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Home My WebLink About1798 ~ ~ , ~aid mortgagor does heceby fully warrant the title to said land, and every patt thereof. and will defend the same :+gainst the lawfut claims uf all persons whomscever. PROVIDED ALWAYS. and these presents are executed and delivered upon the iollowing conditions~ to wit: ° The mortgagor agrees to pay the mortgagee, or order. the principal sum oi ~~Q' ~ ~ ~ ~/~W~~~~~~~~N~~M~N~~~~~N~r~N~N~~MNN~~~~NM~~~~~~~~~~~~~~ : Dollars (S 15s~•~ as evidenced by a note of even date herewith, with interest from date at the rate ot Q~t si~ Oa!-~lt per centum ( 8~ per annum on the unpaid balance until paid. The said principal and intecest shall be payable at the oEfice of J. ~ ~Y~ ~ t QOl'pOrttrlOII ~I~lr tbe 1#ri OZ t~N $t.itrA O! ~.LO~'1at or at such other place as the holder of the nots may designate in writing, in monthly installments of 'ltil~l~?r OO~ ipd ~j0`100~~~~~~~~~~~~~~~~~~~ Do!!ars (S 1~.~ commencing on the first day of ~?ti1~ . 19 'j0 . and on the first day of each month thereafter until the principal and interest are fupy paed. except that the final payment of principal and interest, i[ not sooner paid. shall be due and payable on the first day of .T11M~ 20~0 : And shall 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 mortgage, then this mortgage and the estate hereby created shall cease and be null and void. : And the mortgagor further covenants as follows: j 1. That he will 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 ~onth prior to maturity: Pro~>i~ed, however, that written notice of an inteAKon to exercise such privilege is given at least thirty (30) days prior.to prepayment; and, provided Eurther. 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 mortgage had continued to be insured until maturity; such payment to be appiied 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 modgage, the modgagor, 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 mortgagee the following sums: ~ (a1 An amount su[ticient to provide the holder hereof with tunds to pay the next mortgage insurance premium i[ this instru- ment and the note secured hereby are insured, or a monthly charge (in lieu of a morlgage insurance premium) if they are ~ held by the Secretary of Housing and Urban Development, as tollows: 3 (I) I[ and so long as said note of even date and this instrument are insured or t+re reinsured under the provisions of the ~ National Housing Act, an amount sufficient to accumulate in the hands of the ho:der one (1) month prior to its due ~ date the annual mortgage insurance premium, in order to provide such holder with [unds to pay such ptemium to the Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended, and appiicable Regu- lations lheteunder; or (II) If and so long as said note of even date and this instrument are held by the Secretary ot Housing and Urban Decelop- 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 (1-S) per centum o( the average outstanding balance due on the note computed aithout taking into = 4 account delinquencies or prepayments; _ i (ti/ A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on policies ~ ~ o( tire and oiher hazard insurance coveri~g the mortgaged property, plus taxes and assessments next due on the mort- gaged property (all as estimated by the mortgagee) less a11 sums already paid there[or divided by the number of months ' to elapse before o~e month prior to the date when such ground rents, premiums, taxes, and assessments will become de- E linquent, such sums to be heid by mortgagee in trust to pay said ground rents, premiums, taxes, and special assessments; ~ and All payments mentioned in the two preceding subsections of this paragraph and alt payments to be made under the note ~ secured hereby shall be added togelher and the aggregate amount thereof shall be paid by the mortgagor each month in a single payment to be applied by the mortgagee to the tollowing items in the order set iorth: ~ premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly charge (in lieu of mortgage insurance premium), as the case may be; (lI) ground rents, taxes, assessments, tire, and other hazard insurance premiums; (III) interest on the note secured hereby; and (1V) amortization of the principal o[ said note. Any deficiency in the amount of such aggregaie monthly payment shall, unless made good by the mortgagor prior to the due date of the next sach payment, constitute an event of default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2t) for each dollar (S1) oE each payment mare than fifteen (15) days in arrears to cover the extca expense involved in handling delinquent payments. ~ 3. That if the total oE the payments made by the mo~tgagor under (b) of paragraph 2 preceding shall exceed 3 the amount of payments actually made b~t the morigagee. for ground rents, taxes and asses'sments 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 ,ynder (6J of paragraph 2 pre- _ ~ cedin~, shall not be sufficient to pay ground rents, taxes and assessm~~nts and insuiance 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 beEore 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 r.~ortgagee in accordance with . ;i : 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 (oJ of paragraph 2 hereof which the mortgagee has not become obligated to payto ! ~ the Secretary of Nousing and Urban Development and any balance remaining in the tunds 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~ublic sale of the pcemises covered hereby. or if the mortgagee acquires the property otherwise after _ default, the modgagee 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 (6) of paragraph 2 preceding as a credit against the amount of principal then remaining unPaid under said note and shall properlyadjust any r- payments which shall have been made under (aJ of said paragraph. ~ 4. That he will pay all taxes, assessments, .aater 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 wiU promptly deliver the official receipts therefor to the mortgagee. : ~ Ur~ + _ . b00K ~~J P~Gf ~ t~ ~ - ~ ir ~ _ ~ . ~ _ . ~ _ _ ._w~