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Home My WebLink About2298 7 , • f~ , ~ said~mortgago~ dces he~eby fully werrant the title to said tartd. and every pact theceof, and will defend the same against the lew[ul claims o[ all persons whomsoevec. PROVlDED ALWAYS. and these presents aro executed a~d delivered upon the following conditions. to wit: The mortgagoc agrees to pay the mortgagee. or o~der. the pcincipal sum of g=Z~a ~p HWID~lD lIT1'Y ]11iD N~f 100-------------~--------------------------------------------- Dollars (S 16,850.00 es evidenced by a aote ot even date herewith, with interest from dete et Ihe rate of ~ pp~~j~ per centum 9G) pe~ ennum on the unpaid balance until paid. The said principal a~u! intecest shatl bc payable at the office of ~ iTOC~l~ON, Ml~Tfii, O~VI1i i OOM~IY. 100 11r~! 0~ ~s~t. Jaoksoovill~, llosida, or at such other place as the holder of the eote may designate in w~iting. in monthly instellments of - ONE HWiD~RED 1MS~f1'Y-N~IR ~I10 58/100----------Dollecs (S 1Z9.58 coma~encing on the first day of J~ulatcy . 1971 . and o~ the first day of each month thereafter until the principal . and interest are fuUy paid, except that the final payment of principal end interest, if not soo~er paid. shall be due and peyable on the first day of DeCNlbe~c~- ~000. A~d shall duly~ promptly. and fully pedorm. discherge. execute, effect, complete. and comply with end abide by each and every the stipulations. agreeme~ts~ conditions. and covenaats of said praaissory note and of this mortgage. then this mortgage and the estate hereby created shall cease .and be null and void. And the ~aort~,a~or,fucthe~ coven~t~ as follows;_ 1. Thet he will pay the indebtedness. es hereinbeEore provided. Piivilege is ~reserved to pay fhe~ debt in ahole. - or in an amount equal to one oc more monthly payments on the principa! that are next due on the note, on the first day of any month prior to maturity: Pro~•idrd, however. that written notice of an intention to exercise such privilege is given at least-'t6irty (30) days prior to prepayment; and, provided fudher. that in the event the debt is Qaid in full prior to matudty e~ at that time iE is inaored w~dst tl~e pro~iisions of the National Housu~g Aot. he will pay to the mortgagee; an +dju~ted premium charge of one per c~}tum (1%) of the ori~,inal priu~ip~l;~amoupt thereof, except that in no ev~nt s6p4~, ti~e adjusted p~emium exceed- the ag~eg~?t~ aa~ount o~, pcemium. ~ha;~eg ;v~hic~ would have been payable if the moctgage had conti~ued to be i~sured until matucity; such payment to~be applied by the mort- gagee upon its obligatia~ to the Secretary of Housing and Urban Development on account of modgage insurance. 2. That. in ocder more fully to protect the security of this modgage. the modgagor~ together aith. and in addi- tion to, the monthly payments under the terms of the note secured hereby, on the first dey oE each month until the said note is Eully paid, will pay to the mortgagee the follawing sums: (n/ An amount sufficient to provide the holder hereot with (unds to pay the ne:t mort¢age inaunnce premium if this instru- ment and the note secured hereby are insured, or a monthly ch~rge (in lieu o( • mortg~Qe insuronce premium) i[ they ore " held by the Secretary o( Housing ond Urban Development, as [ollows: (I) 1f and so long as said ~ote of even date and this instrument arc iasurcd or ~re reinsured uader the pwvisions ot the Nationat Housing Act, an amount sut(iciet~t to accumulate in the hands of the holder one (i) month prior to its due date the annual mortgage insurance premiuw, in order to provide such holder with funds to pay aucbpremium to the Secretary ot Housing and Urban Development pursuant to the Natio~al Housin~ Act, as amended. ond applic~ble ReQu- latioas thereunder; or - (II) Ii and so long as said note of even date and this instrument are held by the Secretar~ ot Housia~ and Urban Devetop- me~t, a monthly charge (in lieu oi a mortgage insurance prcmium) which shall be in an amouat equal to oae-twelfth (1,' 12) of one-holf (y~) pe~ centum of the •vera~e outstaodii~e balanc~ due on t6e note computed without taking into account delinquencies or prepay~aents; (h1 A sum equal to the ground rents, i[ aay, aext due. plus We premiums that wrill ne:t become due and payable on policies - o( Gre and other hazard insurance covering the iriorigaged pwperty, plus taxes ~nd assessmepts nezt due on the mort- gaged property (ati as estimated by the morteaQee) leas a]l sums already paid ffieretor divided by the number of moaths to elapse before one month prior to the date when such ground rents, premiueas, ta:es. and assessmeats wili become de- • linquent, such sums to be held by mortgagee in trust to pay said ground rents, prcmiums, tazes, and speci~l assessmeats; ~ ~nd . ' ' ( c 1 All p~yments mentioned in the two preceding subsections of this paragraph and all• payments to be made uader the note j secured hereby shall be added together and the aggreQate amount thereo[ shall be paid by We mortQaQor eoch month in o I single paymtat to be applied by the mortgagee to the [ollowring items in the order set [octh: ~ (I) premiua chsrges undet the contract oI insurance with tl~e Secretarp a[ Hoasiu~ ~ad Urbae Devllopment, or monthly ~ charge (ia lis~ o[ mortQa~e insurance premi~{o). •s tM,cue mar b¢i ' • (Il) ground'rcnts, ta:es, asslssments, [ire, aed other hazard inaurance premiums; (III) interest on the note secured hereby; and (IV) amortization o[ the principal o[ said note. - Any deficiency in the aMOUnt of such aggregate monthly payment shall, unless made good by the matgagor prior to the due date of the r~:t such payment, constitute an event of default under this mortgage. The modgagee may collect a"late charge" aot to exceed tveo C~tts (2a) for ta~ch dolla~,(iL~ of each payment more than fifteen (15) days in anears to cover t6e extia e~pense irtvolved iq hapoling delinquent payments. 3. That if the total of tAe" pey~e~+ts made bq the tnoetg~gor undet (b) of parag~aph 2 preceding shall exceed the amount of payments actually made by the mottga~ee„ Eoc; tRVUnd .cs~fts. ta~ces 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 payments made by the matgagor under (6) of pacagraph 2 pre- ceding shall not be sufficient to pay ground rents. taxes and assessmants and insurance premiums, as the case may be, when the same shall become due and payable, thea the mortgagor shall pay to the modgagee any amount necessary to aiake up the deficiency, on oc befoce the date when payment of such grouud rents, ta:es. assessments. ~ or insurance pcemiums shall be due. If at any time the mortgagor shalltender to the mortgagee in accordance arith ~ the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby. the mort- gagee shall, in computing the amount d such indebtedness, credit to the sccount of the mortgagor all paymeats made under ttie provisions of (o) oE paragraph 2 hereot which the mortgagee has not becaae obligated to payto tbe Secretary oE Ha~using and Ucban Development and aay balance remaining in the funds accumulated undet the provisions of (6) of'said paragraph 2. If there shall be a default under any of the provisioas of this mortgege, re- ~ sulting in a public sale oi the premises covered ~ereby, or if the mortgagee acquires the property otherwise after default, the matgagee slwll sQply, at the tirse of tbe commencapent of such proceedings or at the time the prop- erty is otherwise acquired, the balance tf~en cemaining in the funds accumulated under (6) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any ~ payments whick shall have been made nnder (o) of seid paragraph. ~ ~ 4. That he will pay aU taxes, assessments, water rates, and otfiet governmental or municipal charges, fines. ~ oc impositions, for which provision has not been made hereinbefore, and in default theceof the mortgagee may pey the same; and that he will promptly deliver the ofEicial receipts therefor to the mortgagee. 1~8 ~2294 ~ . ~ F ~ ~ _ `~';4 ~ ~ ~ ~ ~--`*"az-r,.a. ~ R~-~- ; ~ s ~,ty c<- - ~a~~~'---~^_':'~..-,~. -