HomeMy WebLinkAbout2563 ~aid moN~.~a does heroby full~ w~n~at the titk to uid land, ~nd evecy p,~~t thered, ud will de(ead th~ s~me
aqainst the l~wlul clai~as at s11 persoes irfiaasoever. ~
PROVIDED ALNAYS~ and theae p~es~?ta ~K executed snd deliveced upon the Eollorrias coaditioas~ to Nit:
'rh~ or
a~ tr~es to:~y
the~iea~ee, a ocder, tbe pcincip~l sucn oi ~'1'~~ ~~~D
Dollan (51~~~~~ i. as evidenced by a nots of evea d~te he~ewith. with iMe~est tws date ~t tbe
rate et ~~t ~?1a 01f11~1~ pec ceatwn ( ~ per aanua oa the uop~Id balaace
untif paid. 'The said princip~l ~nd int~cest shall be p~yabl~ at tl~e ofEice oE ~~lf, ~T ~Gs
O~M~l; I~C~.~, ~ oo='Poratioa ~nde: th• laws o3 t~• atst. oi l~losiaa
oc at such othe~ pl~ce os the hotdec of the note ary desi~ste in wrlttat. ia Qontbly iastalla~eata ot ~
HUl~RiD lfl~ ~~D 8?/100~~~~~ Doltars (~.O~.M 9~' com~nctag on
the ficst day of QO~Obe! . 19 'Ja ~nd os the first day of eacb month tbeceafter antilthepciacipe!
and interest are Eully paid. except tbot the tfuol p~ o~ent of principal aad iaterest. if not sooner poid, sl?al! be due
aad paya6le oc~ the first day oE ~Pt~~=s ~i
And shafl dnly, pmaptly. and [ully peifora. disch4~e. execute. effect. complete, ard comply with aad ~blde
by each ac~d evecy. the atiputOtioos. •~recmcnts. conditions. w~d covenaMs ot ssid ptwiissory note and of this
mortgage, then this mottg~ge and the estate heceby cceated ahall ceASe ~ad be aull and vold.
And the mort~agor further covenaats as folloM?s:
1. That he wil! pay the indebtedness. as hereinbefore pcovided. Pciirik~e Is ceaerved to poy the debt in whole.
ot ia en_ amount eqwl to one a s~are eaonthly. payments oa the pcincipol that aee ~ext due aa tbe note, oa t1~ first
day of any n?onth pria to matnrity: P.ovidel. however. that wrlttea notice oE aa intentioa to exerclse such p~ivilegF
is given at least thirty (30) days prio~ to prep4yment; and, p~ovided futthec. thot io the eveat.tbe debt ia p~id in f
full prior to maturity and et that time it is insured under the provisioas aE the Nationel HousL~ Act. be ~rfll pay to
the g~atgagee aa adjusted pcemium chorge of one pei centum (17~) of tbe original princip4l •~amt tbereof, excrpt ;
that in no eveat shall the adjusted premiwn e:ceed the aggregate amount oE pr~eaium c6arges whi~b rvould have
beep payable if the matg~ge h~id c,oe?timied to be insured ueti! n~aturity; s~ch gayn~t to be applied by the roart-
ga6ee upoa it~ oblig,ation to the Sec~etary oE Housing aad Urban Development on aocouat of matQpge iaaurance-
2. That. in order more [ufly to protect the secnrity of this aat~,s6e, tl~e ewctga6or. to~ether ~v~tb. and ia addi- ~
tioa to. the montbly payments uader ibe terns of the nate secnrrd henby, on the f irst day of e~cA awnth until the i
said note is tully paid. will-gay to the mortgagee tht foflawing suns: ;
(aJ An.~mount sotficient to pwvide tb~ Aolder hereo! with fuads to Qa7 the ne:tJno:t~ta~e i+~sunncs pces?iwn ii tdls iasW- ~
~aeet andthe note s~cnred hereby ate iasared. or ~ awnthir char~e (ia lieu o[ ~ mortpge insur~ore prea~ium) i( M~y ue
beld bY tbe Secret~ ot Housios aad Urb~u Developmeot. ~s follows: -
(I) U aad ao ton~ as said not• ol svea d~te ~nd this iastra~eat ue iasured or ase ceinsw~cd unMr th~ p:ovisioas of tbe
Nation~l Housin~ Act, ~n ~mo~tt sufficleat to accwaul~ta ia tl~e bwds of the bolder oas (1) ewnt6 prior to it~ duie
d~te ibe b?o~ai oott~a~e insur~ncs premium, io ordsr to proride sneb Aolder with fund~ to pa~ snc6predt~o to tLe
Scereury ot Housint ~ad Uebu~ Dsvelopmeat p~usu~at to tb~ P1Rtioad Honsine Act. ~s ~tded. aad apPlicable Re~u-
l~tions the~eunder; or
([i) I[ and so lo~ as said aote ot even date as?d th;s instiuu~at ve 1?*ld 1M See~etu~ ot Housins aad Urban Develop-
meat, a ooathlr char~e (in Iien of ~ aort~e iawrsact prenlura) whlch ~ha1i be !a ea a~wunt eqwl to oe~-tweltM
(1; 12) of one-Dalt (bS) per centum oi the ave~a~e outstandiaa bal~ace d~ a? tbe note canputed witbout Ukie` tato
account delinouencies or prepa~nneats; '
