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Home My WebLink About0703 • • • . . , - ~ ~ . _ i s said mortgagor does hereby tully wa~rant the title to said land, and every pa~t ihereof, and will defend the same i against the lawfu! claims of all persons whomscever. ~ t 3 PROVIDED AI.WAYS, and these presents are executed and delivered upon the following conditions. to wit: _ The mortgagor agrees to pay the moctgagee. or order, the principal su~ of SBVENTSBII THWSAND TiIO ~ HUNORBD FIM`1f and 00~100-•-~-----••-------------•-----•--•-•-----•-•~•--••------ Dollars (S 17 ~ 2S0•00 as evidenced by a note of even date herewith, with interest from date at the ~ rate oE Ny,o,n pe~ centum ( 7 96) per annum on the unpaid balance until paid. The said principal and interest shall be payable at the o(tice of ~ 8'i+OCIT~t, NH~TIB~t. DA~t i COI~JINY• 109 Uhst Bip? StxNt. Jack~wavi2l~. l3~1da or at such other place as the holder of the note may designate in writing, in monthly installments of 41~1E HUNDRBD FqJ~TSBN aad 89~100~•-----~-••---•-•-----•Dollars (S 114.89 rommencing on ~ the first day oE .OCtober . 19 ~l . a~d ort the first day of each month thereafter untiltheprincipel and interest a~e fully paid. except that the final payment of principal and interest, if not sooner paid. shall be due and payable on the tirst day of Saptesbsr, 2001. And shall duly, promptly. and fully Qerform, discharge, execute, effect. complete. e~ comply with and abide by each and every the stipulations, agreements. conditions, and covena~ts of said promissory note and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as follows: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or ~n an amount equa! to one or,,more ~onthly payments on the priacipal thet are next due on the,note. on the tirst day of any month prior to maturity: Pro~~ided, however, that written notice of an ibtention to exercise stieh privilege is given at least thirty (30) days prior to prepeyment; and, provided Eudher~ that in the event the debt is paid in full prior to matucity and at that time it is insured under the provisions o[ the National Housing Act, he will pay to ~ the mortgagee an adjusted premium charge of one per centum (1%) of the original principal amount thereof, except that in no event shall the adjusted premium exceed the aggregate amount of 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 obligatton to the Secretary of Housing and Urban Devetopment on accouat of mortgage insurence. 2. That, in order more fully to protect the security of this mortgage, the mortgagor. together witb, and in addi- tion to, the monthly payments under the terms of the note secured hereby~ on the first day oE each month until the said note is fully paid, will pay to the mortgagee the following sums: t i An amount suf(icient to provide the holder hereot with funds to pay the nezt mortgage tnsutance premium i( this instru- me~t and the note securcd hcreDq Yre insured, or a monthly eh~rge (in lieu of ~ mertgage iasnrance pre~eium) it they are held by the Se¢retary ot HousiaQ and Urban Deteloptne~t, as tollows: ~I1 1( and so tong ac s~id note ot even d~te artd th;s u?strumeut are iaaured or +re reiqiured under the provisions of the National Housiag Aci, an amount sufficient to accumulate i~ the handa of the fiolher oae (1) moatA'prior to its due dute the annua! mortgage insurance prem~um, in order to provide such holde~ with [unds to pay auchpreauum to the Secretary ot Housing and Urban Development pursuant to the National Housing Act, as ame~ded, ood applicable t2egu- lations thereunder; or (II) 1( and so tong as said note ot e~•en date and this instrument are held by the Secretary of Housin~ and Urban Develop- mrat, a monthly cha~ge (in lieu ot a mortgage insurance premium) which shall be in an amount equ~l to one-twel[W (1.'12) ot one-hal[ per centum ot the average ouEStanding balance due on the aote computed without takinQ into account delinquencies or prepayments; Ii.) A sum equal to the ground rents, if any, aext due, plus the premiums lbat will next become due and payable on policies o( tire and other hazard insurance covering the mortgaged property, plus ta=es and as~essments next due on the mort- gaged property (all as esuoated by the mortgagee) less all .sums already paid theretor divided by the number o[ months to elapse before une month prior to the date when such gtound rents, premiums, ta:es, and assessments wlli become de- linquent, such sums to be held by mortgagec in trust to pay said ~rouad reats, premiums, taxes, and special assessments; ~ ~nd ~ } All payments mentioned ~n the two preceding subsections o( thta paragraph and all p~ymenta to be made under the note ~ secured herrb~ shall be added together and the aggreeate amount thereot shall be paid by the mortgaQor each month in a cingle paymeat to be applied by the mortgagee to the following items in the order set torth: (1) premi~m charges under the contract o[ insurance with the•Secretary o[ HousinQ and Urbaa Development, or monthly charge (in lieu o( mortQage u~surance premi~un), as the case may he; (11) ground rents, tazes, assessmenta, fire, and other hazard insurance premiums; ~ (Ill) interest on the note secured hereby; and • (1V) amort~zation of ihe principal o[ said note. ~ Any deficiency in the ar~ount of such aggregate monthly payment shall, unless made good by the mwtgegor ~ prior to the due date of the next sucb payment, constitute an event of deEault under this mortgage. The mortgagee may coliect a"late charge" not to exceed two cents (2¢) for each dollar (S1) of each payment moce than [ifteen (15) days in arrears to cover the extra expense {nvolved in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under (6) of pacagraph 2 preceding shall exceed the amount of payments actually made by the mortgagee. for gcound rents, taxes and assessments and insurance premiums, as the case may be, such excess shal! be etedjted by the mortgagee on subsequent payments to he made by the mortgagor. If, however, the monthly payments made by the matgagot under (bJ of paragreph 2 pte- ceding shall not be sufficient to pay ground re~ts, taxes and assessm~~nts and insurance premiums, as the case may be, when the same shall become due and payable, then the mortgagor shall pay to the mortgagee any amount necessary to make up the def iciency, on or befae the date when payment of such ground cents, taxes, assessments, ~ or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordence with ~ the pro~~isions ef the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- ~ gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to payto ~ tbe Secretacy ot Housing and Urban Development and any balance remaining in the funds accumulated under the provisions o[ (6) 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 iereby, oc if the mortgagee acquires the property otherwise after . default, the mortgagee shali apply„et the tiroe. ot the commencement of svc6 proceedings or at the time the prop- ' erty is otherwise acquired, the balance then recnaining in the funds accumulated under (6J of paragraph 2 preceding ~ as a credit against the amount of principal then remaining unpaid undgr said note and shall properlyadjust any ~ # payments which shall have been made under (a) of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental ot municipel charges, fines, or impositions, tor which provision has not been made hereinbefoce, and in default thereof the mortgagee muy pay the same; and that he will promptly deliver the oEEicial receipts thecefor to the mortgagee. f f ~ ~i9~~'~.~ - :i