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Home My WebLink About0887 ~ , 3 ~ ~ . . . ~ said morlgago~-does hereby tully war~artt the title to seid la~d. and evecy p~~t theceof~ and will defend the same against the lav~rful claims o[ all persons whomsoever. PROVIDED AL1A'AYS. and these presents are executed aod deli~e~ed upon the foilowiog conditiona. to alt: The matgagor egcees to pay the m«tgagee. or ocder. the p~incipal sum of gsy~~ ~ S~ ~ ~ ~~+Y~/~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~i~~~~~~~~~~~r~~~~~~~~~~~~~~~~• Dollacs (S 1~s700.00 as evidenced by • note of even date hecewith. with intecest from date at the rnte oi $~a pe~ ceatum ( 7%) per annu~n oa the uap~id balance uetil paid. The said pcincipal a~d i~tecest rhpll bo payable at the office ot f~ QCl~lY, I!!G. , t corporst3aa v~r tt~s l~ aY Lh~ St~t+~ af ~i8a oraa-t, ~su~ch ot~h~er p~l~ayce as the ho e o~fy t~he ~ote awy desig,nate in wciting. in~,mpo+~thly installmeats of OD~ AYWi"Y4l GIV~~AY~~Q ~ ~t1W~~~~~~~~~~~~~ ~116[S ~.t ~~~W coma,encing on the first day oi ~lhn! ~ 19 T1. and on the tirst day oE ~ach moath theceafter untll the pcir~cipol and interest are fully paid. except that the final payment of p~incipal and intecest, if not soonar paid, shatl be due and payable on the tirst dAy oE 1i~,y QOQZ And shatl duly. pranptly. a~d fully pedo~m. discharge. execute. effect~ cooplete. and canply with and abide by each and every the stipulations. agreeme~ts. conditions~ aad covenants of ~eaid pcomissory note end of this mo~tgage. then this mortgage and the estate heceby created shall ces~se aad be null and void. And the mortgagoc further covenants as follows: 1- That he wiU pay the i~debtedness. as herci~before provided. Privileee is reserved to pay the debt in whole. or ia en amount equal to o~e a~ mae monthly payments ae the principal that ace next dua oa the note. on the first day of any month prio~ to maturity: Proiided. however. that written notice of ae intentlon to exercise such privitege is given at least thirty (30) deys p~ior to prepeyment; and. provided fuKher. tb~t in the event the debt is paid in full prioc to nwturity and at that time it is insured under the provisions of the National Housing Act. he will pey to the mortgagee an adjusted premium charge of one per centum (196) of the origina! pcincipal amount thereof. except that in no event shell the adjnsted premium exceed the aqgcegate amount of premium charges which would have been pa~able if the mortgage had co~tiaued to be iasured u~til matarity; such payment to be applied by the mon- gagee upon its obligation to the Secretary of Housiag and Urb4n Develop~aeat on accouat of mortgage insurence. 2. That, in order moce fully to protect the secu~ity of thi~ waReage, the mortgagor. togethe~ aith, and in addi- tion to, the monthly payments undec the terms of the note sec~tred beeeby. on the first dey of each month unti! the said note is fully paid, will pay to the a~octgagee the follavine zums: 1~2) Ae amount su[ttcient to provide the holdet hereot aith lunds to pay tAt Rfit morte~ee insuraDCe ptemium i( thii inftru- ment and the note securcd hereby are ?nsu~ed, ar • moAthlY char~ (ia lieu ot • mort~~~r insurance p~emium) if they ~re held by the Secretarr ot HousinQ and Urban Development, ~s toilo~ra: A) If and so lon~ as said note ot even date aad this iestrumeat ate iasured or ar~ teiesured uader the pcovisioas ot the National Hausin~ Act, sn amount sutC~cieal to accnmal~t~ ta the hands of !he bolde~ ooe (1) month prlor to its due date the annual mongaQe iasura~ce premiuw, iu otdtt to pwvid~ sucA holdet wttA [unds to par sucbprea~luo to the Secretary of Housing and Urb~n Developmeot purwaat to tMr N~tioaal Ho~sie~ Act. as amenaed. ~nd applic~ble Re~- lations therruader. or (II) If and so lon~ ~s s~id note ot eveo date ~nd this iastrumeat ue held by t6e Secret~ry ot Housin~ and Urban Develop- r~ent, a monthly charge (ia iieu ot s mortga~e insuhace premium) ~rhich sh~ll be in ta amount eQual to one-t~rel[th (1 '12) ot onrhalt (54) per ceatum ot the average optst~ndina balance due oa the aote com~wted without takina into accouot delinqueacies