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HomeMy WebLinkAbout2214 said mortgHgor does hereb~~ fully wacrant the titie to ~a~d land, and e~•ery part thereof, and w~U defend the same against the lawful ciaims of al! persons M~homsoe~~er. PROVIDED ALw'AYS, and these presents are executed and delivered upon the following conditions, to w~it: The mortgagor agrees to pay the mortgagee, or order, the principal sum of i'~.:tiE~~ i_~ :'?l'L'S.:::~ 4.:~ ;C~11J~ _ - DoUars (S i`?,JJJ.;IJ as evidenced by a note of even date herewith veith interest from date at the rate of sc~•e_n pet centum ( .'tio) per annum on ine un~aid ~aiancr - until paid. The said principal and interest shall be payable at the office of Stoc~:to;~, ?:n~tle:~, J~:•in _ Comp~:n}•; 1"J~ ~:~sL :.~c Strcc~~ ~ T..ci.so:~vilie, . ?ori ~c 322J2 or at such other plece as the holder of the note ma~• designate in writing, in monthl~• installments of ~.;E 'u ~~:•,;.F-~~; t.::J 54%iJ:; - Dollars (S i~t.~4 coma~enciag on the first day of `r ebruar5~ . 19 and on the first day of each month thereafter until the principal and interest are fully paid, except that the final payment of principal aad i~terest, if not sooner paid, shall be due and payable on the first day of ~~nu~: r, 2~J2 . . And shall duly, promptly, and full}~ perform, discharge, execute, effect, complete, and comply with and abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this mortgage, then this mortgage and the estate hereby created shall cease and be nult and void. And the mortgagor further covenants as foilows: l_ Th~t he will nav the ind~btednets, as hereinbefore provided_ Privilege is reserved to pay the debt in w6ole, or in an amount equal to one or more monthly payments on the principal that are next due on the note, on the first day of any month prior to maturity: Proeidrd, however, that written notice of an intention to exercise such privilege is given at least thirty (30) da~~s 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 (1%) of the original principal amount thereot, except that in no evpnt shall the adjusted premium exceed the aggregate amount of premium charges which uould have been payable if the mortgage had continued to be insured until maturity; such payment to be applied bt• 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 securitl~ of this mortgage, the mortgagor, together with, and in addi- tion to, the monthly payments under the terms of the note secured hereby, on the first day of each month until the said note is fully paid, will pap to the mortgagee the following sums: rn/ An amount suflicient to pro~•ide the holder hereof with funds to pa}~ the ne:t mortgage insurance premiucr. it this instru- ment andthe note secured hereby are ~nsured, or a monthly~ charge Gn lteu uf a mortgage insurance pre~ium) i[ the~~ are ' held by the Secretary of Housir~g and Urban Development, as follows: (11 It and so long as said note of even date and this instrument are ~nsured or are reinsured under the proa•isions of the ~ National Huusing Act, an amount sufficient to accum~late in the hands of the holder one (1} month priw to its due date the annual mortgage insurance premium, ~n order t~ pru~•ide such holder with funds ta pay such premium to the Secretary~ ot Housing and Urban Development pursuant to the National Housing Act. as amended, and applicable Regu- ; lat~ons thrreunder, or (li) If and so long as said notr of even date and this instrument are held by the Secretary ot Housing and Urban Develop- r ment, a mon[hly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twel[th ~ (1 ~l2) o( one-half (ln) per centum o[ the average outstand~ng balance due on the note computed w•ithout taking iato account delinquencies or prepayments; ? (h; A sum equal tu the ground rents, t[ any, next due, plus the premtums.that will next become due and papable on policies _ of fire and other hazard insurance covering the mortgaged property, pl~s ta:es and assessments next due on the mort- gaged property (atl as estimated by the mortgagee) less all sums already paid thereCor di~tded b~~ the number o[ months - !c elapse before one month prior to the date when such ground rents, premiums, texes, aad assessments will become de- l~nquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, ta=es, and special assessments; and jc) Ali payments mentioned in the two preceding subsections o( this paragraph and all payments to be made under the note secured hereby shall be added together and the aggregate amount thereof shall be pa~d by the mortgagor each month m a single payment to be applied by the mortgagee to the following items in the ozder set (orth: ~ {I) premium charges under the contrect of insurance with the Secretary ot Houstng and Urban Development, or monthly - charge (in lieu of mottgage insurance premium), as the case may be; ~ (II; ground rents, taxes, assessments, fire, and other hazard insurance premiums; K (lII) ~nterest on the note secured hereby; and (I~') amortuation of the principal of said note. Any deficiency in the amount oE such aggregate monthly payment shall, unless made ~ood by the mortgagor w' prior to the due date of the next such payment, constitute an event of default under this morigage. The mortgagee ma}' coilect a"late charge" not to exceed two cents (2Q) for each dollar (S1) of eac:~ payment more than fitieen (15) days in arrears to co~~er the extra expense involved in handling delinquent payments. ~ 3. That d the tdal of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amourit a[ the payments actually made by the mortgagee. Eor ground rents, taxes and assessments and insur- ance premiums.as the case may be, such excess at the option of the mortgag~e, shall be credited on subsequent payments to be made by the mortgagor, or refunded to the moctgagor. If, however, the monthly paymems made by the mortgagot under (G) of paragraph 2 preceding shalt not be sufficient to pay ground renis, taxes and assess- ~~j ment~ and insurance ~emiums, as the case may be, when the same shall become due and pay-able, then the mort- gdgor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when pay- ment of such ground rents, taxes, assessments, or insurance premiums shall be due. If at any time the matga- gor shall tender to the mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall. in computirg the amount of such indebtedness, credit to the account of the mortgagor all payments made under the provisions of (aJ of paragraph 2 hereof whichthe mortgagee has not become obligated to pay to the Secretary of Housing and Urban Develapment and any balance remaining in the funds accumulated under the provisions of (6) of said paragraph 2. If there shall be a de[ault un- der any of the provisions of this mortgage, resultin~ in a public sate of the premises covered hereby, or it the :LF mortgagee acquires the propecty otherwise after default. the mortgagee shall apply, at the time of the commence- - ment oE such proceedings or at the time the property is otherwise acquired. the balance then remaining in the funds - accumulated under (bJ of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said ncte and shatl properly adjust any payments which shall have been made under (a) ot said paragraph. ~ ~ ~ooK ~z211 ':3 _ ~ . . . . ' - I F~ . . . _ - . . ~ - . _ ~s:'- . . . .