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HomeMy WebLinkAbout2310 ~ . ~ ~ . . said mortgagor does hereby iully warrent the title to said land, and every pert the~eot, a~d will detend the samt - against the lawtul claims ot all persons whomscevec. PROVIDED A1,WAYS. and these presents are executed ond deliveced upon the following conditions. to wit: The mortgagor agcees to pay the matgagee. or order, the principal sum oE ~~~M~ ~ ~ ~ ~ M~~~~~~~~~~~N~M~~~~~M~M~~~~~~~~~N~~~~ Dolla~s (S 17,150.00 as evidenced by a note of eve~ dete herewith. with interest from date at the rete o[ ~iq~ i OtN~l! pec centum 9G) per annum on the unpaid bela~ce until paid. The said principet and inte~est shall be payable at the office of Sl'OC13~OIT~ N~l'~• DiNVi~t i C01~11Y. 100 11r~t 11~ ats'~at~ Jack~oovill~. ~losid~. « at such other place as the holder ot the aote may designate in writing. in mont6ly instellments of p~ ~p ~I~~ ~ $8/3,Qp ----------0ollars (S 131•88 commencing on the first day ot J~pllatcy . 1971 , and on the first day of each month thereafter untilthepcincipal and intecest ace fully paid. except that the Einal payment of pri~cipal aad intecest, if not sooner paid. shall be due a~d payable on the first dey of ~ Dsp~?~t~ 2000. ~ And shell duly. promptly, and fully pedorm. dixcherge. execute. effect~ complete. and comply with and ebide by each and every the stipulations. agceeatents. conditions. and covenants of said promissory note and of t6is mortgage. the~ this mortgage and the estate hereby created shall cease and be null and void. And the mactgaga further coven~ts as follows: . 1. That he will pay the~ i~debtedness, as hereinbefore provided. Priirilege is reserved to pay the debt in whole. or in an amount equal to one or mae monthly payments on the principal that are next due.on the note. on the first day of eny month prior to maturity: P.ovided, however, that written notice of an intention to exercise such privitege is given at least t6irty (30) days prior to prepayment; and. provided further. that in the event the debt is paid in full prior to matutity a~td at thaYtl~e It is in~uced uadec the provisions of the Natioaal Housing Act. he will pay to the mortgagee. an adjasted preminm ch~ge of o~ per ceqtum {1%) of tbe ori~iaal priacipal oaount thereof, except that in no event shall We pdjus_tQd_ pcgmiuo? exceed the a~egate amouat of premiwp Chac~es which would have been payable if the modgage had continued to be insured until maturity; such paya~ent to be applied by the mort- gagee upon its obligaEioe to the Secretary of Housing and Urban Development on account of modgage insurance. 2. That. in order more fully to protect the security of this mortgage. the mwtgagor. together with, and in addi- tion to. the monthly payments under the terms of the note secuced hereby. on the first day of each month untit the said note is fully paid, will pay to the mortgagee the following sums: (n/ An amount su(ticie~t to provide the holder hereot with tunds to pay the next mortQa~e insurance premium if this instru- me~t and the note secured hereby are insured, or a monthly ch~rge (in Ileu ot a mortgage insurance premium) if they ore held by the Secretary of Housing and Urban Development, as tollows: (I) if and so long as said note of even date aad this inatrument are insurcd or arc reinsured uader the pwvlsioas ot the National Housing Act, an amount sutficient to accumulate in the hands of We holder oae (1) moath prior to its due date the annual mortgage insurance premium, ia order to provide such 6older with funds to pay aucbpremium to the Secretary of Housi~g and Urban Developmmt pursuont to the National Housia~ Act, as amended. ond applicable Regu- lations thereuader. or (II) If and so long as said note ot even date and this instrumeat ~re held by the Secretary ot Housiag and Urban Develop- ment, a monthly charge (in lieu oE a mortgage insurance premium) which shall be ia aa omouat equal to one-twelfth (1; 12) oi one-half (y4) per centum ot the average outstanding balance due on the note computed ~vithout