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HomeMy WebLinkAbout1591 ~ ~~id mo~tgr~gor does hereby fully warrant the title to said la~d, and every part thereof, and will defend the same :~gainst the lawful claims of all persor~s whomscever. ; i PROVIDED ALN'AYS. and these presents are executed and delivered upon the tollowing conditions, to wit: ; The mortgago~ agrees to pay the mortgagee. or order, the principal sum ot ~ TEN THOUSAND SIX HUNDRED FIFTY AND NO/100- - - - - - - - - - - - - - - Dollars (S 10 ~ 650 . 00 as evidenced by a note of eve~ date herewith, with interest from date at the j rate of Seven and One-Half- per centum ( ~3~_ _-qo) per annum on the unpaid balance ~ until paid. The said principal and interest shall be payable a! the oftice of NATIONAL HOMES ACCEPTANCE CORPORATION, Earl Avenue, Lafayette, Indiana 47902 or at su~h other place ~s the holder of the note may designate in writing, in monthly installments of ~ S EVENTY FOU R AND 5 S/ 10 0------ Dollacs (S 7 4. S S- commenc ing on _ t the fi~st day of January , 19 70 and on the first day of each month thereafter untiltheprincipal and interest are fully paid, except that the final payment of principal and interest, if not sooner paid, shall be due and payable on the first day of December, 1999 ; And shall duly, promptly, and fully perform, discharge. execute, effect, complete, and comply with and ab;de by each and every the stipulations, agreements. conditioas, and covenants oE 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 whote, or in an amount equal to one or more monthly payments on the principal that are nexi due on the note, on the first day of any month prior to maturity: Pro~~ided, however, that written notice o[ 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 mortgagee an adjusted premium charge of one per centum (1 a) of the original principel 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- gagee upon its obligation to the Secreta~y of Housing and Urban Development on account of mortgage insurance. ~ 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with, and in addi- tion to. the monthiy payments under the terms of the note secured hereby, on the first day of each month until ihe said note is fully paid, will pay to the mortgagee the following sums: !aJ An amount sufficient to provide the holder hereof with funds to pay the next mortgage insurance premium it this instru- ment and the note secured herebp are insured, or a monthly charge (in lieu o( a mortgage insurance premium) it they are , held by the Secretary of Housing and Urban Development, as foilows: (I) I( and so long as said note of even date and this instruweat are insured or are reinsured under the provisions of the Nationai Housing Act, an amount suf[icie~t to accumulate in the hands o[ the holder one (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 Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- j latio~s thereunder, or i (II) IE and so long as said note of even date and this instrument are held by the Secretary of Housing and Urban Develop- ; meKt; -a-mantttip'~1f~r~(In- ti~u-af`a tne+rtgage-insuraarFpremiQm~-wfricir-afiatt-t~e-in-air-amoant-rqvatta-one=tweifttr'-- j (I:'12) ot one-half per centum of the average outstanding balance due on the note computed without taking into E account delinquencies or prepayments; ~ /l~) A sum equal to the ground rents, if any, next due, plus the premiums that wi11 ne:t become due and papable on policies of fire and other hazard insurance covenng the mortgaged property, plus taxes and assessments next due on the mort- gaged property (all as estimated by the mortgagee) less all sums aiready paid therefor divided bp the number o( months ~ to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessme~ts wiil become de- ~ linquent, such sums to be hetd by mortgagee in trust to pay said ground rents, premiums, ta:es, and specisl assessments; ~ and ~ %c) At! payments mentioned in the two preceding subsectioas o[ this paragraph and all payments to be made under the nole secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a ~ single payment to be appli~d by the mortgagee to lhe [ollowing items in the order set forth: ~ (I) premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthiy ~ charge (in lieu ot mortgage insurance premium), as the case may be; ~ (II) ground rents, taxes, assessments, fire, and other hazard insurance premiums; ~ (III) interest on the note secured hereby; and E (IV) amortization o[ !he principal of said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the moctgagor ~ prior to the due date of the next such payment, constitute an event oE default under this mortgage. The mortgagee ~ ~ay collect a"late charge" not to exceed two cents (2Q) for each dollar (S1) of each payment more than fifteen ~ ! 15) days in arrears to cover the extra expense involved in handling delinquent payments. ~ 3. That if the totai of the payments made by the mortgagor under (bJ of paragraph 2 preceding shall exceed ~ the amount of payments actually made by the mortgagee, for gcound rents, taxes and assessments and insurance ~ premiums, as the case may be, such excess shail be credited by the mortgagee on subsequent payments to be y made by the mortgagor. If, however, the monthly payments made by the mortgagor under (bj of paragraph 2 pre- ; ceding shall not be sufficient to pay gcound 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 the 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 cepresented 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 pay to - the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the ; provisions of (b) of said paragraph 2. I[ there shali be a default under any of the provisio~s of this mortgage, re- sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the property otherwise after ~--T default, the modgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- r erty is otherwise acquired, the balance then remaining in the funds accumulated under (6) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any ~ payments which shall have been made under (a) of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, ~ or impositions, Eor which provision has not been made hereinbefore, and in default thereof the mortgagee may pay 9= the same; and that he will promptly deliver the official receipts therefor to the mortgagee. so~~8~ ~~591 a: ' - ~ = ~'_a .,..,e _ _ . _ . . . . - . i`~