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Home My WebLink About0964 I f r r ( , ~ , . . ` , ~ ! ' ~ • ` ~ - _ . _ . . _ - - . . . . - T 1 s . ~ ~ - ~ * ~ ~ ' ' ~ ~ f . e ~ . . . ~ { - To Have And To Hold the same, together with all and singular lin lieu of a mortgage insurancx premiuml if they arc held by the ~ che tenemen[s. hereditamena and appurtenanas thercunto belong• Secretary of Housing and Urban Development ss fotbws: ~ ing or in anywise appertaining. and the roversion and rcversans, ti) lf and so bng as said note of even date and this inswment remainder or remainders. rents, issues, and pr~ts theroof. and aLso are insured or are reinsurod under the provisions of the Natanal ali the estate, right, title, interest, honnactead. separate estate. Housing Act, an amount sufficient to accumulate in the hands of po6seuan, daim and demand whatsoever. as welt in law as in the holder one (1) month prior to its due date the annua! mortgag~e equity. of the said Morcgagor in and to the same. and ev~ry part insurana premium. in ordtr to provide such ho{der with funds to thereot, with the appurtenances of the said Mortgagor in and to pay such prcmium to the Secretary of Housing and Urban che same, and every Part and paral thereof unto the said Mor- Development pursuant to the National Housing Act. as amendod. tgagee in tee simpk. and applicabk Regulations thercunder, or And the Mortgagor hereby covenants with the Mortgagee that (ii) (f and so bng as said note of even date and this instrument he is indefeasibly seized of said land in fee simple; that he has futf are held by the Secretary of Housing and Urban Development. a power and lawful right to convey the same in fee simpk as monthly charge (in lieu of a mortgage insurance premiuml which •aforesaid; that it shall be lawful for the Mortgagee, at all times shall be in an amount equal to one-twelfth 111121 ~ one-half (1121 peaceably and quietly to enter upon, hold, oocupy, and enjoy said per centum of the average outstanding balance due on the note land, and every pan thereoi; that the land is free from all encum- computed without taking into a«:ount delinquencies or brances; that said Mortgagor will make such further assurances to prepaymennts: prove the fee simple title to said tand in said Mortgagee as may be A sum equal to the ground rents, if any, next due, plus the rea5onably~ required, and that said Mortgagor does hercby fully p~miums that will next beoome due and payable on policies of fire w~arrant the title to said land, and every pan thereof, and will de- and other hazard insurance oovering the mortgagcd propertY. P~?u : fend the same against the lawful claims of all persons whomsoever. taxes and assessments next due on the mortgaged property IaU as ~ Prorided Always. and these presents are executed and delivered estimated by the Mortgageel less all sums already paid therefor upon the folbwing conditions, to wit: divided by the number of months to elapse before one month prior The Mortgagor agrees to pay the Mortgagee, or order, the prin- to the date when such ground rents, premiums, taxes, and ci I sum of FIFTY EIGHT THOUSAND SIX HUNDRED as~sments will become delinquent, such sums to be held by Mort- 1~ gagee in trust to pay said ground rents, premiums, taxes, and DOLLARS AND NO CENTS pollars IS 58, 600.00 1. special assessments; and as evidenced by a note of even date herewith, with interest from All payments mentaned in the two preceding subsections of r date at the rate of NINE AND A HALF per centum this paragraph and all payments to be made under the note secured ~ 9. 50 %1 per annum on the unpaid balance until paid. hereby shall be added together and the aggregate amount thereof ' The~~pr~i~cipaj and inter t shall be payabk at the office of shall be paid by the Mortgagor each month in a singk payment to ~ Fbme tVi~r~tt~eeL~or~por~ation 135 ~estryut Ridge be applied by the Mortgagee to the folbwing items in the order set ; Road, Nbntvale,- NTew Jersey 07~45 forth: I or at such other place as the holder of the note may designate in premium charges under the contract of insurance with the writing, in monthly installments of FOUR HUNDRED NINETY ~retary of Housing and Urban Development, or monthly charge i "TWO DOilARS Atm S~.UEM'Y E~~~a~ 492.7~ 1, lin lieu of mortgage insurance premiuml, as the case may be: j commencing on the first day of MAY 1 , (ii) ground rents, taxes, assessments, Cre, and other hazard in- { 19 86 , and on the first day of each month thereafter until the surance premiums: principal and interest are fully paid, except that the final payment ~~0~ ~nterest on the note secured hereby; and (iv) amortization of the principal ot said note. of principal and interest, if not sooner paid. shall be due and Any def~ciency in the amount of such aggregate monthly pay- payable on the first day ot APRIL 1 , 20 16 ~ ment shall, unless made good by the Mortgagor prior to the due And shall duly, promptly, and fully perform, discharge, execute. date of the next such payment. constitute an event of default effect, complete, and comply with and abide by each and every the under this mortgage. The Mortgagee may collect a"late charge" stipulations, agreements, conditions, and covenants of said pr~- not to exceed tour cents 14t1 for each dollar ISII of each payment ~ missory note and ot this mor[gage, then this mortgage and the more than fifteen 1l51 days in arrears to cover the extra expense ~ estate hereby created shall cease and be null and void. involved in handling delinquent payments. And the Mortgagor further covenants as folbws: 3. That if the total of the payments made by the Mortgagor 1. That he will pay the indebtedness, as hereinbefore provided. under Ibl of paragraph 2 preceding shall exc~eed the amount of the Privilege is reserved to pay the debt in whole, or in an amount paYments actually made by the Mortgagee, for ground rents, taxa ~ equal to one or more monthly payments on the prinicpal that are and assessments and insurance premiums. as the case may be, such ~ next due on the noce, on the first day of any month prior to excess if the loan is current, at the option of tht Mongagor, shall, E maturiry: Pro~~ided, however, that writ[en notice of an intention to be credited on subsequent payments to be made by the Mortgagor. ` exercix such privilege is given at least thirty 1301 days prar to or refunded to the Mortgagor. !f, however, the monthly paymena ' ~ prPpayment. made by the Mortgagor under Ib1 of paragrsph 2 preoeding shall not be sutficient to pay ground rents, taxes and assessments and in- 2. That, in order more fully to protect the security of this surance premiums, as the case may be, when the same shall ~ mortgage, the Mortgagor, together with, and in addition to, the due and payable, then the Mortgagor shall pay to the ~ monthly payments under the terms of the note secured hereby, on Mortgagee any amount necessary to make up the deficiency, on or che first day of each month until the said note is tuily paid. will before the date when payment of such graund rents, taxes, ~ pay to the Mongagee the following sums: assessn~ents, or insurana premiums shall be due. (f at any time the Mortgagor shall tender to the Mortgaga in accordana with the lal An amount sufficient to provide the holder hereof with provisions of the note secured hereby, full payment of the entire funds to pay the next mortgage insurance premium if this instru• ~ndebtedness represented thereby, the Mortgaga shall, in com- n~ent, and the note secured hereby are ins8re~~oj a,~pntPhl~yEch~~uting the amount of such indebtedness. credit to the account of 4~i~i yd ~ r • P'1, PaqA 2 b~ s ~ BOOK PAGE ~ , ~ i " 1 ~ ~ . _ _ _ - ~ . I _ _ . ~ t