The URL can be used to link to this page

Home My WebLink About0732 :,~.t~~ ~~7~ . . said mortgagor does heceby [ully warrant the tit[e to said land~ and every part thereof, a~d will defend the same against thG lawful claims ot all pecsons whomsoever. PROVIDED ALWAYS, and these pcese~ts are executed aad delivered upon the follovring conditions. to wit: The mortgegoc agcees to pay the moctgagee. or o~der. the ptincipal sua~ of gIGI~l'SSN THOUSAND THRL~E 1tUrmRED AND NO/lOO ..M~___.._____..___.._______..___~__.._______.._-_____~__..____..____________ Dollars (S 18, 3Q0.00 as evidenced by a•note ot evea d~te hecewith. with ieterest from dete at the ~ate oE MvM~ pe~ centum ( 'X.) per annum an the unpaid balance until paid. Tl~e said principol and interest shell bo payable at the offlce of iTOCiCI'~ii • ~ • ~ ~ C~ • 190 NNb ~ ~t~Mt. Jaok~ouvill~ • ~l~olci~da or et such othec place as the holder of the note may desig,nate in writieg. in monthly instetlments of CJNB I~IUNDRBD ~WENTY-ONS AND 88/100 Dollars (S 121.88 commencing on the ficst day of .7Line ~ 19 71 . eod oa the first day oE eacb moath thereafter until the principal end interest ace fully paid. except that the fiaal peyment of principal aad interest. if not soonec paid. shall be due and payable oa the first dey of May~ 2001. Aad shall duly. promptly. and fully perform. discharge. executt. effect. complete. and canply aith ond abide by each and every the stipulations. ag~eements. co~ditions. and coveaaats ot said p~anissory ~ote and oE this mortgage~ then thi~ mortgage and the estate hereby cceated shall cease and be null aad-void. And the matg,~goc fucther coveaants as follQVrs: ` ~ ~ 1. That he will pay the indebtedness. as hercinbetore provided. Privilege is resecved to pey tlte debt in whole, or in an amount equal to one or mae monthly paya~ents on the principal that are next due on the note. on tbe first day of any _moath prior to metucity: P~ovided. however. that written notice of an intention to exercise such pclvilege is given at least tbirty (30) deys pria to pcepaymeat; and. pcovided further, that in the evept th~ debt is paid in full prior to maturity and at that time it is insured under tbe provlsions of the Natiawl Housiag Act, he will pay to the modgagee an adjusted premiuw cherge of one pet centum (1%) of the originsl p~incipal amount thereof. except that in no event shell the adjusted premium e:ceed the agg~egate amoiint of pre~eium charges ahich would have been payable if the moctgage had continued to be insured until maturity; such paymeat to be applied by the mort- gagee upon its obligation to the Seccetary of Housing and Urban Development on account of modgrage insura~ce. 2. That. in order more fully to protect the security of this maRgage. the mort~agor. together avith. and in addi- tion to, the monthty payments under the terms of the aote secured hereby, on the first day of each month until the said ~ote is fully paid. wilt pay to the mortgagee the follc~ring sums: (~i/ A~ amount sufticient to provide the holde~ hereof with tunds to pay the ne:i mort~aQe insu~apce premium i[ Wis insttw ment and the ~ote sccured hereby •rc iesured, or a monthlp chu~e (in lieu o[ a mortgaQe iasuraace premium) if they ~re hcld by the Secret~ry ot Houaing and Urbaa Development, as Eolio~rs: (I) I[ and so long as said note o[ even date and lhis iastrument ue iasurod or are reinsured uader the provisions ot the National Housing Act, an amount sutiicient to accumulate ia tbe haads of the dolder one (1) month prlor to its due date the annual mortgage insurance prrmit~. ie orde~ to proride such holdar wiW tunds to pay such ptemium to We Secretary of Housing and Urban Development parsn~at to tbe I~I~ttoaai HousinQ Act. ~s amended. aad applic~ble Re~u- t~tioas thereuader, or ' (D) and ao long as said note d even date and this instrumeat ~re held by the Secret~ry of HousiaQ and Orb~a Develop- ment, a moathly charge (in lieu oi s mort~ge insuraace prcmium) which shall be in an amount equal to one-twrel[th (1/12) ot one-hsll (y4)' per centum ot the averaee outstandinQ balance due on the note computed vvithout takiaQ into accouet delinquencies or