The URL can be used to link to this page

Home My WebLink About0562 . . . _ - - - - - _ _ . . . _ ~ . . - _ . . ' - - - . . . ~ said mortgagoc does hereby fully w•artant the title to said land, and eve~y pa~t thereof, and will defend the same dgainst the law[ul claims oE all pe~sons whomscever. PROVIDED ALWAYS, and these presents are executed and delivered upon the Eolloaring coeditions. to wit: The mortgagot ag~ees to pay the mwtgagee, ot ordec. the principal sum of EIGMI`SEN TH~lSl1ND ONB HtINDRHD AAID NO/100 Dollars (S 18,100.00 as evidenced by a note of even date herewith, with interest from date at the ~ate of ~ per centum ( 7 9G) per annum oa the unpaid balance until paid. The said principal and intecesl shall be payable at the office of ~'OC~3'OU. NH~1TjiY, D71V21T 1~ CCI~Al1Y• 100 /Nst D~y altMt, Jack~t?ill~. 1?lroacida ur at such othe~ place as the holde~ of the note may designete in writing, ie monthly installments ot p~ ~ ZNSN'1'Y !~ID 55/100 Dollars (S 120.55 commencing on ~ the tirst day of ~y . 19 ~l . and on the Eirst day of each month thereafter until the princlpal and interest ace Eully paid. except that the final payment of principal and interest. it not aooner paid. shall be due ~ a~d payable on the first day of April, 2001 And shall duly. promptiy. and fully pedorm, discharge, execute, effect. complete. and comply with and abide by each and every the stipulations. agreements. conditions, and covenants of said p~omissory note and of this mortgage, then this mortgage ancl the estate hereby created shall cease and be null end void. And the moctgagor further covenants es follows: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole. or i~ an amount equal to one or more monthly payments on the principal that are next due on the rtote. on the first day of any month prior to maturity: Proi•id~d, however, that written notice of an intention to eYercise such priviltge is given at least thirty (30) days prior to prepayment; and. provided further. that in the event the debt is paid in full pcior to maturity and at that time it is insured under the provisio~s of the National Housing Act, he will pay to the mortgegee an adjusted premium charge of one per centum (196) of the original principal aenount thereof. except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been payable if the modgage had continued to be insured until matutity; such peyment to be applied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development on account of mo~tgage insurence. 2. That, in order more fully to protect the security of this mortgage. the mortgagoc, 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 fuily paid, will pay to the mortgagee the Eolla~ving sums: ~~+i An amuunt sufficient to provide the holder hereot with tunds to p~y tAe ne:t mort~a~e inauraace prem:um i[ this instru- me~t pad the note secured hereby are insured, or a monthiy charge (in lieu ot • mortQoge insurance premium) i[ they- ~n held by the Secretary of Housing and Urban Development, as [ollows: (I) [f and so lonQ as said note o[ even date and ?his instrument are insurtd or ~re reinsurcd eu~der the provisioas ot the National Housing Act, an amount sut[icient to accumulate ia the h~nds ot tfie holder o~e (1) month priot to it~ due date the snnual mortgage insurance premium, in otder to ptovidr such 6olde~ with fw?ds lo pay suchpremium to tA~ Secretary ot Housi~g and Urban Development pursu~nt to the National Honsin~ Act, as amended, ~nd ~pplicabte Re~u- tat~ons thereunder; or . (!i) 1f and so long as said note of even date and this instrument are held by the Secret~ry of HousinQ ~nd Urban Develop- ment, a monthly charge (in tieu of a mortgage insurance prcmium) ~rhich shall be in an +?mount equai to one-t~re![th (1 ~12) of one-hatf per centum o( the avera~e outstanding balance due on the note computed without t~kin~ into account delinquenciea or prepayments; (hl A sum equol to the grour?d rents, it any, ne:t due, plus the premiums that aill next become due and pay~ble on policies o( flre and other hazard insurance .coverine the mortgaged property, plns tazes and assessments next due oa the mort- Kaged property (all as esttmated by the mortgagee) less all sums already paid there[or divided by the numbet of months to elapse belore one month prior to the date when euch ~round rents, premiums, t~:es, and assessments wrill become de- isnquent, such sums to be held by mortgagee in trust to pay said ground rents, prertiiums, t~Yes, ~nd speci~t ~ssessments; and ? ' 1~ I All payments mentiened in the two preceding aubsections o[ this p~ragraph aad all payments to be made under t6e note f secured hereby shali be added together and the sQgreQate amount thereot ahall be paid by the mortQoQor each month ie • I singie payment to be applied by the eoortQaeee to We tollo~ring itema ia the order stt forth: E premlum charges under the contract ot insurance with the Secret~ry o[ Hou:in~ and Urban Devetoqneat, or monthly charge (in lieu of mortgage insur~ce premium), as the case may be; ~ (II) ground rents, taxes, sssessments, [ire, and other hazard insurance prewiums; ~ (Ill) interest on the note secured hercby; and ~ (IV) amortizatioo of the principal of said note. ~ Any deficiency in the ar~ount of such aggregate monthly payment shall, unless msde good by the mortgagw . pcior to the due date of the next such payment. constiterte an event of detault under this mortgage. The moctgagee ~ may collect a"late charge" not to exceed two cents (2a) for each dotlar (S1) oE each payment moce than fifteen ~ (15) days in arrears to cover the extra expense involved in handling delinquent payments. j ~ 3. That ii the total of the payments made by the mortgagoc under (6) of paragRaph 2 preceding shall exceed ~ the amount oE payments actually made by the mortgagee, for gtound rents, ta:es and assessments and insurence premiums, as the case may be, such excess shall be credited by the mortgagee o~ subsequent paymenta to be made by the mortgagor. If, however, the monthly payments made by the moctgagor u~der (b) of petagreph 2 pre- ceding shail not be sufficient to pay ground rents, taxes and assessm~~nts and ir~sucance pcemiums, as the case may be, vrrhen the same shall become due and payable. then the mortgagor shall pay to the mortgagee any amount ~ necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessments. or insurance premiums shall be due. lf ~t any time the mortgagor shall tender to the mortgagee in sccordance 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 peymenta ~ made ander the pcovisions of (01 of paragraph 2 hereof which the mortgagee has not become obligated to peyto tbe Secretary of Housing and Urban Development and any balance remaining in the fands accumulated under the ~ provisions ot (b) of said paragraph 2. If there shell be a default under eny of the pcovisio~s of this mortg,age, ce- ~ sulting in a public sale of the premises covered ~ereby, or if the mortgagee acquires the property otherwise after ~ default, the martgagee shall apply, at the time of the commencement of such proceedings or at the time the Qrop- erty is otherwise acquired, the batance then remaining in the funds accumulated under (b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properlyedjust eny payments which shall have been made under (u) of said Paregraph. ~ 4_ That he will pay all texes, assessments, water retes, and other governmental or municipal charges, fines. ~ ur impositions, for which prrn~is~on has not been made hereinbefore. and in default thereof the mortgagee may pay ; ~ the same; and that he will promptly deliver the official teceipts therefor to the moctgagee. ~ ~ ~ { - i~~ ~ + ~ 4 _ , - . ~ ~ x ~ _ ,