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Home My WebLink About2670 ~ ~ . said mo~tgagor does hecet+y fuliy ~a~rant the title to said land, and evety p~rt thercol, and will delend the same aaainst the leveful claims ot all persons whomsoeve~. PROVIDED ALIKAYS, and these pcesents a~e executed and deliveced upon the tollowing condjtions. to wit: The mortgagor agcees to pay the mortgegee. oc ordec, the principal sum of SEVEI~TEEN THOUSAATD TWO H1INDRED 1' iC 11 ~nd VV/10~~~~w~~~~~~~~~~~~~~~.~~~..~~~~~~~.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~.~~~.'~~~~~~~~ Dollars (S 17 ~ 250000 as evidenced by a note oE even date hecewith, with interest from date at the rete of pec centum ( T 9G) per annum on the unpeid balance until paid. The said principol and inte~est shall be payable at the office oE 8'1'OC1Q'Qi, MH~TIiY • DA~i i Cp~lpllNY. lOS 11~st Bay Stacset. Jack~oaM lle, tLacida oc at such other place as the holder of the rtote moy desige.,te in writing. in monthly installments of ONE NUNDRED FOURTEEN and 89~100•------•--------------Dollars (S 114.89 coma,e~cing on the first day of September . 19 71 . and on the first day of each month thereafter untiltheprincipal and i~terest are fully paid. except that the final payment of pcincipal and inte~est. if not sooner peid. shall be due and payable on the first day o[ August~ 2001. And shall duty. promptly. and fully perEorm. dischorge. execute. efEect. complete. arnl ccmply with and abide by each end evecy the stipulatioos, agreements. conditio~s, and covenants of said promissory rtote ond of this mortgage, then this moctgage and the estate hereby created shall ceasr and be ~ull and void. And the mortgegor tu~ther covenents es follows: 1. That he will pay the indebtedness. es hereinbefore provided. Privilege is reserved to pay the debt in whole. or m an amount equal to one ot morc monthly poyarents on the ptincipol thet are next due on the note. on the first da~~ of any month prior to maturity: Proi~id~d, however, that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and, provided futthe~. that in.the eve~i't thb debt is Peid in tull prior to maturity and at that time it is insured under the proirisions of the Notional Housing Act, he wlll pay to the mortgagee an adjusted Premium cherge of one per centum (196).0~ the. ociginal.pci~cipel amount thereof, except that in no event shall the ad~usted premium exceed the aggregate artount o[ premi~tm charges which would have been payable if the moctgage had continued to be insuced untii datnrity; ~sueh poywent to bd epplied by the mort- gagee upon its obligation to the Secretary of Housin~ and Utbaa Developrnept on occpuqt of modgage insurance. 2. That, in order more Eully to protect the security oE this moctg,~qe..tbe ~aortga~a. toeether with, and in sddi- tion to, the monthly payments under the terms of the note secured hereby~ oa t6e Eir~t day.of ~ac~ month until the said note is fully paid. will pay to the mortgegee the foltowing eums~ ~ ' ' ~ • inl An amuunt su((icient to provide the holder hereot wiith (unds to p~y the ne:t mort~a~e insunnce premiwa it this instru- ment and the note secured Aereby arc insured, or a monthly char~e (in lieu o( • mortQ~~e insur~nce premium) i( they •re held b~ the Secret~ry of HoasinQ ~ttd Urb~n Development, ¦s (ollowrt: (I) If a~d so lon~ •s s~id note o[ even dat~ ~nd this instrumeat ~re iesured or ~re reinsurtd undtr th~ provisioas o[ the lationai Housing Ast, •n amount su[[icient to •ccumul~te in the hands of the holder one (1) month prior to its due date the ~nnual mortQaee insur~nce premium. in order to provlde such holder with funds to pay suchpremium to the oecret~ry of HousinQ ~nd Urban Development pu~su~nt to the N~tioa~i Housin~ Act, •s amended, and •pplicable ReQu- lations thereundez; or (11) If and so loeg •s said note ot even dite and this inscrument ~re held by the Secret~ry of Houtine ~nd Urban Develop- nent, a m~nthly charQe (in lieu of a mort~~~e insurance premium) which shall be in ~n •mount equ~l to one-twel(th (1 ' 12) o[ one-half (ih) per centum ot the aver~~e outst~odin~ b~l~nc^ due on