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HomeMy WebLinkAbout2433 ~ . • r ~ s.+id martga~or due~ he~eby fu11y wur~ant ti~e title to said land, and every part themof, and will de(end the same :~K.iinst the lu«[ul ctaims of all persuns whomsoever. PROVIDED AI.N'AYS, and these prese~ts are executed and delive~ed upon the following condltions. to wit; The mo~tgago~ agcees to pay the mo~tgagee, or ocder, the priacipal tum of SBVENTBBN TNWSAND 'I1~10 HUNDRED FIFTY and 00~100----------•-•---•--------••----•--••-------•--------------~-------•-•-- Dollars (S 17 ~ 250.00 as evidenced by a note of even date herewith, with interest f~om dete at the rate of per centum ( ? per annum o~ the unpaid balance until peid. The said princip~+l and interest shall be payable at the office of Sl'OC~I~ D71VI~1 i COi~11Nf! • ].M Ihs't Ha,Y slt~ • Jacksm~rl.l~s. l~~ci~ or at such other plare as the holder of the note may designate i~ writing, in monthly installments of ONE NUNDRED FOURTEfiN and 8~l100•-•-••----~•~~'~"~~~• ~ollars (5114.89 coma,encing on the first day of September . 1971 , and on tne first day of each month the~eaEter untiltheprincipal and interest are [uliy paid, except that the [inal payment of principal and interest, it not sooner paid. shall be due and pa~~able on the first day of /~gusti 2001. ~ And shall duly, p~omptly, and fully pe~torm, discharge, execute, eftect, complete, and comply with and abide b~• each and Pve~y the stipulations, agreements, conditions, and covenants of said p~omissory note and o[ this mortgage, then this mortgage aod the estate he~Pby c~eated shall cease and be null and void. ~\nd the mortgagor further covenants as follows: 1- That he will pay lhe indebtedness.as herei~before provided. Privilege is rese~ved to pay the debt in whole. or ~n ;~n amount equal to one or more monthly pay~ents on :i~C ~~:~~c:~.:.! i`a: .:rr r.cx: due on the note, on the first dat• of am• month prior to maturity: Prurid~d, however, that written notice of an intention to exercise such privilege _ ~s g~~•en at least thirt}~ (30) days pcior to prepayment; and, provided further, Ihat in the event the debt is paid in fuU prior to maturity and at that time it is insured unde~ the provisions of the Nationai Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1%) of the original principal amount thereof. except that in no e~~ent shail the adjusted premium exceed the aggregate amount o[ premium cha~ges which would have been pa}•able if the moctgage had continued to be insured until maturity; such payment to be applied by the mo~t- gagee upon its obtigation to the Secretary of Housing and Urban Development on accoant 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, ine monthly payments under the terms of the note secured heceby, on the first day of each month until the ~aid note is fully paid, will pay to the mortgagee the following sums: ~i ~ An ar.~ount sufficient to pro~•ide the hotder hereof with funds to pay lhe next mortgage insurance premium it th~s ~nstru- ment and the note secured hereby are insured, or a monthly charge (~n lieu ot a mortgage insurance premtum) i[ they •rt held by the Secretary o( HousinQ and Urban Development, as follows: (I1 If and so long as sa~d note o[ e~•en date and this instrument are insured or arc reinsvred under the provisions ot the tiational tiousing Act, an amount su[[tcient to accumulate in the hands of the holder o~e (1) month prior to its due date the annual mertgage tnsurance premium, in order to proc~de such holder with tunds to pay such premium to the Secretary of Housing and Urban Development pursuant to the IVational floustng Act. as amended, ard applicable Regu- lat~ons thereunder; or illl If and so long as said aote ot e~•en date and this ~nstrumen! are heid b~ the Secretary o( Naus~ng and Urban Develop- r.,ent, a monthly charge (m tleu of a mortgage ~nsurance premwm) vrhuh shatl be tn ar• :i•.auunt equal to one-twel[th (I 121 ot one-ha!