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Home My WebLink About0077 I'tto~~~t~~:n A~.~~~,~YS, ~iiici these pi•eseiits ill•e executed anci deli~•ei•ed upon the folto~~~ing coilciitions, to it . - . Tlte mortga~or agrees to ~~a~~ tlie mot•tgagee, oz• o2•cie2•, t.1ie p~•incipal si~n~ of Ten Thousand rtin~ xu~~a~~:~ ~~~a N~/ioo ~3===_~~~d~~.~a~a,~~~~_~~~__,_~_-~------~-.- DOJ~82•s (~1.0, 900. 00 as eti'1(~(I1CC(~ I)~• a note of even date here~~~ith, ~~•ith interest from date at therateof Fiv~ attd One-Quarter per centum ( 54 ~c) per annum on the un- paid bala»ce until paid. The saici pa•i»cip~l and interest sh~ll Ue pa~•zble at the oftice of McCAUGHAi~ MORTGAGE COMPANY , INC . , or at such other place as the holder of the note m~ty desi~nate in ~~•riting, in monthl~~ installments uf 3ix~y and 28~100 -------------------.~ollai•s ($60.28 commei~cing on the first day of ~ebruary , I9 66 , and o~i tlie fii•st d~~• of each month thei•eafter until t}ie principal and interest are fully p~id, except tii~tt the fin~tl pal~nient of pr•iticipal and intei•est, if not sooner paid, sli~ll be due at~d payable on tlie first da~~ of Jattu~z~y , 19 96 ; And sh~ll duty, promptty, and fulty pei•farm, discharge, execute, effect, complete, and comply ~vith t~nd abide by each and e~~ery ttie sti~~ulations, ag~•eements, conditions, ~nci covena»ts of said promissory note and of this n~ortgage, then ~iiis mortgage a~i:i tiie est~ite hereby created sha11 cease and be null and void. And the mortgagor further covena~its ~s follo«•s : ~ 1, That he will pay the indebteclness, as herei~tbefare provided. Pri~~ilege is reserved to pay the debt in ~ahole, or in an amount equal to one or more rnonthly payments on the pi•incipnl that are r~ext due on the note, on the fii•st da~~ of any month prior to maturity : Pro~~ided, ho~~•e~•er, that «•rittcn notice of an intention to exercise sucii pi•i~•ilege is gi~~etti at least t}iii•ty (3Q) days p~•iu2• to ~>i•ep~yment; and, provicled ~ furtliei•, that in tiie e~~ent tl~e del~t is pZid :n full ~~ri~r tfJ I]]RtUl•it~~ and Rt t~l~it ~lfil@ lt lS lil5U1•ed under the provisions of ti~e National Ilousing Aet, he wiil pay io fi.iie i~~urtK~~~e ~r~ ~~~~~t~d ~~i•~;n;~.r.z c!:~ib~ ~f one per centum (1~~ ) of the origi~ial pri~icipal amount thereof, e~cept that in no event shall the adjusted premium exceed the aggregafe ~~mount of premiunt c}targes ~ti~hich would l~ave been payable if the m~rt- gage had continuec~ to be ir~sured until m~turit~~; such payment to be applied by the mortgagee upon its obligation to the Federal Housing Commissioner on account of mortgage ~nsurance. 2. That, in order n~ore fs~lly to protect the security of this mortgage, the mortgagor, together with, and in addit~on to, the monthly pa~~ments under the terms of the note secured hereby, on the first day of each month until the said note is.fully p~iid, will p~ty to the mortgagee the foltowing sums: (a) An amount sufficient to pro~•ide the holder hereof ~~-ith funds to pa~~ the next mortgage insurance premium if this insfrument and the note secured hereby ai'~ lI1SUYed, or a monthly charge _ (in liet~ of a mortgage insuraiice premitin~) if they are held by the Feder~?1 Housing Commissioner, ~s folloti~~s : If and so lon~ as said noie of e~•cn date and this instrwnent are instn•ed oc arc i•einsured under the pro~•isions of the \ational Housin~ Act, an amount sufficient to accumiilate in the hands of the holder one (1) ~zzontli p~ io:• to its dae date the annual mortgage insurance premium, in order to pro~•ide such hoide?