the note c~mputed without takictQ into ~ account delinquencies or prepayments; A susr. equal to the ground rents, if ~nr, ne:t due, plus the premiums th~t will nest bccpme due and p~y~ble on policies of fire and other hazard inaur~nce coverin~ the mort~aQed property, plus taYes ~ad assessments ne:t dus on the mort- Raged property (all as estimated by the aiorte~eee) less ~Il sums •lre~dy p~id theretor divided by the number o[ months to elopse De[ore one month prior to the date when such eround rents, premiums, ta:es, •nd assesameats ~vill become de- l~nquent, such sums to be held by mortQa~ee in trust to p~y said eround rents, premiums, ta:es, •nd speci~l ~ssessmeat~; ~ and ~c/ A:! payrr.ents mentioned in the two precedin~ subsections ot this p~reQr~ph ~nd all p~ymentt to be made under the note I secured herebp shall be added to¢ether ~nd the •Q~eQate •mount thereo[ sh~ll be paid br the mort~aQor each month in • sinQle pa~rr.ent ta bt applied by the mott~aeee to the tollo~ring ilems in the order set torth: prem~um ch~rQes under the contr~ct o[ insurance wiith the Secretary of HousinQ ~nd lfrbaq D~velopment, or monihlp charge (1n lieu ot mortQ~`e Insur~nce premium), as ths c~se may be; (II) eround rents, ta=es, ~~sessments, [ire. •nd other has~rd lnsur~nce preeniums; (111) interest on the note secured he~eby; ~nd (I~') amortizstion ot the pnncipal ot s~id note. Any deficiency in the ar~ount of such aggregete monthly payment shall, unless mede good by thr mortgagor prior to the due date oE the next such peyment. constitute en event of default under this mortgege. The mortgagee may collect a"late charge" not to exceed two cents (2R) for each dollsr (S1) oE each peyment more than fifteen (15) days ~n arreacs to cover the extra expense involved in handling delinquent peyments. 3. That if the total of the p~yments mede by the mortga~or under (bJ of paro~raph 2 preceding shatt exceed ~ the amount of peyments ectually made by the moctga~ee. for ground rents. taxes and essessments and insurance premiums, as ihe case may be, such excess shall be credited by the mortgegee on subsequent payments to be ~ made by the mortgagor. If, however, the monthly payments made by the moctgagor under (5) of paregraph 2 pre- ~ ceding shall not be suEEicient to pey ground rents, taxes and assessmants end insurance premiums, as the cese may be, when the same shall become due end payable, then the mortgugor shall pay to the mortgegee any amount ~ necessary to make up the deficiency, on or beEore the dete when payment of such ground rents, texes. assessments, oc insurance premiums shall be due. If at any time the mortgegor shall tender to the mortQ,agee in eccotdance with the provisions of the note secured heceby, full payment of the entire indebtedness represented thereby, the moct- gagee shall, in computing the amount of such indebtedness. credit to the account of t:~e mortgagor all payments made under the provisions of (o) of peragraph 2 hereof which the mortgagee has not become obligated to pey to the Secretary oE Houaing and Urban Devetopment and eny baiance remaining in the funds eccumulated under the provisions of (b~ of said paragraph 2. If there shell be a defeult under any of the provisiozs of this mortg~ge, re- ~ sulting in a public sale of the premises covered ~ereby, or if the moctgagee acquires the property otherwise aEter ~ detault, the moctgagee shall apply, at the time of the commencearent of such pcoceedings or et the time the prop- ~ erty is otherwise acquired, the balance then cemaining in the funds accumuleted under (bJ of paragraph 2 preceding as a credit against the amount of principal theq remainiqg unpaid under seid note and shall properly edjust any ° payments which shall have been made under (a) of said paragraph. 4. T~at he will pay all taxes, assessments, water rates, and other governmental or municipal cherges, fines, or impositions, tor which provision hes not been mede hereinbefae. and in default thereof the mort~agee may p+~y ; e the same; and that he witl promptly deliver the official receipts therefor to the mortgagee. ~ ~ ~ - ~ ~ ao~K194 2669 ~ ~