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HomeMy WebLinkAbout2220 ~ .aid martgagor does hereby full~• warrant the tit!e to said land, and e~~er~~ part thereu[, and will detend the same .+gainst the lawful claims of all persons whomsoeve~. PRO\'IDED ALV1'AYS, and these presents are executed and delivered upon the followi~g conditions, to wit: The mortgagor agrees to pay the mortgagee, or order, the principal sum of ~ j;.••m•~;- _r•,•.. _r._ . _ . - - - Dollars (S as e~•idenced by a note of e~•en date hereveith, with interest trom date at the rate of per centum ( ~ o) pet annum on the unpaid balance until paid. The said p~incipal and interest shall be pa~•abte at the office of ~L ~~~~~u:t.. .~V1~ ,J~. Jy ~~~..J~.:;:,_~.; , or at such other place as the holder of the note ma~• designate in uriting, in monthly installments o[ J:... - . - ~ . ` . .._/__.,----------------Dollars ~ , commencing on . - . (S . _ } the first day of , 19 , and on the first day ot each month thereafter untiltheprincipal and interest are tully~ paid, except that the final payment of principal and interest, if not sooner paid, shall be due and payable on the first da~~ of ..L , And shall duly, pranptlp, and fully periorm, d~scharge, execute, effect, complete, and comply with and ab~de b~• each and every the stipulations, agreements, conditions, and co~•enants of said promissory aote and of this mortgage, then this mQrtgage and the estate hereby created shall cease and be nuli and ~~oid. And the mortgagor further co~•enants as follows: ~ T4.~r 4.~ :.,:tt F.a :,,.7r?,.~a_:.r~ ~r L~_ • .~~n.:•a.~ - ~F,s ~rt,~ ; ...4.,'~, Y.".j ....:....:......~o ...:°:::~'~:a.i:9 Y:.^.:':~°~. .n:- '::t,~ . ~.::j ....u. . , or in an amount equal to one or more monthly payments on the principal.that are next due on the note, on the~first da~~ of an~• month prior to maturity: Pn~riJ~d, however, that written notice of an intention to exercise such pri~•ilege :s given at least thirty (30) da~•s prior to prepayment: and, provided furthec, that in the event the debt is paid ~n ~ull prior to maturity and at that time it is insured under the pro~~isions of the I~iational Housing Act, he veill pay to thz mortgagee an adjusted premium charge of one per centum (1 of the original principal amount thereof, except ~hat in no e~~ent shall the adjusted premium exceed the aggregate amount of premium charges which would ha~~e 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 o€ Housing and Urban Development on account of mortgage insurance. 2. That, in order more fully to protect the securitt• of this mortgage, the mortgagor. together with, and in addi- - tzon to, the monthly pa~•ments under the terms of the note serured hereb~•, on the first day of each month until the ~ ;aid note is fvll}~ gaid, ui:l pa}• to the :r.ortgagee the foliowing sums: ; An ar.,ount suff~cient fo pro~•ide the holder hereot A ith fu~ds to na~ the next mortKage insurance premium it this instru- ~ ment and the note secured hereb~~ are insured, or e r::unthlp charge (in tieu o( a r.;ortgage ~r.surance premium) if the~- are '+1 hrld b}~ the Secretan- uf Housing and Urban Developr.:ent, as foUuw•~: ~ 111 it end so long as sa:d note of e~•en date and th~s instrument are msured or are re~nsured under the pro~-isions of the ~ ~ \ational Housing Act, an amuunt su[f~cient to accumulate in the hands of ihe holder one (1) month prior to its due ; ~ date the annual mortgage insurance premium, in order to proeide such hoider w~uh funds to pay suchpremium to the Secretary of Hvusing and Urban De~•etoyment pursuant to the ~iational Housing Act, as amended, and applicable Regu- ~ T ; ;ations thereunder, or ~ ilI} I[ and so Icng as said r.vte of e~•en date and thls instrument are he:d t~• the Secretan• ot Housing and Urban Develop- f ? ment, a monthIy ~harqe (in lieu ot a rr.ortgage insurance premium~ whuh shall be in an a:::ount equal to one-twelfth F ;1 12i of one-half per centur.: of the a~•erage outstanding baldnce due on the note computed without ta{cing ~nto - ' account delinquenc~es or prepa}-r.~enis; a A sum eqnal to the ground rents, if any, next due, plus the premiums that w?11 next become due and papable on polic~es ~ uf f~re and other hazard insurance co~•enng the z:ortgaged propert}~, plus taxes and assessments next due on the mort- Ka~ed property (ail as estimated by the mortgagee) less all sums aIread}~ paid therefor dicided by the number of months tc. eIap~e bcfore one month prior io the date v~hen such ground rents, premiums. taxes, and assessments xill become de- linquent, such sums to be held bt• mortgagee ?n trust to pa~• sa~d ground rents, prem~ums, taxes, andspecialassessments, and ~ A1: pay:r.rr.ts mentioned in the two preceding subr+ections of thts paragraph and at! pat~ments to be made under the note z ~ secuted herrby shall be added together and the aggregatr amount thereof shall be paid by the mortgagor each month in a : ~ smgle pa}~T:ent to be applied by the mortgagee to the following items in the order set torth: ~ F a (Il prer.:eur.~ charges under the contract of insurance with the Secretary o( Housing and Urban Devetapment, or munthly ~ chargr %in lieu ot mortgage insur+nce premium), as the case may be; r (II) ¢round rents, taxes. essessments. fire. and other hazard insurance oremiums: 3 tI1I) interest on the note secured hereby; and ~ (iVl am~~rtiz:,tioa of the principal ot said note. : Any deficiency in the amount oE 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 :ra}• collect a"late charge" not to exceed two cents (2c) for each dollar (S1) of each payment more than fifteen ' 1 days in arrears to cover the extra expense im•olved in handiing delinquent payments. - 3. That if the total of the payments made by the mortgagor under (G1 of paragraph 2 preceding shall exceed tne amount of payments actually made by the mortgagee, for ground rents, taxes and assessments and insurance _ premiums. as the case may be. such excess shall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, howet-er, the monthiy payments made by the mortgagor under (6) of paragraph 2 pre- ` ceding shall not be sufficient to pa~• ground rents. taxes and assessm~rnts and insurance premiums, as the case :rt ma~ be, when the same shall become due and payable, then the mortgagor shaU pa}' to the mortgagee any amount - necessar}• 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 secured hereby, full payment of the entire indebtedness represented thereby, the mort- Ragee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all payments rnade under the pro~•isions of lu! of paragraph 2 hereof which the mortgagee has not become obligated to payto the Secretary~ of Housing and Urban Devefopment and any balance remaining in the funds accumulated under the - pro~•isions oi !L) of said pardgraph 2. IE there shall be a default under any of the provisio~s of this mortgage, re- sulting in a public sale o~ the premises covered hereby, or if the mortgagee acquires the property otherwise after default, the mortgagee shall appl}~, at the time of the commencement of such proceedings or at the time the prop- ~ ert}• is othervvise acquirec3.the balance then remaining in the funds accumulated under lr~/ of paragraph 2 preceding as a credit against the amount of principal then remain~ng unpaid under said note and shall properlyadjust any payments which shall have been made under (u/ of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, for which pro~~ision has not been made hereinbefore, and in default thereof the morigagee may pay the same; and that he wi!1 prompUy deli~•er the official receipts thereEor to the mortgagee. ~ ` Ao~~ ~r~2~~7 ' 3' ~ '