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Home My WebLink About2284 L'"` ~~t , ~ ~ suid mortgbgo~ does hereby (ully warraot the title to said land, end every part thereot. and will detend the same against the law[ul cleims ot all pe~sons whomsoever. PROVIDED A1.N'AYS~ and these presents a~e executed and delive~ad upon the following conditior~s. to wit: ~ The mortgagoc agrees to pay the moctgagee. or ordet, the ptinclpal sum ot ~ ~ ~ ~~~N~~~~~~~~~~~~~~~~M~~~~~~~~~~~~~~~~~~~~~~~~~ Doliecs (5~~~•~ as evidenced by a note of eve~ date herewith, with interest from date at the ' rate o[ ~,iyilk a O1N-ha1! pec centum ( 6~ per annum oa the unpaid balance ~ until paid. The said pcinciPal and i~terest shall be payable at the office of $ , ~TOC~011, M~Ztil. W1Vi~i i OOM~iI~t. 100 Mwt D~ ~ts+Nt. ~aok~oewil3+~, l3,ori~d~• or at sach other place as the holder of the note may desig~ate i~ wciting. in monthly installments of q,~ ~ l~'Y~~'O~AL ~lip 5~/lpp M~~~~~~Mpollacs (S 144.57 coma,encing on the ficst day of JaIIUaley . 19 71 , and on the first day of each moath there4fter untiltheprinclpal and interest are fully paid, except that the tinal payme~t of principal and interest, iE not sooner paid. shall be due and payable on the first day of Deo~¦Ibsr • Z000. And shell duly. promptly. and fully pedocm, dischacge. execute. effect. complete. and comply with and abide by each and every the stipulations. egreements, conditions. and covenaats of said promissory aote and of this mortgage. thee this mortgage and the estate hereby created shall cease and be null and void. A~d tbe matgaga Eucth~r soven~nt~ as follows 1. That he witl pay the inde~tedness. as ~heieinbefore provided. Privilege ~is resenietl to pay the'debt in whole. or in an emou~t equal to one or moce monthly payments on the principal that ace next due on the note. on the first day of any month prior to maturity: Prouided. however. that written ~otice of an intention to exercise such privilege is given at least tblrty (30) days prior to prepevment; and. provided fudher. that In the eve~t the debt is paid in full prior to matucity aad at ihat:tlee it is insured tmdet tba provision~ of •the: NAtiona~.Housiag Act. he will pay to _ _ the mortgagee: an adjusted pre~aiu~a charge of .one pe~ cp~tum (1%) of tl~e ori~in~l ~priqcipRl•.A1~uttt tl~ereof. except that in no evsnt s!lall,t~,e, adjust~ ,peemituo e~eed.the ag,~regd~??t~, amo~,~~t o~~ prea~iwd chst~es ;w~iCb would have been payable ~if the mortgage ha~ continued to be ~insured until maturity; such payment to be applied ~y the mort- gagee upon its obligation to the Secretery of Housing and Urban Development on account of modg~ge insurance. 2. That. in order more fully to protect the security of this mortgage. the mortgagor, together with, and in addi- tion to, the monthly payments under the terms of the note secured heceby. on the first day of each month u~til the said note is Eully paid. will pay to the mortgagee the follawing sums: (n) An amount sufficie~t to provide the holder hereo[ with funds to pay thP ne:t mortgaQe insuraace premium it this inatru- ment and the note secured hereby are insured, or a monthly charge (in lieu ot a mortga~e insurance premium) if they are held by the Secretarp of Housing and Urban Development, as [ollows: (1) It and so tong as~said note o( even date and this instrua?eat are iasurcd or are ninaurcd ~u?der the provisions ot the Nationat Nousing Act, an amount sutficieat to accumulate ia the hands of thc holder ope (1) moath prior to its due date the annual mortgage insurance premium, in order to provide such holder with tunde to pay such premium to We Secretary of Housing ~nd Urban Developmeot pursuant to the N~tioeal Housina Act. as ameaded, and applicable Re~- lations thereunder; or (II) It and so long as said note ot even date and this instrument are held by the Secretary o[ Housiag and Urban Develop- ment, a monthly charge (in lieu of a mortgage insurance prcmium) which shall be in aa amouat