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Home My WebLink About2252 ~ , . , said mo~tga~ur doe:~ hereb~~ full~• wa~~ant thc title to said land, a~d eve~y pu~t thereoi, and will detend the same ' against the tawtul claims of all pe~sons whomsceve~. ? ~ PROVIDED ALNAYS. and these presents are executed and delive~ed upon the tollowing conditio~s. to wit: ~ The mortgegoc agrees to pay the mortgegee. o~ order, the p~incipal sum of aIQlTS~N '1~O~ID gEV~I nV~ ~ ~,~Y~I~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~M~~~~~~~~~~~M~~~~~~~~~~~N~ { Dollars (S 18.700.00 as evidenced by a note ot even date herewith, witti i~terest f~om dete at the ! rate of ~iq~, Q oiN~l! per centum 9r.) per annum on the u~peid balence until paid. The said principal and interest shall be payable et the office oE ' Ol'OC1~011. 11iAlii~ ~ O~VI~i i COM~t1Y • 100 Ilr~! HMY ~s+Mt. Jack~oanrill+~ • llosid~, or at such other place as the holder of the note may designate. in writing. in monthly installments of pNa HU~ID~D F~OiRTY-i~1R8a l1I~ID 80/100--------------------~9ol~rs (S 143.80 comrt,encing on the first day of Jauuaiy . 19 71. and on the first day of each month the~eafter until the principal and i~terest ere fuliy paid. except that the~fi~al payment of principel and interest, if not sooner paid. sfiall be due and payable on the first day of OeCewber• Z000. - And shall duly, promptly. and fully pedorm, discharge. execute. effect. complete, and comply with and abide by each and every the stipulatiorts. egceements. conditions, and covenants oE seid pcanissory note and of this mortgage. then this moKgage and the estate heceby created shall cease and be null and void. ; ~ And the matgagor further covenants as follows: ~ 1. That he will pay the indebtedness, as hereinbefore pcovided. Privilege is ~eserved to pay the debt in whole. or in an amount equal to one w more monthly payments on the principal that are next due on the note. on the first day of a~y month prior to maturity: Prorided, however. that written notice of aa intentia~ to exercise such privilege is given at least thirty (30) days prior to piepayment; and. provided further. thet in the event the debt is paid in full prior to maturity end at that time it is insured under the provisions of the Netionel Housing Act. he will pay to the mortgagee an adjusted premium charge of one per centum ~19G) of the ociginal principal amount thereof. except that in no event shall the adjusted premium exceed the eggregate amount of preauuas char~es which would have been payable if the moctgage had continued to be insured until maturity; such payment to 6e applied by the mort- ; gagee upon its obligation to the Secretary of Housing and Urban Development on account oE modgage insurance. 2. That. in order moee fully to piotect the security of this mortgage, the mortgagor, together with~ and in addi- tion to, tbe monthly paymeats undec the terms of the note secured hereby, on the first day of each monfh until the said note is Eully paid. will pay to the mortgagee the following sums: (a1 Aa amouat su[ticient to prorid~ the holder hereot with [unds to pay the next mortQage insurance premium it t6is instru- ment andthe oote seeared hereb~r are insured, or a monthly charge (in lieu of a mortgage insurance premium) it they are held br the Secretary of Housin~ and Urban Developmcnt, as follows: (I) If and so loa~ •s said aote ot even date and this instrument aee insured or are rcinsured uader the provisions of the Natiooal Housin~ Act, ae ~mount sutficient to accumulate in the hands of the holder one (1) month prior to ita due date the annual mort~aQe insur~nce premium, in order to provide such holder with funds to pay suc6prea?ium to We Secretary of Housing snd Ur~n Dcvelopment pursuant to the Nstional Housing Act, as amended. and applicoble Reeu- - lations thereunder; or (11) It and so long as said note ot even date and this instrument are held by the Secretary o[ Housing and Urban Develop- - ment, a monthly charge (ia lieu of a mortgage insuraace premium) which shall be in an amount