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Home My WebLink About0149 . xf~. ~ ~ . ; ~ ~ ~ . . ~ Y.. ~r...... . . _ _ ' . . . . _ - , , : . . - ..z-S.T ~ e:-..~ eR. - . - . ~ Y:4 ' - , ~ ~i~.:. ~ . - ~ , V ~ . said ~ortgego~ does hereby fully warrant the title to seid land. and~every part thereof. and wilt defend the same ageinst the lawtul claims of all pecsons whomsoeve~. PROVIDED AI,WAYS. and these pcesents are executed and delivered upon the following co~ditions~ to wit: The mortgagoc agcees to pay the matgegee, or o~dec~ the pr~ncipat sum ot SIGt~i~N THi~U5111~ii~ 2~it~ HUND~t~ l1ND NO/100 Dotlers (S 18 300.00 as evidenced by a note of even date herewith, with int~rest from date at the rate of per centum 7 per annum on the unpeid balance until paid. The said principal and interest shall be payable at the oftice oi ~'1'CC1~l'Cll• NHXl't~CY~ D~Vfli ~ Ct'~Ip111ir~ 100 /hitt t~ 8lsoAt• Jackeoovill~. l1+o~3+da or at such other place as the holder oE the note awy de~ignate in writiag, ia monthly installments oE ONE HUND~Ii~ ZWSt~iT'Y-ONS l1TID 88/100 Dollars (S 121.88 commencing on the first day oE y~y . 19 71. and on the firat day of each month theceafter untlltheprincipal aod interest ace fully peid~ except that the fiaal peyment oE principal and interest. if not sooner paid. shall be due and payable on the first day of ~pril, 2001 And shall duly. promptly. and fully perEorm. dischac~e. execute. effect. complete. and comply with and abide by each and eve.~r the stipuletions. agreements.' coaditians, and covenents of said pcomissory note and of this mortgage, then this mortgage and the estate hereby crested shall cease and be null and void. Aad the a~atgagor further covenants as follows: • 1. That he witl pay the indebtedness, as hereinbefore provided. Pri'vilege is reserved to pay t~ e debt in whole. or in an amount equal to one oc moce moMhly peyments on the pcincipal that are next due on the note, on the first day of any month prior to maturity: P.ovided, howevet. that written notice of an intention to exercise such privilege is given at least tbidy (30) days pria to prepaymeqt; aud. provided furthcr~ that in the event the debt is peid in full prioc to maturity and at that tia~e it is insured under the Qrovisions oE the Natioeal Housing Act. he will pay to the mortgagee an adjusted premium charge of one per centum (1'J6) of the original principel amount thereof. except that in no event shall the adjusted premium e:ceed the aggcegate amopnt of premium charges Mrhich would have been payable if the mortgage had coatirtued to be i~suced until maturity; such payment to be applied by the mort- gegee upon its obligation~ to the Seccetary of Housing and Urban Development on scconat of mortgage insurance. 2. That. in order more fully to pcotect the security of this mortg,age. the mortgagor, together with. and in addi- tion to. the monthiy paymeats uader the terms of the ~ote secured heceby, on the first dey of each month until the said note is fully paid. aill pay to the.mottgagee the following sums: (a1 An amou~t sufficieat to provide the holder hereof-~rlth funds to pay the ne:t mortQo~e insu»nce prcmium it this iastru- mrnt and tde note secured hereby are insured, or • moathiy char~e (in lieu of • moKgage insurance premiua?) if they ~re held by the Sec~etary of Housia~ aad Urb~aDe~elopme4t, as tollows: (1) I[ and so loag as said note ot even date and tlus insWmeat ~re insured or are reinaured unde~ the provisioa~ ot the National Houaing Act, an amouat sutCicient to accumulate ia the 6ands ot the holder one (1) mooth prior to its due date the annual mortea~e inswaace premium. ia order to pwvide such bolder ~ritb [unds to par such premium to the Secretacy of Housin~ ~nd Urb~n Development pursuaat to the N~ttonal Housin~ Aet. as amended, and applicable ReQu- letions thereunder; or (II) it and so long as s~id note of evea date and this instcumsat are held by the Secretary of Housing and Urbao Develop- ment, s monthly charge (in lieu ot a morteaQe insurance ptemium) wdich shall be in an amonnt equal to one-tael[th (I.'12) o( one-h~l[ (yS) per centum ot tde averaQe outstondinQ bafance due on the aote computed aithout taking iato account delinque~cies or prep~ymeatr, /h/ A sum eq~al to the ground rents, i[ snp, ae=t due, plus the premiums tdat will ne:t become due and payable on policies ot fire and other hazaed insuraace coverlne the mort`~`ed ptoperty, plus ta:es and assessmeats ne:t due on the mort- gaged property (all as estimated by tde mortgagee) less all aums alre~dy paid theretor divided by the number oE mont6s to elapse betore one moatL prior to the date ~vhen such Qround rents, premiums, t~Yes. ~nd assessmeats w;ll become de- linquent, such sums to be held by mortQaQee in tru:t to pay s~id arouad rents, premiums, tues, andspecialassessmenta; and - (r) All payments mmtioned in the two precedinQ subsectioas of this p~ngraph and a1t payments to be made under the aote securcd hereby sdail be added togct6er ar~d the •gQreQate amount thercof shall be paid by the mortQagor eoch month ia a ; single payment to be ~pplied~br t!H sortga~e~ to the toUa~?inQ items is the order sst fortb: { premium charQes under the coatract o[ insurance ~?lth the Secsatary o[ HousinQ and Urban D~velopment, or monthly ~ charge (in lieu of mortga~e inaurance pre~eime). •s the c~se m~r be; ~ (II) groand rcnts. taxes, assessments, tire, and other h~s~rd insuraace premiums; (IIl) intercst on the aote secared herebr; aad (IV) amortization o[ tht princip~l o[ s~id aote. Any deficiency in the amount oE sach ag,gregate monthly payment shell, unless made good by the mortgagor pcior to the due date of the ne:t such payment, coostitute an.event d default under this mortgage. The wortgagee may collect a"late charge" not to exceed two ceats (2`) for each dollar (Sl) of esch payment more than fifteen (15) days in arreacs to cwer the estra expense involved in handting delinquent peyments. 3. .That if the total oE the peyments m~de by the mertg,pgoc uadec (6) of pars~gcaph 2 pceceding shall esceed the amount of payments actually made by the martgagee, for ground renta. taues and assessments sud insurance premiums, as the case may be. such e:cess shall be credited by the matgagee on subsequeat payments to be made by the mortgagor. If, however, the monthly peyments made by the mortgagoc under (6) of pecagreph 2 pre- ~ ceding shall not be sufEicient to pay gtaund rents. tases and assessmants and insuraace premiums, as the case ~ may be, when the same shall become due and peyable. then tbe matguga shall pay to the matgagee any amount ~ necessary to make up the deficiency, on a befae the date whea payment of suc6 ground rents. taxes, assessments. ~ or insurance premiums shall be due. If at any time the mottgagor shall tender to the mortgegee in accordence 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 iadebtedness. credit to the account d the matgagor atl payments ~ made under the pravisions of (aJ af paragraph 2 hereof which the moctgagee has not becane obligated to payto ~ thp Secretaty d Housing and Urban Development and any balance remaining in the funds accumulated under the ~ provisions of (6) of said paragcaph 2. U thece shall be a default under any oE the provisioas of this mortg;age, re- ~ sulting in a public sale of the premises covered ~ereby, oc if the matgagee ecquires the propedy othenvise after ~ default, the mortgagee shall apply, M~the tia~e oE the commencement of such proceedings or st the time the prop- ~ erty is otherarise acquired, the balance then remaining in the funds accumulated under (b) of paragcaph 2 preceding ~ as a credit against the amount of QrIncipal then remaining unpaid under said note and shall propeclyadjust any payments which shall bave beea awde under (o) ot said paragraph. ~ 4. That he will pay all taxes, assessments, water rates, and other govecnmental or municipal charges, fines. or impositioos, for which provision has not been made hereinbefae, and in detault thereof the mortgagee may pay ~ the same; and that he will promptly deliver the officiol receipts therefor to the mortg,agee. l~ ~t ~ i ~ a~192 149 ~ - ~ ~ - - _ _ _ ~ Y _ _ ~