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Home My WebLink About0875 ' ' ~ l ~ . ~ ~ 5 said mo~tgagor does hereby fully warra~t the title to said land. a~d eve~y pprt theceof. and will detend thc saak against the !aw[ul claims ot all perso~s whort?socvec. ~ PROVIDED ALWAYS, and these presents are executed aad delive~ed upon the following ca?dltions. to ~rit: The matgegor agcees to pay the mortgagce. a order. the pii~ipal sum of SIXTSgN T~iOUSAND SIX HUNDRlsT) FIPTY AND NO/lOO Datlars (516,65Q.00 as evidenced by ~ note ot even date herewith. with inte~est Ecom date ot the rate oi Mv~ pec centum ( 7 per aaau¦ on the unpaid b~l~nce until peid. The said princip~l and interest shall be payable at the oifice of ~!'pC~'O~• M!~lstiY• D~ i COOl1~, 1p0 Il~s! ~ ilrNt• .~C1ct0A~?~11~. !'3~01ci+da a at such other place as the holder of the aote awy designate in writing. in oonthly instolla~nts oE ONS Hl1ND~RED ~ TEN ~1ATD 89/100 --------------------...._----Dollars (s 1I0.89 commencing on ~ the first day of ~ne . 19 71 . aad on the ficst day ot each moath theceafter untilthepcineip~l ; and interest are fully paid. except that the fiaal poyment of princip~l aad interest. IE not sooper p~id. shall be due and payable on the firsc day oE I~!lay, 2J01 And shall duly. pcoaptly. a~d fully pertorm. discharee. e:ecute. effect. complete. and coaiply with ond ~bid~ by each and every the stipulations. agreements. conditions~ and coveoants of s~id ptomissory aote and of this mortgage. then this matgage and the estate hereby created shal! cea~e and be nult and void. Aad the ~noct~aga fwt6er covenants as foltovrs: 1. That he ~vill pay the indebtedness. as hereinbefore pcavided. Privilege is reseried to pay the debt in vrhole. or i~ aa aawuni eqwl to one or mae monthly payments on the principal that art next due on the note, on the first day of a~y montb pcior to awturity: Provid~d. ho~vever. that written notice ~of an intentia~ to exercise such ptivilege is give~ at least Wirty (30) days pria to prepoyment; and. pcovided furthe~. t}wt ia tbe eveat the debt is peid in full priw to awturity and at that time it is ins::red under the provisioas of the Natioaal Housing Act. he will pay to the mortgagee an adjusted premium cliarge of one per centum (17~) of the od~inal principol aaount thereoE. except that in no event shall the adjnsted premium exeeed the aggregate amount oE pre5aium cbarees which ~+ould have been payable if the mortgage had continued to be insured until uwturity; snch payment to be applied by the mort- gagee upon its obligetian to the Secretary of Housiag and Urbon Development oa accouat oE mottgrage insurance. 2. That, in order moce fully to protect the security of tbis mat~age. tbe matgagor. together with, and in addi- tion to. the monthly payments wder the terms of the nde secured heceby. on the first day of each month untit the said note is fully peid. will pay to the mortgagee t6e foll~vin~ sums: ro1 An amount suf(icieat to provide the holder heceot wr~th funds to pay tlft ne=t mort~a~e insunnce premium if this instn~- ment and the aote secured hereDy are iosnred, or • rnoathly ehu~e (ia ljew of a mortpQe inaura~ce premium) it tl~ey are held by the Secrctary ot Housins aad Urban Development, as foliows; Q) [t sad so lon~ as said note ot evea date and this insteument are ias~red or ~ee ceinsured under ths pwvisions ot We Natioaol Housiag Act, a~ amount sut[icieot to accumnl~te la t1K baads oE tbe hoider oee (1) mooth pricr to Its due date the ~nnual mortgoQe insuraace premium, in ocd~ to pmvide such holdst wltb tunds to pay sucb premiuv to t6s Secretary ot Housin~ aad Urban Developmeat pursuaat to tbe I~latiooal Honsin~ Act, as ~~?endtd. and ~ppllcable Re~u- t~tioos theeeunder, or (II) If aAd so loaQ as sud aote ot even date and this insttumeat are held br the Secret~ry of Housit~ aed Urban Develop- ment, a s~thly charQe (ia lieu ot a mort~a~e insuru?ce pre~nium) ahich sbdl be in aa amouet equ~l to oae-twrelfth i1!12) ot one-halt (~ii) per centum ot the ~venQe outstaediae balance due on the aote compateQ without t~kia~ into accouet