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Home My WebLink About0697 . • T ~ ~ + ~.i . ~ said mortgago~ does hereby tully warrant the title to said land, a~d every part thereof, and will defend,the same :+gainst the law[ul cleims of all persons whomsoever. PROVIDED ALN'AYS. and these presents are execute~ end delivered upon the following conditions, to wit: The mortgagot agrees to pay the mortgagee, ot ordet, the principal sum ot SBVBNTEEN '1'tlOUSAND 1~IV8 NUNDRBD FI1~TY and 00~100-----•-••••••--------..••-••---•••-•---.•••--•-•-•--•-••-••- Dollacs (S 17 S50•00 as evidenced by a note of even date herewith. with intecest Irom dete at the rate o( ~ per centum ( 7 96) per aenum on the unpaid balance until paid. The seid principal end interest shall be payable at the oftice of ~ ~ /!'OCQ'~• 1Ai~l'Ii'Y~ Wlriti i Cp1i'AtiY. 2M f~hst Bi~? StsMt, J~ak~oaWil3~. M'L~OC1di ~ or at such other place es the holder of the ~ote may designete in wciting. in monthly installments of ONE HUIiDBBD SI7CrEEt~1 and 88~100~•••••••••-••--••-•~••~• Dollars (S 116.88 commencing on the first dey o[ O~CtObe= . 1971 . and on the first dey of each month theceaftec untiltheprincipal and interest ere Eully paid. except that the final payment ot principal a~d interest, if aot sooner paid. shall be due and payable on the first day of Sept~r~ 2001. And shell duly. promptly. a~d fully pedo~m. discharge. execute. effect. complete. and comply with and ebide by each and every the stipulations, agreements, conditions. and cove~ants of said pcomissory note end of this mortgage. then this mortgage and the estate hereby created shall cease and be null and void. And the matgagoc further covenants as follows: 1. That he will pay the indebted~ess, as hereinbefore provided. Privilege is rese~ved to pay the debt in whole, or ~n an amount equal to one or more monthly poyments on the principel that att ne:t due on the note. a~ the first da~~ of any month prior to maturity: Pro~•ided, however, that written notice of en intention to exerclse suc6 privilege is given at least thirty (30) days prior to prepayment; and, provided further, that in the evrnt the debt is paid in [ul[ prior to maturity and at that time it is insured under the provisions of the National Housing Act. he will pay to the mortgagee an adjusted premium cherge o[ one per centum (19'e) of the Otiginal ptlncipel amount thereof. except that in no event shall the adjusted premium exceed the aggregate emount of premium chargez which wouid have been payable if the modgage had coMinued to be insured until maturity; such peyment to be applied by the mort- gagee upon its obligation to the Secretary of Nousing and Urban Development on account of modgage insurance. 2. That, in order more fully to protect the security of this mortgage, the mortgsgor. together with~ and in addi- tion to, the monthly payments under the terms of the note secured heceby, on the first day of each month until the said note is tully paid. will pay to the mortgagee the following sums: _ {~t! An amount suf(icient to p~ovide the holder hercot aith tuads to pay the ne:t mortQaQe insurance premium i[ this instcu- ment andthe note secured hereby are insured, or a monthly charge (in lieu of • mortgage insnrance premium) i[ lhey are held by the Secretary of Houeing and Urban Developsnent, as tollows: (i) I[ and so long ~s said notc ot even date and this inatrument ~re incured or ~re reiasured under the provlalons o( the ~etional Housing Act, an amou~t sufticient to accumulate in the hands ot the holder one (1) month prior !o its due date the annual morteage insuronce premium, i~ order to provide such holder with funds to pay suchpremium to the Secretary ot Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- lat~ons thereunder; or f111 If and so long as said note of even date and this instrumetft ore held by the Secretary of Housing and Urban Develop- nent, a monthly charge (?n lieu o( a mortgage insurance premium) which shali be in an amouot equal to one-twel[th (1 12) of one-hal( (!i) per centum of the average outstanding balance due on the note computed without taking into account delinquencies ot prepayments; f A sum equal to the ground rents, i( ~ny, oext due, ptus ~the premiums that will next become due aad payable on policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments ne=t due on the mort- j gaged property (all as estimated by the mortgagee) less all sums already paid there[or divIded by the number ot months f to el~pse before one month prior to the date when such ground rents, premiums, taxes, and assessments will become de- i I I~nquent, such sums to be held by mortga~ee ia trust to p~y aaid groun rents, premiums, ta:es, and specirl assesaments; ~ and ~ 1 All payments mentioned in the two precediei~g' subsections o[ this paragraph and alt payments to be made under the note secured hereby shalt be added together and Ihe aggregate amount thereo( sha11 be paid by.the mortQagor each month in a t single pay~nent to be applted by the mortgagee to the (ollowing itema in the ordet set torth: (1) prem~um charQes under the conlract ot insutance with the 5ecretary of Housing and Urban Development, or monthly charge (~n 1?eu of mortgage insuronce premium), as the c~ae may be; (111 ground rents, tazes, assesaments, (ite, and othet hazard insurance premiums; (IIl) interest on the note secured hereby; and (1V) amortization of the principai of said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such payment, constitute an event of default 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 extre expense involved in handling delinquent payments. 3. That if the total of the peyments mede by the mortgegor undec (b) of parag,~eph 2 preceding shall exceed the amount of payments actually made by tbe mortgagee. foc gtound rents, texes and assessments and insurence prem~ums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, ihe monthly payments made by the matgagor under (6) of peragraph 2 pre- ced~ng shall not be sufficient to pay ground rents, taxes and assessm.~nts and insurance premiums, as the case may be, when the same shall become due and payable. then the mortg~gor shell pay to the mortgagee any amount necessary to make up the def iciency, on a beEae the date when payment of such ground cents. taxes. essessments, ~ or insurance premiums shali be due. If at any tia?e the moctgagor shall tender to the mortgagee in eceordance with the provisions of the note spcured hereby, full payment of the entire indebtedness represe~ted thereby, the moct- gagee shall, in computing the amount of such indebtedness, credit to the account ot the mortgagor ell payments made under the provisions oE (o) oE peragreph 2 hereof which the mortgagee hes not become obligeted to pay to the Secretary of Nousing and Urban Development and any balance iemaining in the funds accumulated under the provisions of !bJ of said paragraph 2. If there shall be a default under any of the pcovisio~s of this mortgage, re- sulting in a public sale of the premises covered ~ereby, or if the mortgagee acqui~es the property atherwise eEter default, the matgagee shall apply, at the time of the commehcement of such pcoceedings or at the time the pcop- erty is otherwise acquired, the balance then remaining in the Eunds accumulated under (6J of paregraph 2 preceding as a credit against the smount of prlncipel then remaining unpaid under said note and shall properlyadjust eny payments which shall have been made under (oJ of said paragcaph. 4. That he will pay al) taxes, assessments, water rates. and other governmental or municipal cherges, flnes, ! or ~mpusitions, for which Provision has not been made hereinbetae, and in default thereof the mortgagee moy pay ~ the same; and that he will pcomptty deliver the otficial teceipts theretor to the mortgagee. . ~ d ~ . . _ _ _ , ~ tk