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HomeMy WebLinkAbout1886 . - _ . ; said mortgagor docs hereby fully warrant the titte to said land, and eve~y part thereof, and will defend the same ~ dgainsl the law[ul claims of all persons whomscever. ~ PROVIDED ALN'AYS, and these pcesents are executed and delivered upon the following conditio~s. to wit: ~ ~ The mortgagor agrees to pay the mortgagee, or o~der. the principal sum of gl~t~'EgN THaJSANp SBVSN ~ izVl~YL1~Y And fl0~lO0.w~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~°~~~~~~~~~~~~~~~Nw~~~~~~~~~~~ ~ Dollars (5 18~700.00 as evidenced by a note oE even date herewith. with interest from date at the ~ rate of ~ per ce~tum ( 7 96) per annum on the unpaid balance ' until paid. 'fhe said principal and interest shali be payable at the office of 91~OC~'OM • Mii~'I~Y • W?~IN ~ Cd11'~t~fi • lM `hst 8i~p? 8tz~et, Jaclc~onv33le • 1'l~acida or at such other place as the holder of the note may designate in writing. in monthty i~stallments of q~iB HUNDRBD TWSNTY•FOUR and 54~100~~~~~~~~~~~~~~~~NN Dollars (S 124.54 coma~enci~g on . the tirst day of OCtOber , 19 71. and on the first day of each month thereafter untit the principal a~d interest are fully paid. except that the final payment of principal and interest, if not sooner paid. shall be due and payable on the first day of Septtmbei~ 2001• And shall duly, promptly. and fully perform. discharge, execute, effect. complete. and comply with end abide ~ by each and every the stipulations. agreements. conditions. and covenants of said pranissory note and of this i mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the ~?wtgagor further covenants as foltows: 1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or mae mo~thly peyments on the principal that are next due on the note. on the first day of any month prior to maturity: P.o~•id~d, however. that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepeyment; and. provided further. that in the event the debt is paid in full 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 charge of one per centum (196) 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 obligation to the Secretary of Housing and Urban Development on account of mortgage insurance. 2. That, in order more fully to protect the security of this mortgage. the modgagor, together with~ and in addi- tion to, the monthly payme~ts under the terms of the note secuced hereby, on the first day of each month until the said note is fully paid, will pay to the mortgagee the following sums: (rr i An amou~t su[ficient to provide the holder hereof with funds to pay the next mortgage insurance premium it this inst~u- i ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) it they ate hrld by the Secretary ot Housing and Urban Development, as foUows; (1) It and so long as said note of even date ond this inatrumeat ere inaured or are reinsured uader the provisions ot the tiationai Housing Act, an amount su(ficient to accumulate in the hands of the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such holder with funds to pay suchprcmium to the Secretasy ot Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regu- lations thereunder; or (11) If and so long as said note ot eve~ date and this instrument are held by the Secretary o[ Housing and Urban Develop- ment, a monthty charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth (1 ' 12) ot one-half ('ti) per centum of the average outstanding balance due on the note computed without taking into account delinquencies or prepayments; i~~~ A sum equat to the ground rents, i[ any, ne:t due, plua the premiums that wi11 next become due and payable on policies ot fire and other hazard insurance covering the mortgaged property, plus ta:es and asaessments next due on the mort- gaged property (all as estimated by the mortgagee) less all aums already paid thereto~ divided by the numbe~ of months ~ to elapse before one month prior to the date when such ground rents, premiums, taxes, and asseasments will become de- f finquent, such sums to be held by moKgagee in trust to pay said ground rents, premiums, taxes, andspecialassessments; and ~ ~ri Atl payments mentioned in the two preceding subsections of this paragraph and ali payments to be made under the note ~ secured herrby shall be added together and the aggregate amount thereot shall be paid by the mortgagor each month in a single payment to be applied by the mortgagee to the tollowing items in the order set torth: premium charges under the contract of insurance with the Secretary oi Housing and Urban Development, or monthly ~ charge (~n 1?eu o[ mortgage insurance premium), as the case may be; ~ (II) ground rents, taxes, assessments, fire, and other hasard insu~ance premiums; (Ill) interest on the note secured hereby; and (IV) amortization o( the principal 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 coliect a"late charge" not to exceed two cents (2a) for each dollar (tl) of each payment more than fifteen i (15) days in arrears to cover the extra expense involved in handling delinquent payments. ~ 3. That if the total of the payments made by the mortgagor undet (6) of paragraph 2 preceding shall exceed F the amount of payments actually made by the mortgagee~ for ground rents, taxes and assessments and insurance j premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be ~ made by the mortgagor. If, however, the monthly payments made by the matgagor under (6) of paragraph 2 pre- ceding 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~goc shalt pay to the modgegee any amount ~ necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor shall tender to the mortgagee in accordance with ~ the provisions of the note s~cured 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 (01 oE paragraph 2 hereof which the moctgagee has not become obligated to payto tbe Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the • provisions of (6J of said paragraph 2. If there shall be a default under any oE tke provisioas of this mortgage, re- sulting in a public sale of the premises covered iereby, or iE the mortgagee acquires the property otherwise after ~ ~ ~ E default, the mortgagee shall apply, at the time of the commencement oE such pcoceedings or at the time the prop- , erty is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paragreph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shell properlyadjust any payments which shall have been made under (aJ of said pacagraph. ~ 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal chatges, fines, or impositions, for which provision has not been made hereinbefore, and in default thereof the mortgagee may pay the same; and that he will promptly deliver the official receipts therefor to the mortgegee. ~ f l~OOK PA6f i 1 - ~ : _ ; . - - - - ~ .