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Home My WebLink About2764 ti ` ~ ~ 1. ~ . ; ~ • z, . r,; . , , ~ . ~ said moctgago~ does hereby fully war~ant the title to said land, and every part thereot. end wilt defend the same against the lawful cleims oE all pe~sons whomsoeve~. PROVIDED ALVI'AYS, and these presents a~e executed and delivered upon the followin~ coaditioas~ to wit: The mortgagoc agcees to pay the matgagee. w ocdec. the principal sum of ~Y~$~ ~~g ~ ~ A~~~~~M~~M~~~~~~A~~~~~~N~~~~~~~~~~~M~~~~~~N~~~N~~MM~~~Y~~~~~ Dollars (S Z6•100.00 as evidenc~d by a note of eve~ date he~ewith. with interest from date at the rata of EIGBT pe~ ceatuan ( 8 pe~ aa~um on tha unpaid balance until paid. The said principel ard interest shall ba payeble at the office o~ J. T. BtrMast 1bs'trqaq~ CC¦~y, IAC. bliite 300 - 100 Miracle Dtile ia Caral G~bl~s, aloriaa or at such othe~ place as the holder of the note may designate in wciting. in ma~thly installments of ~ HtA~D~D ~~~g ~ 57~pp ~M~N~~O~~N~~NN~ pollars (S 191.57 . comaiencing on the first day of ~~y , 1971 . and on the Eirst day of each ma~th thereofter untjltheprlacipal and interest ace fully paid, except that the fiaal payment of priacipal and iaterest. if not sooner paid. sh~ll be due and payable on the first day of J~y, ZOpl And shall duly. promptly~ and fully pedocm, discha~ge. execute~ efEect. complete. and comply with and abide by each and every the stipulatio~s. agreemeats. conditions. and coveaants of said ptomissory aote and of this martgage. then this moctgage and~the estate hereby created shall cease and be null and void. And the mortgag« fucther covenants as follows: . ' ~ ' 1. That he will pay the indebted~ess. as hereinbefore provided. Privilege is resetved to pay the debt in whole, or in an amount equal to one oc mae moathly payments on the principel thet are next due oa the note. on the first day of any month prio~ to maturity: P~ovided, however. that written notice of an intention to execcise such privilege is given at least thirty (30) days pria to prepayment; and. provided further, that in the event the debt is paid in full prio~ to maturity and et that time it is insured under the provisions of the Nationel Housing Act. he will pay to the modgagee an adjusted premium charge of one pet centum (1Xo) of the origin.al prin~ipol amouat thereof~ except that in no event shall the adjusted premium exceed the aggcegate amount of premiwn cherges which would have been payable if the mortgage had continued to be insuced until maturity; st~ch payment to be applied by the mort- gagee upon its obligation tb tfie Secretary of Housing and Urban Developmeat ou account of modgage insurence. 2. That. in order more fully to protect the security of this moctgage. the mortgagoc. together with. and in addi- tion to, the monthly payments under the terms of the note secured hereby, on the~fLrst dQy of each month until the said note is fully paid, will pay to the modgagee the follo~ving sums: /n1 *n amount sufticient to provide the hoider hereof w~ith tunds to pay the aeYt mort~aQe insurance premium if this instru- ment and the note secured hereby arc insured, or a monthly chu~ (ia lleu ot a mort~aQe iasur~ace premium) i[ they are held by the Secretary of Housing ond Urban Developmeat, as followrs:. (I) I[ and so IonQ as spid note of even date and this instruaieat ~rs iasured or ~re relnsured uadet the provisioas of the National Housing Act, an amount sufficient to accumulate in the hands ot the holdet one (1) moat6 prlor to its due date the annual mortgsge insurance premium, io ocder to pmvide such holder witb [unds to pay suc6 premlum to the Secretary o[ Housing aad Urban Developmeat pursuant to the Natioaal Housie~ Act, aa ammded. oad applicable ReQu• tations thereunder; or (II) lt and so long as said note o[ even date and this instrument are held br thQ Secretary ot Hoqsin~ aad Urbon Develop- ment, a monthly charge (in lieu of a mort~rQe insurance premium) ~rhich shall bc ia an amouat equal to one-t~velfth (1!12) of one-hatf (y4) per centum o( the aver~ge outstanding balance due oa the note compated without