talcing into account delinquencies or prepayments; (AJ A sum equal to the ground tents, if any. oext due, plus the ptemiwns that ai11 ne:t become due and payable on policies ~ of tire and other hazard insurance covering the mortgaged propeRy, plus ta:es and assessments aezt due on the mort- ~ gaged prope?ty (all as estimated by the-mortga~ee) less all sums olreodypaid there[or divided by t6e aumber of months f to elapse before one month prior to the date when such ground rents, preiriiums, tases, and assessmeats will become de- t linquent, such sums to be held by mortQa~ee in trust to pay said ~,wund rents, pcemiuma. tues, and specialassessments; f and - ~ (c I All payments mentioned in the two preceding subsections of this paragraph and all poyments to be made uader the note secured hereby sha~l be added together and the ag~regate amouat thecrot shall be paid by the a?ortQaQor each month in a ~ single payalent to be applied by the mortgagee to the [ollowing items in the order set fo~th: (q premium cMr~es nnder tl~e~caqlract ot lqaurance ~rith tbe Secret~ry o[ HoosiuE and lhban De~elopment, or monthly charge (in lieu of mort~e in}uraac~ pr*miuo), as the cwt may be•. • - (II) gmund rents, ta:es, asslssmeots, Cre, and oWer hazard insuraace premiums; (IIl) interest on the aote secured hereby; and (I~ amortization of the principal o[ said note. Any deficiency in the amount of such aggregate monthly payment shalt, unless made good by the mortgagor prior to the due date of the ne:t such payment, constitute an event of default under this mortgage. The mortgagee may collect a"late charge" oat to exceed tvro cents (2~) for ~ch dollar (il) of each payment more than fikeen (15) days in arcears to cover tbe extta expense involved in h~dling delinquent poyments. 3. That if the total of the paynenfs msde by tbe e~a~tgaga undec (b) of p~ngraph 2 preceding shall exceed the amount of payments actually made by the mp~t~agCe,: fo~ ~au~d rsnts, taxes and assessmeats and insucance premiums, as the case may be, snch excess shall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthly peyments made by the mactgagor under (6) of paragraph 2 pre- ceding shail not be sufficient to pay g~ound rents, taxes and assessm~~nts and insurance premiums, as the case may be, when the same shall become due and payable. then the mactgngor shall pay to the mortgagee any amount necesaary to make up the def iciency, on or beface the date when payment of sucb grou~d rents, taxes, assessments. or insurance premiums shall be due. If at any tia~e the modgagor shall tender to the modgagee in accordance with the provisions of the note secured hereby, full peyment of the entire indebtedness represented thereby, the mort- gagee shall. in computing the amount of such indebtedness, credit to the account of the mortgagor all peyments made under the Provisions of (o) of paragcaph 2 hereaf which tl~ moctgagee has not becane obligated to peyto the Secretary aE Housiag and Ucban Development and any balance remaining in the funds accumulated under the provisions of (6) of said paregraph 2. If there shall be a default under any oE the provisions of this mortgage, re- sulting in a public sale of the premises covered ~ereby, or if the mortgagee acquires the propedy othecwise after default, the mortgegee ehaU apply, et t}w time d tl~e comweacea~ent of such proceedings a at the time the prop- erty is otherarise acquired, the balancc then remeining in the funds accumulated under (b) of paragreph 2 preceding as a credit against, the amount of prlncipal then remaining unpaid under seid note and shell pcoperlyadjust any payments which shall have been made under (a) o~ said paragraph. 4. T~at he will pay all taxes, assessments, ~rater retes, and dher governmental or municipal charges. fines, or impositions, for which provision has not been made hereinbefoce, and in deteult thereof the mortgagee may pay the same; and that he wili promptly deliver the official receipts theretor to the modgagee. I r= ~1~8 ~~~6 ~ ~ ~a:' i ~r - . _ . . . . . ~o- 3~" " _ ~'r..~~~ , . . . .