equal to one-twelfth (i'12) ot one-halt (~4) per centum of the average outstonding balance due on the aote computed withouttakinQ into acco~nt delinquencies or ptepaymints; ~ /hi A sum equal to the gromd rents, it any, neat due, plus the premiums that will ae:t become due and payable on policies of fire and other hazard instir~nce covering tAe mortgased propertr, plus ta=es and assessmeats nezt due on the mort- gaged property (ail as estimated by the mortgagee) less all sums aiready paid therefor divided by the number of moaths j to elapse betore one moath prior to the date w6en suc6 grouad rents, premi~ms, ta:es, and assessmeats will become de- i linque~t, such sums to be held by mortgagee in trust to pay said ground rents, premiums, ta~ces, ~nd special rssessments; ~ and . - ' " t All payme~ts mentioned in the two preceding subsections o[ this parograph and all payments to be made under the note ~ secured hereby shal! be added tagether and the aggregote amount thereof shalt be paid by the mort~r~or each month in • single paytnent to be applied by the mortgagee to the [ollowring items in the order aet (orth: (I) premium chw~es ander the contract of iasnrascs wriM the Secretar~ of Housius ~ad Urbao Dtvtlopment, or monthly charge (in ?ieu ot mortga~e inswaacs preaiuo), u 4be cast may b~; _ . (I[) ground'rents, taies, assessments, fite: and_ other }iaiard insuraoce premiums; (lll) interest on the note secured hereby; and pV) amortization of the principal of said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the nest ~uch payment, constitute an event of default under this mortgage. The mortgagee may collect a"late charge" noi to exceed tvvo ce,ats ~2t? for tach dollar (;1) of each payment more than fifteen (15) days in anears to cover tbe extra expe~se involved .jn haqid_14ng dglinquent pAyments. 3. That iE the total of d1e paysrents m~dt by the moetgogor under (6) ot p~ngraph 2 preceding shall exceed the amount of payments actually made by the ~ac#ttgagee, for Qound re~t;. ta~ces and assessments and i~surence premiums, as the case may be, such excess shall be credited by the mortgagee an subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor undec (6) of paragraph 2 pre- ceding shali not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case may be, when the same shall become due and payable, theo the mortgagor shall pay to the mortgagee eny amoant necessary to make up the deficiency. on or befae the date when payment of such gcound rents, taxes. assessments, 3i or insurance premiums shall be due. If at any time the mortgagor shalltender to the mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness repcesented thereby, the mort- gagee shall, in computing the amount of auch indebtedness, credit to the sccount af the matgagor all payments made under the prwisions of (a) of paragRaph 2 hereof which the mortgagee hes not become obligated to peyto tbe Secretary af Housing and Urban Development and eny balence remaining in the funds accumulated under the provisions of (6J of'said paragraph 2. If thece shall be e default under aay, of the provisioas of this mortgage, re- sulting in a public sale of the premises.covered ~eceby, oc if the mortgagee acquires the property otherwise etter detault, the matgagee ~6aU apply, at ti~ ti~e of t6e commence~nt of such proceedings or at the time the prop- erty is otherwise acquired, tl~e balance then remaining in the funds accumulated under (bJ of paragreph 2 preceding as a credit against the amount of principel then remaining unpaid under said note and shall properlyadjust eny payments which shalf have been made undtr (o) o~ said patagcaph. 4. That he wiil pay all taxes, assessments, water rates, and other governmental or municipel charges, fines, or impositions, Eor which provisian has not been made hereinbefort, and in detault thereof the mortgagee may pey the same; and that he will promptly deliver the official receipts therefor to the mortgegee. ~ ~ n~. ~ ~ : : . ~ { ~ ~ ~ ~ - ~ a . =