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' ~ • . _ _ _ _ _ _ _....w...._._..r_~_. . . _ . . . _ - . _ _ _ - To Have And To Hold thc same, together with all and siRgular (in lieu of a mortgage insurance premium) if they are held by the the tenements, heroditaments and appurtenances thereunto bebng- Secretary of Housing and Urban Development as folbws: ing or in anywise appertaining, and the reversan and roversions, (i) If and so long as said note of even date and this instrurt2ent remainder or remainders, rents, issues, and profits thereof, and atso are insurod or are reinsured under the provisions of the National all the estate, right, titk, interest, homestead, separate estate, Housing Act, an amount sufficient to accumulate in the hands of po6sess'an, claim and demand whatsoevcr, as well in iaw as in the_holder one U) month prar to its due date the annuai mortgage equity, of the said Mongagor in and to the same, and every part insuranct premium, in order to Pr~vide such holder with funds to thereof, with the appurtenanas of the said Mortgagor in and to pax such pnrnium to the Secretary of Housing and Urban the same, and every p~rt and ~arce! thereof unto the said Mor- Development pursuant to the National Housing Act, as amended, tgagee in fce simple. and applicable Regulatans thereunder, or And the Mortgagor hereby covenants with the Mortgagee that fiil lf and so fong as said note of even date and this instrument he is indefeasibly seized o[ said land in .`ee simpk; that he has full are held by the Secretary of Housing and Urban Devebpment, a power and lawful right to oQnvey the same in fee simple as monthly charge (in lieu of a mortgage insurance premium) which aforesaid; that it shall be lawful for the Mortgagee, at all times shall be in an amount equal to one•tweifth 11I12) of one-half (!12) ' peaceably and quieily to enter upon, hold, oocupy, and enjoy said per centum of the average outstanding balanct due on the note land, and every part thereof; that the land is free trom all ~ncum- computed without taking into aooount delinquencies or brances; that said Morigagor will make such further assurances to pre~,aymennts: prove the fee simple title to said land in said Mortgagee as may be A sum equal to the ground rents, if any, next due, plus the reasonably required, and that said Mortgagor does hereby fully premiums that wilt next beoome due and payable on policies of Cre warrant the tide to said land, and every part thereof, and wiU de- and other hazard insurance covering the mortgaged property, plus fend the same against the lawful claims of all persons whomsoever. taxes and assessments next due on the mortgaged property (all as Prorlded A!~?ays, and these presents are executed and delivered estimated by the 1Nong,agee) less ail sums already paid theretor upon the folbwing conditions, to wir. divided by the number of months to elapse before one month prior The Mortgagor agras to pay the Mortgagee, or order, the prin- to the date when such ground rents, premiums, taxes, and ci 1 sum of 'TWENTY FIVE THOUSAND EIGHT HUNDRED ~~ments will become delinquent, such sums to be he{d by Mort- Pa gagee in trust to pay said ground rents, premiums, taxes, and FIFTY AND NO/100 Dollars (S 25,850.00 special assessments; and as evidenced by a note of even date herewith, with interest from (el All payments mentioned in the two prececiing subsections of date at the rate of NINE AND NOf 100 per centum ~his paragraph and all payments to be made under the note secured i f 9.000 per annum on the unpaid balance until paid_ hereby shaU be added together and thc ag,gregate amount thereof The said principal and interest shall be payabk at the off`~ce of shall be paid by the Mongagor each month m a single payment to ~ LOAN AMERICA FINANCIAL CORPORATION be ap~lied by the Mortgagee to the following items in the order set o~ aQ~uc~~hc~~~ tt~~t o~11~~~nay3tl~~iat~Qd 8 forth: G) premium charges under the contract of insurance with the writing, in monthly installmenu of TWO HiJNDRED SIXTY Secretary of Housing and Urban Development, or monthly charge TWO AND 19/ 100 Do~~ars IS 262.19 l. I~n lieu of mortgage insurance premium?, as the case may be: commencing on the first day of JANUARY , l~il ground rents, taxes, a.csessments, Gre, and other hazard in- ~ i9 87 , and on the first ciay of each month thereafter until the surance premiums: principal and interest are fully paid, except that the final payment r~~ ~nterest on the note secured hereby; and ~v) amortization of the principal of said nute. of principal and interest, if not sooner paid, shall be due and payable on the first day of DECEMBER , 20 O1 Any def~iency in the amount of such aggregate monthly pay- ment shall, un{ess made good by the Mortgagor prior to the due And shal! duly. promptly, and fully perform, discharge, execute, date of the nezt such payment, constitute an eveni of default effect, complete, a~d comply with and abide by each and every the under this mortgage. The Mortgagce may collect a"late charge" stipulations, agreements, conditions, and covenants of said pro- not to exoeed four cents (4t) for each dollar (S1) of each payment missory nate and of this rnortgage, then this mortgage and the ~re than fifteen 115) days in arrears to cover the extra expense estate hereby created shall aase and t~e null and void. involvtd in handting de[inquent paymenu. And the Mortgagor funher oovenants as folbws: 3. 'fhat if the total of the payments made by the Mongagor 1. "That he will pay the indebtedness, as hereinbefore provided. under (b) of paragraph 2 preceding shatt exc~ed the amount of the Privikge is reserved to pay the debt in whole, or in an amount paYments actually made by the hlortgagce, for ground rents, taxes equal to one or more monthly payments on the prinicQat that are and asssssments and insurana premiums, as the case may be, such next due on the note, on the first day of any month prior to exce.ss if the ban is currcnt, at the option of the Mortgagor, shaU, maturity: Provided, however, that written notia of an intention to be cral~tal or? subsequent payments to be made by ihe Mortgagor, exercise such privilege is given at least thirty (3~) daYs prior to or refurtded to the Mortgagor. If, however, the monthly payments prepayment. made by the Mortgagor under (b) of paragraph 2 prececiing shall not be suffiicient to pay ground rents, taxes and assessments and in- 2. That, in order more fully to protect the security of this surancx premiums, as the c~ase may be, whtn the same shal! mongage, the Mortgagor, together with, and in addition to, the be~+ne due and payable, then the Mortgagor shall pay to the monthly payments under the temu of the note securod hereby, on Mortgagce any amount nocxssary to make up the deficiency, on or the first day of each month until the said note is iully paid, will befote the date when payment of such ground rents, taxes, pay to the Mortgagee the folbwing sums: assessments, or insurance premiums shall be due. If at any time the la) An amount sufficient to provide the holder hereof with Mortgagor shall tender to the Mortgagee in aQOOrdanoe with the funds to y the next mortgage insurance emium if tha instru- Provisions of the note secured hereby, full payment of the entire Pa P~ indebtedness representod thereby, the Martgagee shall, in com- ment and the note secured hereby are insured, or a monthly charge puting the amount of such indebiedness, credit to the accaunt oi Page 2 of 4 ~ 8~0 5 2 3 PI~O 9! 8 i ~ - ~