HomeMy WebLinkAbout2343 su~d mortgago~ doec heceby tully wa~rant 1he title to said lend, and every p~tt thereot. and will de(end the same
against the lawtul claims of all persons whomsoever.
PROVIDED ALN'AYS. and these p~esenta ace executed and delivercd upon the folloNring ccnditio~s. to wit:
The matgagoc agrecs to pay the mortgagee. o~ ordec. the principel sum of 6IGHT~i '1~10~i1lID tTVa NO1~ID~RED
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Dollars (S 18, 500.00 os evide~ced by a Rote ot evee date herewith. with interest from date at the
~ete of aq~ i OM"~Ml! pet ceatum ( 6~ per annum on the unpaid balence
until paid. The said principel and interest shalt bit poyable at the ofiice of
ai~OC~'idN, N~TTiT• DxIR1t o OON~liY. 100 11~ H~ ks«r!. Jaol~odvill~, lLosidu•
or at such other place as the holder of the ~ote may designate in writing. in monthly iastallments of ON! HOlIDR~
F+O~RTY '1M0 and Z7/100---------------------•._Dollars (S 1
y2. Z7 commen~cin6 P~
the first day of Jalauaiy . 19 71 . end on the first da of each month theceafter untilthe iaci 1
and i~terest are fully paid. except that the fiaal peyment of principal and interest, if not soonet paid, sball be due
and payable on the first dey of Dece~abe~c~ 2000.
And shall duly. pranptly. and fully pedorm. discharge. execute, efEect. complete. and comply with end abide
by esch and every the stipuletions. agreements. conditions. aad cove~ants of said promissory note and of t6is
mortgage. then this mortgage end the estate hereby created shall cease and be null and void.
And the,mqctga~or furthec covenartt,t as follows;.
1. That he will pay the indebtedness. as hereinbefore provided. Pi'ii~ilege ~is reserved to pay the debt in whole.
or in an amount equal to one or more mo~thly payments on !he principal that are next due on the note~ on~the first
day of any month prior to maturity: Provided. however. that written notice of an intention to exercise such privilege
is given at least tl~iety (30) days prior to prepayment; and. provided fudher. that in the event the debt is paid in
full prior to maturity and at that tlme-it is ia~nted uader t6! provisions of tbe Natioaal Nousing Act. he will pay to
the mortgagee an adjn~ted premium charge_0~ oq~ per ceAtum (1Xr) oE tbe Origiaq~ prulCipql..~tllouAt thereof. except
that in no evan~ s6~11 th~ adjusted premiu~a exceed the a~c~g~aita amount of, pEemiwn chat;e~ vPbicb would have
been payable if the mortgage had continued to be insured until maturity; such peyment ~to be applied by the mort-
gagee upon its obligetion to the Secretary of Housing and Urban Developmeat oa account of mortg~age insurance.
2. That, in order more fully to protect the security of this moctgage, the modgagor. together wit6. and in addi-
tion to. the monthly payments under the terms of the note secured hereby, on the first day of each month until the
said note is fully paid. will pay to the mortgegee the follawing sums:
(al An amount sufficient to provide the holder hercot wlth [uads to pay the ne:t mortgage insurance premium if this instru-
ment and the note secured hereby ore insured. or a moathly ch~~ge (in lieu o[ a mortgage inswoace premium) i[ they ~re
held by the Secretary o[ Housing and Urban Developmeat, as (oilows:
(i) 1[ a~d so lonQ as said note ot even date aad this inatrumeat are insured or are rcinsured uader the provisions of the
Nationai Housing Act, •n amount sufficieat to accumulate in the hands of the holder one (1) moath prior to its due
date the annuai mortQage fasurance premium, in order to pwvide such holder with funds to pay such premium to the
Secretary o! Housing aad Urbsa Devtlopmeat pursuaat to the I~I~tloa~l Housin~ Act, as amended. and applicable Regu-
lations thereunder. or
(11) If and so long as said note o[ even date a~d this inst~ument ue held by tde Seeretary oE Housing and Urban Develop-
ment, a monthly charge (in lieu of a mortgage insunnce premium) which sh~ll be ia an amount equ~l to oae-tarelfth
(1 ' 12) of one•halt (~/4) per centum o[ the average outstanding bolance due on the note computed ~rithout taklnQ iato
account deliuque~cies or prepaymeats;
!l~~ A sum equal to the ground rents. if ~ay; next due. plus the peemiums that ~rill ne:t become due and payable on policies .
