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Home My WebLink About2698 ~ 1 + ~ a ~ said mortgagor does hereby fully war~ant thz title to said la~d, end every part thereot, and will defend the same ~ against the law[ul cteims of ell pe~sons whomscever. ~ , PROVlD~D ALWAYS. and these p~esents are executed and delivered upon the follawing co~ditions. to wit; The mortgagor agrees to pay the matgegee. or ocder. the principel sum of gZG~ ~~g,~p ~NNDRaD 71I~ID t~10/100 ~_~___~_~_~______~_~M_~~___~_~_~_~____~_________~__....__ Dollars (S 18,400.00 as evidenced by a note oE even dete herewith. with interest Etom date at the rate of per centnm ( 7 per an~um on the unpaid balance u~til paid. The said principal and interest shalt bc payable at the office of . ~PCCId'Olf. NH~ITLEY, D71VIN i CaLpJ111Y• 100 ihst H~y ~Lswt• Jackso~vill~• ll+o~ids oc at such other place as the holder of the aote may designate in writiag. in monthly installa~tats oE Q~ g~gp ~'Y-+1N0 71ZID 5~/100 NN~~~~~~~NM~~~~~ Dollars (S 122.54 comme~cing on the Eicst day of ~a . 19 71 . and on the tirst day of each month thereafter until the pcincippl and interest ace fuliy paid, except that the tinal payment of principal and interest. if not sooner paid. shall be due and payable on the first day of May, 2001. A~d shali duly. pranptly. and Eully pedorm. discherge. execute. effect. complete. and comply rvith and abide by each and every the stipuletions~ agreements. conditions~ and covenants ~ said pcomissory aote and of this mortgage. then this mortgage end the estate hereby cceated shall cease and be nuli and void. And the morigaga tutthtc c~va~~nts as foltows: ~ 1. That he will pay the indebtedness. as_hereinbefore provided. Privilege is reserved to pey the debt in whole.. or in ~in amount equal to one or mae monthly payments on the priacipal that are aext due on the note. on the first ~ day of any month prior to maturity: Pro~~ided, however. that aritten notice of an intention to exercise such priv~lege ~ is given at least thirty (30) days prior to prepayaient; and, provided further~ that ia the event the debt is peid in full prior to maturity and at that time it is insured under the provisions of the National Housiag Act. he will pay to the mortgagee an adjusted pcemium charge of one per centum (196) of the original Qrincipal amount thereof. except that in no event shall the adjusted premium exceed the aggregate amount of pramium charges ahich would have been payable if the mortgage had co~tinued to be insured until awtucity; such payment to be applied by the mocC- gagee upon its obligation to the Seccetary of Housing and Urben Development on account af matgftge insuraace. 2. That, in order more fully to protect the security of this moctgage. the modgagor, together with, and in addi- tion to, the monthly payme~ts under tbe tecros of the note secured hereby. on the first day of each month nntil the said note is Eully paid, will pay to the mortgagee the following sums: . (a) An amount su(ticient to provide the holder hereot aith tunds to pay the ne:t mort~a~e insursace premium it this instru- ment and the note secured hereby arc insured, or a monthly charge (in lieu of ~ mott~~ae insutanee premium) it they- ~re heid by the Secretory of Housing and Urban Development, as tollowa: (i) It and so long as said note ot even date and this instrument are insured or are reinsured under the provlsions of t1?e National Housi~g Act, an amount sutticient to ~ccumul~te in the hands of t6e holdet one (1) manth prior to its due date the annual morteaQe insurance premium, iw order to pwvide sucA holder with tuads to p~y ~ucb ptemiu~ to tb~ Secretary of Housing and Urban Development pursuant to the N~tion~l Housine Act, as ~mended. aed applicsble Re~u- j l~tions thereunder; or ~ (II) It ond so long aa said note of even date and this instrument are held by the Secretary ot Housine and Urban Develop- ment, a monthly c6aree (in lieu of a mortQa~e iasuronce premium) ~rhich shall be in aa amount equal ta one-twel[th (I/12) ot one-half ('fi) per centum ot the average outstanding balance due on the note computed writhout takin~ into ; account delinquencies or prepaymer~ts; (AJ A sum equal to the ground rents, it any, next due, plu4 ihe premiums thst will ae:t become due and poyable on policies ot fire and oWer h~ard iasuraace coverine the mortgaQed property, plus ta:e• ~nd assessments ae:t due on We mort- ga~ed propertr (all as estimated by the mortgagee) less all sums alreadr p~id Were[or divided by the number o[ moaths ' to elapse be[ore one month prior to the date when such ground rents, prcmiums, ta:ea, oad assessments will become de- linQueat, snch sums to be held by mortgaQee in trust to pay said grouad rents, premiums, taxes, and specifi assessments; ~ and ~ F (c/ A!1 p~ymeets meatioaed 'w the two preceding subsections of this paraeraph and ail payments to be made under the note ` secured hercbp sAsll be ~dded to~ether aad the aBere~ate amount theceot sha11 be paid by the mortQa~or eoct~ month ia ~ ` siagle payment to be applied b~ tae mort~agee to tbe (ollowine items in the order s~t forth: ~ (h premium charees under the contract ot insuraace with tbe Secretary ot Housin~ aod Urban Development, or monthlq cbacze (in ileu oE moct~e lasaraace premium), as thc case m~y be; (U) `round rents. t~:es, •ssessaaents. flre. and other hozard insurance premiums; (II[) interest oa the aote secured hcreb~; and (iV) amortisation of tbe prioclp~l of ~aid note. Any deficiency in t6e aawuat d such aggregate monthly payment shall, unless made good by the moctgagoc prior to the due date af the next such Qaymeet. caastitute an event oE deEault under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2~) for each dollar (S1) of each payment more than fifteen (15) days in erreare to caver the ertra e:pense~ involved in handling delinquent payments. 3. That if the totat of ti~e peyments made by the modgagor under (b) of parograph 2 pceceding shall exceed the amount oE pay~ments ectually enade ~y the martgagee, for gROUnd rents, taxea and assessments and insurance premiums, as the case may be. such ezcesa shatl be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, ho~rever, the morithly payments made by the mattgegor under (b) of peragraph 2 pre- ceding shall not be sufficient to pay gtouad rents, taxes and assessm~~nts and insurance premiums, as the case may be, when the same shall becace due and poyeble, tben the matgagor s}wll pay to the a+octgegee any amount " necessary to make up the def icieacy, on ar befae tbe date whea payment of €ucb gtound rents, texes, assessments, ~ or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordence with ~ the provisions of the note secuced hereby. full payment of the entice indebtedness repcesented thereby, the mort- ~ gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagoc all paymeats ~ made under the provisions of (o) oE paragreph 2 hereof ahich the moctgagee has not become obligated to payto ~ tbe Secretary of Hoasing and Urban Development and eny balance remai~ing in the funds accumulated under the ~ provisions of (bJ oE said paragraph 2. If there shall be a defeult under any of the provisio.~s of this moctg,nge, re- ~ sulting in a public sale of the premises covered iereby. oc if the matgagee acquires the pcopecty othe~rise a[ter default, the mortgagee shall apply, at the time of the commencea~ent of such proceedings or at the time the pcop- ~ ~ erty is othervrise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding ~ ~ as a credit against the amount of prIncipel then remaining unpaid undrr said note and shall properlyadjust any ~ payments which shatl have been made under (a) of said paragreph. ~ 4. That he aili pay all taxes, assessments, water rates, and other governmental ot municipal charges, fines, ~ or impositions, Eor which pravision has not been made hereinbefae, and in default thereof the mottgagee may pay the same; and that he will promptly deliver the a~ficial receipts therefor to the mortgegee. ~ ~ a00K ~.Ut~r ` _ ~ ~ ~.F. _ . . _ _ ~ _ _ _ _ - - - -