or prepaymeats; ~ !b1 A sum equal to the ground reats, it any, aezt due. plus the premiums t6at ~rill oe:t become due and p~y~ble oa policies ~ o[ [ire aad othcr hazard insa~ance coverin~ the mort~~~ed property, plus tases aad assessments ae:t due oa tbe mort- gaged property (a11 as estimated by tde mortQogee) less all sums alreody paid Weretot divided br the ~umber ot a~oaths to elapse beforc one moath prior to the date wrhen such Qround rents, premiums, t~:as, and ~ssessmeats wrill become de- ; linquent, such sums to be held br morteo~ee in trust to pay said ~rouad rents. premiwos. tu~s. ~t~d special assessmeots; and ! / All payments mentioned in the tno precedio~ subsectioas o( this para~rrph and al! paymeats to be cnade uader the note R secured hereby shall be added toQether and the ag~eQate ~mouat thereo[ sb~It be poid by tbe mort~aQor each month in a j single paymrnt to be applicd by tbe mortes~ee to the tollowin~ iteias in tb~ ocdd set fortd: (n premium charges under the coetract ot iasuraoce wlth ti~e Secretary o( Housia~ ~nd Urban Development. or monthly ~ char¢e (in lieu o[ monQa~e insuraace premimn). as tAe c~se may be; (II) ground reats, t~es, assessments, [ire, aad other hasard inaur~ace pree?iums; ~ (II!) interest on the note secured I~erobr; and ~ p~ amort'uatioo ot tbe priacip~i ot said aote. Any deficiency in the acwunt af such aggregate monthly payment shall, ualess made good by the matgagor ~ prioc to the due date of the next such payment. coestitute an event d default under this mortgage. The mortgagee ~ may collect a"late charge" not to exceed two cents (2Q) for each dollar (SI) oE each payment mae than fifteen (15) days i~ arrears to cover tbe exta expeuse involved in handling deliaquent payments. 3. That if the total af the peymeats made by the mortgagot unda (6) of paragteph 2 preceding shall exceed the amount af payments actually made by the matga~ee, for ground ceats, taxe~ and assessments and ineurance ~ premiums, as the case may be. snch excess siwli be credited by the moctg,agee on subsequent peyments to be ~ made by the mortgagor. If, howev~er, tht eonchly p~ymenu enade by tl~ee matgagor under (6J of paragraph 2 pre- ceding shall not be sufficient to pay ground cents, taxes and assessm.ints and insurance premiums, as tht cese may be, whea tbe same shall become due and poyable, then the o~oct~ga slwtl pey to the matgegee any amount ~ necessary to make up the deficiency. on a before tbe date ahea payment of such ~round reats~ taxes, assessments, ~ or insurance premiums shall be due. U at any time the mortgaga shalt tender to the mortg,o~ee in accordance witb ~ the provisions of the note secured hereby, full payment of the entire indebtedaess represeated thereby. the mort- `a~- gagee shall, in canputing tht amount of snch indebtedness, credit to the account of the matgagor all payments made under the prarisions of (aJ af paragraph 2 hereof ~rhicb tbe moctgogee has not become obligated to payto ~ tbe Secretary of Housing and Ucbaa Development aad aay balance remaining in the fnnds accumulated under the ~ provisions of (b) of said paragraph 2. If there sha11 be a default under any of tbe provisio.~s af this mortgage. re- ~ sulting in a public sale oE the prenises covered iereby, or if the mo~tgag~ee acquires the pcoperty othenvise sfter defautt, the matgagee shall apply. at the tia?e of the commencement oE such proceedings a at the time the prop- - erty is otherwise acquired, the balance then remaining in the funds accumulated w~der (bJ of pacagraph 2 preceding ~ as a credit against the amount of principal then remaining uopaid under said note and shall properlyadjust any ~ payments w6ich shall have been made under (a) of said paragreph. ~ 4. That he ~vill pay all taxes, assessments, water rates, and other goveramental or munici~l charges, fines, or impositions, for ~rhich provision has not been made hereinbefoce, and i~ default thereoE the mo~tgagee may pay ~ the same; and that he ~vill pranptly deliver the offlcial receipts thercEor to the moctgagee. ~ , , x t~ ~t'F!' • ~ ~ ~i~ 8~5 . ~ ~ - ~ _ - : , ~ fi ~~~~~-~~,,y :~,s-~'~;~:•~~. . _ - F~ _.~.~~,.°~~s3-~= ~ -