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Home My WebLink About1798 : ; E ~ a said moctea~a dces heceby fully w~rrant the title to sai+d laad, aed eve~y patt thtteof~ aad will defend the same a~aiost the larrtul clauss of all persoas ~rhomsoeve~. ~ ~ PROVIDED ALWAYS. aad thes~ pre~ents are eYec~ai ond deliveted upoa the Eollavin~ coaditions. to wit: The ovortga~or a~rees to pay tbe mat~a~e:e: oc ade~. the pciacipal aum ot ~~D ~s ~oar~ ~rrt ~ iq/1 Dollars (S lj~~jp~pp as evidenced by a aote of even date here~vith. wlth iatecest from date ~t the rate cf ~~j.~,~,j~ pec ceatum ( g~ p~r aanuai oa the . uap~Id bolance until paid. The said p~incipol a~d interest shall be payable at the of~~ce oE f~ r~ -~1l~ a0.~ ~tit~ j00 • L0o l!lraol~ Mil~~ Oosal Oabl~~~ lla~idt a at such otber place as the holder of the aote awy desigaate in writing. in munthly iastallmeats of ~D~?~iI1~ a1~d 59/ Dollers (s 9q:~j9 comme~ing oe the tirst day of ~ptp~ . l9're . and oa the ficst day o[ each a~oatb thereaher untiltbepriacipol and iatecest are fuUy p~id. except tbat the final paymeat oE pciacipal aad iaterest. iE not sooaer paid. s1ia11 be due and p~yebie a, tbe Eirsc ds~y oE ~t~~ 2000, _ . _And shall duly. pranptly. and fully pedorm. discharge~ execute. effect. complete~ and comply witb aad abide by eac6 sad every the stipnlatioas~ agreemeats. conditions. and covenanta of said pcomissory note and of tbis mortga~. then this enwtgage and tbe estate hereby c.reated shall cease and be null and void. . Aad the matg,ago~ further coveaants as folloas: . 1. That he will pay the indebtedaess. as hereinbeEore provided. Priviiege is reserved to p~y the debc ia whole, oc ie an amouat equ~l to one or mae marthly paymeats a6 tbe principal that are next due on the aote. on the Eirst day af aay moath prior to maturity= ProvideJ, however. that writtea ~otice of an iateation to exercise such privilege is given at least thirty (30) days priar to prepeyment; and. pco~ided further, that ie the eveat the debt is peid in fuU prioc to maturity and at that time it is insured under the provisions of the National Housing Act. he will pay to the mortgagee aa adjusted pcemium charge of one per centuai (1%) of the original principal amonnt thereof. e:cept that in no eveat shall the adjusted premium exceed the aggcegate ao~ouat of premium charges ahich vnaild have • beea payable if the mortgage had coatinued to be insuced uatil maturity; such peyment to be epplied by the mort- gagee upon its obiig~tian to the Secretacy of Housiag and Ucbon Development oa accouat of moetg,age insurance. 2. That, in order ma~e fully to pcotect tbe secwity of tbis moctgage. thc matgagor. together aith. and ia addi- _ tion to. t6e moathly paymeats uoder the terms the note secuced hereby. on the ficst day of each month until the said note is fully paid, will pay to the aortgagee the follaaviag sums: (n1 Aa amount sufficicnt to provide the holder hereot ~itk [unds to par the nezt mort~a~e insurance premium I[ thls instnv ment andthe note secured hereby ate insured, or a sonthly chu~e (ia lieu oC a mortQa~e iesuraace premium) if Wey are 6eld by the Secrctwry ot Housing and Urbaa Development, as tollows: Q) It and ~o loag as said note ot even date aud this iastrue?eM ~re iusnred or ~re rclnsund under We provisioas ot the - N~tioaal Houaine Act, an amo~wt sutGcieat to aceumulate in the hands of the holda oae (1) month prior to its due date _the auunual ma~a~e insurance premium, ia order to pwvide such holder with funds to pa~ suc6 premium to t6e Secretary of Housing and Urbaa Development p~vsuant to the Natioaal HousiaQ Act. as amended, and applicable Re~u- l~tioas therounder; or (ll) I[ and so long as said aote of even d~te aad this iastrument are held by tbe Secret~ry ot HouaidQ aad Urb~n Develop- • ment, a moathly charQe (ia lien of a mort~e insur~nce premium) whicA shtll be in aa amoant equal to ono-tweltth (1./12) ot oao-half (;4) per ceatum o[ the arenQe outstanding b~lance due on the note com{wted ~ritbout takie~ into accouat delin~encies or prepapmeats; (h/ A sum equ~l to the ground rents, iE anr, next due. plus We premiums tLat will neut become due ~od parable on poiicies ot Circ and other hazard insurance coveria~ the mortg~~Ed property, plus to:es and assessmeats oest due on We mod- geQed propertr (aU as estimated b~ the mortga~ee) tess a1l sums alrcad~ paid thereEor divided by the aumber of moaths to elspse before one mantb prioi to the date whea sucb ~ound rents, pren?iums, ta:es. and ~suasments wIA become de- linqueat, sucb sums to be held by mortgaQee in wst to p~r said ~rouad eents. premiums, l~es. oad specLl ~ssessmeuts; : i ~ ~ (e) All payments mentiooed 'w the tao precedina subsectioas ot this p~raerap6 and all paqmeats to be made under the note k secured hereb~ shall be added togethe~ aad ~ a~eRate a~onnt thereot shall be p~id t~ the mort;aQor each montL ia a siaglc paymeat to be applied bp tbe mortQa~e to the followin~ iteias in the osdK set forth: ~ (n premium charQes nnder the coatnct ot L~suranc~e sriW _ c1~• secr.car~r oc Hons~ni Laa vrban ne~eiopmeac, or monthly c6uge (in lieu of mort~a~e iasurance }remiwn~ ~s the caae s~~ be; • ~ ~ (II) ~ rcots, ta:es, ~ssessments, Cre, aad~ ther hasard iaswance premiums~ (Ii!) iatcrest oe tbe note secnred hercb~; ~hd. . - - (11~ amortisstioa o[ We priacip~l of said note. . - Any deficieacy in the _aaaunt af snch agg~egate monthty paymeat shell, unless made good by the matgsigoc prior to tbe due date of the next s+~cb payment, canstitute an event af default under this mortgage. 'M~e modgagee may collect a"late charge" not to e:ceed two ceats (2~) for each dollar (;1) of eacb peyment more than Eiheen (15) days ia arrears to cover the e:tra e:pense involved ia handling delinquent paymeats. 3. T6at if the total ef the payments mede by tbe mortgagor under.~(6J of par~~raph 2 preceding sl~all e:ceed the amount d peyments actually made by tbe matgagee, fo~ g~ound rents, taxes.aad assessments aad ias~uauce premiu~, as tbe case may be, such exceas shall be ccedited by the mortg,agee oa subsequent pnyments to be made by the moctgagor: If, hoarever, tbe moathly poyments made by ihe matgagor under (6) of paragrapb 2 pre- cediag shall aot be snfficient to pay g~arad rents, taxes and assessmaats and insurance premiums, as the case may bs, wbea the saa~e s1w11 become due aad payable, thea the mat~,agor shall p4y to the matga~ any ema~nt ~ necessary fo make up the deficiency. oa a befae the date whea paya~ent of such g~aud rents, ta:es, assessments, ~ ac iasarance prtmiums shall be due. If at any time the mortgagac shall tender to tbe mortg,a~ee ia eccadance with the pmvisioas oE the note secured heceby, fall poymeat oE the eatire indebtedncss represented theceby. tbe eiort- gagee a6a11, ia compntiag tbe amouat af wch indebtedaess, ctedit to the acconat af the matgagor all payments mede nadec the prcivisiaa~ of (aj of paragcaph 2 bereuf wbich tbe mortgagee bas aot become obligated to poyto the Secrctary af Hoasing and Uib~n Developmeat aad any balance cemaiaiag in the furds accumulated w~der the provisions of (6J of said paragcaph 2. If t6ece slwll be a default wder aay af the pcovisions of this ma~t~ge, re- sulting in a public sale of the premises covered xreby, a if the mortga~ee acquires the propecty othenvise after ~ deEault. the mdctga~ee. slwll apply. at tbe time ef t~e. coaia~encement d such procceding,s or at the time tbe pcop- edy is othecwise acquired. the balaace t6en remaining ia the funds accumulated uader (bJ oE parag~raph 2 pteceding as s ccedit ag,9inst tlse~ amouat of priacipel thea t~maining ugpaid undec said note and shall pcoperlyadjust aay payments which slwlt have been mede nader (a) of said ~wragRap6. ~ ~ . - 4. 17wt 6e will poy oU ta:es, asses~oents, aatea rates. and otber go~vernmeatal a municipel c6arges, tlnes, _ a impositians. for whic6 pcovision has not beea made bereinbefae, aad ia default tbeceaf tlre mort~agee may pay tbe same; and that he will pranptly deliver tbe dticial ieeeipts tberefor to the mort~agee. ~ z . , : ~ ' _ e ~ . ~i~~ ~179~ ~ R ~ ~ ~ _ a~~. _~._1 ~ ~ _ T_