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Home My WebLink About2399 1 ~ _ ~ ~ , , ' ~ . ~ ~ ! 1t { saic3 !ROrtgagor does hereby fully warrant the title to said lend. and every part the~eof. and will de[end the same against the lawful claims of all persoas whomsur~~r. PROVIDED ALWAYS. and these presents are executed a~d delivered upon the follrnxing conditions. to wit: The mortgagor agcees uto pay the mortgagee. or order, the pri~cipal sum of 8I11'E~ QE ~ ~ ~/1TN~~NiN~~~~~~~~M~~NN~N~NN~~MN~~~~~~~~N~~~~~~~~~~~N Dollars (S 1b~1~0.00 as evidenced by a note of e~:.:. arith interest f~om date at the t rate oE ~i~lft i11d OsM~l1L1t per centutn ( 8~ 96) per a~nur~ ~ the unpaid balance ~ until paid. The seid principel and interest shail be payable at the office of ~T. S. ~A~' ~s ' Od~A~Y, ~C. oorposat3AU nad~sT t?bs llqrs o! t~ 8tate O! ~lro~lri+da or at such other place as the holder oi the nate may designate in writing. in monthly installments of W~ ~dY'/d ~~r ~ ~ $]~100,.~~~~N~~~~~~~NNN Dollars (s 123.81 comn~encing on the first day oE .11~3y , 1970 . and on the first day of each month thereafter until the principal and interest are fully paid, except that the final payment of pciacipal and interest. if nM sooner paid, shall be due and payable on the first day oE 2~ ; ~ And shail duly. promptly. and fully pecform. discharge. execute. effect, complete. and comply with and abide ~ ~ by each and every the stipulations, agreements, cortditions, and covenants of said promissory note and of this ~ m~ri~age. then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor i4~iher covenants as follows: i! 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 more monthly payments on the princiFal that are next due on the nnte. on the first j day of any month prior to maturity: Provided, however. that written notice of an interRion to exercise such privilege is given at least thirty (30) days prior to prepayment; and. provided fu~ther, 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 Natio~al Housing Act, he will pay to the modgagee an adjusted premium charge of one per centum (136) of the originel principal amount thereof, except that in no event shall the edjusted premium exceed the aggregate amount of premium charges which would have been payable if the mortgage hed 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 mortgagot, 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 moctgagee the Eollowing suws: - (a) An amount suificient to provide the holder hereot with funds to pay the nezt mortgage insurance premium if this instru- ment and the note secured hereby are insured. ~r a monthly charge (in lieu of a mortgage iasurance premium) i[ they are heid by the Secretary of Housing and Urban Development, as foilows: (I) It and so long aa said note ot even date and this instrument are insured or are reieaured under the provisions ot the National Housing Act, an amount sut[icie~t to accumulate in the hands of the holder one (1) month prio: to its due date the annusl mortgage insurance premium, in order to provide such holder with [unds to pay such premium to the Secretary of Housing and Urban Development pursuant to the National Housing Act, as emended, ond applicable Regu- lations thereunder; or (lI) If and so long as said note of evea date and this instrument are held by the Secretary of Housing and Urban Develop- meat, a monthly charge (in lieu ot a mortgage insurance premium) which shall be in an amount equal to one-twet(th , (1; 12) of one-halt (y~) per centum ot the average outstanding balance due on the note computed without laking into account delinquencies or prepayments; ' ~fr; A-svm-cquel !o thc ground ren~s,-it enyrnext-due;-p{us-Et?e-premin~wc-t1~at ~:i1!-awcf-become-due-aadpaya6l~oa-policies-._-------- f of (ire and other hazard insurance covaring the mortQa~ed propert~, plus tazes and •ssessments next due on the mort- E gaged property (all as estimated by the mortga~ee) less alt sums already paid theretor divided by the number of months i to elapse be(ore one month prior to the date when such ground re~ts, premiums, taxes, and asaessments will become de- linquent, such sums to be held by mortgage! in trust to pay said ground reats, premiums, ta:es, aad speirial assessments; and ~ J All payments mentioned in the two preceding subsections ot this paragraph and all p~ymenta to be made under the note ~ secured hereby shail be added together end the aggreQate amount thereo[ shail be paid by the mortgagor each month in a ~ single payment to be applied by the mortgegee to lhe [olio~ving iteroa in the order set forth: ~ (I) premium charges under the coatnct ot insuroace with lhe Secretary o[ Housing and 13rbao Development, or monthly { charge (in lieu ot mortgage insurance premium), os the case may be; (II) ground rents, tazes, assessments, tire, and other h~zard insuronce premiums; (lII) interest on the note secured hereby; and (IV) amortization of the priacipal 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 next such payment, constitute an event d default under this mortgage. The mortgagee may collect a"!a!e charge" not to exceed two cents (2t) f~ each dollar (Sl) oE each payment more than fifteen !15) days in aRears to cover the extca expense involved in handling delinqueat peyments. 3. That if the totat of the payments made by the modgegor undet (b) of paragraph 2 preceding shall exceed ~ the amount of payments actually mede by the mortgegee. for ground rents, taxes and assessments and insurance premiums, as the case may be, such excess shaii 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 ground rents, taxes and assessm~~nts and insurance premiums, as the case _ mas be, vehen the same shall become due and payable, then the mortgagor shall pay to the moctgagee any amount 5 necessary to make up the deficiency, on or bef~re the date when payment of such ground re taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortg..~ee 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 provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to payto ~ the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the . ~ provisions of (G) of said pacagraph 2. If there shall be a default und~r any of the provisio~s of this mortgage, re- ~ ~ sulting in a pubCc sale of the premises covered heteby, ot if the moctgagee acquires the propecty otherwise after ~ default, the mortgagee 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 (b) af paragraph 2 preceding ~ ~ as a credit against the amount of principel then remaining unpaid under said note and shail properlyadjust eny . ~ payments which shall have been made under (a) of said paragraph. t 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, y ~ or impositions, for which provision has not been mede hereinbefore, and in defeult thereaf the modgagee may pay ~ the same; and th~t he witl promptly deliver the officia! receipts therefor to the mortgagee. ~ 600K 1~ PACf ~ ~ ~ - ~ z~ , _ . ~-1 _ ~.w~:,-~