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Home My WebLink About2080 , • . said mo~tga+got does he~eby fully w~arrant the title to said land, and e~~ery part the~eo[, and will defend the same aga~nst the lawiul claims o[ all perso~s whomscever. PROVIDED ALW'AVS, and these p~esents ace executed and delivered upon the following conditions, to wit: The mortgagor agrees to pay the mortgagee, or order, the principal sum of EIGHTEEN THOUSAND FIVB HU*1ARED and 00~100-•--•--•-•--------•----~--•---•--•-•---•--•-----------•-------- Uollars (518~500.00 as evidenced by a note o[ even date herewith, with interest from date at the rate ul per centum ( 7 9G) per an~um on the unpaid balance until paid. The said principal and interest shall be payable at the office o[ Sl'O~.1CL`ai ~ MH~TIS'Y ~ DA~IN i C~11NY • lOS t~iest B~y St~cAet. JACkaO[lvill,s ~~'L~idi or at such other place as the holder of the note may designate in wtiting, in monthly installments of ONE HUNDRED TNENTlf-THREE snd 21~100~------•----------•- Dollars (s 123.21 coma?e~cing on the Eirst day ot September , 1971 , and on the first dap of each month thereafter untiltheprincipal ! and interest are fully paid. except that the final payment of principal and interest, if not sooner paid, shall be due i and payable on the first dey o[ AuguSt~ 2001 And shall duly, promptly, and fully perform, discharge. execute, effect. complete. and comply with and abide by each and every th~ stipulations, agreements, conditions, and covenants oi said promissory note and of this mortgage, then this mortgage and the estate hereby created shalt cease and be null and void. And the moctgagor further covenants as follows: 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 more monthly payments on the principal that are next due on the note, on the Eirst da~~ of an~~ month prior to maturity: Prot•id~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 Eull 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 (1%) of the otiginal principal aroount thereof, except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been pa~~able 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 artd Ucban Development on accoant of mortgage insurance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with. and in addi- tion to, the monthly payments unde~ the terms of the note secured heceby, on the first day of each month untii the said note is fully paid, will pay to the mortgagee the following sums: t~+l An amuunt sufficient to provlde the holder hereof with funds to pay the ne:t mortQa~e insurance premium if this instru- ment and the note seccred hereby are insured, or a monthly charge (in lieu ot a mortgage insurance premium) if thep are " held by the Secretary ot Housing and Urban Development, as follows: (li It and so lung as said note ot even date and this instrument are insured of ~re reinsured uader the provisions o[ the \ational Nousing Act, an amount sufficienl to accumulate in the hands ot the holder one (1) month prior to its due date the annual m~rtgage insurance premium, in order to provide such hoider with funds to pay euchpremium to the Scrretary of Nuusing end Urban Development pursuant to the National Housing Act. as amended, and appiicable Regu- lat~uns thereunder, or (111 If and so long as said ~ote of eve~ date and this instrument are held by the Secretary ot Housing and U?ban Decelop- mrnt, a monthly charge (in lieu of a mortgage ~nsurance premium) which shall be in an amount equal to one-twelfth ~ (1 12) o[ one-half per centum ot the average outstanding balance d~e on the note computed without taking into account delinquencies or prepaymenis; ~ ~ A sum equal to the ~round rents, it any, nezt due, plus the p~emiums that aiil next become due and payable on policiea f of (~re and other hazard insurance covering ihe mortgaged property, plus taxes and assessments next due on the mort- Kaged property (all as est?mated by the mortgagee) lesa all sums already paid therefor divided by the number o( months j to elapsr before one month prior to the date when such ground rents, premiums, taxes, and assessments will become de- : ~ t~nqu~ nt, such sums to be heid by mortgagee in trust to pay seid ground rents, premiuma, taxes, ¦nd speciat assessments; f and ; ~r r All pa~•rr.ents mentioned m the two preced~ng subsections of th~s paragraph and all payments to be made under the note f secured herrby shall be added together and the oggregate amount thereot shall be paid by the mortgagor each month ?n a sinKle paymrnt to be appfied by the mortgagee to the tollowtng items in the order set forth: (1) prem~um charges under the contract o[ insurance with the Secretary ot Housing and Urban Development, or monthly charKe {~n I~eu o( mortgage insurance premium), as the case may be; (II) ground rents, taxes, assessments, (ire, and other hazard insurance premiums; (III) ~nterest on the note secured hereby; and (IV) am~rtization ~~f the pr~ncipal o[ sa~d note. Any deficiency in the amount of such aggregate monthly payment shall, ~enless made good by the mortgagor priur 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 fiEteen 115) days ~n arrears to cover the extra expense invotved in handling delinquent pagments. s 3. That if the total of the payments made by the mortgagor under (6) of paragraph 2 preceding shell exceed ~ the amount of pay~ments actually made by the mortgagee, for ground rents, taxes and assessments and insurence ; premiums, as the case may be, such excess shall be ctedited by the mortgagee on subsequent payraents to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under /6) of paragreph 2 pte- 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 mortgEgoc shall pay to the mortgagee any amount ' ~ necessary to make up the deficienc~ , on or before the date when payment of such ground cents, taxes, assessments, ~ or insurance premiums shall be due. lf at any time the mortgagor shalltender to the mortgagee in accordance with ~ the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort- ~ ~ gagee shall, in computing !he amount of such indebtedness, credit to the account of the mortgagor all payments ~ mad'e under the prrn~isions of (a1 of paragraph 2 hereof which the mortgagee 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 (L) of said paragraph 2. If there shall be a default under any of the provisio~s of this moctgage, re- sulting in a public sale of the premises covered ~ereby, or if the mortgagee acquires the property otherw~se after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the prop- ert}• is otherwise acqu~ced, the balance then remaining in the funds accumulated under (61 of paragraph 2 preceding ~ as a credit against the amount o[ principal then remaining unpaid under said note and shall properlyadjust any payments which shall~have been made under (a)oT said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for which prrn~ision has not been made hereinbefote, and in default thereof the mortgagee mey pay the same; and that he will promptly deliver the official receipts therefor to the mortgagee. ~ r~ t ~ 9VV/~~~ f~RUL~~ ` t# ! - _ : ~ - : . i~~ .7,,,,.,._~ ~-~~._«i _ _ . ~