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Home My WebLink About2395 ~ ~ ~ ' ~ . ; • i i i said mortaagoc does hereby fully war:a~t the title to said land. and every part thereof. and will defend the same against the lawtul claims of all persoas whomscever. PROVIDED ALWAYS. and these peesents are executed and delivered upan the following conditions. to wit: The mortgagoc agrees to pay the mortgegee. or ocder, the principal sum of S~A~ E~' ~ ~ ~/~~NN~NN~N~N~1~~M~M~~NN~MM~~~iMN~~~M~N~N~N~~N~~ " . Dollars (S 15~~00.00 as evidenced by a note of even d te herewith. with interest from dete at the rate of Ai,~t~ ~ O11NhLlt per centum ( 8~ per annum on the un ~d balance until paid. The said principal and interest shall be payable at the oftice of ~T. 1'• 81'~AA? ~ Cp~A~Y, ~ t oooeponcttioa ~u~d~r t?1N ].~s O~ t1M Sta~t~ Ot ~lroz3~d~ or at such other place a the holdeN f=h==otN==y designate in writing~ ~i: monthly installments of '11~encty 0!N ~1d 50~100-- Dollars (S 797 SQ commencing on the Eirst day of .l~l~ . 19 and on the first day of each month thereafter until the principal and interest are fully paid. except that the final payment of principal and interest. if not sooner paid, shall be due and payable on the first day of ~ 2~~ ; And shall duly. promptly, and fully perform, discharge. execute, efEect~ complete. and comply with and abide by each and every the stipulations, agreemenfs. conditions. and covenents of said ptomissory ~ote and of this mortgage. then this mortgage and the estate hereby created shall cease and be null and void. And the moctgagor further covenants as follows: 1. That he will pay the indebtedness, as hereinbefore provided. Privitege 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 month prior to maturity: Provided. however. that written notice of an intedtion to exercise such privilege is ¢iven at least thirt_y (30) da_ys pria to Qrepayment; and. provided further. that in the event the debt is paid in full prior to maturity and at that time it is insured ender the provisions of the National Housing Act, he will pay to ~ the mortgagee an adjusted premium charge of one per centum (196) 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 continaed 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 t said note is fully paid, will pay to the mortgagee the follawing sums: (o) An amount sufticient to provide the holder hereof with funds to pay the nezt mortgage insurance premium if this instru- ment and the note secured hereby ere insured, or a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Secretary of Housing and Urban Development, as [ollows: (I) Ii and so long as said note of even dale and this inatrument are insured or are reinsured under the provisions o[ the National Housing Act, an amount sut[icient to accumulate in the hands o[ the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such holder with funds to pay such premium to the Secretary of Housing end Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- letions thereunder; or (II) If and so long as said note of even date and this instrument are held by the Secretary of Housit?g and Urban Develop- ment, a monthly charge (in liru of a mortgage insurance premium) which shall be in aa amount equal to one-twelfth , (1!12) of one-halt (S4) per centum o[ the average outstanding balance due oa the note computed without talcing into ~ , a_.- ' ~>merLLs; - _ - - - - - ~i (b) A sum equal to the ground rents, it any, ne:t due, plus the premiums that will nezt become due and payable on policies ~ of fire and other hazard iasurance covering the martgaged property, plus taxes and assessments ~e:t due on the mort- f gaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number ot months ~ to elapse be[ore one month piior to the date when such ground rents, premiums, tazes, and asses6ments wiil become de- tinquent, such sums to be held by mortgagee in trust to pay said grouad rents, preatiums, ta:es, ond special assessments; ~ and ~ !c1 All payments mentioned in the two prcceding subsections of this paragraph and all paymenta to be made under ihe note ~ secured hereby shall be added together and the oggregate ~mount thereof shall ba paid by the mortgagor each month in a ~ single payment to be applied by the mortgogee to Ihe foilowriag items in the order set forW: ~ ~ (n premium ch9rges 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 moy be; ~ ~ (II) ground rents, laxes, assessments, (ire, and other hazard insurance premiums; (III) interest on the r:ote secured hereby; and (IV) amort"uation of the principal of said aote. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next sach peyment, constitute an event d defeult under this mortgage. The mortgagee may collect a"late charge" not to ezceed two cents (2e) for each dollar (Sl) of each payment more than fifteen ~ (15) days in arrears to cover the extre expense involved in handljng delinquent payments. ~ 3. That if the total of the payments made by the mortgagor ander (b') of Qaregraph 2 preceding shall exceed ~ the amount oE 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 gcound rents, taYes and assessm.~nts 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 of such ground rents, taxes, assessments, y or insurance premiums shall be due. If at any time the modgagor shall tender to the mortgagee in accotdance 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 (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 (6J of said paragraph 2. If there shall be a default under any of the provisio~s of this mortgage, re- ^ sulting in a p~blic sale of the premises covered hergby, or, if the mortgagee acquires the property otherwise after ~ default, the mortgagee shall apPly, at the time of the commencement of such ptoceedings a at the time the prop- ~ erty is othecaise acquired,the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding ~ as a credit ageinst the amour~t of principal then remaining unQaia under seid note and shall properlyadjust any ~ payments which shall have been made under (a) of said paragcaph. ~ 4. That he will pay all taxes, assessments, water cates, and other governmental a municipal cherges, fines, ~ or impositions, for whic6 pcovision has not been made hereinbefae. and in default thereof the mortgagee may pay t the same; and that he will promptly deliver the ~Eicia! receipts thetefor to the modg,agee. ~ ~ ( BOOK PA6~~t~t~ ~ ; ~ 1 - . - ~ ~h~~~ ..__m ___~,.e ~ ~y~~