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Home My WebLink About2862 r ~ ~ ~ ~:ud mu~lK~~~ut duex hetrby~ (ulh• w~trunt tho title tu suid land, and e~•e~y pa~t themo(, and will de(rnd the saae .~ga~nst the law(ul cla~ms ut all pe~sonr whumaoevct. PROVIDE:D ALNAYS. aod these p~esents a~e executed and deliva~ed upoe the followin~ conditions. to wit: The mo~t~agor agcees to p+~y the mortgagre. o~ order. the p~incipal aum of ~ ~ Rl/1~ N~~~N~~~~~~~~~~~~M~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~N~~Miw~~~~~~~~~~~ ~ ' ~~~a~ (s ~~SOp.00 as evidenced by a note of even date herewith, with interest Ecom dot~ at the rate of ~i~ ~~~i~ pe~ ce~tum ( pe~ annum o~ tl?e unp~id batance until paid. The said p~incipwl and ~~te~est rhall bo payable at the otflce ~TOClCi~N• 1tlpZliY• Dl1VI~t li CONpINt. 100 t~ati ~~q/ ~tt~t, Jaakaoevill,s. ~2osid~, oc at such other place as the holder of the note may designate in wtiting. in monthly installments of q~ HtADil~ l~"QtTY-i~p alID 27/100 ----------------------0ollo~s (S 14Z.Z7 coma~encin~ on the iir~t day oE ~Tanyary . 1971 . and on the first dwy ot each month th~reafter uetil the princip~l and interest aee Eully paid. except tha~ the Ein~l paymeot oE princ'spal and intereat~ if not sooner paid. shall be dus and poyable on the first dpy oE p~C~1~bs=~ Z000. ~ And shall duly. promptly. ond fully pertorm. dische~ge. execute~ effect. complete. and comply with and abide by each and every the stipulation~. aereements. conditions. a~d covenortts of aaid pcomissory note and oE this mortgage. then this moctgage and the estate hereby cceated sholl cease and be null end void. Aod the muttgogot fucthec covenants as foilows: - • - - 1. That he will pey the i~debtedness. as he~einbefo?e provided. P~ivilege is reserved to pay the debt in whole. u~ in an emount equal to one or mae moothly ppyments on the principel that ace next due on the note. on the Eicst da~~ of a~y month ptior to maturity: P~o~~ided. however.-that w~ltten notice of pn intention to exerclse such privilege ~s given at least thicty (30) days pcior to pceQ~yment; and. provided furthe~. that In the eve~t the debt is peid in [uli prior to matucity and at that time it is insured undoc the provlsions o[ the National Housing Act. he will pay to the mo~tgagee an adjusted premium c~ar6e of one pet centum (1%) of the orlginal pcincipal •atount thereof. except that in na event sholt thc adjusted pren~ium exceed the a~gregate amount of pcemium ch~r~s~ which would hnve been peyable iE the mortgage hed continued to be insuced until maturity; such paya~ent to be applied by the mo~t- gagee upon its obligation to the Seccetary of Housing and Urban Development on occount of mortgpge insutence. 2. That. in orde~ morc fully to protect the secu~ity oE this mortgege. the matgagor. together nith. and in addi- tion to, the moothly peyments undec the terms of the note secured he?eby, on the fi~st doy of each month until the said note is tully paid, will pey to the mortgagee the Eollowing sums: ~~r ~ An aerount su(t~cient to provide the holder heteo( with funds to pay the nesl mort~a~e insurance pcemium if this insttu• ment and the note secured hereby ate insured, oc a monthly ch~rge (!n lieu ot • mort~aee insurrnce prcmium) it lh~y •ro held by the Secretary ot Housic~ ~nd Urban Deveiopment, as tollows: ~ - (1) i( and so IoaQ as s~id aote ot even date and this instrument ~re insured or ~ro reinsured under the provisioas ot tAe Nrtion~t Housing Act, aa ~mount au[ficient to occumul~te in the honds ot tbe hold~r one (1) month prior to its due drte the an~ual morte~Qe insur~nce premium, ia order to provide such holder wlth [unds to p~y such preauum to tbe Secreary of Housin~ ~ad Urban Development pursuant to the National Housin~ Act, ~s amended, ~nd ~pplicable ReRu- lat~ons thercueder. or (il) lf and so long as said note of even date •nd this instrument are heid by the Secret~ryr ot Housing ~nd Urban Develop• ment, a monthly charQe (in lieu ot • mo~teoge insur~nce premium) w~hich shall be in an ~mount equal to on~-t~valtth (1 12) of one-halt (34) per centum ot