The URL can be used to link to this page

Home My WebLink About2652 catd m~ttgug~x docs heredy (ully warrant the title to seid land, and e~ery pa~t theceot, and will def~~d the same against the lawful claims of all persons whomsoevet. PROVIDED AL11'AYS. and these p~esents are exccuted and delive~ed upon the following co~ditions, to wit: The mo~tgagoc agrees to pay the mortgagee, or order, the principal sum of EICHTEEN TNOUSAND SEYEN HUNDRED and 00~100-------•-----•------------•--•---•-----------------~-----•-••- Dollacs (518~700.Q0 as evidenced by e ~ote of even date he~ewith. with interest fcom date at the cate ot ~y,g~ per centum ( 7 '16) pe~ a~num o~ the unpaid balance until paid. The said principal and interest shall be peyable at the office ot 8'POCI~I'~1• NH~1T?i~Y• DAVIN i CaliP~ItiY. l0A t~i~st Hay StroOt. Jec.'cs0[lvills. ~3~C1da or at such other place as the ho:de~ of the note may designate in writing. in monthly installments of ONE HUNDRED 1~IENTY•FOUR and 54~100•--•-------•-----•• Dollars (S 124.54 comn~encing on the first day of September . 19 71 . and on the first day of each month thereafter unti! the principal and interest are fully paid. except that the final payme~t of principal and interest, if not soone~ paid. shall be due and payable on the first day oE August~ 2001 : And shall duly, pranptly, and fuliy pec(orm, discharge, execute, effect. complete. and comply wi~h and abide b~ each and every the stiPulations. agreements, conditions, and covenants of said pcomissory note and ot this moitgage, then this mortgage anef the estate he~eby created shall cease and be null and void. And the moctgagor further covenants as follows: - 1. That he will pay th~ indebtedness, as he~einbetore provided. Privilege is reserved to pay the debt in whole, or ~n an amount equal to one or moce monthly peyments on the principal that are next dut on the note, on the [irst day of any month prior to maturity: P.ovid~d, however. that writte~ notice of an intention to exercise such pcivilege is giveo at least thirty (30) days prior to prepayment; and. Provided Eu~ther.-that in the event the debt is paid in [u11 prior to ma~urity and at that time it is insured unde~ the provisions ot the National Housing Act, he will pey to the mortgage~ an adjusted premium charge of one per centuaa (196) of the original principel amount thereof. except that in no event shall the adjusted premium exceed the aggregate amount oE premium charges which would 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 o: Housing and Urbsn Development on account of moctgage insurance. 2. That, in order more Eully to protect the security of this mottgage. the mortgagot, together aith. and in addi- tion to, the monthiy payments under the terms of the note secured hereby, a? the Eitst day of each month until the said note is fully paid, will pay to the mortgagee the following sums: ~u 1 An amuunt su[ticient to provide the holder hereof aith [unds to pay lhe ne:t mottgage insuraace premium i[ th~s instru- ment andthe nute secured hereby are ~nsured, ot a monthly charge (in lieu o( a mortgage insurance premium) i( they are held by the Secretaryr of Housing and Urban Development, •s foUows: (I1 I[ and so long as s~id ~ote ot even d~te and this instrument ace insured ot arc reinsured tu?der the pro~isions ot the Nalional Housing Act, an amount su[[~cient to acrumulate i~. thr hands o( the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to prov~de such holder with tunds to pay auch prcmium to the Secretary of Housing and Urban Development pursuant to the National Housing Act, •a amended, and appiicable Regu- lations thereunder; or ([l) 1f and so long as said note o( even date and this instrument are held by the Secretary o( Housing and Urban Develop- ment, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an ac~ount equal to one-tviceltth (1; 12) o( one-half (~/r) per centum of the average outstanding balance due on the note computed without taking into account delinquencies or prepayments; I I h t A sum equal to the ground rents, i( any, ne:t due, plus the premiums that ~rill next become due and payabte on policies o( fire a~d other hazard insurance covering the mortgaged property, plus ta:es and assessments ne:t due on the mort- gaged property (all as estimated by the mortgagee) less all sums alreadr paid the?efor di~ided by the nua'~ber ot months to elapse be[ore one mon!h prior to the date when such ground rents, premiums, ta:es, and assessments wiil become de- linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, ta:es, and speciat ~ssessments; and 1 Ail payments mentioned in the two preceding subsectio~s of this paragraph and ail payments to be made under the note secured herrbp shall be added together and th •¦ggregate amount thereof shali be paid by the mortgagor eaci~ month in a single pa~ment to be applied by ihe mortgagee to the [ollowing items in the order set forth: (I) premium charges under the contract ot ir~surance with the Secretary o( Hous~ng and Urban Development, or monthly charge (~n lieu of mortgage insurance premium), as the case mar be; (IIl ground rents, ta:es, assessments, tire, and other hazard insurance premiums; {i!I) interest on the note secured hereby; ond (IV) amortizauon of the principal of said note. Any deficiencp in the amount of such aggregate monthly paSment shall, unless made good by the mortgagor prior to the due date of the next such payment, constitute an event d defauit 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 arrears to cover the extra expense involved in handling delinquent paymeits_ ~ ~ 3. That if the tatal of the payments made by the mortgagor iuder (6) of peragraph 2 preceding shali exceed the amount of the peyments actuelly made by the mortgagee. for ground rents. texes and assessments and i~sur- ance premiums,as the case may be. surh excess at 1he optian of the mortgagee, shall be credited on subsequent pbyments to be made by the mortgagor~ or refunded to the mortgagor. 1f, however, the monthly paymeMs made by the mortgagor under (6~ of peragraph 2 preceding shall nd be snfficient to pey gtound rents, taxes and assess- ~ ments and insurance pcemiums, as the case may be, when the same shall become due and payable, then the mort- ~ g,agar shall pey to the moKgagee any amount necessary to make up the deficiency, on a befae the date when pay- ~ ment of such ground rents, taxes, assessments. or insucance premiums shall be due. U at any time the matga- gor shall tender to the matgagee in accordance with the provisions ot the note secured hereby, full peyment of the entire i~debtedness represented thereby. the mortgagee shall, in computirg tt~e amount af such indebtedness, ~ credit to the accou~ d the mortgagoc all payments made under the provisions of (a)~of para6raph 2 hereot whichthe mortgagee has rat become obligated to pey to the Seccetary of Housing and Urban Development and any balance remaining in the funds accumulated undet the provisions of (6) of said paragreph 2. It there shall be a defauk un- der any af the pcovisions of this mortgage, resultinR in a public sale of the pcemises covered hereby, a if the mortgagee acquires the property otherwise after default, the mortgagee shatl apply, at the time oE the commence- • ment d such proceedings or at the time the property is otherwise acquired. the balance then remaining in the fund~~ accumuleted nnder (6J o[ parag~aph 2 preceding as a credit against the amount of principal then rec~aining unpeid unde~ said note and shall properly adjust any payments which shall have been made under (aJ of said peragraph. - ~ ao~K 194 265i ~ - ~ t ~ ~ . _ . _ . . . _ . ~ , _