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Home My WebLink About0947 seid mortgagor does hereby full~~ waaant the title to said land, and evecy part thereot, and witl defend the aame against the la;~ful claims o~ a!1 prrsons whomscever. PROVIDED ALWAYS, a~d these pcesents are executed ond delivered upon the following conditions. to wit: The moctgagor ag~ees to pay the mortgegee, or o~der, the pcincipal sum of eiz~ax ~uova~xD ~as .~~s° ~°~P~ ' Doltars (S 16~$0(~~00 as evi enc y a a e ot ev n e e hereuith, witfi interest fcom datc ai the rate of eigtit and oae ~1! P~~ centum ( 8~ 9L) per annum on the unpaid balance until paid. 'fhe seid principa~ in:e:e~t s'.:.:!! !~e pays~!t s! the office of Jw• T4' STIl~~RT ~!~'sAG= OO~1R ~ IIrQ? ~ast s1c~ri~plece ~ s o er o t e rtotGtsiwby es~g~?a~t10lwr ~~'-t!~ ~ h~~ ~ n mon ly installments of '1*E11'lT ~IOE ~ 3S/100~- Dollars (S125.35 ~ommenci~g o~ the Eirst day of ~al~~r . 19'r0, and on the first dey of each month thercafter untiltheprincipa! and interest are [ully paid. except that the final payment of principal and intereat, it not sooner peid, shall be due and paysble on the tirst day of ~OY~b~T And shatl duly. prompcly, and [ully perform. discharge. execute. effect. complete. and comply with and abide by sach and every the stipul~tions. agreements. conditions, and covenants of said proe?issory note and of this mortgage, then this mortgage e~ the estate hereby created shall cease and be null and void. And the mortgagor fudher covenants es follows: 1. That he will pay the indebtedness, as hereinbeEore provided. Privilege is resecved to pay the debt in whole. or ~n en amount equal to ane a more monthly payments on the pri~cipel that are next due on the note, on the firsc day of any month prior to maturity: P~ucidrd, however. that written notice of en intention to exercise such privilegE is given at leost thicty (30) days prior to prepeyment; and. provided furthe~, that in the event the debt is pQid u~ full prior to maturity and at that t?me it is insured under the provisions of the National Housing Act. he wiil pay t~~ the modgagee an adjusted premium charge of one pei centum (1'L) of the ociginai principel amount thereoE. except that in no event shall the adjusted premium exceed tfie aggregate amount of premium charges which would have been payable if the mortgage had continued to be insured until maturity; such payment to be applied by the nort- gaEre upvn its vbligatian to the Serretary of Hous~eg and Urban Deve{opanent on accrount af maKgagt inanrance_ 2. That, in order more fully to protect the security of this mortgage. the mongagot, 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 thc- seid note is [ully paid, will pey to the mortgegee the following sums: (aJ An ~mount sut(icient to pro~ide the 1?older heceot with fuads to pay the nest mo~t~agt insuraece preminR: if this insW- ment andthe note aecured hereby arc insured, or • monthly charQc (in lieu of e mortQage insur~~ce precruum) it they •m held by the Secret~ry of tiousing ond Urban Development, ~s [ollows: (I) I[ •nd so lon~ as s~id note ot evea date and this instrumeat •re insured or ace reinsured unde• the provisions of the National Heuaing Act, •n •mount suf[~cient to accumul~te in the h~nds ot the holder one (1) month prior to its due ~iste t!~ annuai mortgage insutsace preeqium, ~n order to Drovids such holdet with l~nds to pay sucbpteQiuio to the Secretary of Hous.ng aad Urban Deveiopment pursuwt to the Nation~l Housing Act. •s ~mended, ond applic~Dle Rc~u- tattons lhereunder, or it and so loog ae aaid note ot even date and this instrvment are held by the Secret~ry o( Ho~eins ~nd Urban Develop- ment, a monthly charge (in iitu of a mortgage insur~nce premium) wrhi~h shall be in an amount equ~l to oae-twelfth ~ (1; 12) of one•hai[ (yS) pet centom o( the average outstanding balance due on the note computed aithout tdcin~ into i t account delinquenc~es or prepaymmts; e /~~l A sum eq~a! to the gro~md