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Home My WebLink About2151 e ~ ~ . ~ ~ . . a • . • ~ ~ . f. . ti .sc ~ ~ . , . ~ ~ ' . :A~ . ~ls:~ . :1:•r• 'iJ :'dl ~ , ~ • • , ~ . ) . L ~j ~ 47 ~ J sald aatp~a does beeeby fully warraat the tltle to said land, •ad evecy paet thereof. aud wilt defend the same a~last tM lawtul claims at ail persaas wbomsoeve~. ~ PROVIDED ALWAYS, aad tbese pcesaAb +uu~ exacuted aad deliv~red upon the following coaditlons. to wlt: Tht avat~oc a~ee~s to pay the matgagee. or ader, the ~iaclp~i sua~ ~t` 'lll~i ~ tlVs ~ID tI~'1't ~D Dollacs (s 13~SS0.00 as evideaced by a pote af even dote herewitb, with iaterest fcom date at the rate aE ~D aN~-~Ri~ . per c~ntwn ( 8~ 'X) per anaum oo tbe uapoid balaace until poid. The said pciacipal aad iaterest shall be payable at the office of J. ~'1'~it'1' ~OI~II!• ZNC. ia Snl.t~ 300 - L00 xisacl~ Nil~~ Oo~cal G~bl+~s~ ZLo~clda oc at sucb ather place as the holdet of tha note ~oay desigpate in writiag, in moathly installments of 1~1~!'Y~~ ~ 5~,/1 ~••••-------Dollars (S 96.51 commencing on the first day af ~p9pst , 19 ~0 . aad a~ tbe first day of eacb month theceafter uatllthepcincipsl and interest are fully paid, except that the fuwi paymeat of priucipal aad iaterest. if aot sooner paid, shall be due and payaWe an the flrat day of J11~jr~ ~p00. ; . . And shall duly. promptly, and fully pedorm, dischacge, execute, effect. co~plete, and comply ~vith and abide by each at~d evecy tbe stipulations, ag~eements. coadit:oas, aad coveaaats of said pcomissory note aad of tbis moctgage, then this mortgage and tbe estate hereby created shall cease aad be null and void. , Aal the matgagoc f~rther covenants as follows: 1. Thet he will pay the indebtedness. as hereinbefore provided. Pri'vilege is reserved to pay the debt in whole, or in aa amount equal to oae oc moce moathly payments on We priacipal that are aext due oa the note, oa the first day of any moath prior to maturity: Provided. however, that written aotice of aa intention to exercise sach privi!pge is givea at least thirty (30) days prioc to prepayment; and. provided futther, thaE in the event the debt is peid in full prior to maturity aad at that time it is. ins~red under the provisions of the National Hoosing Act, he aill pay to the mortgagee an adjusted premium charge of one per centum (176) of the original principal amonnt thereaf~ except that in ao eveat shall the adjusted premium e:ceed the aggregate amount of premium charges which would have been.payable:tf~ihe ~toetgage had•icoatiau~ to.be ias~ted nattl aeatoritp;:such' peyme~ft to be e~plied by the mort- gagee upou its obligstion to the Secretary of Housing and Urban Development on accouat of modgege insurancc. 2. That. in order more fully to protect the security of tbis mortgage. the modgagw, together with, and in addi- . tion to. the monthly payments under the terms of the aote secured hereby, on the first day of each month until the said note is fully paid, aili pay to the modgagee the follawing sums: (o) Aa amount sufficieat to provide We holder hereof aith funds to pay We aezt mortgage insunnce premium if thia inaw- ment ond the note secused hereby are inswed. or a monthly charge (in liea of a mortgage insurance premium) if they are heid by the Se~:etarp of Hoasing and Urbon Developmeat. as [ollows: (I) U and so long aa said note of evea .date aad this instiument arc insured or ~re roinaured under the pwvisions of ffie - Natioaal Housing Act. an amount suf[icient to accumulote:in the hands of the holder: one (1) a?onth prior to its due date thc annual mortgage insuraace premium. in order to provide such holder ~rith [unds to pay auch premium to the Secretary of Housing pud Urbaa DevelopmeAt pursuant to the National Honsiag Act. as ameaded, and applicable Regu- latioas thereuader; or ~ (II) I[ and so loag as said aote of even date and this insttnment ore held bp tLe Secretary of Housiag and Urban Develop- ment, • moathly charge (in lien of a mortQage insurance premiumj ~vhich shall be in aa amount equal to one-taelfth (1/12) o[ oae-half (K) per centam of the