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HomeMy WebLinkAbout0952 ~ ~ j.,;; . - seid mortgegor does hece5y tully warrant the tttle to said land. and every port thereof. and ~ril1 defend the same against tt~e lawtul claims of all peaons whomsoevec. PROVIDED A1,WAYS. ~nd tl~ese pcss~nh a~e executed and ~+liverad upvn tbe Eollowing condltions. to wit: The matga~or agrees to pay the mortgagee. w ordet. the priacipal sum ot F'OIIATBBN THOUBANA FIYB HUNDRBD FIPTY AND KO/~00 - - - - - - - - - - Dolla~s (S 14 ~ d~Q.00 as evtdeACed by • note oE even date I~rewith. with Iatecest from date at the rate of $IGHT AND ON8-HALF . . per ceatum ( 6-1/2 pec ennu~a oa the unpaid balance uatil pald. The said principal ond Iatecest sh~ll bc payable at the office oE NATIONAL AOMBS ACCSPTANC$ CORPORATION, Barl Avenue s~t llallace; Latayette, Indiana oc at sucb othei place as the holder oE the aoie awy desi~pate in wcitiag~ ia moathly inst~llmeats oE pliTg gUNDRBD BL$VBI~i A1~ID 89/100 ---Dollars (t 111:89 comaienctag on the tirst day of AUG08T, A;D: , 1970 the firat day of eech moath thereafter natiltheprinclpal and inte~est are fully paid, except t6at the final Payment of pciacipal aad iate~ast, If not sooaer paid. sholl be d~e a~d payable on the ftrst day of JpI,Y~ A:D~ ~ 2000: And shall duly. prqaptly. and fully pedorm, dischorQe. execute. eEfect. complete, and comply with and abide by each and every _tbe stipulations, agReements. coadit;oc~s. and covenants of said pcomiasory aote and oE this mortgage. then this mortgage and the estate beceby created shall cease aad be null aad void. Aad the matgagor fucther covenants as follows: - 1. That he will pay the indebtedness. as beesinbefore pcovided. Pri"vitege is resecved to pay the debt ia Whole~ or in an amount equal to oae or mae monthly peyments on the pdacipal that are next due oa the note, on the first . day of any month prior to awturity: P.ovided. however. ihet vvritten notice of an iateation to exercise such privilege is given at least thirty (30) days prioc to prepaymeat; and, pcovided f~uther, tbat in the event the debt is peid in full pcior to matucity and at that time it is insured under the provisions of the Natioael Housing Act. he will pay to , the modgagee aa adjusted premium chacge of one per centum (1%) of tbe original priucipel amount thereof, except that in no event shall the adjusted pcemium exceed the aggcegate amount of premium c6arges ovhich would have beea payable if the mortgage had continued to be insured until maturity; such payaent to be applied by the mod- gagee upon its oblig,etion to the Secretary of Housing and Urban Developmeat aa accouat af matgage iasuraace. 2. That, in ocder more EuUy to Protect the security of this moctg,age. the mortgegor, together ~vlth. and in addi- tion to; the monthly payments undec the terms of the note secured hereby, on the first day of each moath uatil the said note is fully paid. Will pay to the moctgagee the Eollawing sums: (a/ Aa amount sufficient to provide tlie holder heceof with funds to p~y the ne:t mort~aQe iasurance preouum i[ this iastrw ment and the note secured hereby are iasured, or a moathly chu~e (In lieu of a mortaaQe Inswauce premium) it tbey ~re 6etd by the Secretarp o[ Housin~ aad Urb~n Dev~lopmeat. •s tollo.vs: (1) 1[ and so long as ssid note ot evea datr aad Wis L~sWeaeat sro iasured or ~rt reinsurcd ande~ the Pwvisioas of the National HonsinQ Act, an emount suf[icient to accumulate la tl?e haads of the holder one (1) moat6 prior to its due date the anaual mortQaQe insarance premiwn, ia orde~ to provlde such hoider with tuads to pq such p?emium to the Secretary ot Houslag aad Urbaa Developmeat pwsuant to the N~ttoaal Houslne Act, ~s ameaded. aad ~pplicoble Regu- - lations lhereuader. o~ (II) lt and so long as said aote oE evea date ~nd this instiumeat are. held bp tbs Secretar!? ot Housias and Urban Develop- ~ ment. a monthty charge (in lieu of a mort~e iawrance premium) w61ch shall be ia aa amonnt equ~l to oae-twrelfW (1/12) of one-half (K) per ceatum o[ the a~erage outstanding dalance due on tbe aote comp~ted without