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Home My WebLink About0105 suid mortgagor does heteby fully warrant the title io said land, end every pact theceof, and will detend the same against the Ic~w[ul claims o[ all pc~sons whomsoever. PROVIDED ALWAYS, and these presents are executed and detivered upon the following cor~ditions. to wit; ; The mortgagot egrees to pey the matgogee, oc ordec, the principal ~um of EIGHTEBN THOUSAND NINS . RUl\~/l\i?~ a~d ~~/1VV~~~~~~~~~~~~~~~~~~w~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~.~~~~~• Dotlars CS 18~900•00 as evidenred by a note of even date herewith, with interest from dete at the ~ rate ot per centum ( 7 9G) per annum on the unpaid. balance , until paid. The seid principal and intecest shall be payable at the ofEice of S'1'OCQ'~~ Nli~IaY• DAVIN i C~1tiY. 1~ M~st 8eq? 3LtcNt. JackfOtiVl1~?~• ~'i~a ~ « at such dhe~ place as the holder ot the note may designate in writing. in monthly instellments of ONE" ~NNNDSED ~l\L I~FiVO and 87~100~~~~~~'~w~~~~~~~~~~~• ~0~~8IS iZS~87 COI~"1If1e11C1Ag ~ ~ the first day ot g~ptember . 1971 . and on the first day of each month thenafter untjltheprincipal ? and interest are fully paid~ except that the final peymerit of principal and intetest, if not sooner paid. shall be due ; and payable on the ficst dey of Auguat~ 2001• : ' ; And shall duly. promptly, and fully perform, discharge, execute, etfect. complete, and comply with a~ abide ~ by each end every the stipulations, agreements, conditions, and covenants of said promissory note end of this } moctgage. then this mortgage and the estate hereby created shall cease and be null and void. ~ And the matgagor furthet covenants as follows: ~ 1. Thet he will pey the indebtedness. as hereinbe[ore provided. Privilege is reserved to pay the debt in whole. ~ or i~ an amount equal to one or more monthty peyments on the Principal that are next due on the note, on the first day ot any month p~ior to maturity: Prvvided. however, that written notice of an intention to exercise such privilege ~ is given at least thirty {30) days prior to ptepayment; and. pcovided Eurther. that in the evtnt the debt is peid in ~ tull prior to matu~ity and at that time it is insured under the ptovisions ot the National Housing Act, he will pay to the mo~tgagee an adjusted premium charge of one per centum (196) of the original Qrincipel amount thereot, except t that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would tiave ; been peyeble iE the modgage had continued to be insured until maturity; such peyment to be applied by the mort- gagee upon its obligation to the Secretacy of Housing and Urban Development on eccoont of mortgage insurance. 2. That, in order moce fully to protect the security of this mortgage, the mortgagor, together aith~ aad in addi- ' tion to, the monthly payments under ihe terms of the note secured hereby. on the first daj? of each month until the said note is fulty peid. aiil pey to the mortgagee the following sums: ~al An pmount sutticient to provide the holder hercot with tunds to p~r the aext mortgage insur~nce premium i( this instru- ment w?dthe note secured hereby are insured, or a monthly chuge (in lieu of a mott~aQe insuronce premium) i[ they aie heid 6y the Secretary of Housine and Urban Developmertt, as tollows: (i) i[ and so long aa said note of even date and this instn~ment are insured or arc~rcinsured under the provisions of the Nationol Housi~Q Act, ao amount sutticient to accumulate in the honds of the holdar one (i) month prior to its due date the annuai mortgoge insurance ptemium, in order to provide sucA holder with tunds to pay •uch premium to the ~ Secretary of Housing and UrbAn De~elopmrnt pursnrnt to the Notional Housing Act, as amended, ond applicable Regu- ~ lations Ihereu~der, or (li) I( rnd so long ~s said note of ecen d~te and this inatniment are held by the Secretarr ot Housing and Urban Aevelop- ment, a monthty chargc (in lieu ot a mortgoge insurance prcmium) ~rhich