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Home My WebLink About1891 . ~ .,.id r.~~ut~;.~~;.~~ d~x•. h~•re•h~' (UII\' N'iiln+nt th~• titl.~ t~~ said I:ind, :~nd e~~r~~• p.itt the~eu[, c+nd w~li del~•nd tl?~ ti:;me .~~;.~~n.t ihr li~W~[u! cl:~~m~ o( :~11 Exrsun~ a•hum~oe~•cr. Ph'll\'IPEl1 ALN'Al'S, and these p~csents are exerutcd and del~~~erec~ upon the tollowing condilions, to wit: Thr murtK:+gor uKtees to pa~• the mortKagee, ur order, the pnnc~p.il sum of T•r(w1•.•~•,, • ~ ~'TL•",..• •.,-.~~,1~~ -----------------------------------•-------------------r----- (~oll.?~s ~S _','~-~.~n aa e~•idenred by a nute ot even dute h~rcwith, with interest trom date ~t the rate .~f pe~ centum ( ~ per annum ~n the unpaid bala~ce unhl p:+id. The .aid princ~pal und ~nterest shali be payable al the u[tice o[ ,T,?`, ::i"'7'.~'P ?•!~2T~: r!' "~„'_^l."`:', T"',, ~~n _ ~n,~ -.1„ ~ n,.~l r-,t,tn,. xtn.-;;~-• ~ . .•r .~t .urh .uhcr place as the hulde~ ~~f the notr ma~• desig~ate in writing, in monthly ~nstallments o( '!T'I'."'`Y- ~ ~n ----------------------------UoUats . commencing on the I~rst da~•jol . 19 and on the first d~~' of e:~ch month thereafter untiithep~incipal ~.nd ~ntcrest a~e tuU~• paid, exrept th:it the f~nal payment of principal and ~nterest, if not sooner paid, shall be due .~nd E~~'able on the (irst day of a• ~^~~i . And shal! doly, p~umptly, and tull}• per(orm, d~scharge, execute, ef[ect, complete, and comply with and abide h~ r.ich and ever~• thr stipulations, agreements, conditions, and co~~enants ot said promissory note and of this m.•~tRa~;e, then th~s m.,rt~;age a~~d the estate hereb~• created shall cease and be nul! and void. :\nd thr mortgagor turther co~•enants as toliovvs: 1. l'hat hr ~?i11 p.~~• the indebtedncss, as hereinbe[ore pro~•ided. Pricilege is ~e~erved to pay the d~ebt in whole, ..r in ~,n :~mount cqual to one or more monthl~~ payments on the principal that are next due on the notA: on the first ..f ~na• mnnfF~ r~ ~,ar~~.:e~•• n..,.:d.d ifAYtPVP~ that written notice ot an intention to exercise such privileRe • • - r•--- ~ . . ~,i~•en at least thirh• (30) da~•~ prior to prepa~•ment; and, provided further, that in the event the debt is paid in tull priu~ to maturit~• and :~t that t~me it is insured under the provisions of the National I~ousing Act, he will pay to the mort~:~gee an adiusted premium charge ot one per centum (1 0) of the original principal amount thereot, except that ?n no c~•rnt shall the adjusted premium exceed the aggregate amount oE premium charges which would have hren pa~•able if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- ~aKee upon its obligation to the Secretary of Housing and Urban Devetopment on account of modgege insurance. That. ~n order more tully to protect the security o[ this mortgage, the mortgagor, together with, and in addi- t~on to, the rronthl~• payments unde~ the terms ot the note secured hereby. on the first day ot each month until the said note is full~• paid, w ill pa~• to the mortgagee the (ollovving sums: . An .+mount suffirient to proa•tde thr holder hereot w?th tunds to pay the ne:t mortgage ~nsurance premtum ~t th~s ~nstru- ment and the note secured hereb~• an ~nsured, or i monthly charge (~n lieu o( a mortgage insurence prem~uml if they are h. Id Ac the Secret~?y o( Housing and Urban Develupment, as follovrs: ~1~ if and so long as sa~d note o[ eeen date and this instrumrnt are insured or ++re reinsured under the provis~ons of the \ational Houstng Act, an amount su(f~c?ent to arcumulate tn the haads of the hoider one (i) month prior to its due date the annual mortgage insurance prem~um, in order to pro~~de such holder wuh funds to pay suchpremium to the Se. retary ot Hous~ng and Urbae Development pursuant to the National Hous~ng Act, as amended, and applicable Regu- [ati.~ns tAerrunder; ur .II~ I( and so long as sa~d note of e~•en date and this tnstrument are heid by the Secretary o[ lious~ng and Urban De~elop- r.