Loading...
HomeMy WebLinkAbout2811 ~.~td cn.~ctgu~;ur .iu~•s hrrrt?~~ (ull~• w•.~rr.~nt thr Utlc tu said land, :~nd e~•~•rp purt thereof, and w•~11 dci~•nd the s.+me .~~;.~~n~t th~ i.~w•lul cla~m~ of ~11 pe~sons w~humsoe~~er. PRO\'IDF:D ALN'AYS, :+nd these presents are executed and deli~•ered upon the following conditionc, to wit: "fh~ mu~tK:+gor aKre~~s to pc~~~ the mortgagce, o~ otder, the prinripal sum af EIGNT~N THOUSAND NINS HUNDRED AND NO/100------------------------------------------------------------- l~llars ~5 18,900.00 as e~•idenced by~ a note of e~~e~ date ~ICf@N~ith, with inte~est from date at the r.~te uf per centum ( 7 0) pe~ annum on the unpaid balance until pa~d. The said pnnci~+l and interest shall be p~~•able at the office of 9'1'QCId'f~1• MHiS~Y • W1riN i Cd~J1Mt, 10~ ~1~~t Bay StsM~. a+~ck~onvi3le. ~l~ida ~x .+t surh other place as the ho?der of the note may designate in writing, in monthly ~nstallments of ONE tiUNDRSD ~ Z1n1ENrY-FIVS and 87/100------------------- Dollars (S 125.87 commencing o~ ~ ~h.• (i~st da~• of 5eptend~er . 19 71, and on the first dap of each month thereafte~ untiltheprincipal :+nd interest are full~• paid, except that the final pa~~ment of Principal and interest, if not sooner paid, shall be due and p:~yable on the ficst da~ of August, 2001. And shall duly, promptl~•, and full~• perturm, dis:hacge, execute, efEect, complete, and comply with and abide b~ e:~ch and e~~ery the st~pulations, agreements, conditions, and co~•eaants of said promissory note and of this mortK;~ge, then th~s mortgage and the estate hereby created shall cease and be null and void. r\nd the mo~tgagor further co~•enants as follows: 1. That he will pa~ the indebtedness, as here~nbe[~re proeided. Privilege is reserved to pay the debt in v?hole. ur ~n ;~n :~muunt equal to one or more monthly payments on the principal that are nezt due on the note, on the first da~ of anc munth prior ta maturit~: f'r.~ ad.•~l. however, that vvritten notice of an intention to exercise such privilege ~c ki~•en :+t least thi~t~• (30) da~•s prior to prepapment; and, provided further, that in the event the debt ~s paid in full pr~or to maturit~• and at that timc it ~s insu~ed under the pro~•isions of the National Housing Act, he will pay to • the mortKagee an adjusted premium charge of one per centum (1 0) of the origi~al principal amount thereo[, exrept th:,t ~n n~~ e~•ent shall the adjusted premium exceed the aggrega[e amount of premium chacges which woald have been pa~•able if the mortgage had continued to be insured until maturity; such payment to be applied by the mort- _ kaKee upun its obligation to the Secretary of Housing and Urban Development on account of mortgage insurance. Th:~t, in order more tully to protect the security ot this mortgage, the mortgagor, together with, and in addi- tion to, the montfil~• payments under the terms of the note secured hereb}, on the first day of each month until the sa~d note ~s full}• paid, will pa~• to the mortgagee the [olloveing sums: : An a.^...~unt suff~c~ent to pro~•ide the holder hrreof vatth funds to pay the next mortg+ge msurance premwm i[ this instru- r.~~mt and thr note secured hrreb~~ are ~nsured, ot a munthl~• charge (~n liru uE a mortgage insurance premwm) if they are h.•Id M thr ~ecretary of Housing ~nd Urban De~~elopment, as (oilovcs: :.1 ~ If .+nd so lung as said note o( eren date and this instrument are ~nsured or are reinsured under the provisions o( the Xationai Hou~mg Act, an amount suft~ctrnt ta accumulate ~n the ha~ds o( the holder one (1) month prior to its due da;r the annual r.•ortgage insuranre prem?um, ~n urder to proa•~de such holdrr vr~th funds to pay such prem~um to the Sc•i retan o[ Fious?ng and Urban Decelopmen! pursuant to the National Hous~ng Act. as amended, and applicable Rrgu- ;at~~~n. thi•n•undrr, or ' Ii: I[ a~d lon~ as said n~tr ~f e~•rn date and th~s ~nstrument are held by the Secretary o( Housing ~nd Urban De~riop- ' r. rnt. a.^....nthi~~ charKe t~n l~eu of a mortgage insurance premwm) vrh~ch sha(1 be in an amouM equal to one-twelfth ~ i l'~ ~f onr-hatf per rrntur.i ot the average outstandir.g balance due on the nole computed without taking ?ato a:: ~~unt del~nqueni ~es or ~repa~•mrnts, 3 ~ A.uT ryual to the ~roune~ rents, ~f an~, ne:t due, plus the prem~ums tha; wiil nrxt brcome due and payablr on polic~es " ~t firr .