deliaQuencies or prepapments; (A) A sum equ~l to the erouad renta, if any, nezt due, plus tl~e prcmiums that ~rill next b~eotne d~e aad p~y~ble op policies oi l~re asd otber bazard insur~nce cove~ia~ the mort~a~ed ptoperty. Olus ta:es aad ~ssessm~nts nezt due on We mort- ~aQed pwpertp (~tl ~s estimated by thc mort~aQee) less all sums .iready paid tl~.reEor divided br the number ot moachs to el~pse betore wu ~outh prio~ to the date when such erouod ~ents, premiams, U:~s. ~ad assessmeats ~vill become de- fi~Queat. sucA sums to be held by mort~aQee in trust to p~~ said Qround ~euts, prea~iu~s. tu~s. ~adspecialassesameats; i ~4 ~ Ail p~r~aeata meatiooed in the t~vo precedinQ subsectioos o( this pa~apb ~r?d all pay~seots to be made uader the aote ~ ~ secwar here~r sb~il be added toQether aad the s~reQate ~mount thereof sdaii be p~id b~ the mortsaQor eacb month ia ~ i € sin~le pap~eat to be applied b~ ths oort~a~te to tlie [ollowin` tte~~ ia th~ order sst [ath: ~ ~ (q presias char~es ue?der t)se eontnct of insurance .rith t6e Sectetary of Housin~ ond Urban Development, or monthlr ~ cAaeit (i. llw o[ rsort~qe i~arance premiam). •s the ease maY De; ~ {iI) p~o~nd eents. tues, ~sssssuents, lire, and otber hssard insunace premiums; (1~ inLer~ft on tl~e AoH s~cut~d btrsbp; ~nd ([V) amoetis~tioa o[ tbe priecipal ot uid aote. Any deficiency in the aewunt of soch s~gregate moeethly payment si~all, unless made good by the martgagor prior to tbe due date of the next suCh poyaaeat. coastitute aa event d default under this mortgage. The mortgegee may collect a"late chatge" not to esceed two ceats (2t) fa each dollar (Sl) of each payment more tha~ fifteen (15) days ea ~rr~ars to covec the e~Qn e:pease involvtd in handling delinquent payment~. 3. That aE the tdal d t6e poyments esade by tbe a?ort~o~ under (b) oE par~?~apb 2 precediag sball e:ceed the amount of payments actually sade by d~e ~oct~o~ee, for .gtound reats, taxes aad assesaaents aod inswance pcemiums, as the case Qay be. such escess sl~ll be credited by the mortg,agee an subsequent paymeats to be made by tl~e mortgagor. 1f, ho*rever. the moathly poyment~ made by the mactga~or undec (6) oE paragroph 2 pre- ceding shall not be sufEicient to p4y gaund cetits. taxes and assessmants sad insurance premiums~ as the case ~ may be. whea the same sball becooe due ond poyable, then the mat~,aQoc clwll pay to tbe moctgag8e any amount necessary to make up the deEicieocy, on ac befac tbe date when payneat aE suc6 atouod cents, tax~s, assessment~, or insurance premiums shell be due. If et any time the mortgagor s6allteadec to the nwdgagee in aecocdance with ~ tl~e provisions of t6e note secured hereby, full peyaient of the entire indebtedness represented thereby, the mort- gagee shall, in cornputiag the anwuat af such indebtedness, credit to the account d the matgagor all paymeats ~ made under the provisione of (a) d paragraph 2 bereof which tbe matgagee has not become obligated to pay to ~ the Secretary o[ Housiog and Urbpn Development aed any balance rcmaining in the tnnds accumuls?ted under the ~ provisions of (bj of said paragcaph 2. If thero s6a11 be s defeult uader aay d the provisioas of this mort~ge, rr sulting in a public sale d the premises covered ~ereby~ a if the moct~a~ee acquires the propedy otherwise after ~ default, the mo~tgs6ar shall apPly, ~t ~be ti~se d tbr eomieencement of such proceeding,¢ or at the time the prop- erty is otherwise acquired, t6e balaace then remaining in tbe funds accumulated under (6) of pacagraph 2 preceding ~ as a credit against tile amount of pciacipel t6en renwining unpaid under sAid note and shall pcoperlyadjust ony ~ payments which shall have been n~ade under (af oE ~aid paragraph. ~ 4. 7'hat he rvil! pay all taxes, assessments, water rates, and other govema~ental oc mu~icipal chacges, fines. i ~ or impositioc~s, for which provision has not been made hereinbefore. end in default thereoi the mortgagee may p~y ~ ~ the same; and that he wiU promptly detiver the aEticial reoeipts thecefor to the moctg,egee. ~ , , . , x ~ iD~l~ ~ ~ _ ` ~ ` ~ ~mvr r _ ~x . ~ . . _