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Home My WebLink About2074 . / . . ..uil ~:~~~st~;:.~;.~r dre~. h~•set>~• tuil~ a.~rr,~nt thr t~tlr tu ~:~?d l.+nd, and rvrr~• port thrrruf, :~nd will defrnd Ihe s~,me .~K.~~n~t the l:~~ful claims ol :+il prrsun~ uh.~m~ae~•cr. PF?O~'tDt:U AL1CA1'S, and these p~rsents ~+rr executc~f and del~~•e~ed upon the following coi~ditions, to wii: 'Th.~ mort~;:+go~ aK~re~ tu pa~• the mortg,+grK•, uc ordet, the Princi~al sum at S; 1/E(VTEEN THOUSAND SEVEN HUNDRED FIFTY and OO~i00---------•--•-------------------------------------------•- [k~llars t5 17~~50.00 as e~~drnced b~~ a nute of even date herewith, with inte~est (rum date at the r.~te vl ilV~1 pec centum ( ~l per annum on the unpaid balance un~?1 pa~d. The said p~?ncip:?I and ~ntrresl shall be pu)~ablr al ihe ~f(ice oI 9TOC1Q'di • 11H~'~Y • DAttN i C~IINY, lOS ~st 8ap SGcNt. JackaQnvi].l,e ~~'~/~'1dt .~r :,t ~uch wher placr as the hulder of the notr ma~• des~gnate ~n w~iting, in monthly installments of OI'tE HUNDR~D EIGHTEEN anJ 22~100-------•--•------------~Doliars (S 118.22 commencing on the• (~rst d:+~• of September . 19 71 , and on the first day ot each month thereafter until the principal and interest are full~• pa?d, except th~.t the f mal ~w~~ment o[ principal and interest, if not sooner paid, shall be due und p:?t•able on the fust da~• of August~ 2001. And shall duly, p~omptit•, and full~• periurm, discha~ge, execute, e(fect, complete, and compl~• with and abide b~ ~•ach :,nd e~•er~• the stipulations, agreements, cond~tions, and co~•enants of said promissory note and of this m~•rtR.eKe, then th~s mortgage and the e~tate hereb~• created shall cease and be nuil and ~•oid. r~nd thr mortga~or further cu~•enants as (olluHS: 1 That he w ili ~ay the ~ndebtedness, as he~e~nbefore pro~-ided. Pri~•ilege is reser~~ed to pay the debt in v?hole. ur in an amount equal to one or more monthly payments on the principal that are next due on the note, on the ficst :!;e~• ~•f am• month prior to matu~it~•: f'.~~~ tl.•,i, however, that uritten notice of an intenhon to exercise such privilege g?~•rn at least thirt~~ ~30) da~•s pnor ro pre~ayment; and, pro~•ided further, that in the event the debt is paid in full ~~nor to maturih and ..t that hmr it is ~nsured under the prorisions o( the National Housing Act, he will pay to the m~rigagee an adiusted prem~um cha~ge ~t one pec centem (1 0) of the ociginal principal amaunt thereof, except that ~n no c~•ent shaU the adjusted prem~um exceed the aggregate amount of premium charges which would ha~~P hren pa~•able if the mortga~e had continued to be insuced until matucity; such payment to be applied by the mort- ~;:+Re~- upon ~ts obligation to the Secretar~~ of Housing and Urban Developm2nt on account of mortgage insurance. That. in urder more full~~ to prutect the serurity o[ this mortgage, the mortgagor, tog~ther with, and in add?- t~un to. the muntht~ Payments under the terr.is of the note secured hereby, on the Eirst day of each month until the :aid ~utr i. full)• p:~id, will pay to the mottgagee the following sums: :.~n ..r. ~~nt suffic~ent to proc?de the hul~rr hrrrof with t~nds to pa~ the next mortg~gr insurance premwm ~t [hts ~nstru- r.:rnt ..ndthe~ notr srcured hrrcby arr insured, ur a month:l rharge (~n :~ru of a mortgage ~nsurance prrmwm) if they are :i~ :d M;hr tircretary of Houstng and Urban De~•eloprr.~nt. as follows: •i~ U ~nu .o l.~ng as said note of evrn date a~d th~s mstrument are ~nsured or a~e re~nsured under the provisioas o[ the Xet~•~nal H~~u~~n;; Act. an a~:.,unt su(tuirnt tv arcumulatr in the hands ot the holder one (11 raonth prior to ~ts due thr annual .^.i~rtgage ~nsuran•_r prc•~r:tum. in urdrr to pro~•ide such hoidrr w~th tunds to p~y suchprem~um to the retan .~f H~usin~ and Urban Drvelupc^ent pursuant to the Natwnal Nuusing Act. as amended, ~nd applicable Regu- ` i , . n. thrtrundrr, ur .v ton~ as :atd n~~tr of e~~rn datr end thss tastrur.:ent are held by thr Secretar) ot Houstng and Urb~n Det•elep- ' rr.