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Home My WebLink About0236 . ~ _>4.,.~ r _ _ .r~a~.;.~4_ g~::~.~-..~-:~ ~-.f - ~ _ . _ ` _ . - _ _ _ _ _ _ ~ - - - . , ~ seid matgegor does hereby fully werraot the title to said land. and eve~y part thereot~ and will defend the same against the lawful cla~ms of aU pe?~ons whomsQ.ver. • PROYIDED AI.N'AYS. and thesa prase~ts are executed snd dellvered upoe~ the folloarinQ co~ditions, to wlt: 1'he matga~ot aecees to pay the matgagee, oc order. the princlpol oum oi 8~1 =80U~1o ~ wJ/+~ ~~~~M~N~~NMN~~~~NM ~~~NN~A~~MNM~M~ N~ ^ ~I Dollacs (S 16,000.00 as evideaced by • note of evea date herewith~ ~rith Intecest tcom date at the cate of NV~I per ceotum ( Z '1i) per aanuo oa tbo unpid bMlance until paid. The said principal ond interest rh~ll bo payable et the office oI ~1'OC~'al • M~tiY ~ D~VI11 i C41~IINr • L00 1N~! My ~lsNt ~ JaCR~o01ti1~ ~~3~olc~i or at such other place as the holder ot the note awy deaigaate In wrftin~, i~ montbly inst4lloients ot 01~ ~ s~ .S6nW ~NM~~i~~N~MM~~~rNM~~~~~Y[8 ~s 1~~~ COIORKtf1C1A` Oll the fjrst day oE ~ 19 ~1~ and on the first d~y vE each moath th~reaft~r untilthepriacipal pnd interest ace fully paid, except tlwt the tinal payment of prit~cipal aad interest. if not sooeer poid. ahall be dut and poyable on the first day of NIUC+cb~ Z001. And shall duly~ promptly. and fully pedora~. dischac~e. execute, eEEect. compiete~ and cooiply with and abids o by eACh a~d evcry the stipulations. a~eementa. conditions, aad coveaants ot said pranissory aote wd of tbis mortgage. thcn thia mortgage end the estate heceby cceated ahall cease ond be null a~d vold. - Aad the aatga~aC further caveaants as Eollowr. 1. Th~t he ~vvili pay the indebt~ness. es hereinbefore provided. PriVilega is raserved to pay the dabt in ~vhoie. or in an aroount equal to one a mae monthly paya~ents on the principal that ace next due on the note. on tl~e fint day of eryr;moath pcior to maturity: P.o~~ided, however. that written notice of an Inteatian to exetcise such privilege is given at least tbirty (30) days p~ia to pcepoyment; aAd. ptovid~d futtber~ tb~t in the ev~nt the debt is poid Ia tutl pcior to maturity and at that time it is insured w~der th+ provisioas oi the Natiaw! Hoasip~ Act. he will pay to the modgagee an adjusted premiuan charge of one pe~ cesntum (1%) of t6e orieiasl pria~ipol omount thereof, except that i~ nb event sliall the adjusted premium exceed the oggregate amouet of premium cbarges which would h~ve been payable if the mo~tgage hsd ooetinued to be ir.sured uatil ioatucity; such payeaent to be opplled by the mort- gagee upon its obligation to the Seccetary of Housing and Urbon Development oe acco~nt of ~ortg~ge iasun?nce. 2. That. in order moce Eutly to protect the security of this mortgage. the mortgagor. together witb, oad in addi- tio~ to, the monthly peyments undec the terms ot' the note secuted hereby. on the Eirst day aE eACh month unttl the said note is Eully paid. will pay to the mortgagee the follaving sums: (al An amount su[ticieat to provide the holde~ 6ereot aith [unds to par the ne:t mort~a~e insunace premium it tltis tasitu- ment and the note secured hercbr are insu~ed, or a moathly chu~e (ia iieu ot a morta~Qe iasunnce pre~tum) It tht~* a~e held by the Secretuy ot HousinQ and Urba~ Aevelopment, os [ollowrs: q) It and so looe •s s~id note o[ even date •nd this instruaent an iasured or are rein~nred under th~ pro~isions ot Me National NousinY Act, a~ amount sufticimt to accumul~te ia the Aands ot the holder one (1) month prior to It~ dat date the annual mortQaee insurance premium, ia ordet to _ pwvide such 6older wilb fuads to par sqcb ps~oius~ to U?