the ~ve~~ee outst~ndin~ balance due on the note computed ~rithout t~lcin~ iato account delinquencies or prepaymaNs; _ (til A sum equ~l to the ~ound reets. i[ ~ny, oe:t due, plus the precaiums that wrill ne:t become due and p~yable on policies ot tue and other hasard iasurance coverinQ the morteaaed property. plus to:es ~nd •ssessments next due oa the mort- gagrd property (att as estimated by the mortgagee) less all sums al~e~dy paid tt~eretor divided by the number of months ~ to elapse betore oae moatb prion to th~ d~te whea such Qround rents, premiums, tues. ~ed ~ssessme~ts will become de- ~ l~nquent, such sums to be hetd by mortQaQee in trust to p~y s~id ~round rent:, premiums, t~=es, and special ~ssessment~; and All payments mentioned in the two precedin~ subsections ot this par~¢raph and all payments to be mode under the note secured herebp shali be added together and the ~~gre~ate amount thereof shall be paid by the mort~a~or each month in a single payment to be applied by We mort~a~e~ to the [oilowine itcros in the orde~ set [orth: (I) premium charaes under the contract of insurance aith the Secret~ry of HousinQ aad Urban Development, or monthly chsrge (in lieu of aong~~e lnauraace.premium), as the c~s~e a~ay be; (II) ground reats, ta:es, ~ssessmeots, [irc, ~nd other haz~rd insurance premiums; (Ill) iaterest on the note secured hereby; and (iV) amortisation o( the principal ot said note. Any deficiency in the ar.~ount of such aggregate monthly peyment shall, unless made good by the moctgagor prior to the due date of the next such poyment. constitute an event of default under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2a) fa each dollar (S1) of ~ech peyment more than Eifteen (15) days in anears to cover the extra expee~se involved in hendling delinquent payments. 3. That if .the total of the payments made by the mortgagor undec (6) oE paragraph 2 preceding shall exceed the amount of payments actually made by the mortgagee, fa gtound rents, taxes and essessments end insurence premiums, as the case may be. such excess shall be credited by the mortgagee on subsequent payments to be made by tbe mortgagor. If, however, the montl~ly payments made by the mortgegoc under (b) of paragraph 2 pre- ceding shall not be sufEicient to pay ground rents, taYea and assessm.~nts ead insurence pre~niums, es the case may be, when the same shall become due end payable, then tbe matgsgor shall pay to the mortgagee any amount necessary to make up the deficiency, on oc befae the date when peyment of such grouad rents, taxes, assessments, ~ or insurance premiums shall be due. U at eny time the mortgagor shall tender to the modgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedaess represented thereby~ the mort- gagee shall, in computing the amount aE such indebtedness, credit to the account d the moctgagor all paymeats made undet the provisions of (o) of paragRaph 2 hereof which the matgagee has not becoare obligated to peyto tbe Secretacy of Housiag aod Ucban Development and any balance remaining in the funds accumulated under tfie provisions of (b) of said paragraph 2. If there shall be a default under any of the provisio.~s of this matg,age, re- sulting in a public sale ot the premises covered iereby, or if the mortgagee acquires the property othervnise aEter default, the matgagee sb~ll apply, at tht tlme of tbe commeoctveat of such pcoceedings or at the time the prop- erty is othecwise acquired, t6e balance then remaini~g in the Eunds accumulated under (6J oE paragraph 2 Preceding as a credit against the amouat oE Principal the4 remaining unpaid under seid note and shall propeclyadjust eny payments which shall have been made under (a) of said paragraph. 4. That he will pay all taxes, assessments, water retes, and dher governmental oc municapal charges, Eines, or impositions, for which provision has not been made hereinbefo~e, and in default thered the mo~tgagee may pay the same; and that he will Promptly deliver the official teceipts thecefor to the mottgagee. . , e~c188 ~~~~7 ~ ~ ~ , . ` s k:~~ ; ~,~t.k~ _ ~~y.r..~.a~;.~~~~~. . ~