toking into accouat deliaquencies o~ prepayaents; (6) A sum equai to the grouad reats. if aay. ne~ct due. plus the premiuas that ~?ill aext becomw due sad payable on policies of Cire and otl?er hazard ipsuraace coveria~ tl~e mort`~ed p~operty. plus u:es aad ossessments nen dae oa the mort- gaged property (al! as estimated bp the morteaQee) less all sums akeady paid theretor divided by the aumber of months ' to elapse betore one month prior to the date ahen such ~nd rents. premiums, tases. ~ad assessmeats ~vili become de- ~ - linquent. suc6 sums to be held by mortaoQee in tn~st to p~r said Qrouad rents, preminms. tues, a~d speci~l psaessmeab: r and . (r) All payments mentioned ia the tao precedinQ snbsections of Wis pan~rap6 wd all p~ymeats to be made under the note ~ secared hereby shall be added together and tbe •~g~egate amount thercof shail be paid by t6e mortQaQor each month ia • ~ single payment to be applied by We mort~aQee to the toUowrioQ items in the order set [orth: ~ (n Premium cha~Qes nnder the coatract ot insw~nce ~ritb the Secretary of Housia~ and Urbaa Developmeat. or monthl~ ~ charge (in lieu o[ mort~age insuraace premiwn). •s tbe c~se may be; f (II) Qroand rents. ta:ea, sssessmeats, fire. aad other has~rd insuru?ee premiums; . (III) interest oa the aote secured 6ereby; nnd _ ~ ~ (I{n amortis~tion ot the priecip~! ot said note. Any deficiency in the amount ef such agg~egate moathly payment shall, unless made good by the mortgagor ! prior to the due date of the next such payment. constit~e. an event of default uuder this modgage. The modgagee may coilect a~"late charge" not to ezceed two cents (2~) fa each dollac (Sl) of each payment mae than fifteea , (15) days in arrears to covec tbe extra espense involved in handling delinqnent paymeats. 3. That if the total of the peymants meds by the mortgagor under (b1 of parag~rapii 2 preceding shall e:ceed the amovnt of payments actuaUy made by tbe a~ortgagee, far gFound-rents, taxes aad assessments °aad iasuraace premiums, as the ~ase may be, such e~cceas sbell be credited by tbe matgagee oa subseqnent payments to be made by the mortgagor. If, ho~vever, .the montbly p~yments made by tbe a~atg,sga nf~dOt (b) oE perABraph 2 pre- ceding shall not be sufficient to Qay g~ound eeats, taxes aad pssessmants aad insuraoce premiums. as the cese may be, when the same.shall becoa?e due aad payable, then tbe mat~,agot shall pey to tbe moit~agee any smount necessary to make np the deficiency, on a befoce t6e date when paymeat of such gcoiu~d roats, taxes. asseasments~ or insurance premiums sf~all be due. If at eny time the moctgagoc shallteader to tbe ewdgagee in accordaace with the. provisions of the note secured hereby, full p~ymeet of the eatire indebtedaess represeated thereby, tbe mod- gagee shall, in computing the amouat af such indebtedness. credit to t6e account af tbe mortgagor all peyments made ~nder the provisions of (a) of peragraph 2 hered which tbe mortgagee has aot becax obligated to payto the Secrstsry oE Hoasing and Urban Development and eny balance remainiag ia the Eunds accumulated ~nder the provisions of (b) of said paragcaph 2. If there shall be a default uader aay af tLe provisioas af this•mortg,age, re- sulting in a public sale of the premises covered ~ereby, or if tbe matgagee acqnices th~ propecty otbe~vvise after default. the matgagee sball apply, at tbe time of the commqpcemeat oE such. pr,oceedia~ a~ at the~time tbe prop- , erty is othenvise acquired, the balance then cemaiaing in tbe funds axumulated w~der (6) oE paragxaph 2 preceding as s credit against the smount ~ principel then remaiaing unpaid und~r seid aote ;ad shall properlyadjust aay paYments which shall have beea made W~der (a~ of sald paragcaph. ~ 4. That he wlll pay all taxes. assess~nts, Water retes, aad other goveraaiental a municipol charges, fines, or impositioas, for which provision has aot been mede hereiabetae, and in default thereaE the moctgagee may' pay the same; and that he will prornptly delivec the afficial receipts tLecetor to the matg,agee. < ; ' : eooK 185 ~ 9~4 C~ ~ - - _ ~ , _ - , , :a~ Y .