• ~sith funds to pay such pi•e~nium to the Federal Housinfi Commissioner pursuant to the Nationaf IIousi;i~; Act, as amended, and appiicablo Regulations thereunder; or (11~ If and so long as said note of e~~en date and this instrument are held by the Fecleral Housin~ Conmiis- sioner, a monthlp charge (in lieu of a mort~age insurance premium} ~ti~hich shail be in an amount equai to oiie-t«•eUth of one-half ( i= ) pei• centwn of the a~•erafic outstanding balance duo on the note computed ~sithout taking into account delinquencies or prepapm~ents; (b) A s~im equal to the ground rents, if any, next due, plus the premiums that ~~~ili next become . due and pa~~able on poiicies of fire and atiier hazard insurance covering the mortgaged pi•opert~~, plus . tatie~ an~-t assessments nex~ d~:L an the n::~~•tgaged property (ail as estimated b~• the mortgagee) less all sums alread~• ~~aic~ therefoi• di~~ided b~~ the n~imber of munths to Plapse before o~ie month prior ~ to the date when such ground rents, premiums, taYes, and assessments will become delinquent, such - sums to be held by mortgagce in trust to pay said ground rents, premiums, taxes, and special assess- - ments ; and ( c) All payments mentior~ed in the t~ro ~~receding subsectiot;s of this paragraph and all pay- ments to be made under the not~a secured hereby siiall be added together and tlie aggregate amount ; thereof shall be paid by the m~rtgagor each m~nth in a single payment to be applied by the mort- gagee to the following items in the order set forth: (i) ~~remium char~es undei• the conti~act of insurance ~sith the Fedet•al Iiousinfi Commissioner, or mont':ily char~e (in lieu of mortRage insurance premium), as the case ma} be; _ (tt) grouiu! rents, taxes, assessntents, fire, anc! other hazard insurance premiums; (tt~) interest on the note secured hereb} ; and (1~~) a»iortization of the principal of said note. Any deficiency in the amotint of such aggregate monthly payment shall, nnle~s made good by the % mortgagor prior to the due date of the ne~t such payment, constitute an e~~ent of default under this mort- ' = gage. The mortgagee may cullect a"late charge" not to exceed t~ti~o cents (2r) for eacFi dollar ($1) of each payment more than fifteen (15) days in arrears to cover the estra expense involved in handling ' delinquettt payment~. i 3. That if the total af the pa~~ments made b~~ the mortgagor under (b) of paragraph 2 preceding shall i exceed the amount of pa~•ments actuatlv made by the n~ortgagee, for gz•ound rents, taxes and as~essments ~ and insuranc~ premiums, as the case ma~~ be, such exeess shall loe credited by t.he mortgagee on subsequent ; payments to be made by the mortgagor, If, however, the monthly payments made by the mortgagor ? under (b) of paragraph Z preceding shall not be sufficient to pay ground rents~ taxes and assessments and insurance premiums, as the case may be, when the same shall become due and payable, then the = mortgagor shail pay to the mortgagee any amount necessary to make up the deficiency, on or before the ~ date ~c~hen payment of such ground rents, taxes, assessments, or insurance premiums shali 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 mortgagee shait, ;n com- ~ puting the amount of such indebtedne.gs, credit to the account of the mortgagor al! payments made unciez• ~ the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa~• to the ; Federal Housing Commissioner and any balance remaining in the funds accumulated under the pro~•isions } of (b) of said paragraph 2. If there shall be a default under any of the provisions of this moi•tgage, re- ~ sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the property other- wise after defautt, the mortgagee shall apply, at the time of the commencement of such proceedings or at ~ the time the property is otherw~se acquired, the balance then remaining in the funds accumulated under { (b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under ! said note and shall praperly adjust any paymerits which shall have been made under (a) of said paragi•aph. ~ 4. That he ivill pay a;l taxes, assessments, water rates, and other governmental or municipal cliarges, r s BOOK