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Home My WebLink About2880 , , • ~ ~ ,fi, ~ 1 said mortgagoc dces hereby fully warcant the title to said tand, and every pu~t thereof. and will defend the same ~gainst the lawtul claims of all persons whomsceve~. PROVIDED ALWAYS. and these p~esents are executed a~d delivered upon the tollowing conditions. to wit; The mortgago~ agrees to pay the mortgagee. or ocder, the pcincipal sum of ~ ~ ~ ~ Nonoo-~NM~~~~N~NN Dolla~s (S 18,400.00 as evidenced by a note of even date herewith. with interest from date at the rate of ~y~ per centum ( 7 96) per annum on the unpaid balance until paid. The said princiE,al and interest shall be payable et the office oE Il'OC~~• M~ i Cqt~1~K • 1~ M~ ~MY itiNt. ~a~Cksoelville • irl+0ltid~ or at such other place as the holder of the note may designate in writi~g. i~ monthly instatlments of ONg HUlIDIiBD '1M~'Y~ZNp up 54~1pp_~~___~~~_Dollars (S 122.54 . comn~encing on the first day of ~Y . 19 ~l . end on the ficst day of each month thereafter until the principal and intecest ace fully paid~ except that the final payment of principal and interest. if not sooner paid. shall be due and payable on the first day of J1u?e. 2001• And shall duly. promptly. and fully pedocm. discharge. execute. efEect. complete. and comply with and abide by each and every the stipulations. agreements, conditions, and covenants of seid promissory note and of this mortgage. then this mortgage end the estate hereby created shall cease and be null and void. And the moctgagor further covenants as follows: 1. That he witl pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole. or in an amount eqwl to on! o~ mote monthly peyments on the principal that are aext due oa tbe aote, on tbe first day oE any month prior to maturity: P.o~~ided, however. that written notice of an intention to exetcise such privilege is given at least thirty (30) days prior to prepayment; and, provided further, that in the event the debt is paid in full prior to maturity and at that time it is insured under the provisions of the Nationel Housing Act. he will pay to the mortgagee an adjusted premium charge of one per centum (1%) of the original principal amount theceof. except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been payable iE the mortgage had continued to be insured until maturity; such payment to he spplied by the mort- gagee upon its obligation to the Secretary of Housing and Urban Development oa account of mortgage 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 morlgagee the following sums: ~ri) An amount su[[icitnt to ptovide tht holdt~ heteof with funds to pay ihe ae:t mort~a~e insurance premium i[ t6is instru- ment and the note, secured hereby are insured, or a moothly charge (in lieu of • mortga6e iesurance premium) i[ they are held by the Secretary ot Housing and Utb~n Developm~ot, •s foUoM?s: (1) if and so loe~ as said eote of evee datt aad thls inatrumeAl ue ioaured or ~re reiaau~ed uqder tbs provisions ot the National Housing Act, an amount su[[icient to accumulate in the haads of the holde~ one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such holder aith funds to pay euch jmmium to the Srcretan o( Housing and Urban Development pursuant to the Nation~l HousinQ Act, •s amended, and applicable Regu- lations thereunder; or (li) 1( and so long as said note of even datc and this instrument are held by tM Secretary of Housing and Urban Develop- ment, a monthiy charge (in lieu ot a mortgage insurance premium) which ah~ll be in an amount equ~l to one-twelEth (1.'12) o( one-half per centum ot the average outstanding balance due oa the ~ote computed aithout taking iato account delinquencies or prepayments; (h/ p sum equal to the ground rcnts, U any. Mut due, plus the premiums that wiil ne:t become d~e u~d p~yable on policies of [ire and other hazard insurance covering the mortgaged property. plus ta:es and assessmeata nest due on the mort- gaged property (ail as estimated Ol the oortgagee) less all sums already paid there[or divlded by the number oE months ' to elapse be[ore one month priw to the date when such ground rents, premiums, ta:es, oad assessmeats ~rill become de- ; linquent, such sums to be held by mortgagee in trvst to pay soid ground rents, premiums, tues, and special assessments; ~ and icl Alt payments mentioned in the two preceding subsections o[ this parag~aph and all payments to be made under the note ~ secured hereby shali be added together and the aggregate omount thereot shall be paid bp the esortgagor eoch month in a sinRle payment to be applied by the mortgagee to the tollowing items in the order set [orth: ~ (I) premium charges uoder the contract ot insurance writh the Secretary o[ Housin~ and Urbaa Development. or monthly charge (in lieu of mortg~t ins~rance premium), aa tl~e csse may be: (Il) ground rents, taxes, arsessments, [ire, aad other hazard insurance premiua?s; (111) interest on the note secured heteby; nnd (IV) amortization ot the principa! of said oote. Any deficiency in the ar~ount oE such aggregate monthly peyment shall. vnless made good by the mortgagor prior to the due date of the r~ext such payment, constitute an event oE de[ault under this mortgage. The mortgagee may collect a"late charge" not to exceed two cents (2Q) fa each doltar (S1) of each Qeyment more than fifteen (15) days in arrears to cover the extra expense invoived in handling delinquent payments. 3. That if the total of the payments roode by the modgagor under (6J of pecegraph 2 preceding shall exceed the amount oE payraents actually made by the matgagee. foc gtound reats, ta~ces. and assessments and insurance premiums, as the case may be, such excess shall be credited by the mottgegee on subsequent paycnents to be made by the mortgagor. If, however, the monthly payments made by the mortgagoc under (6) oE peragraph 2 pre- , ceding shall not be sufficient to pay ground rents, taxes and assessm~~nts end insurance premiums, as the case may be. when the same shall become due and peyable, then the mortg~gor shell pay to the mortgagee any amount necessary to make up the def iciency, on a befoce the date when payment of such ground rents, taxes, assessments, g or insurance premiums shall be due. If at any time the modgagor shalltender to the modgagee in accordance with ~ the provisions of the note spcured 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 all payments ~ made under the pravisions of (o} of paragraph 2 hereof which the mortgagee has not becace obligated to payto a the Secretary of Hausing and Urban Developraent and any balance remainina in the funds accumulated under the ~ provisions oE (b) of said paragraph 2. lf there shall be a default under any of the provisioas of this mortgage, te- ~ sulting in a public sale of the premises covered ~ereby, or if the mortgagee acquices the property otherwise after default, the moctgagee shall apply, at the time of tbe ~ommeacement of such proceecings or at the time the prop- ~ erty is otherwise acquired, the balance then remaining in the funds accumulated under of paragraph 2 preceding ~ as a credit against the amount of principal then remaining unpaid under seid note gnd shall propetlyadjust any ~ payments which shall have been made under (o) of said paragraph. ~ 4. That he wili pay all taxes, assessments, watet rates, and other governmental or municipel charges, fines. ~ or impositions, for which Provision has not been made hereinbefore, and in default tnereof the mortgagee mpy pay the same; and that he will promptly deliver the officiol receipts therefor to the mortgf~gee. ~ ' ~ ~ i~ ?~7~ ; ~ ~ ~ - _ ~ . Y~ _ . . _ ~"e _ _F ~ . _ . . . -