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Home My WebLink About1732 . `l, ~ ~ ; ~ . s:~id mo~tgagoc does hereby fult~~ wa~rant the title to said land, and e~•er~~ part thereof, and wiil defend the same aga?nst the IaWtul cleims of ali persons whomsoe~~e~. PROVIDED ALN'AYS. and these presents are executcd and delive~ed upon the following conditions, to wit; The mottgagor ag~ees to pay the mortgegee, or order, the principal sum of EIGt1TSEN THOUSAND FIVS MJNDRED AND NO/100 Dollars (S18,500.00 as evidenced by a aote o( even date herewith, with interest from date at the rate ot N~ per centum ( 7 96) per annum on the unpaid balance until paid. The said principal and interest shall be payable at the o[fice ot 81'OC1~Ol~, NH~r. o7?vtN i CONpAt~Y. 100 Nest Bay ~tnett, Jackedhvill~. 1~1+arida or at such other place as the holder o[ the note may designate in writing, in monthly installments of p(yg }~pg~ ZWEKl'Y-THREE AND 21/100 -------------------Dollars (S 123.21 commencing on the first day ot ~y , 19 ~l , and on the first day of each month thereaftet untiltheprincipel and interest are fully paid. except that the final payment of ptincipal and interest, if not sooner paid, shail be due and pa~•able on the first day of April, 2001 And shall duly, promptly, and tully perform, discharge, execut@. eEfect, complete, and comply with and abide bp each and every the stipulations, agreements, conditions, and covenants of said promissory note and ot this mortgage, then this mortgage and the estate hereby created shall cease and be nutl and void. And the moctgago~ 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 a~ amount equal to one or more monthly payments on the principal that ere ~ext due on the note, on the first da~• of any month prior to maturitp: P~o~•id~d, however, that written notice of an intention to exercise such privilege ~s given at least thirty (30) days prior to prepayment; and. provided turther. that in the event the debt is paid in fuli prior to maturit~• and at that time it is insured under the provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (196) of the original principel amount thereof, except that in no event shalt the adjusted premium exceed the aggregate amount of premium charges which would have been payable if the mortgage had continued to be insuced antil maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Utban Development on accoant of mortgage insurance. 2. That, in order more fully to protect the security of this mortgege, the mortgagor, together with, end in addi- tion to, the monthly payments under the terms of the note secured hereoy, on the first day of each month untii the said note is full~~ paid, will pay to the mortgagee the following sums: r-:~ An amount sufficient to provide the holder hereot with (unds to pay the next mortgage insurance premium i[ this instru- ment and the note secured herebp are ~nsured, or a monthly charge (in lieu o[ a mortgage insurance pcemium) if they are held by~ the Secretary o( Housing and Urban Development, as follows: (11 If and so long as sa~d note uf even date and this instrvmeat are insuted ot are roinsured uader the provisions o[ thc tiational Housing Act, an amount suf[icient to accumulate in the hands o[ the holder one (1) month prior to its due date the annua! mortgage insurance premium, in order to provide such holder with funds to pay suchpremium to the Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended, ond applicable Regu- lations thereunder; or ~ Il) If and so long as said note ot evrn date ~nd this instrument are heid by the Secret~ry ot Housing and Urban tievelop- nent, a moathi~ cfiarge (in lieu of a mortgage insurance premiuml which shall be in an amount equal to one-twelfth (S 12) ot one-halt (i:) per centum of the ave~age outstanding balance due oa the note computed without taking into accouat del?nquencies or prepayments; A sum equa: to the ground rents, i[ any. ne:t due, plus the prtmiums that wiill nezt become due and payable on policiea o( (ire and other hazard ~nsurance covering the mortgaged propetty, plus taxes and assesaments next due on the mort- gaged property (all as estimated by the mortgagee) less all sums alrcady paid therc[or divided by the number ot months to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments witl become de- Iinquent, such sums to be htld by mortgagee in trust to pay said ground rents, premiums, tazes, and speciai assessments; and ! ! All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note secured hereby shall be added together and the aggregate omount thereo[ shall be patd by the mortgagot each month in a • . F senqle payment to be applied by the mortQagee to tAe foLo~riaQ items ia the order set forth: + (I) premium charges under the contract of insurance with t6e Secret~ry o( Nousin¢ and Urbaa Development, or monthly ~ f charge (in 1?eu of mortga¢e ~nsurance premium), as the case may be; ~ (Ill ground rents, tazes, assessments, tire, and other h~zard insurance premiums; (III) interest on thc note secured heroby; and - (IV) amortizat~on ot the principal o[ said note. ~ Any deficiency in the amount of such aggregate monthly payment shatl, unless made good by the mortgagor ; pnor to the due date of the next such paycr,ent, constitute an event of detault under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2Q) for each dollar (S1) of each payment more than Eifteen ~ (lSj days in arrears to cover the extra expense involved in handling delinquent payments. ~ ~ 3. That if the total of the payments made by the mortgagoc under (6J of paragcaph 2 preceding shall exceed ~ the amount of payments actually made by the mortgagee, foc ground rents, taxes and assessments and insurance ~ prem~ums. as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be $ made b3~ the mortgagor. If, however, the monthly payments made by the mortgagor under (b) oE paragraph 2 pre- ~ ceding shall not be sufficient to pay ground rents, taxes and assessments and insurance premiums, as the case - may be, when the same shall become due and payable, then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on a before the date when payment of such ground rents, taxes. assessments, or insurance 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, fu11 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 peyments i Y made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to payto ~ the Secretary of Housing and Urban Development and any balance remain~ng in the fuads accumulated under the ~ ~ pro~~~sions of (6) of said paragraph 2. If there shall be a default under any of the provisio~s of this mortgage, re- 9 _ sult,ng ~n a public sale of the premises covered ~ereby, or iE the mortgagee acquires the property otherwise a[ter j ~ default, the mortgagee shall apply, at the titoe of the commencement of such proceedings or at the time the proQ- ; ? erty is otherwise acquired, the balance then remaining in the funds accumulated under (61 of paragraph 2 preceding ~ as a credit against the amount ot principal then remaining unpaid under seid note and shall properlyadjust any ~ payments which shall have been made under (a) of said paregraph. : `S 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, t or ~mposiUons, (or wh~ch provision has not been made hereinbefoce, and in default thereo[ the mortgagee may pay ~ ~ the same; and that he wii! promptly deliver the official receipts thecetor to the mortgagee. ~ ~ ~ ' 6001I ' ~ _ - _ . _ :