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Home My WebLink About0541 i i ~ ~ ~ l. ;~+L~ ~ ~ s~id mortgagor does hereby fully Karrant the titte to said land, and e~•e~~• pdtt thereof, and will defend the same against the law•ful claims of all persons whomscever. ~ ~ f PROVIDED ALK'AYS, and these presents are executed and delivered upon the following conditions, to wit: + The mortgagor agcees to pay the mortgagee, or order, the principel sum ot SIXT~N T~US~Np $I~ ~ •~Y~~~~r~ ~ ~ NOnOO M~~~~~Nl~~~~~~~~~~~~s~~N~~~~N~M~~R~~~~~~~~~N~~~~~~ Dollars (S is as evidenced by a note ot even date herewith, with interest from dete at the rate of S~~ per centum ( 7 pet annum on the unpaid balance , untit paid. The said principal and interest shall bc payable at the office of 9TOC1c1~0l~, N~t11TI~Y, OAVIN ~ CaNp1?11lt. 100 wsst 8qy Streat, Ja~ckeo~vi114, l~l~oriaa or at such other place as the holder ot the note may designate in writing. in monihly installments of ~iR Ht~ ~ ~~p 89nOQ pollars (S 110.89 commencing on ' i the first day of I~pril , 19 ?l, and on the first day of each month thereafter untiltheprincipal and interest ace fully paid. except that the final payment of principal and interest. if not sooner paid, shall be due and payable on the first day of !{aL^Ch~ Z001. And shall duly, promptly, and [ully pedorm, discharge, execute, effect~ complete, and comply with end abide by each and every the stipulations, agreements, conditions, and covenants of said pcomissory note and of tl~is mortgage, then this mortgage and the estate hereby created shall cease and be null and void. ; And the mortgagor further covenants as follows: ~ 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or ~n an amount equal to one or more monthly payments on the principal that are next due on the note, o~ the first day of any month prior to maturity: Proe•idPd, however, that written ~otice of an intention to exercise such privilege is gieen at least thirty (30) days prior to prepayment; and, provided further. that in the event the debt is paid in [ull prioc to matucity and at that time it is insured under the provisions of the Netional Housing Act, he will pay to the mortgagee an adjusted premium charge of one pet centum {1%) of the original priacipal a~aount thereof. except that in no event shall the adjusted Premium exceed the aggregate amount of premium charges which would have been payable if the mortgage had conti~ued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on account of mottgage insurance. 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 fully paid, witl pay to the mortgagee the follawing sums: r~~ ~ An amount su[ficient to provide the holder hereof with tunds to pay the ne:t mortgage insurance ptemium i( this instru- ment and the note secured hereby are insured, or a munthly charge (in lieu ot a mottgage insurance premium) i[ ther are hrld by the Secretary of Housing and Urban Development, as follows: (I1 It and so long as said note of evrn date and this instrument are; ~nsured or arc reinsured under the provisions of the \utional Housing Act, an amuunt sut[icient to accumulate in the handc of the holder one (1) manth prior to its due s date the annual mortgage insurance premium, in order to provide such holder with tunds to pay suchpremium to the Secretary o[ Housing and Urban Development pursuant to the National HousinQ Act, as ameaded. ~nd applicsble Reeu- lattons thereunder, or (111 It and so long as said note of even date and this iastrument ate held by the Secrttary ot Housing and Urban Develop- ment, a monthiy charge (in lieu ot a mortgage insurance premium? which shall be in an amount equal to one-twelfth (l 12) of one-hr![ (bi) per cenWm ot the average outstanding balance due on the note computed ~rithout taking into ~ account delinquencies or prepayments; ~ ~ A sum equal to the ground rents, i[ any, next due, plus the premiums that wili next become due and payable on policiea of f~re and other hazard insurance covering the mortgaged properly, plus ta:es and assessments ne:t due on the mort- ~ ~ ~aged property (all as estimated by the mortgagee) less ali sums already paid therefor divided by the numbet of months • to etapse before one month prior to the date when such ground rents, premiums, ta:es, and ~ssessments aill became de- ; I?nquent, such sums to be heid by mortgaQee in tcust to pay said ground rents, prrmiums, ta:es, and apecisl aasessmente; ~ and ! r~•} Ai! payments mentioned in the two p~eceding subsections o( this paragraph and all paymenta to be made under the note t secured hereby shall be added together and the aggregate amount theteot shall be paid bp the mortgaQor eack month in • si~ le a ment to be a l~ed b the mort a ee to the tollowin items in the order set forth: ` € B PY PP Y BB 6 ~ (q premiu~ charges under the contract of ins~rance with the Secret~ry ot Houair?Q ond Urban Development, or monthly ~ ~ charge (in l?eu ot mortgage insuiaace premium), as the case way be; (II) ground rents, taxes, assessments, Gre, and other hazard insurance premiums; ~ (tll) interest on the note secured hereby; and ~ (IV) amortization of the principai of said note. ~ r~ny deficiency ~n the amount of such aggregate monthly payment shall, unless made good by the mortgagoc ~ prior to the due date of the next such payment, constitute an event of defauit under this mortgage. The moctgagee may collect a"late charge" not to exceed two cents (2~) Eor each dollar (S1) of each payment more than fifteen _ (15) days in arrears to cover the extre expense involved in handling delinqueat payments. ? ~ 3. That iE the total of the peyments made by the mortgagor under (6) of paragraph 2 preceding shall exceed , ~ the amount of payments actually made by the moctgagee, foc gtound rents, taxes and assessments and insurance , ~ premiums, as the case may be, such excess shail be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under (b) of peragraph 2 pre- ~ ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case ~ may be, when the same shaU become due and payable, then the mortgIIgor shell pay to the mortgagee any amount ~ ~ necessary to make up the deficiency, on or beEae the date when payment of such ground rents. taxes. assessments, - or insurance premiums shall be due. IE at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note secured hereby, full 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 /a) of paragraph 2 hereof which the moctgagee has not become obligated to payto _ tbe Secretary of Housing and Urban Development and any balance remaining in the fnnds accumulated under Lhe provisions of (6J of said paragraph 2. If there shall be a default undec any of the provisioas of this moctgage, re- = sulting in a public sale of the premises coveced iereby, or iE the mortgagee acquires the property othecwise after . -,;_i default, the mortgagee shall apply, at the time oE the epm~encaement of such proceedings or at the time the prop- ~z erty is otherwise acquired,~the balance then remaining in the ~unds accumulated under (6) of paragraph 2 Preceding = as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any payments which shall have been made under (aJ of said paragraph. - 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefore, and in default thereof the mortgagee may pay +'r the same; and that he will promptly deliver the officiel receipts therefor to the mortgagee. ~;_K ~0~191 540 ~r v ; . _ ~ ~ ~ _ ~ ~ ~ ~ ~ ~ ~ _ ~ ~r . ~.vr