( per centum of the average outslanding balance due vn the note mputed without taking into 'F account delinquenc~es or prepayments; ~ A snm equal to the gruund rents, any, ne:t due, plus the prem~ums that wtlt ne:t become due and payable on poticies ~ ~~f fire and other hazrrd insutance covering the :nottgoged property, plus taxes and assessments ne:t due on tht mort- ~;age~i propertt tall as estimated by the mortgagee) less ali sums alreadc paid theretor di~•ided b~ the number o[ months j to elapse beforr une month prior to the date when such ground rents, premiums, ta~ces, and assessments will become de- l~nquent, s~rh sums to be heid by mortgagee in trust to pay sa~d ground rents, prem~ums. ~axes, andspectalassessments; I ~ and ~ ' All puymc-nts mentwned in the two preceding subsectwns ot th~s paragr+ph and atl papments tu be made under thr nute srcured hereby shali be added together and the ~ggregate amuunt thereof shall be pa~d bp the mortgagor each month m a .m~le payr.:ent to be applied by the mortgagee to ihr following etems ~n the urder set (orth: 1I) prem~um charges under the contr~ct ot ~nsurance with the Secretory ot Houa~ng and Utban Deveicpment, or monthly rharge (~o lieu of mortgage ~nsurance premiuc:l, as the case ma~ be, 111~ ground rents, ta:es, acsessrr.ents. fi~e. +nd other hazard insurance prem~ums; 1I111 intrrrst un the nutr secured hereb}•; and (I~'~ ar..c•rt~zauon ot the pnnc~pal of said n~te. Am~ def~c~enc~• in the ar~ount of such a~regate monthlp payment shall, uniess made good by the mortgagor ~nor to the due date of the next such pa)~ment. constitute an event of default under this mortgage. The mortgagee :~a~• co:fect a"late charge" not te exceed tu•o cents (2Q) for each dollar (S1) of each pay~ment more than fi[teen Iltil dacs in arrears to co~•er the extra expense ~n~•ol~•ed in handling delinquent payments. ~ 3. That if the total of the pcayments made by the mortgagor under (6) of paragraph 2 preceding shall exceed ~ the amount of the payments actually made by the mortgagee, for ground rents, taxes and assessments and insur- i ~ ance premiur.:s.as tne case may be, such e:cess at the option of the mortgagee. shell be credited on subsequertt ` ~ pc,~•ments to be r.~ade by the moctgagor. or refunded to the matgagor. If~ hawever, the monthly paymeMs made by the mortgagor under (6/ of paragraph 2 preceding shall not be su[fic~ent to pay gound rents, taxes and assess- Y ments and insurance pcemiwas, as the case may be, when the same shall become due and payable, then the mort• # ~ gagoc shall pay to the mortgagee any amount necessary to make up the de[iciency, on or before the date when pay- ~ ~ ment d such ground rents, taxes, assessments, or insurance pcemiums shall be due. If at eny time the mortga- ~ ~ gor shell tender to the mortgagee in accordance with the provisions of the note secured hereby. full peyment of the ~ entire indebtedness represented thereby. the mortgagee shall, in computirg the amount o[ such endebtedness, { ~ credit to the account of the mortgagor all payments made under the provisions of (a) of para6raph 2 hereot rvhichthe ~ ~ rtwrtgagee has not become obligated to pay to the Secretary of Nousing and Urban Development and any balance remaining in the funds accumulated under the provisioas of (61 of said paragraph 2. If there shall be a defauft un- ~ der any af the pcovisions of this mortgage, resultinR in a public sale of the premises covered hereby, or if the mortgagee acquires the property otherarise after defauli, the mortgagee shall apply, at the time o[ the commence- ~ cr~nt ot such proceedings or at the time the pcoperiy is otherwisr acquired. the balance then remeining in the [unds ~ accumulated under (b) of peragraph 2 preceding as a credit aga~nst the amount of principal then remainiag unpeid under said note and shall properly adjust any payments ~vhich shall have been made under /u?o( said peragraph. ~ • a~ig4 2~3~ ° ~ i ~ _ , ~ ~ r ~ _ - - _ ~ , . _ . . - _ .