+n.'. <~ther }IdYdfll ~nsurance covenng the mortgaged pr~pert~, plus taxes and assessments ne:t due on the mort- ; ~..Fr.i ;~r•.~pe~r.c ta:l as est~mated by the mortgagee} tess all sums alread}• paid therefor di~~ded by the ~umber of months r[ap.~~ befon• ~~ne ~r.onth prwr to the date v~hen such ground rents, prem~ums, ta:es, and assesssr.ents w~ill become de• ~ I:.^.q~r~t. ~~ch su^s tu be hetd by r~ortgagee in trust tu pay said ground rents, premwms, taxes. andspec~alassessments, k ~ ani! + ,~i. ~,a~r~•r::~ Tentionrd in the tw~o prered~ng subsrct~ons of th~s oaregraph and all payments to be made under the note { ~rc 'red hrrrbc nhall F.e added togrther and the agKregatr amount thereo( shall be patd by the n:ottgago~ each mvnth in a f _ :~,.r ya~^.rnt to be applied b}• the r..ortga~;re to lhe (olloaring items in the order set [orth: ~ t ptt•^.~ur. rhatges undrr thr contract of insurancr vcith the Secretary ~~f Hous~ng and Urban Development, or monthly t ~ ~ hdrF.• ~in :3eu o( r.:ortgage insurance premium), as the case may be, 11 ~ gr:,and rents, taxes, assessmrnts. (ire, •nd other hazard ~nsurance premiums; Iii! ~nterrsi on tnr nocr secured'nereb~; +n6 +I\'i a-.rt~zation u( the pnncipal ot sa?d note. ~ :~n~ d~f~cienc~ in the ar.~ount of such aggregate monthly pa~•ment shall, unless made good by the moctgagor ,~rior to thr due date ot t~e next such papment. constttute an event of default under this mortgage. The er.ortgagee c.,~ c-c~llec-t a"lat~ cha~gP" not to exceed two cents (2¢) ior each dollar (51) ot each pay~ment more than fifteen ; cl~~ da~s ~n arrears to co~•er the extra expense im•oi~•ed in handling deltnquent payments. # i 3. Thet it the total o( the payments made by the mortgagor under (L) ot paragraph 2 preceding shall exceed thc- a~^uu~t of pa}~ments actually made by the mortgagee, for ground rents, taxes and assessments and insurance pre~::i~ms. :~5 the ca~e may be, such excess shall be credited by the mortgagee on subsequent payments to be :~ec'.e bt tfie mortgaRor. If, however, the monthly payments made bp the mortgagor under /6) of para~raph 2 pre- ~ cedinR shall not be suft~c~ent to pay ground rents. taxes and assessm~•nts and ~nsurance premiums, as the case ~ ;y T:aY be, when tne ~ame shail become due and payable, then the mortgsgor shail pay to the mortgagee aoy amount ~ nrcetisar}- to make up the defic~ency,on or ~efore the date when payment of such ground rents, taxes.assessments. ~ or insurance , remiums shall be due. lf at any time the mortgagor shall tender to the mortga~ee in accordance w•ith ~ t!~e protiisi~~ns of the note secured hereby, full payment oi thr entire indebtedness represented thereb~•, the mort- ~ ({eRPe shell. ~h comput~ng the amount of such indebtedness, credit to the account of the mortgagor al! payme~ts . ~ :radr under the pro~~~s~ons of (u/ o( paraKraph 2 hereof which the mortgagee has not become obligated to Eayto ~ ~ ~ne Secretart~ o[ Nousing and Urban [~velopment and any balance remaining ~n the funds accumulated under the ~ ~ t,r~::~~~,ns ~,f /+~t of said paraRraph 2. If there shall be a default under any of the provisio~s of th~s mortgage. re- ~ Sult~nK ~n a pubi~c sdle of the prem~ses covered iereby, ot if the mortgagee dcquires the property othetw~se after ~ d.•f~~ult, thr• r~ortRaKee shall apply, at the Ume of the commencement o( such proceed~nRs or at the t~me the prop- ~ rrt~ r>therw~se acquue•d, the balance then re:na~n~ng ~n the funds arcumulatc~d under of paraKraph 2 preced~ng ~ :~ti a cred~t :+Kainst thr amvunt uf princ~pal then remain~nR unpaid undet said note and shall properl~•adjust un~• ~ ~~:~~•rrrnts •uh~ch sh:.!1 !~ave becn made under (ul o( said patagt[~ph. ~ 4"Th:~t he w~ll pey all taxes, assrssments, water ~utes, snd othe~ qoct~rnmenta) or mun~c~pal cherRes, fines; , ~ ir.:~~~,Sitinns, fot wh~ch pro~•~s~on h;~s not bcen madP hereinbe(ore. :+nd ~n de(ault thereo( ihe murig~gec ma?• pa~• ' ~ rh~• ;.~r,:~, :~nd th:~t ht• wtll pn~mpily del~ver the offic~ai rece~pts therefo~ t~. the mortgagee. ~ • s~i94 ~&Q9 ~ ey ~ ~ R'~-^' ' " ~ " _ . " . . . . . . .