Loading...
HomeMy WebLinkAbout2094 • ~ i + ; said mortgagor does hereby [ully wa~rant the titte to said land, and every part thereof, and will defertd the same t against the lawful claims of all persons whomsoever. ~ PROVIDED ALWAYS. and these presents are executed and delivered upon the following conditions, to wit: The mortgagcr agrees to pay the mortgagee. or o~dec, the principal sum of '~BA~ ~ ~ ~ ~/~YY~~~~~N~~~~~i~~~~~N~r~~~~~~~~~N~~~~N~~r~~~~r~N~~~NN~~~~~~ Dollars (S 15s800•00 as evidenced by a note of even date herewith. with i~tecest from date at the ~ rate of A~t i~ OIIl~~L~ ~+cr centum ( 8~ qo) per annum on the unpaid balance until paid. The said principal and interest shall be payable at the office of ~T• S'tellil"t ~f0~`~~Q ~ ~¦~Ys Inc., a oorpoarmtioa ~mda tha l~xs of t,h~ St~t~ o! ~ida ~ t or at such othe~ place as the holder ot the note may designate i~ writing. in monthly installments of Obt ~ '1~1~,y piLO i1~d rjp~1Qp•~~N~M~~~N~~~rN Dollars (S 1•5~ comwencing on the first day of .1~.~ , 19 70 ~ and on the first day of each month thereafter untilthe ptincipal ; and intecest are fully paid. except that the final payment of principal and interest. if not sooaer paid. shall be due ~ and payable c~n the first day of ~e 2~0 ; And shall duly, promptly. and fully perform, dischacge, execute, eEfect, complete, and comply with and abide by each and every the stiputations, agreemer.ts, conditions, and covenants of said promissory note and ot this mortgage. then this mortgage and the estate heceby created shall cease an~ 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 whole, ~ or in an amount equal to one ot moce monthly payments un the principal that are next due on the note, on the first ~ day of any month prior to maturity: Provided, however, that written notice of an inteAR[on 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 of the National Housing Act. he will pay to the modgagee an adjusted premium charge of one per centum (19'0) of the original principal amount thereaf, 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 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- tion to, the monthly payments under the terms of the note secured hereby, on the first day of each month until the saLd note is fulty paid, will pay to the mortgagee the following sums: ~ (a) An amount sufficie~t to provide the holder hereo[ with tunds to pay the next mortgage insurance premium if this instru- ment and the note secured hereby are insured, ot a monthly charge (in lieu ot a mortgage insurance premium) i( they are held by the Secretary of Housing and Urban Development, as follows: ; (1) If and so long as said note o[ eve~ date and this instrument are insurrd or are reinsured under the provisions ot the ~ National Housing Act, an amount sufticient to accumulate in the hands o[ the hoider one (1) month prior to its due ~ date the annua! ~ortgage insurance premium, in order to provide such holder with funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the Nationai Housing Act, as amended, and applicable Reg~- lations thereunder; or (II) If and so long as said note of even date and this instrument 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 equai to one-twel[th ' (1!12) of one-halE (54) per centum o[ the average outstartding balance due on the note computed without Laking into account delinquencies or pcepayments; ~ (b) A sum equal to the ground rents. i[ ~ny, next due, plus the premiums that will nezF become due and payable on poticies ~ of Eire and other hazard i~surance 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 therefor divided by the number of months to etapse before one moath prior to the date when such ground rents~ premiums, tazes, and assessments will become de- linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, ta:es, and special assessments; and (cJ 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 thereo( shalt be paid by the mortgagor each month in a single payment to be applied by the mortgagee to the following items in the order set iorth: (n premium cherges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly charge (ie lieu o[ mortgage insurance premium), as the case may be; (II) ground rents, taaes, assessments, fire, and other hazard insurance premiums; : (III) interest on the note secured hereby; and - (I~ amortization of ihe principal of said note. Any deficiency in the amount of such aggregate monthly payment shall, untess made good by the mortgagor 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 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 (6J of paragraph 2 preceding shall exceed the amount of payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance t 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 sha11 not be sufficient to pay ground cents, taxes and assessm.~ots aod insurance premiums, as ihe case - ~ may be, when the same shall become due and payable, then the mortgagor shall pay to the moctgagee 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. If at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note secured hereby, full payment of the ~~ntire indebtedness represented thereby, the mort- ~ gagee shall, in computing the amount of such indebtedaess, 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 pay to the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the ~ provisions of (b) of said paragraph 2. If there shall be a default under any of the provisions of this mortgage, te- _ ~ sulting in a public sale of the premises covered hereby, or iE the mortgagee acquires the property othecwise atter ~ default, the moctgagee shall apply, at the time of the commenceme~t of such proceedings or at the time ihe prop- erty is othervvise acquired, the balance then remaining in the Eunds accumulated under (li) of paragraph 2 preceding s 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 ather governmental or municipal charges, fines, : or impositioes, for which provision has not been made heceinbefore, and in default thereof the morigagee may pay ~ ~ the same; and that he will promptly deliver the otficial receipts therefor to the mortgagee. ~ ~ ~R w ~ ~ EOUK ~SJ PACE~9z ~ g00K ~v~ PAGE ~~6~ ~ - ~r ~ . = ~ ~ ~ ~ . . ,~tr, ~ ~ s`'~>' Y~~~~_~ r z~ _ ~ -%'~w_ _ ~ _ . - . _ . ~-P e . - . _ Y~" ~^~+'J`':~., _