average ontstanding balance ~e on the aote compnted wit6out taking ieto account delinqueocies or prepayments; - ' (b) A sum equal to the groand reata, if aey, nert due, plus the premipms that ~rill ne~ct become due and payable on policies ! o[ fire and other hasard insurance covering tt~e mort~a~ed property, pius ta=ea and aasessments nert due on the mort- gaged property (aA as eatimated b~ the mo~tgaQee) less all sums alread~ paid ffieretor divided by t6e eumber of months to elapse be[ore oae montb prior to t6e date when such grouad rents. premiums. to:es, and asaessments wrill become de- ~ linquent. such sums to be held by moctgagee in truat to pay said gxoned rents, preminms, tues, aad spectal asseasments; (c) All paymenta mmtioned in the Mro preceding subsections o[ this paragraph and all p~yments to be made under the note ~ ~d necused hereby shall be added together and tve aggfegate amount thereot shall be paid by the mortgagor eoch month in a single paymeat to be applied by the mortQsgee to the follo~ving items ia the order set fort6: (n premium charges under the contract of insurance ~alt6 the Secrotary o[ Housing and Urbaa Developmeat, or.monthly c6arge (in Ileu oi mortgage insurAnce prea~i~up~. +~s tj~e sase way ~e;, t. . (In gronnd rents. to:es, assessmeats; fire, ~nd otl~er hazord insurance premiums; ~ ~ (Itn interost on tbe note secused hereb~: Ilqd " . - _ • , . - • - - (IV) amortisatiaa oi We priacipal ot s?id {~pta • ~ . . • . . - Aay deficiency in the amount af such a~gregate ,mqathl~i pay.mept, sb~ll, uol.e,ss _ ma~e good by the moctgagor prior to the due date of the'nert such ~paymet~t,'constitute an evenf 0~` d'e~fanh unde~r thls mortgage. The mortgagee may collect a"late charge~" aot to exceed~rivo ~ents (2~) fa each dollar (s;} o[ each payment more than fiheea (15) deys in errears to cove4 the eatre expense involved ia handling deliaquent payments. 3. That if the total of the payments made by the mortgegor under (6) 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 encess shall be credited by the matgagee on subsequeat payments to be made by the mortgagor. If, however, the monthly payments made by the matgagor under (bJ of paragreph 2 pre- ceding shall not be sufficient to pay gcound rents, taxes aad assessments and ?nsurance premiums, as the case may be, when the same shell becane due and payable. tben the matgagoc shell pey to the mortgagee any amount necessary to make up the deficiency, on a befae the date whea payment of such ground rents, ta:es, assessmeats, or insursdce premiums shall be due. If at any time the modgago~ shell tender to the modgagee in accordance with the provisions of the aote secured hereby, fnll payment of the eirtire iadebtedness represented thereby, the mod- , . gegee shall, in compntiag the amount of snch iadebtedness, credit to the acconnt of the n~tgagor a11 peyments made under the pravisions of (a) af peragtaph 2 hereof which tbe matgagee has not become obligated to pey to the Secretery of Housing and Urban Development aad any balance remaiaing ia the funds accumulated nnder the provisioas of (6) of s~id paragreph 2. If thece shall be a default under any of the pcovisions of this moctg,age, re- snlting in a publie sele of the premises covered hereby, oc if the mortgagee acquices the propedy othecv~se aftec default, the'mortgagee shall apply. at the~tii~ of~ ~he commencement of such prceeeding~ a at the time the prop- edy is otherwise acquiced, the balance thea remaining in the funds accumulated under (6) of paragreph 2 precediag as a credit against the am~nt of prlncipel then remaiaing unpaid under said note and shall properlyadjust any PeYments ~hich~~hatl have~been mede nudec (a) oE~said paw~rapb. 4. That be will pay all texes, assessments, water rates, and other govecnmentel or municipol cbaiges, fines, or impositioas, for which provisian has aot beea made 6eteinbefoce, and in defeult thereaf the modgagee may pay the same; and that he will praaptly deliver tLe Off~~'c~~ipts therefor to the mortgagee. , 11 • ~ , ~ef. . , ' f ; : - - _ _ _ _ ; . _ _ - K ~ ~ ~ ~~..3:. ~ - ~ _