tatinQ into account delir~quencies or prepayments; ! (til A sum equal to the grounQ rents, iE a~y, nezt due, plus the premiums tbat wrill next become due and p~yable on policles o( fire and other hazard insuraacc covrrinQ tde mortga~ed property, plus ta:es aad assessments ne:t due oa the mort- gaged property (all as estimsted by the mort~aQee) less all aums already paid thtre[or divided by the number ot moaWs to elapse before one mo~th prior to the date when such ~ouad rents, peemiums, tazes, attd assessmeats wrill become de- linquent, such sums to be held by mortgaQee in trus~ to paq s~id ~coued reats, premiums. t~zes, aad specul ~asessnaents; and j ,/c~ Atl payme~ts mentioned in the two preceding subscctioas of this para~aph aad •Il pa~ments to be made wider the oote i secured hereby shall be added toQether and the aQgreeate omount th~reot shall be patd by the morte~~or each month ia • ~ single payment to be Ypplied by the mort~a~e! to thc followrine iteles ie ffie Order set ~orth: (I) premium charges under the contract of insuraece writh lbe Secretary of Housin~ aad Urban Development, or moathly charge (io lieu ot mort~age insurance premium), as the case may be; (II) ground reats, ta:es, assessmeats, fire, and other hazard insurance premiums; (Ill) interest on the note secqred I~ereDy; ~nd (IV) amortisation oE the psincipol o[ s~id note. Any deficiency in the aaaunt of such aQgtegete monthly payment shall, unkss made gcwd by the mcxtgagor prior to the due date of the next such payment, constitute an event aE default under this modgage. The modgagee may collect a"late charge" not to exceed two cents fZt) for each dollar (:1) ot each peyment more than fifteen (15) days in arrears to cover the erira expense involyed in handling delinqueat payments. 3. That if the total of the payments made by the mortgagor under (bJ of paragraph 2 praceding shall esceed the amount of payments actually made by the matgagee, for ground rents, taxes aad assesameats and insurance premiums, as the case may be, such exceas shall be credited by the mortga6e~e oa subsequent payments to be made by the mortgagor. If. however, the monthly paytnents made by the matgaeot under (b) of p~rograph 2 pce- ceding shall not be sufficient to pey ground rents, taxes and assessm.~nts and iastuaoce premiums. a~ the ca~e may be, when the, sam sball becane due and poyable. then the mat~s~or sball p~y to tbe mortg~gee any amount necessary to make up t~e deficiency~ on or befae the dpte whea paymeat af such ~ound ceats. ta:es. asseasaeat~, or insurance premiums shall be due. If at any time the mortgaga sball tender to the mort~aa;eeee in accordance wlth the provisions of the note secured hereby, full payment of the entire iadebtedness repceseMed thereby, the mort- gsgee shall, in canputing the amount d such indebtedness. credit to the sccount d the n+ortgagor all payments made under the provisions of (a) of paragraph 2 henof ~rhich the mortgagee has not become obligated to payto the Secretary of_Housiag and Urbaa Developaieat and any balance remaining in the funds accumulated under the pmvisions of (b) of said paragraph 2. If tbece sball be a default undec any d tbe psovisia~s ot this mactg,age, re- sutting in a public sale of the premises~covered ~ereby, oc iE the mortgag~ee acquires the Qroperty othecwise after default, the mortgagee shall apply; at the time of the commencement of such proceedings a at the tia~e tbe prop- erty is othe~rise acquired, the balance then rctnai~ing in the funds accuaiulated under (6) of paragraph 2 preceding as a credit a~sin;t the amount of prlrjcipet Shen remeining uapaid under said note and s6a11 properlyadjust any payments which shell have been made under (aJ d said paragraph. 4. That he will pay all taxes, asussments, arater ratea, aad ather governaiental or municipel ~harges, fines, « impositions, for ~rhich provisian has not been made bereinbefae, and in default thereaf the mortgagee may pay the ssme; and that he will promptly delivet tbe officul receipts therefor to the mortg,t+gee. . ~1~8 ~2759 . ~ . ~-x-:: _ ~`~`t.. s{ w..r~.e; rv.._ i _ - ~~6'.' ,?,TS_~r.i ^~lue