equal to one-twel[th (1 12) of one-half ('.7) per centum o[ the average outstanding balance due on the aote computed aithout taking into account delinquencies or prepayrqents; ~ /l~1 A sum equa! to the gromd rents, i[ any, ne:t aue, plus the premiums that will ne:t become due and payable on policies ot f~re and other hazard insurance covering the mort¢aged propecty, plua taxes and assessments ne:t due on the mort• f gaged property (all as'estimated by the mortgagee) less all sums already paid there[or divided by the numbet o[ months to elapse before one month prio~ to the date when such ground rents, premiums, ~a:es, and ~ssessments ~rill become de- s linquent, such sums to be held tiy mortgagee in trust to pay said grouad rcnts, premiums, ta:es, and special assessments; _ a~d ~ All payments mrntioned in the t~ro preceding subsections ot this paragraph and all payments to be made uader the .note ~ secured herrby shall be added together a~d the aggtegate omount .thercof shall be paid by the mortQagor each month in a j singie payment to be applied by the mortgagee to the [ollowing items in the order set Eorth: { prem~um charaes under the contract of insaraace ~rith the Secretary o[ Housir~ and Utban Devetopment, or monthly E charge (~n liw pt mort~age in~ur~ace pre~iurn). ~s the csse m~y bt; ~ (11) ground rents, ta:es, aasessments; t'tre, and other huard iosurance prcmiums; ~ ~ (I[I) inlerest on tbe note s~cwed henbr; aad . t ~ (IV) amortization ot the priacip~l o( said note. ; Any deficiency in the amount a[ such ag,gregate monthty payment shall, unless made good by the moctgagor { prior to the due date of the ne:t sucl~~paymeat. constitute an event of default unde~ this mortgage. The mortgagee may collect a"late charge" uot to ex~eed t~ro ceuts (2R) for each dollar (tl) of each payment more than fifteen (15) days in arrears to cover tbe extc~ etpease involved ia handling delinquent payments. - 3. That if the total of tbe p~yventa a~de by the mortgagor under (6) of paragreph 2 preceding shall exceed the amount of payments actually made by the mottgsgee, foc ground rents, tazes and assessments and insurance premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If. however, the monthly payme~ts made by the matgagor under (6J of paragraph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessments and insurance premiums. es the case may be, when the same shall become due and payable, fhen the mortgagor shall pay to the mortgagee any amotint necessary to make up the deficiency. on a beEae tbe da:e when payment of such ground rents, texes, assessments, i £ or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with ~ ~ the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby. the mort- ~ gagee shall, in computing the amo~nt of such indebtedness, credit to t6e account of the mo~tgagor all payments made under the provisions of (a1 of paragcaph 2 hereof which the mortgagee has not become obligated to psy to ~ tbe Secretacy of Housing and Urban Development and eny balance remaining in the funds accumulated under the provisions of ~6) of said paragraph 2. [f there shall be a default under any d the provisions of this mottgege, re- ~ sulting in a public sale of the premises covered iereby, or if the mortgagee acquires the property otherwise aEter default, the mortgagee shall apply, at the time ~of the commencement of such proceedings or at the time the prop- ~ erty is otherwise acquired, the balance then remaining in the Eunds accumulated under (b) of paragraph 2 preceding - as a credit against the amount of principal then remaining unpaid under said note and shall pcoperlyadjust any payments which shall have been raade under (o) of said paragraph. - ~ 4. That he will pay all taxes, assessments. water rates, and other governmental a municipal charges, fines, or impositions, for which provision has not been madt hereinbefae, and in-default thereof the mortgagee may pay ~ the same; and that he will promptly deliver the official teceipts thereEor to the mortgegee. ~ ~ ~ ~ ~0~~~38 ~iZ248 . _ K~ _ ~ = _ : _ ~