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HomeMy WebLinkAbout0679 ; , ~ , ~ , ~ ± said mort~agor does hereby fully wacrant the title to said lend, and every part thereof, and will detend the same against the lawful claims of all persons whomscever. PROVIDED ALWAYS. a~d these presents are executed and delivered upon the following coaditions. to wit: The mortgagor agrees to pey the mortgagee. or ocder, the principal sum of = 3=__= a:__ THIRTEEN THOUSAND FIVE HUNDRED FIFTY AND NO/100= _ _ _ _ _ _ _ _ _ _ _ Dollacs (S 13, 550. 00= as evidenced by a note of even date hecewith, with interest from date a1 the rate of Seven and One-Half= Pe~ ce~tum (~3~= = 96) per annum on the unpaid balanre until paid. The seid pcincipal and interest shall be payable at the office of vATIONAL HOMES ACCEPTANCE CORPORATION, Earl Avenue, Lafayette, Indiana 47902 a at such other place as the holder of the note may designate in writing. in monthly installments of NINETY FOUR AND 85/100= = Dollars (S 94. 85= commencing on the first day of April . 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 soo~er paid, shall be due and payable on the first day of March~ 2000 ~ And shall duly. pranptly~ and fully perform. c~ischarge. execute, eEfect. complete, and comply with and abide by each and every the stipulations, agreements. conditions, and covenants of said Exomissory note and of this mortgage. then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor Eurther covenants as follows: 1. That he wil! 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 first day of any month prior to maturity: Provided, however. that wcitten 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 full prior to maturity and at that time it is insured under the provisions of the National Housing Act. he will pay to --2k~mortgegee-an adjusted premium charge of one per centum (1%) of the original principal amount thereof. except that in ao event shall the adjusted premium exceed the aggregate amount of pcemium charqes 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 modgage insurance. 2. That. in order more fully to protect the security of this mortgage, the mortgagor. 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 modgagee the foilowing sums: An amount sufficient to provide the holder hereot witfi tunds to pay the nezt mortgage insunnce premium if this instru- ment and the note secured hereby are insured, or a monthty chargo (ia lieu of a mortgage i~surance premium) iE they are held by the Secretary of Housing and Urban Development, as [ollows: (I) if and so long as said note o[ even date and this instrument are insured or are reinsured uader the provisions of the National Housing Act, an amount su[ficient to accumulate in the hands of the holder oae (1) moath prior to its due date the annual mortgage insurance premium, in order to provide such holder wit6 (unds to pay such premium to the Secretary ot Housing end lJrban Development pursuant to the Netional Housing Act, as amended. and applicable Regu- lations thereuader, or (II) If and so long as said note of even date ond this iastrument are held by the Secretary of Housing and Urban Develop- ment, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth i (1l12) of one-half (~h) per centum ot the average outstending balance due on the note computed withouttaking into 'I account delinquencies or prepayments; (6) A sum equal to the ground rents, it any, next due, plus the premiums that will oext become due and payable on policies --".'ZS}"~1Ti~'afl~'~thC~'hsi f1~-f~fe-s0N8a8od-PsOpYi1Y. p~YS tazp~ HIId~SSCSS~Cnt~ n zt ~~nn t~ motb gaged property (all as estimated by the mortgagee) less all sums already paid there[or divided by the number of months to elapse before one month prior to the date when such ground rents, premiums, tazes. and assessments wi11 bec~me de- ~ tinquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, tazes, and special assessmeats; ` and f (c) All payments mentioned in the two preceding subsections ot this paragraph and all payments to be made under the note secured hereby shall be added together and the aggregate amouat thereof shail be paid by the mortgagor each month in a single payment to be applied by the tisortgagee to the following items in the order set forth: (n premium charges under the contract of insurance with the Sectetary of Housing and Urban Development, or monthly charge (in lieu o[ mortgage insurance premium), as the case may be; (II) ground rents, taxes, assessments, fire, and olher hazard insurance premiums; (III) interest on the note secured hereby; and • (I~ amortization of the principal ot said note. Any deficiency in the amount of such aggcegate monthly payment shall, unless made good by the mortgagor prior to the due date of 4he next such payment, constitute an event of default under this mortgage. The mortgagee may coilect a"late charge" not to exceed two cents (2¢) for each dollar (Sl) 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 modgagor under (b) of paragraph 2 preceding shall exceed the amount of payments actually made by the matgagee, for ground rents, taxes and assessments and insurance pmmiums, 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 (b) of paragraph 2 pre- ceding shall not be suEficient to pay ground rents, taxes and assessmants 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 a befae the date when payment of such ground rents, taxes, assessments, ~ or insurance premiums shall be due. If at any time the modgsgor shatl tendet to the mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented ihereby, the mort- ~ _ ~ . . nFSS,-ssedi ~ made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pay to ~ the Secretary of Nousing and Urban Development and any balance remaining in the funds accumulated under the ~ provisions of (6) 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 mortgagee acquires the property otherwise after ~ default, the mortgagee 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 accumulated under (6J 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 (aJ of said paragraph. ~ 4. That he will pay all taxes; assessments, water rates, and other goveramental or municipal chatges, fines, oc 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 ceceipts therefor to the mortgagee. ~ _ ~ ~ ~ ~3 - _ ~ _ B00!( PA~E ~ ~ - ~ ~ ~ . . _ ' = - ' _ f~ x _ - -,"'-;i"; . _.r _ , . ~ . , -r . , ~-i~~ . ~ ~ _ . , ' ' . ~