~.rnt. a monthl~ charRC (tn tieu o( s mortgage insurance premium) ~h~ch shall be in an amount equaf to one-twelfth ~1 1'1 ot one-half i~:) per centum o( the aeerage outstanding balance due on the note computed without taking ~nto a.::~unt del?nquencies or prrpayments; ~ • A.uT. equai to the greund rents. ~t any. next due, plus the prem~ums that will next become due and payable on pol~cies ~i f~re and other hazrrd insurance covering the mortgaged property, plus taxes and assessments next due on the mort- Fa~ed propertv (a11 as est~mated b~• the mortgagerl less alt sums already paid theretor divided by the number ot months i t~~ ciapse before une month prtor to the date when such ground rents,-prem~ums, taxes, and assessments wi(I become de- ~ I~n r~t. s~ch su~-.s tu be held b>~ :~:ort a ee m trust tu said round rents, remiums, taxes, ands cislassessments; q:.' g B PaS B P Pe j and € A:: pa~-.~-n;> r..rntionr~ m the txu prece~l~ng suhsect~ons o( this paragraph and all payments to be made under the note i se: ;:rrd hrrrb~ shall be added together and the aggregate amount thereo( shatl be paid by the mortgagor each month in a ~ cin~ie pa~•^:rnt to ~e applied by the mortgagee to the [ollowing ?tems ?n the order set (orth: ~ ~t~ prrr.:iur.: ch.rges under the conuact ot msur~nce with the Secretary o( Nousing and Urban De~•elopment, or monthly ~ .har~;e ~in Leu of rortgage ~nsurance premium), as the case mry be: ~ c1Is ~;r~ur.d rents, taaes, assessments, firc, and other hazard lnsurance premiums; till~ interest on the note secured hereby; and ;I~'1 a^ort~2at~on of the prtnupal of said note. ~n~• deficiency ~n the ar.~ount of such aggregate monthly payment shall, unless made good by the mortgagor prior t~ the due date of the~next such payment, const~tute an event of default under this mortgage. The mortgagee :na~~ co(Iect a"late charge" noi to exceed two cents (2Q) for each dollar (S1) of each payment more than fifteen ili) da~s ~n arrears to co~•er the extra expense involved in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under (6) of paragraph 2 preceding shall exceed the amount of pa}•ments actuall~ made by the mortgagee, [or ground rents, taxes and assessments and insucance ~ prem~ums. as the case may~ be, such excess shaU be credited by the moctgagee on subsequent payments to be ~ r.:ade b~• the inortgagor. If, however, the monthly payments made by the mwtgagoc under (b) of paragraph 2 pre- ceding shall not be ~sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case ~ ma~~ be, u•hen the same shall become due and payable, then the moctgsgor shall pay to the mortgagee any amount necesser~~ to make up the deficiency, on a befote the date when Payment of such ground rents, taxes, assessments, ~ or insurance prerriums shall be due_ If at any time the mortgagor shalltender to the mortgagee in accordance with the p:o~•~ssons of the note secured hereby, fuil payment of the entire indebtedness represented thereby, the mort- ~ ~ g~gee shall, t1 computing the amo~nt of such indebtedness, credit to the account of the mottgagor all payments rr:ade under the procisions of /u/ of paragraph 2 hereoE which the mortgagee has not become obligeted to payto ~ the Secretar}~ of Nousing and Urban Development and any balance remaining in the [unds accumulated under the ~ ~,rr.~is~„ns of It~/ of sa~d paregraph 2. !f there shall be a default undet any of the provisio:~s o[ this mortgage, re- ~ =.:iIti~K ~n a p~biic sale of the prem~ses covered iereby, or if the mortgagee acquires the property othecn~se a(ter ~ defau:t. thc• mortgagee shall applS~, at the time of the commencement of such proceedings or at the time the prop- ~ ert~ is othervv~se acquued, the balance then remaining ~n the funds accumulated under (h/ ot paragraph 2 preceding ~ as a cred~t aga~nst the amo~nt o! principal then rema~ning unpaid under said note and shall propertyadjust eny ~ pat.:~e~ts ~sh~ch shall ha~•e been made under (u) of said paragraph. ~ 4. That he will pay al! taxes, assessments, water rates, and other go~•ernmental or municipal charges, fines, ` u: ~rrposit~„ns, for w~h~ch prrn~~s~on h~s not been made here~nbefore, and in de(ault thereof the mortgagee mey pay ~ tnr- tdr-;e. :+n:3 th:,t he will pr~~mpt:y deli~~er the ofticial rece~pts there(or to the mortgagee. ~ OR ~ a~ i~ i88? ~ . ~ ~ ~ ~ ~ ~ _ _~.w~ - -