(b) A sum eq~al lo tbe p~ouo~d renta. li ~ay, ne~ct due. pina the peaa?iums tAat will next becon~ due ~nd pay~ble oa policles
; of fire aad other hazard insur~oce coverinQ tbs more~.~ea prope~cr, pius tuea ~od assessmanis neYt dne on t6e awrt-
! ga~ed propertr (allt~s estimated;bY tLe ~norte~Qee) le~s all suss atreadr paid the~toc dividad by tbs eurber of ~U?s
! to el~pse be[ore one aoath pcior to the d~te whea sucb ~rouad reats. premi~s, t~Ye~, Rnd assessser?ts ~v111 becoae de-
~ l'snQUeet, snch suss to be 6eld bp mo~aeee in tiust to pay said ~round tents, psea3~s, t~s~s. •nd sp~cul asseasaveets,
k ~ •
(cJ Ali paymeats mestioned 'w tbe two precedin` subsectloos of tl~is paraRsph and p~yeaents to be made m~dsr th~ aote
secured hereb~? shal! be addM to~eUur and t!K a~re~~te uaouat tbeeeot ~h~ll D~ p~3d br tbe ao~t~a~ eacb ~onth ta a
sinele pa~naeat to b~ applied by fhe moet~agse to tbe tollowia~ it~ms In tl~s order pt [orth:
(I~ preaiws chanes uader the conteact o[ insnnnce ~riW the Secretary of Honsia~ aod Urbaa D~velopmeat, w oont6ly
ckar~e ~io lieu ot moK~e insnranee p~tmi~un). •s tbe cpe M~ be;
(ip ~ronnd renta, ta=rs. assessaoeats. Cue. aod ot6er h~satd tnsuru~cs pce~slna~~; -
(ID) iatcrest on tbe aote secured hereb~l; aad
(1~ amorfisatioa o( the princip~l ot ~~id ooRt.
Any deficieacy in the aeaunt of such aggregate monthly poy~ent ~halt~ unless made 6ood by the t~at~ga
prior to the due date of tl~e next auch payraent, constitutG an event af defoult uadei this mortgag+e. The awetga~ee
may co4lect a"late cbarge" not to exceed two cents (2t) for each dollar (il) of each peymeat ~e thsn Eikeen
(15) dayts in amars to covtr the extcs expense involved ia handliag delinqueat paymeals.
3. T6at if the total of the payments owde by tfie matgagor under (b) of parograpi~ 2 p~eceding ~hall e:ceed
the amount af poy~neats actwlly made by the moct6eg~ee, Eor ~auad cents, taxes aAd ossess~ents and imnraaee
premiuss, as the case may be. such ezcess sball be ecedited Sy the mort~~eee an subsequeat payme4ta to be
¦ade by tbe matgagor. U. bavever, the noathlY paYments ewde by the mortsaeoc nnda (bl oE p~gnP6 2 Qre-
ceding shali not be sufElcient to paY g~ound oents. taxe~ a~d assessmcats and iasurance pre~inma. as the caae
msy be. Mhen the same alwll becoare due and poysble, thea tl~e ~aat~ego~ sbAl! pey to tbe nroct~~se aay ~monut ,
~ necessary to ~ake up tbe deficieucy, on or beEoce the date ~?hea paymeat oE such erouad ~enb, taxes, ~ssessaents,
~ a Insnrance prcaiiums shall be due. If ot ony tiaie tbe mortgagor sbpltteader to tbe mort`a~ee in accu~dance wlth
w tbe provisions d the note secored bereby, full paymeat af t6e entire i~debtedeu~s repceseated the~by, tl~e ao~t- ;
g,agee shall. in canputing tbe en~uat d such indebtedaess, credit to the account af tbe a~ort~agor ell poyments #
rnade uader the pravisions of (a) ot parag~roph 2 heceof which tlre ~aat~aglee haa eat becase obli~ted to p4y to {
tbe Secretary of Han~ing and Urban Developnient urd any balapce ceaining ia the fwds ~ccnmutoted under the
pmvisions af (L) oi said puegr~ph 2. 1[ the~e shall be a defsult under any d the provialons aE this nortg~ge, ce-
sulting ie s pablic salt of thr premises cavered xrebq. a if tbe nwct`a~se acqnlres tbe propecty ot6ec~vue after
deiault. the watg~ee ~lall 4pply, at tl~e ti~e af the caimeercemeut aE such pcoceedjn~t a ~t t6e time the prop- _
e~ty ;s otherwise acqoired, the b~lance thee reaiaiaing in t6e fuads aoceimuLted nnder (bl af P~H~~Pb ~ P~~~6
as a credit a~iast tbe smount of principol tben rem~inin~ nnp~id under s+~Id note aad sAall properlyadju~t any ~
paYments Mrhicfi sball l~we been nt~de under (a) of said p~ra~taph. ~
4. 'I1st he will p~y al! taxes. assessaients. a~ter ntes. ~ud dber ~overaeenUl a mueicip~l char~ea. flnes.
or impositioas, fa abich pravision has not been a~ade hee~eie~befae, aad in detwlt tbereaE the awrtp~ee o~ay p~y
thc saroe; and that be will prowptty deiiver tbe dfkial recaipts tberefor to ths oortppe. I
ao~186 ~~~56
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