The URL can be used to link to this page

Home My WebLink About1869 r- .aid mortgagor does hereby fully warrant the title to said land, and evety'part thereof, and will defertd the same against the lawfu! claims of all persons whomscever. ~ PROVIDED ALWAYS, and these presents are executed and delivered upon the following conditions, to wit: ~ The mortgagor agtees to pay the mottgagee, or order, the principai sum ef ~ ~m A1D lto/100-..••..•..•_•.-_~•_•N._~.._______..___••~_.._N••_•N~._~..•_•~ Dollars (S 1rj~~OQ•00 as evidenced by a note of even date herewith. with interest from date at the ` rate of ~3g~b ixd, pII~halt per cenium ( 8'~ per annum on the unpaid balance - until paid. The said principal and in;eresl shal! be payable at the oftice of ~T. 'j'. $td~f;T't M0~''~~,~! C~aqTs ~na. , a eorpo~atioa m~d~ar th~ l~nrs o! th~ Stat~ o! ~'l~o~ridu i or at such other place as the holder of the note may designate in writing, in monthly installments of OM ~t1~dr~Q ~ '111e]olty Ot1e il~ rj0~100-~~~~~N~~~Nr~~~N Dollars 1?1.50 : (S _ coma,encing on ~ the first day of ~ly , 19 70. and on the first day of eac6 month thereafter untiltheprincipal t and interest are fully paid. except that the final payment of principal and interest. if not sooner paid, shal! be due ~ and payable on the first day of .11MA 2000 • ~ . ~ And shall duty, promptly. and fuliy pe~form, discharge. execute. effect, complete, and comply with and abide ~ by each and every ihe stipulations, agreements, conditions, and covenants of said promissory ~ote and of this mortgage, then this mortgage and the estate hereby created shall cease and be nuli and void. ~ A~d the mortgagot further covenants as follows: 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 oc more monthly payments on the principal that are next due an the note, on the first day of any month prior to maturity: Provided, however, ihai written notire of a~ inte~!'Ion 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 ot the NatiQnal Housing Act, he will pay to # the mortgagee an adjusted premium charge of one per centum (196) of the original principal amount thereoi. except € that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have ~ been payable if the m~rtgage 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 mortgage insurance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with, and in addi- g tion to, the monthly payments under the terms of the note secured hereby, on the first day of each month until the s said note is fully paid, wil! pay to the mortgagee the followireg sums: ~ (cr) An amount sufticient to provide the holder hereof with funds to pay the neYt mortgage insurance premiura i[ this i~stru- ~ ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insura~ce premium) if they are ~ held by the Secretary of Housing and [lrban Development, as [oliows: ~ (I) If and so long as said note of even date and this instrument are insured or are reinsured under the provisions o[ the 4 National Housi~g Act, an amount su[ticieat to accumulate in the hands ot the holder one (1) mortth prior to its due ~ date the annual mortgage insurance premium, in order to provide such holder with fvnds to pay suchpremium to the ~ Secretazy of Housing and Urban Development pursuant to the National Housing Act, as amended, and appticable Regu- i lations thereunder, or - # f (II) If and so Iong as said note of even date and this.instrument are held by the Secretary of Housing aad Urban Develop- • ment, a monthl char e ; y g (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth (1,`12) of one-half ('h) per centum ot the average outstanding balance due on the note computed without taaing into account delinquertcies or prepayments; j ? (hj A sum equal to the ground rents. i( ~ny. ~ext due, plus the premiums that will ne:t become due and payable on policies ? of fire and other hazard insurance covering the mortgaged property, plus ta:es and assessments ne:t due on the mort- gaged propertp (al) as estimated by !he mortgagee) less a11 sums already paid iherefor divided by the number of months ~ to elapse betore one month prior to the date when such ground rettts, premiums, tazes, and assessments will become de- linquent, such sums to be held 6y mortgagee in trust to pay said ground rents, premiums, tazes, and special assessments; and j Al! 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 sha[i be paid by the mortgagor each month in a single payment to be applied by !he mortgagee to the following items in the order set torth: (n premium charges under the contract of insurance with the Secretary of Housing and lJrban Development, or monthly • charge (in lieu of mortgage insurance premium), as the case may be; ' (II) ground rents, ta:es, assessments, tire, and other hazard insurance premiums; ~ (III) interest on the note secured hereby; and ; (IV) amortization o[ the principa! of said note. Any deficienc~~ in the amount of such aggregate monthly payment shall, unless made good by the mortgagor ~ prior to the due date of the neat such payment, constitute an event of default under this mortgage. The mortgagee ma collect a"late char e" not to exceed two cents 2e) for each dollar SI) of each 4 y g ~ ( payment more than fifteen (15) days in anears to cover the extra expense involved in ha+ndling deliaquent paymenis. 3. That if the total of the payments made by the modgagor under (bJ of paragraph 2 preceding shalt 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 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 sufficient to pay grourtd 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 deficiescy, on or beEore the date when payment of such ground rents, taxes, assessments, or insurance premiums shall be due. lf at any time the modgagor shall tender to the mortgagee in accordance with the provisions of the note secured hereby, full payment oE 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 {a) of paragRaph 2 hereof which the mortgagee has not become obligated to payto • ihe Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the ; provisions of (b) of said paragraph 2. IE there shall be a default under any of the provisioas of this mortgage, re- sulting in a public sale of the premises covered hereby, or it the mortgagee acquires the property otherwise aiter ~ default, the mortgagee shall apply, at the time of the commencement of such proceedings or ai the time the prop- erty is otherwise acquired, thz balance then remaining in the funds accumulated under (b) of paragraph 2 preceding as a credit against the amount of principal then remaining tu~paid 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 w6ich provision has not been made hereinbefare, and in default thereof the mortgagee may pay the same; and that he will prorriptly deliver the official receipts therefor to the mor~gagee, i ~ BUOK~v~ P~CE~~~~ - - ~ . . , rt . - . ~ u._~ ~