HomeMy WebLinkAbout2293 s:iid mortg:igor does he~eby (utly vearcbnt the title to said land, and evecy pa~t thereof, end wit! detend the same
~+gainst the lawful claims of all pe~sons whomscever.
PROVIDED ALN'AYS, a~d these p~esents ere executed and delivered upon the following conditions, to wit:
The mortgago~ agcees to pay the mortgegee, oc orde~, the principe! sum ot aZG~i
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Dollars (S 18,800.00 as evidenced by a ~ote o( even date herewith, with interest tcom date at the
rate of NvrD per centum ( 7 per annum on the unpeid balance
until paid. The said principal and interest shall be payable et the otfice o[
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oc at such othe~ place as the holder of the note may designate in wrlting. ie monthly i~stallments of
ONE HLA~IDiRaD 11i~11'Y-1~IVa ]1t~ID 21/100--------- Dollers (S 1Z5 .Zl coma,enciog on
the first day of JuAe . 1971 . and oe the first day oE each month theroaftec untilthepcincipal
and interest are [ully paid, except that the final payment o( principal and interest, if not soo~er paid. shall be due
and payable on the first day oE lL~y, Z001.
And shall duly, promptly. and fully pedorm. discherge. execute. effect~ complete, end comply with and abide
by each and evecy the stipulations, agreements. conditions~ artd covenants of said pranissory note and of this
mortgage, then this mortgage and the estate he~eby created shall cease and be aull and void.
And the mortgagor further covenants as Eollows:
1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole.
or in an amount equal to one or more monthly payments on the ptincipal that are ~ext due on the note. on the first
day o[ any month prior to maturity: Prorid~d, however. that written notice oE an intention to exercise such pcivilege
is given at least thirty (30) days prior to prepayment; and. pcovided further. that in the event the debt is pui.; i~
Eull prior to meturity and at that time it is insured under the provisions of the National Housiag Act, he will pay to
the mortgagee ~n adjusted premium charge o[ one per centum (1%) of the original principel amount thereof, except
that in no event shall the adjusted premium exceed the aggregate amount of premium charges which woutd 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 and Urban Development on account of modgege iesurance.
2. That, in order more futly to protect the security of this mortgage, the mortgagor. together with. aad 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 Eutly paid, wiil pay to the mortgagee the follawing sums:
/ An amuunt sut[~cient to provide the holder hereo[ with funds to pay the ne:t morter~e insurance premium iE this instru-
ment and the note aecured hereby are insured, or a monthty charge (in lieu o[ a mort~aee insuraace premium) i[ they ~re
held by the Secretary o( Housing and Urban Development, as [ollows:
it and so long as said note of eve~ date and this instrument are insured w~rs reinsured uader the p~ovisions ot the
~lationei Housing Act, an amount svtGcie~t to accumulate in the hands o[ the hotdet oae (1) month prior to its due
date the annuat mortgage insuronce premium, in order to provide such holder ~vitlt tuads to pay sucb premium to Hfe
Secretary ot Housing and U~n Development pursuant to the N~tional HouainQ Act, as ~mended, ~nd applic~ble Reett-
lat~ons thereunder; or
lll) It and so long as said note ot even date and this instrumept are held by the Secretary of Housin~ and Urban Develop-
r..ent, a monthiy.charge (~n lieu of a mortgage insurance premium) which shall be in an amount equal to one-twel[th
(1 12) ot one-half (ii) per centum of the aver~ge outstanding bala~ce due oa the ~ote computed without takirte into
account delinquencies or prepaymenls; '
A sum equal to the ground rents, i[ any, eezt due, plus the premiums that vill oe:t become due and payable on policies
o[ fire and other hazard insurance covering the mort¢~ged property, plus tases and assessments aext due on the mort-
gaged property (all as esttmated by the ~aortgagee) teas all aums alreidy paid there[or divided by the number ot montds
to elapse be[ore oae month prior to the date when such ground rents, premiums, taxes; and assessments will become de-
linque~t, such sums to be heid by mortga~ee in trust to pay said ~ouad rents, pnmiums, tpses, andspecirlassessmmts;
and
~ I All pa~•ments mentioned ?n the two preceding subsections o( this paragraph and all paymeata to be made urider the note
secu~ed herebY shall be added together and the aggreg~te amount thereot shalt be paid by the mortga¢or each month in a
i single pzyment to be applied br the mort~ogee to the folto~ring items ia the otder set [orth:
~ (q premium charges under the contract o( insurance with the Secretary ot HousinQ and Urban Development, or monthly
; charge (in lieu o( mortgage in~urance premium), as the case may be;
~ (ll) ground rents, tazcs, assessments, fire, and other hazard insurance prcmiums;
E (III) interest on the note secured hercby; and
~ (IV) amortisation ot the principal ot said note.
Any deficiency in the amount oE such aggregate monthly payment shall. unless made good by the moctgagor
p~ior to the due date of the next such payment, constitute an event of default under this mortgage. 'I'he mortgagee
~ may collect a"late charge" not to exceed two cents (2a) for each dollar (S1) of each payment moce than fifteen
~ (IS) days in arrears to cover the estra expense involved in handling delinquent payments.
~ 3. That if the total of the peyments made by the mortgagor under {b~ of paragcaph 2 preceding shall e:ceed
~ the amount of pay~ments actually made by the mortgagee, for ground rents, taxes and assessments and insucance
~ premiums, as the case may be, such excess shall be crediled by the mortgagee on subsequent payments to be
~ made by the mortgagor. If, however, the monthly payments made by the mortgagor undec (6J oE peragraph 2 pre-
ceding shall not be sufficient to pay ground rents, taxes and assessmants and insurance premiums, as the case
~ may be, when the sa~re shall become due and payable. then the wortgagor shalt pay to the modgagee any amount
~
~ necessary to make uQ the deficiency, on or before the date when payment of sucb ground rents, taxes. assessments,
~ or insurance premiums shall be due. If at any time the moctgagor shall tender to the modgagee in accordance with
the pro~•isions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort-
~ gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor ell paymenss
made under the provisions of (u) of paragraph 2 hereof ahich the mortgagee has not become obligated to peyto
= tbe Secretary ot Housing and Urban Development and a~y balance remaining in the funds accumuleted under the
~ pro~•isions ot (G) of said pacagraph 2. If there shall be e deEault under any of the provisioas of this mortgage, re-
~ sult ing m a public sale of the premises covered iereby, or if the mortgagee acquires the property othecwise aftec
~ de(ault, the mortgagee shal) apply, et the time o[ the commencement ot such proceedings or at the time the proP-
~ erty is otherwise acquired, the balance then remaining in the tunds accumulated under (b/ of parag~aph 2 preceding
~ as a ccedit against the amount of prlncipal then remaining unpaid under said note and shall properlyadjust eny
~ payments which shafl have been made under (o) oE said paregraph.
4. That he will pay all taxes, assessments, water rates, and other governmental or municipal chacges, fines,
ur ~mpusitions, for which provision has not been made hereinbefoce, end in defeult thereot the mortgagee mpy pay
~ the same; and that he will promptly delivec the o[ficial receipts there(or to the mortgagee.
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~ ~192 2~Z&8
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