sholl be in an omount equal to one-twet[th (1.'12) ot one-h~lt (~y) per centum of the overoge outstanding balance due on the note computed without takin~ iato account delinquencies or prepay~aNs; (hl A sum equai to the gromd rents, if any, next due, plus the premiuma that wrill ne:t become due and payable on policies of [irc and other hazard .insur~ace covcrin¢ the mortgaQed propeirty, ptus tozes and ossessmenta nezt due on the mort- goged property (all as estimated by the mottgagee) less all sums al~eady paid there(or divided by the number o[ months to elapse betore one month prior to the date wrhen such ground rcAts, premiums, to:es, and asseasmenta wilt become de- linque~t, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, ond special assessme~ts; and %r 1 All payments mentioned in the lvco preceding subsections o[ this parograph and all payments to be mode under the note ~ secured hereby shall be added together and the aggregate omount thereot shsll be paid by tht mortgagor each month in a ~ singte payment to be applied by the mortgagee to the tollowing items in tfie order set torth: ~ (I) premium char¢es under ihe contract of insuraoce aith the Secretary ot Housin~ ~nd Urban Development, or monthiy i i charge (io lieu ot caortgage insuronce {xesnium), as the c~se may be; ` (II) ground rents, tazes, assessmerits, fire, and other has~rd insurance premiums; 'Y ~ QII) ir?terest on the note secured hereby; and ~ i (IV) amortlzation of the principal ot said note. ` ` An deficienc in the amount of such a re ate monthl ~ ment shall, unless made ood b the mort a or ~ i Y Y BB B Y PaY 8 Y g 6 ~ prior to the due date of-the next such payment, constitute an event d default under this mortgage. T6e mortgagee , may collect a"late charge"'not to exceed tovo cents (2t) for each dollar (S1) oi each payment more than Eifteen ~ (15) days in arrears to cover the extra expense involved in handling delinquent payments. i ~ 3. That ~ the tdal of the peyments made by tbe mortgagor under (6) ot peragrapb 2 preceding shalt exceed 4 the amou~ of t6e paymeMs actually made by the moctgegee. for g~ound rents~ taxes atd assessments and insur- s ance premiums.as the case may be, such excess at the option of the modg,ogee, shatl be credited on subsequent ~ payments to be made by the mortgagor, or reEuaded to the mortgagor. If, however, the raoMhly paymeds made by ~ the moctgagor under (bJ af peragraph 2 pceceding shail not be sufficient to pey gtound rents, taxes and assess- ( ments and insuran~e premiums, es ti~e case may be, when the same shall become due end payeble, then the mort- ` g~ga shall pey to the mortg,egee any amo~t necessary to make up the deficiency, on or befae the date when pey ment d such ground rents, taxes, assessments, or insurance premiuma shell be due. IE at eay time the matga- gor shall tender to the matgagee in accocdance with the pcovisions of the note secured heceby, full peyment of the ratire i~debtedneas represented thereby, the mortgagee shall, in computirg the amount d such indcbtedness, credit to the accouM d the mo~tgagor all payments made under the pravisions oE (oJ of para~raph 2 herea[ arhichthe mortgagee has not become oblig,ated to pey to the Secretary of Housing pnd Ucban Development and any balance remaining in the funds accumuleted undet the provisions of (b) of said poragraph 2. IE thece shell be a defauft un- der any a[ tt~e provisions of this aartgage, resultinR in e public sete d the premises covered hereby, or if the ~ ~tgagee acquires the property dherwise after default, the mo~tgagee s}~11 apply, at the time of the commence- ` ment of snch proceedinga or at the time the propedy ia dherwise acquiced, the batance then remaining in the fu7ds ' ~ xcumulated under (6J d peragtaph 2 preceding es a credit against t6e amount of prinCipel then remaining unpoid E under said nde and shall properly adjust any payments which ahal! have been made under (oJ of seid paragraph. , E ' ~ f ' aoe~ 195 ~ , ~ t - t . -