Loading...
HomeMy WebLinkAbout2056 , said mortgago~ does hereby [utly w~acrant the titSe to said land, and eve~y part thereof, and will defend the same :+gainst the lawful claims of all pecsons whomsoeve~. " • PROVIDED ALIIAYS, and these prese~ts are executed and deliveted upoA the followi~g co~ditio~s. to wit: The mortgagor agrees to pay the mottgagee. or ocdec. the principal sum oE~ ~~8~ ,~~~p ~R ~a~ ~rw r~onoo Dollars (S 18,400.00 as evidenced by a note o[ even date herewith, with inte~est [rom date at the rate of ~ pe~ centum ( T per annum on the unpaid balence until paid. 'the said principal and i~terest shall bc payable at the oftice of N!'1~Si~Y ? D~VIti i CaOMNY • 100 1Nat ~y ~ts'~it • J~Ck~oe1K11~ • 1~3~oc~ or at such other place as ihe holder of the note may designate in writing, in monthly instellments of ~~gp 11~NTY-1l10 l1t~ID 54;/lOQ ---------------------Dollars (S 122.54 comn,encing on the first day of ~n8 . 19 71 . and on the first day of each month thereafter untilthe principal a~d interest are Eully paid. except that the final payment of principal end interest, if not sooner paid, shall be due and payabie on the first day of ~Y~ Zppl~ And shal! duly. promptly. and fully perform. discharge, execute. effect. complete. and comply with a~ ebide hy each and every the stipulations, agreements. conditions, and covenants of said promissory note and of this mortgage. then this mortgage and the estate heceby created shall cease and be null and void. And the mortgagor turther covenants as Eollows: 1. Tt~ai he will pay the indebtedness, as hereinbefore pcovided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or more monthly payments on the principal that are next due on the note. on the Eirst day of any month prior to maturity: Pro~•idrd, bowever, that written aotice of an inte~tion to exercise such privilege is given at least thirty (30) days prior to prepayment; and. provided further, that in the event the debt is paid in Eull prior to maturity and at that time it is insured under the pcovisions of the Nationel Housing Act, he wili pay to the mortgagee an adjusted premium charge of one per centum (1'~6) of the original pcincipal amount thereof. except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been payable if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obligation to the Secretary of Housing aad Urban Development on account of mottgage insurance. 2. That, in order more fully to protect the security of this mortgage. the mortgagor. 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 fully paid, will pay to the mortgagee the following sums: tul An amount sufticient to provide the holder hereo[ with funds to pay the next mo~tgage insurance premium if this instru- ment and the note secured hereby are ~nsured, or a monthly charge (in lieu o[ a mortgage insurance premiuns) i[ they are hrld by the Secretary o[ Housing and Urbao Development, as foilows: 1( and so long as said note ot even date end this insttument are inaured or are rcinsured under the proviaions o( the Kational Housing Act, an amount sut[icient to accumulate in the hands ot the holder one (1) month prior to ita due date the annual mortgage insurance premium, in order to provide such holde~ with tunds to pay such premium to the Secretary o( Housing and Urban Development pursuant to the National Housing Act, as ameaded. and applicable Regu- lat~ons thereunder; or (11) I( and so long as said nnte of even date and this instrument are held by the Secretary ot Housing and Urban Develop- ment, a monthly charge (in lieu ot a mortgage insurance premium) which shall be in an amount equal to one-tweltth (i 12) ot one-halt (yS) per centum ot the average outstanding balance due on the note computed without taking in?o account delinquencies or prepayments; (~~I A sum equai to the gtound rents, if any, next due, plus the premiums that wiil nezt become due and p~yable on policies ~ ot fire and other hazard insurance coveri~g the mortgaged property, plus taxes and assessments neYt due on the mort- j gaged property (ail ss estimated by the mortgagee) less all aums already paid there[or divided by the number ot months ; to elapse before one month prior to the date when such ground rents, premiums, taxes, aad assessments will become de- ; linque~t, such sums to be held by mortgagee in trust to pay said ground rents, premiums, lases, andspecialassessments; E and { ! All payments mentioned in the two preceding subsections ot this paragraph and all paymertts to be made under ?he note ~ secured herrby shail be added together and the aggregate amourtt thereof shall be paid by the mortgagor eath month in a ~ single payment to be applied br the mortQagee to the tollowring items in the order set forth: (I) premium charges under the contract of insurance with the Secretary o[ NousinQ and Urban Development, or monthly ~ charge (in lieu o( mortgage insurance premium), as the case may be; (Il) ground rents, taxes, assessments, tire, and other hazord insurance premiums; ~ (llI) interest on the note secured hereby; and (IV) amortizat~on o[ the principal of said note. 'e Ary deficiency in the ac~ount of such aggregate monthly payment shall, uniess made good by the mortgagor prior to the due date of the next such paymeni, constitute an event d default under this mortgage. The mortgagee may collect a"late charge" not~to exceed two cents (2Q) for each dollar (S1) of each payment more than fifteen ' (15) days in arrears to cover the extra expense involved in handling delinquent payments. ~ 3. 'That if the total of the payments made by the modgagor under (6) of paragtaph 2 preceding shall exceed the amount of payments actually made by the mortgagee. for ground rents, taxes and assessments and insurance ~ premiums, as the case may be, such excess shall be credited by the mortgegee on subsequent payments to be made by the mortgagor. If, however, the monthly payments made by the moctgagot under (b) of paragcaph 2 pre- ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts and insurance premiums, as the case may be, when the same shall become due and payable, then the mortguga shall pay to the mortgsgee any amount necessary to make up the deficiency, o0 or before the date when payment of such ground rents, taxes, assessments, 3 or insurance premiums shall be due. [E at any time the mortgagor shall tender to the mortgagee in accordance with ~ the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- c gagee shali, in computing the amount of such indebtedness, .credit to the account of the mortgagor all payments ~ made under the provisions of (a) of paragFaph 2 hereof which t1~ mottgagee has not become obligated to payto ~ the Secretary oE Housing and Urban Development and any balance remaining in the funds accumulated under the ~ provisions of (GJ of said paragraph 2. IE thece shalt be a default under any of the provisioas of this matgage, re- sulting in a public sale of the premises covered ~ereby, or if the mortgagee acquires the property otherwise after ` ~ ~ default, the mortgagee shali apply. at the time of the commencement of such proceedings or at the time the pcop- ~ erty is otherwise acquired, the balaoce then remaining in the funds accumutated under (6) of paragraph 2 preceding ~ as a credit against the amount of principal then remaining unpaid undec said note and shall properlyadjust any payments which shall have been made under (oJ of said.paragraph. 4. That he will pay all taxes, assessments, water rates, and other govecnmentai or municipal cherges, Eines, ~ or impositions, for which provision has not been made hereinbefore, and in default thereof the mortgagee mey pay ~ the same; and that he will promptly deliver the officiel receipts thetefor to the mottgagee. ~ - • ~ ~ OR ~ a~1y2 2052 ~ ~ ~ , ~ .r~ v r.-•~„ ra . ro . . . .