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Home My WebLink About1892 . • ~ . ~ ~ ~ t ~ said mortgagor do~s hereby tully watrant the title to said land, and ever f y part thereof, and will defend the same } a+guinst the lAwful claims o[ all pe~sons whomsceve~. ~ PROVIDED ALWAYS, and these presents are executed aod delivered upon the following conditions~ to wit: The mortga gor ag ees to pay the mottgegee, oc order, the principal sum of EICHTBEN THOUSAND SEV$N HUNDRED and OOf 100.•-~-•-..•-~•--••-------•-----••--•---•-------•-•-----•--•-•-•-- Dollars (S Z8~70Q•~ as evidenced by a note of even date herewith, with interest from date at the rAte of pe~ cantum ( ? y6) per annum on the unpeid balance u~tii peid. e said principal anc! interest shall be payable at the office of 8~1'OC~i~, Nti~iY• W1VI~t i Cdl~A1K• 1.0~ INst Bq 3tr~at• Jac~son~2la• Yl~r~ or at such other place as the holder of the note may designate in writing, in monthly installments of Or16 (~iUNDRgp TiiENTY•FOUR end 54~100~~-•--~-•------~~.. pollars (s 124.54 commencing on the first day of September , 1471 , and o~ the ficst day of each month theceafter untiltheprincipel end intecest are Euily paid. except that the Einal payment of principat and interest, iE not sooner paid. shall be due and payeble on the first day of Augus t~ 20Q1. ; And shali duly, promptly. and fully perform, discharge, execute, effect, completti, and comply with and abide by each and every the stipulateons, agreements, conditions, and covenants of said promissory note and of this mortgage, then this mortgage and the estete hereby created shall cease end be null and void. And the mortgagor Eurther covenants as [ollows; 1. That he will pay the indebtedness. as hereinbefore Qrovided. Privilege is reserved to pay the debt in whole. or ~n an amount equal to one or more monthly payments on the principal that are ~ext due on the note, on the first day ot any month prior to maturity: o.orid~d, however~ that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepayment; 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 thereot, except that in no event shall the adjusted premium exceed the aggregate amount oE premium charges which would have been payable if the mortgage hed continued to be insured until maturity; such payment to be applied by the mort- gagee upon its obiigation to the Secretary of Housing and Utban Development on eccount of moctgege insurance. 2- That, in order more fully to ptotect the security o[ this mortgage, the mortgagor. together with. and in addi- tion to, the monthly payments under the terms of the note secuced hereby, on the first day of each month until the said note is fully paid, witl pay to the mortgagee t~e following sams: / An amount sufficient to provide the holder hereot with funds to pay the ne:t mortgage it?su~ance premiu~ it this instru- ment and the note secured hereby ere insured, or • monthly charge (in lieu of a mortgage ipsurance premium) if they ~re held by ihe Secretary of Housing and Urban Development, as [otlows: (I) if and so tong as said note of even date and this instniment are insured or are reinsured under the pwvisions of the National llousing 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 ptemium, in order to provide such holder ceith [unds to pay sucbpremium to t6e Secretary o[ Nousiag and Urban Development pursuant to the Nationat Housing Act, as omended, and applicable Regu- lat~w?s thereunder, or {lt) If and so long as said nole of even date and th~s insttument are hetd by the Secretary ot Housing and Urpan Develop- ment, a monthip charge (in lieu of a mortgage insurance premium) which sha?1 be io an amount equal to one-twelfth (1 12) of one-halt (ih) pe~ centum ot ihe average outstanding balance due o~ the note computed withoutlaking into account delinquencies or prep~ymenta; !.h~ A sum equal to the ground rents, it any, next due, pius the premiums that will neYt become due and payable on poticies ot fire and other hazard insuraece covering the mortgaged property, plus taxes a~d esaessments nezt due on the mort- gaged property (atl as estimated by the mortgagee) less att sums alreadp paid therelor divided by the number of months to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments wi11 become de- linquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and speciat essessments; and 1 Ali payments mentioned in the two precedi~g subsections of this paragraph and ail payments to be made under the note secured hereby shail be added together ac?d the aggregate amounl thgreot shali be paid by the mortgagor eoch month in a s?ngie payment to be applied by the mortgagee to the followmg items in the order set forth: (I) premium charges under the contract of insurance aith the Secretary of Housing and Urban Develapment, or monihly charge (i~ lieu of mortgage insurance premium), as the case may be; (ti) gtound rents, ta:es, assessments, fire, and other hazard insurance premiums; - (Ill) interest on the note secured hereby; and (IV) amortization of the principal ot said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the m«tgagor prior to the due date of the next such payment, constitute an event of default under this mortgage. The mo~tgagee ~ may coilect a"late charge" not to exceed two cents (2Q) for each doltar (S1) of each payment more than fiEteen (15) days in arrears to cover the extca expense involved in handling delinquent payments. s . , 3. That if the tdal oE the payments coade by the uartgagor uader (6) of paragraph 2 preceding shall exceed 4 the amount of the payments actually made by the mortgagee. for ground rents, taxes and assessments and ir~ur• ance premiums,as the case may be~ such excess at the option of the modgagee, shall be credited on subsequent peyments to be made by the mortgagor, or refunded to the ~aortgagor, IE, however, the monthly paymeMs made by the mortgagor under (bj of peragraph 2 preceding shall nd be sufficient to pay gcound rents, taxes and assess- ments and inswance premiums, as the case may be, when the seme shall become due and peyable, then the mort- g~gor shatl pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when pey- ment of such g~ound rents, taxes, assessments~ or insurance premiums shall be due. U at any time the matga- gor shall tender to the mortgagee in accordance 9vith the provisions of the note secured hereby, full peya~nt of the entire irdebtedness represented theceby, the moctgagee shall. in computirg ihe amount of such indebtedness, credit to the account of the mortgagor all paymenis made under the provisions of (4) of paragraph 2 hereof whichthe mortgagee has not become obligated to pey to the Secretary of Housing and Urban Development and any balar~ce remaining in the funds accumulaled under the provisions of (6J of said paragraph 2. If there shali be a default un• ' der any of the provisions of this mortgage, resuttinR in a public sale of the premises covered he~eby, a if the mortgagee acquires the property otherwise atter defautt, the mortgagee shetl apply. at the time of the commence- ! ment o( such pcoceedings or at the time the property is othervvise acqaired, the balence then remaining in the funds accumulated under (bJ ot peregraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall propeily adjust any payments which shell have been m'a~fe-vnder (a) ot said pecagraph. • d o~ l~ p~ct 1$90 . ~ . - - _ _ '~~~,~::y ~ '