HomeMy WebLinkAbout1461 1 ~
~ . •
sud morig.~guc dc~c~ hcreby (ull~• w~atrant the title to satd land, ~nd ever~• patt thereof, and w~ll defend the same
aKa~nst the lawtul claims ot all petsons whomsoever.
PROViDED AI,N'AYS. a~d these pcesents are executed and delive~ed upon the Eollowing conditions. to wit:
The mortgegor ag~ees to pay the mortgagee, ot order, the principal s~m of
~ ~ M~ ~ ~ r~N~~~~~~~N~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Dollars (S 15~800.00 as evidenced by a note ot eve~ dete herewith, with inte~est from date et the
rate oi SIG~' ~10 ~!-liil~ per ce~tum ( 8~1 9G) per annum oa the unpaid balance
until paid. The said principel er~d interest shall be payable at.the ot[ice ot J. T. 81'~RT !1~',~ C~iy~
susss 300 - loo xiracl. Nsl., iu ooral c.bl.s, l~l,oriaa
o~ at such other place as the holder of the note may designate in writing. in mo~thly installments of
G1~ ~WD~ '11~IT1'Y-G!t ~D~ 50/100 Dallars (S 1Z1.50 commencing on
the first day of ~Y . 19 71. and on the first day of each month thereafter untilthepciacip~l
and interest are Eully paid. except that the final payment of priacipal and interest, if not sooner paid. shall be due
and payable on the first day o[ ~i Z~•
And shall duly. promptly, and fully perform, discharge, execute. effect. complete. and comply with and abide
by each and every the stipulations. agceements, conditions. and covenants of said promissory note end of this
mortgage. then this mortgage and the estate hereby created shall cease and be null artd void.
And the mortgagor tudhec covenants as follows: ~ .
1. That he will pay the indebtedness, as hereinbefore provided. Privilege is resecved to pay the debt in whole,
or ir? an amount equal to one or moce monthly payments on the principal that are aext due on the note. on the first
day of any month prior to maturity: Pro~•idcd, however. that written notice of an intentioci to exercise sucfi privilege ~
is given at least thitty (30) days prior to prepayment; and, provided Eurther, that in the event the debt is paid in
full prior to maturity and at that time it is insured unde~ the provisions of the National Housing Act, he will pay to
the mortgagee an adjusted pcemium charge of one per centum (19G) of the original principal amount thereoE, except
that in no event shall the~ adjusted premium exceed the aggregate amount of premium charges which would have
been payable if the moKgage had continued to be insured u~til maturity; such payment to be applied by the mort-
gagee upon its obligation to the Secretary of Housing and Urban Development on account of mortgage insurence.
2. That, in order more fully to protect the security of this mortgage. the mortgagor. together with. 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 [ull~• paid, will pay to the mortgagee the follawing sums:
~.r! An amount sutf~cient to provide the holder hereo[ wilh funds to pay the next mortgage insurance premium i[ this instru-
ment and the note secured hereby are insured, or a monthly charge (in lieu ot a mortgage insurance premium) it they are
held by the Secretary cf Housing and Urban Development,.as [ollows:
(11 If and so long as said note ot even date and lhis in3trument are insured or are reinsured under the provisions ot the
National Housing Act, an amount sut[icient to accumulate in the hands ot the holder one (1) month prior to its due
date the annual mortgage insurance premium, i~ order to provide such holder with funds to. pay such premium to the
Secretary of Housing and Urban Development pursuant to the National Housing Act, aa amended, and applicable Regu-
lations thereunder; or
i111 It and so long as said note of even date and this instrument are held by the Secretary ot Housing and Urban Develop-
me~t, a monthly charge (in lieu ot a mortgage insurance premium) which shall be in an amount equal to one-tweltth
(1 12) of one-half per ceatum of the average outstandinQ batance due on the note computed without takiog iato
account delinquencies or prepayments;
A sum equal ta the ground rents, it any, next due, plus the premiums that wilt ne:t become due and payable on policies
of fire and other hazard insurance covering t6e mortgaged property, plus tazes ana assessments next due on the mort-
gaged propertp (all as estimated by the mottgagee) lesa all sums atready paid therefot divided by the number of monlhs
to elapse be(ore one month prior to the date when such ground rents, premiums, tates, and ossessments will become de-
1~nquent, such sums to be heid by mortgagee in trust to pay said grouad renta, premiums, tases, and special aasessments;
! and
i I All payments mentioned in the two preceding subsectioas of this paragraph aad all payments to be made under the note
~ secured hereby shall be added together and the aggregate omount thereot shall be paid by the mortgagor each month in a
single payment to be applied by the mortgagee to the lollo~ring items in the order set [orth:
K (i) premwm charges under the contract `o[ ihsur~ace +vith ,the Secrctary ot Housing and Urban DevrI.,Y.-.an~, or monthly
~ charge (~n lieu of mortgage insurance premium), as the cose may be;
~ (lli gronnd rents, taxes, assessments, (ire. and other hazard insurance premiums;
~ (III) interest on the note secured hetebr; and
~ (IV) amortuation o[ the principal of said note.
Any deficiency in the ar~ount of such aggcegate monthly payment shall, unless made good by the mortgagor
~ pnor. to the due date of the next such payment, constitute an event of defavlt under this mortgage. The mortgagee
~ may collect a"late charge" not to exceed two cents (2a) for each dollar (S1) of each payment more than fifteen
(15) da~•s in anears to cover the extca expense involved in handling delinquent payments.
3. That if the total of the payments made by the modgagor under (b) of paragraph 2 preceding shall exceed
the amount of payments actually made by the mocigagee, for gFound rents, taxes and assessments 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 mortgagor under (bf of paragraph 2 pre-
~ ceding shall not be sufficient to pay ground rents, taxes and assess~~~nts and insurance premiums, as the case
~ may be, when the same shall become due and payable, then the mortg~gor shall pay to the mortgagee any amount
~ necessary to make uP ihe deficiency, on a befoce the date when payment of such ground rents, taxes, assessments, r
' w inswance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with ~
~ the provisions of the note secured hereby, Eull payment 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 payments
~ made under the provisions of (a1 of paragraph 2 hereof which the mortgagee has not becaae obligated to pay to
~ the Secretary of Housing and Urban Development and any balance remaining in the Eunds accumulated under the
provisions of (b) of said paragraph 2. If there shall be a default under any of the provisio~s of this mortgage, re-
~ sulting in a public sale of the premises covered iereby, or if the mortgagee acquires the property otherwise after
~ default, the mcxfgagee sholl apply, at the time of the coarmencement of such proceedings or at the time the pcop-
~ erty is othe~rise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding ~
~ as a credit ag~ inst ~he emount of principal then lemaining unpaid under said note and shall properlyadjust any ;
payments whi~h shall have been made under (a) of said paragraph.
~ 4..That ht will pay all taxes, assessments, water rates, and dher govecnmental or municipal charges, fines,
~ or impositions, for which provision has not been made hereinbefae, and in default thereot the mortgagee may pay
~ the same; and that he will promptly deliver the dEicial teceipts theretot to the mortgagr,e.
~ ~ 189 ~1458 ° R ~~8 P~~ 14~
~ aoox _
~ '
~
~ Y .
~ ~ _ . v
~ __r_¢ > _