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Home My WebLink About2390 , ~ said moctgagor does hereby fully warrant the title to said lend. and every part thereof. and will defend the same against the lawful cteims of all persons whomscever. PROVIDED ALWAYS. and these presents are executed and delivered upon the following conditia?s. to wit: The mortgagor agcees to pay the mortgegee. or order~ the principal sum of ~81' ~ ~ ~/1~i~~M~~~Y~~N~~~~~~~~~~N~~~~~NNN~MNNN~~~MMNN~N Dollacs (S 15s800.00 as evidenced by a nole of even date herewith, with intecest from date et the rate ot t~tt. ~fd O~b#].t pec centum ( 8~ per annum on the unpsid balance until peid. The said principa! and interest shall be payable at the office of _~T. T. 8~ ~A4B ~Y~ I~:. OO~p01'it~OII ~~LO ~#1f~ O! ~ Sti~ O! ~=3+a~t or at such other place as the holder of the note may designate in writing. in monthly installmeMs of Om ~dtAd ~ ~ ~/1~~~~~N~NN~NM~~N• p0118(5' (s ~1~~ . comaiencing ~ the ficst day of ~y , 1970 . and on the ficst day of each month thereafter untiltheprincipal and interest are fully paid, except that the final payment of principal and interest. i[ not soonec paid, shelt be due and payable on the first day of .11~~ 2'000 ; 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 moirtgage and the estate hereby created shall cease and be null and void. And the mortgagor fudher covenants as follows: ~1. That he will pay the indebtedness.as hereinbefore p~ovided. 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 on the note. on the first day of any month prior to maturity: P~ovided, hoaever, that written notice of an inteAilfon to exercise such privilege is given at least thirty (30) ~days pria to prep~yment; and, provided furtfier. 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 (1%) of the original principal amount thereof, except th~t in no event shall the adj~sted premium exceed the aggcegate amount of premium charges which wouId have been payable if-(~e 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, wil! pay to the mortgagee the following sums: (o) An amount sutticie~t to provide'the holder hereof with funds to pay the nezt mortgage insurence premium if this instru- ment andthe note secured hereby are insured, or a mo~thly charge (in lieu o( a mortgage insurance premium) if they are deld by the Secretary ot Housiag and Urban Development, as follows: (1) If and so long as said note of even date and ihis instrument are insured or are reinsured mder the provisions of the National Housing Act, an amodnt sutticieat to accumulate in the ha~ds of the holder one (1) month prior to its due date the annual mortgage iiisuroace premium, in order to provide such holder with funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- lations thereunder; or ' (II) !f-and so long as seid note of evea'date and this instrumeqt are hel_d by the Secrctary of Housing and Urban Develop- ment, a monthly charge (in lieu of p mortgoge insuraace premium) which shall be ia aa amount equa! to one-twelfth (1!l2) of one-hal[ (!.4) per centum ot the average outstandir~g balance due on the note computed without taking into ------aec-ow~~elin F----------- - ~ (b) A sum equal to the ground rents, If anq, ae:t due, plus the premiums'that ~rill aext become due and payabte on policies I i of [ire and other hazard insurance covering the morigaged property, plus ta:es and assessments next due on the mort- k gaged property (ail as estia?ated by the morigagee) less all sums already paid theretor divided by the number of months to elapse betore one month prior to the date when such ground'rents, premiums, taxes, and assessments will become de- linque~t, such sums to be held by mortgagee in trust to ppy said groiwd rente. premiums, ta:es, ~nd special assessments; and . (c J All payments mentioned in lhe two preceding subsections of this paragraph and all piyme~ts to be made under the note secured hereby shal! be added together and the aggregate amount thereot shall be paid by the mortgagor each month in-a single payment to be applied by the mortgagee to the followipg items in t2~e order set forth: (n premium charges under the contract of insurance with the Secretary of Housin~ and Urban Development, or monthly ~ charge (in lieu of mortgage iasuraace premium), as t6e case may be; (II) ground rents, taxes, asseaements,~tire, and other hasard insurance premiums; ~ (III) interest on the note secured hereby; aad Q~ amortization oE the principal o[ said note. ' Any deficiency in the amount af such aggregate monthly payment shall~ unless made good by the mortgagor prior to the due date of the next such payment, constitute an event of default undet this mortgage. The mortgagee may collect a"late charge" not to exceed two eet~ts (2Q) for each dollar (S1) of each payment more than fifteen (15) days in arrears to cover the eatra expec~se involved ia 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 ~ 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 (6J of paragraph 2 pre- ~ ceding shall not be sufficient to pay ground rents, taxes and assessments 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 or before the date when payment oE such ground rents, taxes. assessments, ~ ~ or insurance premiums shall be due. IE at any time the modgagor shall tender 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 pravisions of (aJ 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 innds accumulated under the ~ ~ ~ provisions of (b) of said paragraph 2. ff there shall be a default under any of the provisions of this mortgage, re- suiting in a• public sale of the premises covered hereby, oc if the mortgagee acquires the property othecwise after ; default, the mortgagee shall apply, at the time oE the commencement of such proceedings or at the time the proQ- ~ edy is otherwise acquired, the balance then remaining in the funds accumulated under (6J of paragraph 2 preceding as a credit-ag,einst the amount of principel t~en remaining unpaid undet. aaid note and shall properlyadjust any ~ payments which shall have been made under (a) of said paragraph. ~ 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, ~ or impositions, for which provision has not been made hereinbefoce, and in default thereof the mortgagee may pay ~ the same; and that he-will ptomptly deliver the ofEicial receipts therefor to the mortgagee. ~ ~ ~ ~ ~ BUO~C P~11~~~ ~ ~ , . _ . - - . _