~ Secreury ot NousinQ and U~ban Developmeat pursuaat to tl~e Iiation~l Hou~ Aet. aseodtd. ~ad appllc~ble Re,;n- latiens tl~ereuader, or (11) I( and so lon` as said note oi even date ~nd tAis iastrumeet ue held br tM Secretary of Housia~ and Urb~n D~relop- ment, a monthty charQe (ia lieu of a morteage insurance premium) xAich sha11 b~ in ~a aeouat ~qwal to oa~-twtlhh (1; 12) o[ o~e-hai! (5~i) per ceatwo ot tM avera~e outstaodiaQ balance dn~ oo tha aot~ eoep~ted ~rithout t~ltta~ iato account delinqueeciea or preQiymmts; , !i./ A sum equal to thc Qrouad rents, i[ aay, ne:t due, plus th~ premlums tAat aill n~nt Decoaw dne ~ad p~rabie on policies o( [ire and other hasard insurance coveriu~ the mort~a~ed property, plus t~:es aad •ssessmeats ne:t due oa We mort- gaged prope?ty (~11 as est?mated by tbe awrt~a~ee) less aU sumt already paid th~re[or d3vided bp tbe aumber o[ eoonWs to elapse befor~ one month priar to the d~te ~rLen sueh ~ound reots, preoiums, bzes, and ~ssea~ents will become de- linquent, such sums to be held by morteaQee in trust Eo pay said erouad rents, premiums, tues, aadspeculassessments; and ~ All payments mentioned in the t~vo precedine :ubsectioas of th[s pu~srsph ~ad all paymeata to be mad~ under the note ~ secunA herebp sl~all be added toQether aad the a~reQate amouat tbeeeof shall be paid bY the mortQa~or e~eh moatb in a s single payment to be applied D~ tb~ eort~~~e~ to tre [ollp~vi~g item~ i~s t!?e order s~t torth: ~ (p premium charQes under the contract o[ insur~ace N1W W! S~Ctlllf~ OI HOY~~ a11d L{fb~Y DfVQI0~10QQ~, or montldr ~ char~e (i~ lieu of mort~e insurance peemium). ~s tli~ case may be; ~ (II) ~ro~d renta, ta:es, as;essmeots, tirt, ~ad other has~rd insurance premiums; ~ (iIl) intercat oe t6e note secured beroby; ~nd (1~ •mortuation o[ the princlp~i ot said eote. 4 Any de[iciency in tbe acwuat of such aggregate monthly poyment shall, nnless made good by the mo~tgogoc f prior to the due date of the ne:t sucb pa~yment, coastitute an event d deEas~lt under this mortgage. The modgagee . may collect a"lete charge" not fo exceed two ceats (2R) for each dollsr (Sl) of eoch payment more than fifteen (15) days in arrears to caver the extra eYpense involved in handling dclinquent payments. 3. T6at ii the total of the payments made by tbe mat~,sgor under (bJ of QaraQspb 2 p~eceding shall e:ceed the amount of payments actualiy made by tbe matga~ee. foc g~ratnd rents, taxes aad aasessmeats and insurae~ce premiums. as the case may be. snch e:cess shal! be credited by the matgagee on subseqaeat paymeats to be ~ made by the ~rsortgagor. If, however, the monthly payments maae by che ma~cgag« unaer (b~ ot para~Ph 2 pre- ~ ceding shalt not be sufficient to pey gFound rents. taxes and essess~nants sad icisutance premiums, as the case may be, ~vhea the same shall become due and poyable. tl~en the mat~sugat alwll ppy to the mat~agee any amount ~ necessary to make up thc def iciency, on or befoce the date phen paymeat ot such ~ound ceats. taxes, assessmeat~, or insurance premiums shall be due. If at eny time the mortgaga shall tender to the mort~a~ee in accordaace with ~ the provisions oE the note secured hereby, futt ~?ayment of che encire indebtedness cep~esenced cbereby~ tl~e moct- gagee shall, in computing the amount af snch indebtedness, credit to the account ot the matgagoc all paymeats ~ made under the pravisioc~s oE (o) uf paragtaph 2 hereaf which the ma~tgagee has not become obligated to pay'to tbe Secretary af Housing and Urban Developmeat and any balance remaining ia the fuads accumulated ~eder the ~ provisions of lbJ of said paragr~ph 2. If t6ere sb~ll be a d~tault under aay of the provisio~s d this matg~age, rr ~ sulting in a pubiic sale of the premisea covered iereby, a if the mortgagee acquires tbe property othenvise atter default, the mortga~ee sh~ll appiy. at the time af the coena~en~ement oE such proceedings oc at the time the pcop- ~ erty is othecwise acquired, the balance then remaiaing in the funds accumulated under (6) of parograph 2 preceding ~ as a credit against the amount of principal then remaining ynpaid under said note and shall propeclyadjust ony payments which shall have been made under (a) of a~id paragraph. ~ 4. That he will pay all taxes, assessments, aater rates. and other governmental or municipol char~es, tinas, ~ or impositions, for which provision has not bcen awde hereinbefote, artd in default thercot the mort~agee ~nay p~y the same; and that he will promptly deliver the dficial reoeipts tbettfot to the mort~agee. _ ~ ~ ~ : . . ~ } ~ . , ~ ~ # _ _ ~ n:~ ~ - - ~ ~ ~~~~~~~u ~ ~~.a _ °~s.~'~..~. . . _ . .