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HomeMy WebLinkAbout1005 : , . said mortgagor does heceby fully warrant the title to said land, c~nd every patt thereof. and wilt defend the same against the lawful claims of all persons whomscever. ~ ~ PROVIDED ALWAYS, and these p~esents are executed and deli~~ered upon the following conditions, to wit: : The mortgagor agrees to pay the matgagee, or order. the principal sum ot ~ ~ ~ ~/~~~N~~~N~~~~N~NNNM~~N~N~~~M~~M~N~~~N~~~~~~~~~~~~~~ ' Dollars (S 1~~~.~ as evidenced by a note of even date herewith, with interest from date at the ; rate -o~--~j;~, p,~~~= per centum ( 8~ per annum oe the unpaid balance ~ until paid. The said principal end interest shall be payable at the office o[ d• aTjMAR'1' ~iZ ~ G~OM~Y, ~C., t oo~rporation nnd~sr t,hs lws o! ths State oi ~'lro~riaa ; P. 0. Bas 3391, 8tati~oa A, lbrt Piezc~, llroacida ~ or at such other place as the holder of the note may designate in writing, in monthly installments of O~A ~ ~ ~ ~VM~~~~~~~~~~r~~~~~~~ ~~118~5 commencing Ofl ~ the first day of . 19 70. and on the firct day of each month theKafter untiltheprincipal ~S and interest are fulty paid, except that the final payment of principal and interest, if not sooner paid, shall be due ; and payable on the first day of ~ 2000 ; And shail duly, promptly. and fully pedorm, 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 t mortgage. then this mortgage and the estate hereby created shall cease and be null and void. f And the mortgagor further covenants as follows: ' i 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole. i 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: P.ovided, however, that written notice of an int~sftion 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 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 modgage had continued to be insured until maturity; such payment to be applied by the mort- ~ gagee upon its obtigation 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 mortgagor, together with, and in addi- tion to, the mon:hly 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 Eollowing sums: ~ (a) An amount sufficient to provide the holder hereot with fu~ds to pay the ne:t mortgage insurance premium if this instru- ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premiuml i[ they are Z held by the Secretary of Housing and Urban Development, as follows: ~ (I) if and so long as said note of even date and this instrument are insured or are reinsured under the provisions of the ' National Housing Act, an amount sutticient 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 holder with [unds to pay such premium to the £ ; Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- ; I lations ihereunder, or - ~ (II) If and so long as said note o( even date and this instrument are held by the Secretary o[ Housing and Urban Develop- s ~ ment, a nonthiy charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twel(th s ~ (1!12) of one-half (!h) per centum of the average outstanding balance due on the note computed without taking into account delinquencies or prepayments; ~ 6) A sum e al to the ound rents, it an next due, lus the remiums lhat will next become due and a able on licies ' ( 9~ ~ Y. P P P Y Po ~ of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mort- gaged property (all as estimated by the mortgagee) less all sums already paid there[or divided by the number of months E to elapse before one month prior to the date when such grouad rents, premiums, tazes, and assessments wiil become de- ~ linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments; ~ and _ (~J All 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 amount thereof shall be paid by the murtgagor each month in a single payment to be applied by the mortgagee to the (ollowing items in the order set forth: (n premium charges under the contract of insurance with the Secretary of Housi~g and Urban De~•elopment, or monthlr charge (in lieu of mortgage insurence premium), as the case may be; (II) ground renls, tazes, assessments, fire, and other hazard insurance premiums; _ (III) interest on the note secured hereby; and (I~ amortization of the principal of said ~ote. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by th~ mortgagor t 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 (2Q) Eor each dollar (Sl) of each payment mwe than fifteen (15) days in arrears to cover tfie extra expense involved in handling deliaquent payments. ~ 3. That if the total 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 ground rents, taxes and assessments and insurance ~ premiums, as the case may be~ such excess shall be ccedited by the mortgagee on subsequent payments to be ; ~ made by the mortgagor. If, however, the monthly payments made by the r~ortgagor under (b) of paragraph 2 pre- ` ceding shpll not be sufficient to pay ground .ents, taxes and assessm.~nts and insurance pre:niums, as the case ` ~ may be. when the same shall become due and payable, then the modgagor shall pay to the mortgagee any amount necessary to make up the deEiciency, on oc before the date when payment of such ground rents, taxes, assessments, ~ or insurance premiums shall be due. If at any time the mortgagor shall teader to the mortgagee 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 ~ made under the provisions of (o) 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 ia 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- ? ~ sulting in a public sale of the premises covered hereby, or af 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 tne 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 (oJ of said paragraph. ' ~ 4. Thdt 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 deEault thereof the mortgagee may pay 4 the same; and that he will promptly deliver the official receipts therefor to the mortgagee. ' $DOK QA~'if "~j ~ } ~ '~i ~ ~7is ~ . . ' .