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HomeMy WebLinkAbout2062 ~ said mortg~~goc does he~eby [ully war~ant the title to said land, and every part theceof, and will delend the same ~+gainst the lawfut claims o! a!1 persons whomsoever. PROVIDED ALH'AYS. and ihe~e presents are executed and deli~~ered upon the following conditions. to wit: The mortgagor agrees to pay the mortgagee, or order. the principal sum of FIFTEEN THOUSAND NINE HUNDRED AND NO/100- - - - - - - - - - - - - - - Dollars (S I5 ~ 900 . 00 as evidenced by a note of even date herewith, with interest from date at the rate ofS@VCA and One-Half- per centum ( per ann~lm on the unpaid balance until paid. The said principal and interest shall be payable at the oftice of ~ vATIONAL HOMES ACCEPTANCE CORPORATION, Earl Avenue, Lafayette, Indiana 47902 w at such other place as the holder of the note may designate in writing, in monthly installments of ONE HUNDRED ELEVEN AND 30/100- Dollars (S 111.30- commencing on the first day ot February , 19 7~, and on the tirst day of each month thereaEter untittheprincipal and inte~est are fully paid, except t}:at the final payment of principal and interest, if not sooner paid. shall be due and payable on the first day of January, 2000 ; And shall duly, promptly, and fully perform, discharge, execute, efEect, complete, and comply with and abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this mortgage, then this mortgage and the estate hereby created shal! 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 n~xt due on the note, on the first day of any month prior to maturity: Proi~id~d, however, that written notice of an intention to exercise such privilege is given at least thirty (30) da~•s 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 mo~tgagee an adjusted premium charge of one per centum (lio) 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 modgage had continued to be insured until maturity; such payment to be applied by the m6Yt-- gagee upon its obligation to the Secretary of Housing and Urban Development on account of mortgage insarance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, togethec 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, wilt pay to the mortgagee the fotlowing sums: (aJ An amount sufficient to provide the hoider hereof with funds to pap the next mortgage insurance premium i[ 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 tollows: (I) If and so long as said note o( even date and this instrument are insured or are reinsured under the provisions of the National Housing Act, an amount suf[icient to accumulate in the hands of the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such ho2der with funds to pay suchpremium to the Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Requ- lations lhereunder; or (II) If and so long as said note af even date and this instrument are held 6y the Secretary ot Ilousing and Urban Develop- ment, a monthly charge (ir_ lieu of a mortgage insurance premium) which shali be irt an amount equal to one-twel[t}i ' (1!I2) of one-half per centum oI the average outstanding balance due on the note cumputed withouttaking into account delinquencies or prepayments; j (f,) A sum eqnal to the ground rents, it any, next due, plus the premiums that will next become due and payable on policies i o[ fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mort- I gaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number of months E to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments wi11 become de- linquent, such sums to be held by mortgagee in trust to pap said ground rents, premiums, taxes, and special assessments; ! and ~ (cJ Ali a ments mentioned in the two recedin subsections of this ~ p Y p g paragraph and all payments to be made under the nute secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a singie payme~t to be app!ied by the m~rtgagee to ihe following items in the orde~ set torth: premium charges under the contract of insurance with the Secretary o[ Housing and Urban Development, or monthly charge {in lieu o( mortgage insurance nremium), as the case may be; (II) ground rents, taxes, assessments, fire, and other hazard insurance premiums; (III) interest on the note secured hereby; and (IVj amortization ot the principat of 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 deEault under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2~) 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 total of the payments made by the mortgagor under (6) of paragraph 2 preceding shall exceed ~ the amount of payments actually made by the mortgagee, for gronnd 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 (6J of paragraph 2 pre- _ ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts 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. II at any time the mortgagor shall tendet to the mortgagee in accordance with ; ~ the provisions of the note secured hereby, fuli payment af 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 provis:ons of (uJ of paragraph 2 hereof which the mortgagee has not become obligated to payto ° 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 oE the provisio~s of this morigage, re- sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the property otherwise after default, the mort a ee shall a I at the time of the commencement of such g g pp y, proceedings or at the time the prop- ~ erty is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding ~y as a credit against the amount of principal then temaining unpaid under said note and shall properlyadjust any ~ payments which shall have been made under (aJ of said paragraph. ~ ~ 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, ~ or impositions, 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. ~ 800K~0~ PACE~V~ ~ - ~ _ , ~ _ ~ _ ~ - ~ . - , n.