rents, if ~ny, next due, pias thr premiums that wiii next becoa:e due and pay~ble on pol~cies ~ of f?re and other ha:ard insurance covering the mortgaQed property, ptua taxes •od assessmeots ne:t due on thc mort- gagrd property (sll~as estimated,by tde mortgaQee) less ~ll sums olready pecd theretor divided by the number o! month6 k tu elapae be(ore one month pnor to the date when such Qround repts, p~emiums, taxes, •nd ascessmMts wiil become de- E l~nquent, such sums to be he(d by mortQagee in trust to p~y sa:d eround rents, premiuYn~. trxes, ~ad specialassessmcnts, ~ ynd ~ (c j AI! p~ymrntt mcnttoned in ihe t~ro precedin~ subsection~ of this pataetaph and •ll payments to be m~de under the note secured herrby shall be added toQether aefd the aggreg~te amount lheteof shail be paid by the mortQaeor e~ch month in a single payment to be ~pplied by t6e mortgagee to the (ollowing items in tbe order set torth: (n premtum chargea under the contracl ot in~urance with the Secret~ry of Hous~ng and Urban Development, or monthly charge (in lieu ot mortRage Lnsuc~ftee prem~um), as the csse m~y be; (tl) ground rents, ta:es, assess~meots, firc, and ot6er hazard insutance premiutis: (ill) interest on the note secured hereby; and (l~ amortiz~tion of the pri~cipal ot ~a~d note~ Any deficiency in the anount ot such aggregate monthly pr~yment sAall, unless made good by the mortgagor prior to the due date af the next such payment, constitute an event oE default under this mortgage. 'Ttie mortgagee may coilect a"late charge" not to exceed two cents (2a) fot each dollac (St) of each payment more than fifteen (15) days in arcears to cover the extra expense involved in bandling delinquent payments. 3. Thet i[ the total of the peyments msde by the mortgagor under .(b) of paragreph 2 preceding shall ezceed the amount oE pa~~ments actually made by the mortgagee, Eor ground cents, taxea end assessments and insurence ~ premiums, as the case may be. such excess shall be credited by the mortgegee an subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under (bJ oi paregraph 2 pte- ceding shall not be sufficient to pay ground rents, taxes and assessments and insntence pcemiums, as the case may be, when the same shalt become due and peyable, then the mottgsgor ahall pay to the modgegee any amount necessary to make up the deficiency. on or befae t6e date when paymeat of such ground rents, texes, sssessments, ~ or insurance premiums shall be due. IE at eny time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note secuced hereby, full payment of tbe entire indebtedness rePtesented thereby. the mort- ^~a".6°L 5~:.°.~:~ f.~ ~~^:'~1S:tS^~y' ~ti:C 3~^`..~^.~a~~ L`a~ °o~SC41 I,~'~CZ3~€i i~cSS• a.I~vIZ iA Z~IC ..°.^.C.^.~ M~ Q~'R ::v^T:6F.6^vi "~i jia~~Tici~ia made under the provisia~s of (a) of parag~eph 2 hereof which the moctgagee has not become o6ligated to pay to the Secretary of Housieg and Urben Development aad any balance remeining in the tunds eccum~teted under the ~ provisions of (LJ o[ seid paragraph 2. If there shall be a default under eny o[ the provisions of this mortgaqe, re- sutting in a public sale of the premises covered iereby, oc if the mortgagee acquires the propetty othecwise after ~ default, the moRgagee shall apply, at the time of the commencement of such proceedings ot at the time the prop- ~ erty is otherwise xquired, the balance then remaining in the fuAds accumulated under (bJ of paregraph 2 preceding ~ as a ctedit against the amount of Principel then remaining unpaid under said note and shall properlyadjust any payments which shall have been made under (a) of said paragraph. ~ ~ 4. That he witl pay ell taxea, assessments, water rstes, and other governmental or municipal charges, fines. - or impositions, fa which provision haF not been made hereinbefoce, and in defeult thereof the mortgagee may pay~ the same; and that he will promptly deliver the otficial receipts therefor to the mortgegee. ; $~oK 187 ~4'7 - _ ~ ~ r _ ~