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HomeMy WebLinkAbout0974 . ? ~ ' i ~ ~ To Hare And To Hold the same, together with all and singular 2. That, in order more tully to protxt the security of this the tenements, hereditartxnts and appunenanas thereunto bebng• mongage. the Mortgagor, together with, and in addition to, the ing or in anywise appenaining, and the roversian and reversions, monthly payments under the terms of the note socurai hereby, on remainder or remainders, rcnts, issues and profits thereof; and also the first day of each month until the said note is fuily paid, will all the estate, right, titk, interest, hortkstoad, separate estate, pay to the Mongaga the folbwing sums: possessan, claim and demand whatsoever, as well in law as in ~a) A sum oqual to the ground rcnts, if any, next due, plus the equiry, of the said Mortgagor in and to the same, and every part p~miums that will next booome due and payabk on policies of fire thereof, with the appurtenances of the said Mortgagor in and to the same, and every part and parcel theroof unro the said Mon- and other hazard insurance oovering the mortgaged propeny, plus gagee in fce simple. taxes and assessments next due on the mongagod property (all as estimated by the Mortgagte) less all sums already paid therefor divided by the number of months co elap6e before one month prioc And the Mortgagor hereby covenants with the Mongagce that to the date when such ground rena, premiums, taxes, and he is indefeasibly seiud of said land in fee simple; that he has fuil ~~~nts will bxome delinquent, such sums to be held by Mon- power and lawfu! right to rnnvey the same in fee simpk as 8a8ee ~n trust to pay said ground rents, premiums, taxes, and aforesaid; that it shall be lawfui for the Mortgagee, at all times special assessments; and peaoeably and quietly to enter upon, hold, occupy, and enjoy said (b) A!1 payments mentioned in the preceding subsection of this land, and every part thereaf; that the land is and wi!! remain free paragraph and a!! payments to be made under the note secured from all encumbrances: that said Mortgagor will make such funher hereby shall be added together and the aggregate amount thereof ; assuranas to prove the fee simple title to said land in said Mort- shall be paid by the Mongagor each month in a single payment to ' ~ gagee as may be reasonably required, and that said Mongagor does ~ appiied by the Mortgagee to the folbwing items in the order set ~ hereby fully warrant the title to said land, and every part thereof, forth: ~ and will defend the same against the lawful claims of all persons ground rents. taxes, assessments, fire and other hazard in- whomsoever. surance premiums; (u) interest on the note secured hereby: Prorided always, and these presents are executed and delivered liii) amortization of the principal of said note; upon the following conditions, to wit: (iv) late charges The Mort Any deficiency in the amount of such aggregate monthly payment gagor agrees to pay the Mortgagee, or order, the principai shall, unless made good by the Mortgagor prior to the due date of sum of ~r~ SIX'Il3xSAI~D gli~ E~I~IRFD ~IIRIY AI~D the next such payment, constitute an event of default under this J Dollars IS ~i,33~.(~ mortgage. The Mortgagce may collect a"late charge" not to exceed four cents (4t? for each dollar IS11 of each payment more than fif- as evidenced by a note of even date herewith, with interest from teen I151 days in arrears to caver the expense involved in handling deiinquent payments. date at the rate of gN Ai~D CrE-H4I.F 3. That if the total of the pay~ments made by the Mortgagor per centum 1 10.5 461. per annum on the unpaid under Ial of paragraph 2 preceding shall exceed the amount of balance until paid. The said principal and interest shall be payable ~yments actually made by the Mortgagee for ground rents, taxes at the effice of q]1.137Ce ~e Cc7Tp~ly gt P.O. Boot 41.~ and assessments and insurance premiums, as the case may be, such in ,TaClc9cxNj]1P, FI~O~i~3 3~2~1 excess, if the loan u current, at the option of the 1~iortgagor, shal! or at such other place as the holder of the note may designate in be credited on subsequent payments to be made by the Mortgagor, writing, in rhonthly installments of ~REE H.N~~D 'I~-~y 'IL~ or refunded to the Mongagor. If, however, the monthly paymenu A~D 31~'1~.^~' Doliars t5 3~2.32 ~ made by the Mortgagor under Ia1 of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes and assessments and in- carrr~ilg cx? the fitst day of ~t, .19~6, ~d the surance premiums, as the case may be, when the same shall first day of each rrxx;th t~ft~r iYitil the S become due and payable, then the Mortgagor shall pay to the principa! and interest are fully paid, except that the final pa ent Mongagee any amount nece~ary to make up the deficiency, on or of principal and interest, if not sooner paid, shall be due and before the date when payment of such ground rents, taxes, payable on the first day of .Iuly~ Zl~16. assessments, or insurance premiums shall be due. !f at any time the Mortgagor shal) tender to the Mongagee, in accordance with the provisions of the note secured hereby, full payment o~ the entire And shall duly, prompdy, and fully perform, discharge, execute, ef- indebtedness represented thereby, the Mortgagee shall, in com- ~ fect, complete, and comply with and abide by each and every the Puting the amount of such indebtedness, credit to the account of stipulations, agreements, conditions, and cavenants of said promis- the Mongagor any balance remaining in the funds aocumulated sory note and of th+s mortgage, then this mort under the provisions of la) of said paragraph 2. If there shait be a gage and the estate de(ault under a~y o! the provisions of this mortgage resulting in a hereby created sha!! cease and be null and ~oid. public sale of the premises oovered hereby, or if the Mongagee ac- quires the propeny ocherwise after default, the Mortgagee shall And the Mortgagor further co~enants as folbws• apply, at the time of the commencement of such prooeedings. or at ~ the same time the property is otherwise acquired, the balance then remaining in the funds accumulated ur~der Ia1 of paragraph 2 1. That he wiit preceding as a credit against the amount of principal then remain- pay the in~ebtedness as hereinbefore provided. ~ng unpaid under said note. Privilege is reserved ro pay the debt, in who{e or in part, on any installment due date. 4. That he will pay alt taxes, assessmenu, water rates, and other gor•ernmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may pay the same: and that he wiil prompt- ty deliver the official receipts therefar to the Mortgagee. , ~ Pape 2 ot 4 ~ i t { t . ~ ~1J~ •'•~f ~ _ ~ ..y__. . . . . . , ' ~ . ' . . . . _ . , . ~.~__r' " . ' ~ }