ot fire and other hazard insurance coverin~ the mortga~ed property, plus ta:es and assessa~ents nezt due on the mort-
i
j gaged property (all as eetimated by fhe mortgaQee) less all sums already.paid therefor divided by the number of months
! to elapse be[ore one month prior to the date when such ground rcnts, premtums, t~:es, aad assessments will become de-
i linquent, such sums to he held by mortga¢ee in trust to pay said gtouad renta, prtmiwa~. t~es, and special ~ssessments;
~ and
~ (c) Alt payments mentioned in the two preceding subsections o[ this paragraph and all payments to be made under the note
secured heceby shall be added together and the ¦ggregate amount thereot shall be paid by the mort¢agor each month in •
single payMent to be ~pplied by the mortgage~e to the (ollowing items in the order set torth:
F (p premimn chat`e9 unde~ the contract of inswance ~rith the Secretary ot Housias aed tlrb~s Derelopment, or monthly
charge (in lieu of mort~+~e insurancs premium), as the cas~ m~y be;
(II) ground rents, ta:es, ascessments, (ite, and other hrz~rd insurance prtmiums; .
(III) interest on the note securcd hereby; and .
(IV) amortisation of the principal of 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 next sucM payment; constitute an event of default under this mortgage. The modgagee
may collect a"late charge" aot to e:ceed two cents (2~) for each dollar (Sl) oE each payment more than fiheen
(15) days in acrears to cover t6e estra espease involved in handling delinquent poyments.
3. That if the total of the peyments made by t6e matgagor nndec (6) ot perograph 2 preceding shall exceed
the amount of payments actually made by tbe ma~t~t~es, for ~tound tents, taues and assessmeats and insurance
premiums, as the case may be, such excess shall be credited by the mortgagee o~ subsequent payments to be
~ made by the mortgagor. If, however, the monthly payments made by the moctgagor under (6) of paragrap6 2 pre-
ceding shall not be sufficient to pay groand rents, taxes and assessmants aad insurance premiums, as the case
~ may be, ahen the same shall become due ead peyable, then the matguga slwll pay to the moctgagee any amount
necessary to make up the deficiency, on or befae the date whea peyment of such ground reats, texes, assessments,
or insurance premiums shall be due. IE at any time the mortgagor shall tender to the mortgegee in accordance with
~ the provisions of the note secured hereby, full payment of_the entire indebtedaess represented theceby~ the mort-
~ gagee shall, in computing the amount oE such indebtedness. ccedit to the account af the mortgagor all payments
~ made under the pravisions of (a) of paragraph 2 hereof which the matgagee has not becaoe obligated to peyto
the Secretary of HQUSing and Urban Developmeat and any balance remaining in the funds accumulated ~nder the
provisions of (b) of said paragraph 2. " If there shall be a default under eny ot the pravisio.~s of this mortgage, re-
sulting in a public sale of the premises covered ~ereby, or if tl~e mortgagee acquires the property othe~+ise after
default, the matgagee shall apply, at the time of the commancomsnt of such proceedings or at the time the prop-
ert} is otherwise acquired. the balance then remaining in the funds eccumuleted under (b) of pscagraph 2 preceding
as a credit against the amount of principal then remaining unpaid under seid note and.shall properlyadjust any
payments v~hich shall have been made'under (a) of safd paragrapb.
4. That he will pay ail taxes, assessments, water rates, and other goveramental or municipel charges, fines,
or impositions, for which provision has not been made hereinbeEae, and in default thereaE the mortgagee may pay
the same; and that he will promptly deliver the official receipts tl~etefor to the mortgagee.
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