pcepayments; ~ (h) A aum equal to the around rents, if aar, aezt due, plus the premiums that wrill nc:t become due and payable oe policies of Cre ~ad other Auard inau~aqce coverin~ tbe mortea~e~ psoperty, plus tazes aad assessments next due op the mort- gaQed propertr (all as eatia?ated by the awrtgagee) 2ess all sums slreody paid there[or divided by the number of moaths • to elapse be(ore oae awqth prior to the date when such ~ouad rents, premiums, taxe~, aad assessmertts will become dt- linquent, such sums to be held by mortea~ee in trust to pay said ground rents, premiu~as, t~ses, ~nd speci~l assessmeats; and ' i i 1 Atl p~yments mentioaed in the t~ro preceding subsectioas of this paragraph and all p~ymeats to be m~de uader the aote ~ secursd herebr s6~1I be added toQether and the a~~eQate amount thereot shall be paid by the mortQa~or each month in a f single p~~rment to be applied br ffie mortga~ee ?o tbe tollo~vinQ its+ns in th~ order sst torW: ~ premium char~es under tlie coatract ot insurance writh tbe Sec~etary ot Housiu~ ~nd Urbao Development. or monthly ~ c4ar~e (iA lieu o[ a~ort~~ lasmaoee premium). •s the case may be; (il) ~rouad rents. t~xes, assessaoants, fire, aad other h~zard insuraace premiums; (UI) Laterest oo the note secured her~bp; wd (1{n amo~tisatios~ ot tAe pr~c[p~l ot satd oote. Any deticieacy in tbe ~tnouat. af sach aggregate monthly payment shall. unless made good by the mortgagor prior to the due date of tbe aext s~ch ppymeqt. constitute an event d default under this mortgage. The modgagee may coilect a"late clu~~ge" not to exceed two cents (24) for each dollar (;1) of each payment mae than fifteen (l5) days in anears to cower tbe extra e:pe~e involvrd in handling delinquent payments. 3. That if the total of the paymeuts mnde by ~tbe mat~,agor under (b) of pata~aph 2 preceding shall exceed the amount of E?ayments aetually wade by the maRgagee, fac gcound ceats, taxes and assessments snd insurance premiums, as the case may be. such e:cess shall be credited by the moctgagee on subsequent payments to be made by the mortgagor. If, however. the monthly payments made by the mortgagor uader (6J of paragraQh 2 pre- ~ ceding shall not be sufficient to poy gtound reats, taYes and assessm~~nts aad iasurance premiums, as the case ~ may be, wheo the same shall beco~e due and payable, then the mortgagor shall pay to the moctgagee any amount ~ necessary to make up the deticieacy, on or befae tbe date when payment of such gtound rents. taxes, assessments, ~ or insurance premiums shall be due. If at eny time the modgagor shalltender to the mortgagee in accordance with ~ ~ the provisions of the note secured hereby, full payment of the entire indebtedness reprasented thereby. tht mort- ~ gagee shalt, in computing the amount of such indebtedness, credit to the account af the mortgegor all peyments ~ ~ made under the pravisions of (aj af Qaragraph 2 hercd which tbe matgagee has not become obligated to payto ~ ~ tbe Seccetacy of Ha~ing and Urban Developmeat aad any belence remainiag in the funds accumulated under the ~ provisions of (6) of said paragraph 2. If there stwll be a defeult under eny d the provisio.~s of this mortgege, cr ~ sutting in a public sale of the premises covered ~ereby, oc if the matgagee acquires the propedy othervvise after ~ default. the moctga~te shall apply, ~t the time aE tl~e cod~aeeneement of such proceedings or at the time the prop- erty is othecarise acquiced. the balance then rcmaining in the funds accumulated under (6j of paragcaph 2 preceding ~ as a credit against the amount of prlncipal then remaining unpaid under said note and shall properlyadjust any payments which shall have been made under (~a) of said paragraph. ~ 4. That he will pay all lsxes, assessments, water rates, and dher governmental or municipal charges, fines, ~ or impositions, for which provision has not been made bereinbefote, aad in default theteof the modgagee may pay ~ the same; and that he wiU promptly deliver the official receipts thecefor to the mortgagee. ~ ~ ~ ~ ~ , +t .,e~' ~ ~ e ~ ¦YV11 i.. • ~ C'~ a~- _ _ . ti# ~C "x~as.. h~=X ~f3. tr _ _ . ' -?~,,,'~~,""'~".~+e.""'4~-~Y~ ~ -