•~nth!c rharke ;~n l~eu o( a mortgage ~nsurance prem~uml vrhi.h shal! be m an amount equal to une-twrifth ~ ' t.~nc•-half t~.~ prr .rntur^ thr ~crrage outstanding bal~nce due oa the ~ote computed u-ithout tak?ng mto ~ :i~ iinycenc ~rs o• prrpaymrnis. ' , thr ground rrnts. it any. next dur, plus the prerr.tums that vc?ll next become due and pay+ble un policies ; . •!h~ r hazerd ~nsurance cocrring the ^ortgaged property, plus ta:es and assessments next due on the mort- % ~I • as rs*imated by the mortgaKerl less all sums already pa~d therefor dtc?ded b~~ the numbrr ut r.sonths s ~ ~ r,:• r..•+:th pnor to the dair whrn such ground ren[s, premiur.:s, taxes, and assessments x•ill become de- ( i r held by nortg~gee :n trust to pap said ground rents, prea:iums, ta:es, and spec~al assessments; ~ :n th~~ tuuo preced~n~; suhsrctions of this paragraph and all payments tu be rr.ade undtr the note . .,:!dru tugrther and the eggregate amou~t thereut shall be paid b~ the murt~agor each rs:onth ~n a . ' ~ ;•'i~ .i h•. ~hr r. artgagre to thr tollovc~nk rtems m the urder set torth: , r~r ~,:ntract of msuren~e wtth the Secretary of Hous?ng and Crban Decelopment, or monthlp • r•:..kr incura.nce prr:nium), as the case mey ~e: :i , . c.. . . .a-~ ~~n:5, tire. md other hazard ~nsurance premiums; II! r. . r• n•~.e . ~r.~.~.:: end I\ . } . .;t .,:d n~ tr. :\n~ ~.~t;. :•..n~ .~f ~ ^ :,~regate monthl~• pa~-ment shall, unless made good by the mo~tgagor pnur t.~ th~ :i.. • :uch ~~.+~.~--ent, c~nst~wte an e~•ent of default under this mortgage. The mortgagee r~~ilec•t ..:j~ ' zut t.~ e~.:~ ~•~i t;~•o cents (2¢) for each doliar (S1) of each pa~-ment more than f?fteen ~1~) d~~c in .~rr.•.,.~ r ~•~t:.. ~ ~n~~,l~-ed in handi~ngdelinquent paynents. ~ 3 That it .h:• c:..' p:~~.re::::: :-~ade h~~_the mortgagor under /bl of paragraph 2 preceding shall exceed the :,:nuuat of p~+~~; r-. ,c. t;~ ~he ~-~~~rtgagee, tor ground rents, taxes and assessments and ins~~rance p:em~u~r:s. ~s ihc• ~~i~~ :>e•. rt, c•~~ ~i.,il be credited b~• the mortgagee on subsequent payments to be :^ad~ b~~ the morlg~+y,ut If. r. .~,i:.~ pay~ments made b~• the moctgagor under i5l of paragraph 2 pre- red:ng shaU not be sufli~ nt : ...i rrnts, taxes and assessm~•nts and ~nsurance premiums, as the case ~ rr.av be. xhen tne ~ar..e ~h.~i'. h~•~ -~c-:~ ..t• .~nd payable. then the mortgsgor shall pa~• to the mo~tgagee any amount necessar}~ to n~l;e up the dc•f ~c 3c•.u before the date when payment of such g~ound rents, taxes, assessments. ~ ~,r tnsutance prer~~um~ shatl br .'.~:e~. It .+t any cime the mortgagor shailtender to the mortgagee in accordance with thE• pr~~~ic?uns of the note securt~d hc~rc~bc, full pacment of the entire indebtedness represented therebv, the mort- K~,k~-e shall. m comou!~nR the .+^:ount of such ~ndebtedness, credit to the account o( the mortgagot all payments mac~r under thr arocis~ohs of iu~ vf para~,apti 2 hereof wh~ch ihe mortgagee has not 5ecome obligated to payto tbe Secretarc of Hvusing and Urban Ue~•elopment and any balance remaining in the funds accumulate~ undet the pn~~: ~~?uns uf ~ of sa~d pardgraph 2. lE there shall be a default under any o( the provisiois of th~s mortgage, re- ~ult~a~ ~n a pubiic sale of the prr~nt.e~ cocrred iereby. or if the mortgagee acquires the ptoperty otherwise after dE~f:,uit. th~ r.,ortRagec shall appi}. at the t~me of the commenceme~t of such proceed~ngs or at ~hP rimP rhP ~,rn~,- ertt « uthe•ru?se acqwred. the balance ihen ~ema~ning ~n the funds accumutated ur.der (f~l of paragraph 2 preceding .+s a credit .iga~n~t the .+muunt of principal then remaining unpaid undet said note and shall p.operlyadjust an~• pa~rr,cncs •ahich shall ha~~e been made under !u~ of sai~ paragraph. That he ~x~t1 pa}~ all taxes. :,sse~sments. Kater rates, and oiher go~•ernmental ur mun~cipal charges, fines, ~~r i~-:po~it~~~ns, for Khuh pro~ is~on ha~ not been made hereinbe(ore, and in default thereot the mortgagee may pay thr seTe•. .+nd t`i.+t he w ~(1 pr,~mptl}~ del~~•er the ofticial receipts therefer to the mortgagee. ~ t • ; ~ s~~K i94 2073 ~ ~ - - - _ . . _ . - ~ . ~ Y