the extra expense invol~~ed in handling delinquent payments. ~ = 3. That if t}~e total of the payments made by the mortgagor under (6) of paragraph 2 preceding shall exceed ` ~ the amount of payments actually m3de by the mortgagee, iot grourtd rents, taxes and assessments and insurance ; ~ premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent pa}•ments to be = ~ made by the mortgagor. If, howe~•er, the monthly payments made by the mortgagor under (f,J of paragraph 2 pre- ceding• shall not be sufficient to pay ground rents, taxes and assessmants and insurance premiums, as the case may be, uhen the same shall becus~e due and payable, then the mortgagor shall pay to the mortgagee any amount necessa:y tu make up the deficiency, on or befo:e the date when payment of such ground rents, taxes, assessments, ' ~ or insurance premiums shall be due. If at an}• time the mortgagor shalltender to the mortgagee in accordance with ; ~ the pro~•isions of the note s~cured hereby, full payment ot 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 under the provisions of (u) of paragraph 2 hereof which the mortgagee has not become obligated to pa~~to ~ ~ the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the ~ provisions of (h) of said paragr~ph 2. If there shall be a deEault under any oC the provisio~s of this mortgage, re- _ sulting in a public saie of the prexEises covered hereby, or if the mortgagee acyuires the property otherwise aEter ~ - defauit, the mortgagee shall apply,~at the time of the commencement of such proceedings or at the time the prop- ~ erty is otherwise acquired, the baiance then remaining in the funds accumulated under of paragraph 2 preceding - " as a credit against the'amount of Frincipat then remaining unpaid under said note and shall properly adjust any payments which shall have been made under (aJ of said paragraph. - ~ That he wili pay all taxes, assessments, water rates, and other governmenta! or municipal charges, fines, # ~ or impusitions, for which 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 therefor to the mortgagee. ~ ~ ~ eoox181 ~1063 ~ F, j ~ ~ . f. _ . _ _ I i~~~.- .~a:~ . . . . 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