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Home My WebLink About0516 . : The Mortgagor hereby coven~nts with t~he Mortgagee, that he ia indefea.Qibly seized of said land in fee aimple or such other estatc+t if any sa is atated herein; t!?at he has full power and lawful right to convev the same as aforesaid; that the land ia free fmm all encumbrances except as herein otherwise recit,ed; that said Mortgagor will make such further asaurancea to provo the aforesaid title to said land in said Aiortgagee as may be rexson- ablyrequired~ and thst Said Mortgsgor doea hereby fully warrant the title to said land, and every part tl?ereof, and a~ill defend the same against the lawtul claims of all persons whomsoever. PROVrnEO ALw~Ye that if the ?liortgagor shall pay unto t,he Mortgagee thst certain promisaory note, oi which the follow~ing is a aubatantial oops~ to wit: ~ ~ -~nn nn _ , . ^ rt : : t+r • n ~OTI(~A. r Nc>v~mk~+r n , 19 . FOR VALUS RECSIVSD~ the undereigned promise(s) to pay to ~r-~~:rc~n.t ?+n~'1~"". . :.,"'Y'T:'T"'; 7^'.C. , a corporation organised and e~dsting under the lawa of n~' l~l ~r= z , or order~ the principal sum of ~;~T: ~ mt?~t3?N~ ^r~~~~ •~t)*1~,2F~ r~~,~~ n~---------------------------- Dollars (i ~ ~~n. ) with interest from date at ~ the rate of "^t~^•~ per centum ( ,~Jo) per annum on Lhe unpaid balance until paid. The said principal and interest shalt be payahle at the o~ce of ~~t~rT~-n~a r~~=rr~-~~= -.~~r„-j-~~.- ~ T.-c. Rc~•. ?R , ~?!r~n~tnc~-,-.~, ~ ,t;,~, ~ , or at such other plaoe as the holder may designate in writing delivered or mailed to the debtor, in monthly installmenta of c~~ ~ r ~ r?'^ i ~ n~-- Dollara (i commencing on the first day of re~~r~,~~- , 19 and continuing on the first day of each month thereefter until this note is fully paid, eacept thst, if not sooner paid, the final payment of principal and interest shall be due and payable on the 6rst day of `~QVe*":~_'fAY ,~p~2 . Privt'1e~e is reserved Lo prepay at anp time~ without premium or fee, the entire indebtedness or any part thereof not less than the amount of one u~stallment, or one hundred dollars (E100.00), whichever is less. If eny deficiency in tLe payment of any installment under this note is not made good prior to the due date of the next such installment, the entire pr~ncipat sum and accrued interest shall at once become due and ~ay- able w~ithout notice at the option of the holder of Lhis note. Failure to ea~ercise this option shall not oonatitute 8 w aiver of the right to exercise the same in the event of anv subsequent default. In the event of default in the payment of this note, and if the same ia collected by sn attorney at law~ the undersigned hereby agree(e) tp pay all costs of coIIection~ including a reasonable atGorney's fee. This note is secured by mort~age of even date executed by the undersigned on certain property described ~ therein snd represents money actually used for the acquisition of said pmperty or the improvements thereon, Presentment,, protest~ and notice are hereby waived. i- i ~ - i ' - ' [SE~?L] G=r~~~ 't~l'-o~~ [~L] r.__ - ~~L~ tSEAL~ And sha11 duly, promptly, and fully perform~ discharge, execute, eHect~ complete, and eomply with and abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of thia mo~-tgage, then thia mortgage and the estate hereby cc+eated shall ce.ase and be null and void. The Mortgagor further oovenants ss follows: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to prepay at any time, without premium or fee, the entire indebtedness or any part thereof not less than the amount of one installment, or one hundred dollara (i100.00), whichever is less. 2_ In order mor~ full~- to prot~ct tlie sec~rit~- of this ~?iort~age, the :ltortgagor, togetlier with, and in ' addition to, th~ monthl~- pa~-ments under th~ terms of the note secared hereb~•, on the first da~• of eac}? month ' until the saicl not~ is fu~l~ puid, ~~•ill pa~- to th~ ~tortKagee, as trustee, (under tlie terms o[ this frust as herein- !~fte~r stated) the [ollowitig sums: (a) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on policies of Sre and other hazard insurunce covering the mortgsged pmperty, p)us taxes and as.Sessments ~ ne~ct due on the mortgaged property (all as estimated by the Mortgagee and of which the Mortgagor is ~ noti6ed) less all sums already paid therefor divided by the number of months to elapse before one month ! prior to t6e date when such ground rents, premiums~ taxes, and a.~sessments will become delinqnent, ' such sums to be held by biortgageeintrusttopaysaidgroundrents,premiums,taxes,andspecialassessments. ' (b) The aggregate of the amounts payoble pursuant to subparagraph (a) and those payable on the note secured . , s6all be paid in s single payment each month, to be applied to the following items in the order (I) ground rents, taxes, assessments, 6~re, and other hszard insurance premiuma; (II) interest on the note secured hereby; and (III) smortiaation of the principal oi said note. Any deficiency in the amount o{ suchaggregate monthly payment shall, unless made good by the Mort- gagor prior to the due date o[ the next sucli payment, constitute an event of default under this mortgage. At ~iortgagee's option, Mortgugor will pay a"late ci~arge" not exceeding four per centum (4°Jo) of any install- ment K•hen paid.more t6an fitteen (15) days aft.er the due date thereof to cover the extra expense invobed in hundling delinquent ~ay ments, but such "late charge" shnll not be payable out of the proceeds ot any sale made to satisfy the ~ndebtrdness secured hereb~, unless such proceeds are sufficient to discharge the entire indebtedness and all proper costs and expenses secured thereby. ; If the lotal of the pa~•nients made b~- the ~lorig~~or uncler (a) of paragrapli 2 preceding shell rxceed the nu~ount of pa~-u~ents aMua11~- made b~- tt~e ~1ort~a~;ce, as trustee, for grovnd rents, taxes and assessments, and insuran~e pr~miums, a.5 the case ma~= be, such ercess shall be creditecl on subsequent pa~•iuents to be made ~ b~- th~• ~iort~a~or for such items or, at ~tortga~ee's option, as trustee, shalt be refunded to l~iortgagor. If, ; hoHC~er, su~h nwnN~tt• pu}~ments shall noi: be suffi~ient to pa~- such items when thc san~e shall become due ~ anc! pa~•able, ~]1PI) the ~iort~agor shall pu~- to the 1~ioNgagee, as truste~, an~ amount necessar~ to make up th~ de~iciene~-. Such pa~•ment sl~all be made Kithin thirt~- (30) da~s after w-ritten notice from t~e Niortgagee stating the amount of the deficienc~, ~vhich notice may be given by mail. If at any time t6e Mortgagor shall 6Di~K ~VA ~ w., . . _ ~ ~ 7~ ~ ~ r ~ z~ .T 3 r _ ~ - ~ , r ""~s' v~...~'•-~~ . ~~~k~ 2't.~~$~~1~'.~~.~.~i C' ; ~ ~v~` ~~i~~~ ~