|
To HAVE AND To Hot.n the same unto the Mortgagee, as herein provided. Mortgagor represents to,
<br />and covenants with, the Mortgagee, that the Mortgagor has good right to 80,11 and convey said premises;
<br />that they are free from encumbrance, except as hereinotherwise recited; that the Mortgagor will warrant
<br />and defend the same against the lawful claims of all persons whomsoever. Mortgagor hereby relinquishes
<br />all rights of homestead, all marital rights, either in law or in equity, and all other contingent interests of
<br />the Mortgagor in and to the above - described premises.
<br />PUmDED ALWAYS, and these presents are executed and delivered upon the following conditions, to
<br />wit:
<br />Mortgagoragrees to pay to the Mortgagee, or order, the aforesaid principal sum with interest from date
<br />at the rate of per centum (iipp %) per annum on the unpaid balance until paid.
<br />The d principal and interest shall be payable at the otTN of
<br />SM
<br />If jIQgT INC.
<br />in t , or at such other place as thew er o the note may designate in
<br />g e
<br />writinitveM or mailed to the Mortgagor, in monthly installments of Three lb Thirty Tta and. W100 Ms
<br />Dollars ($ � ), commencing or. the first day of ,18 �' , and continuing on
<br />the first day of each month thereafter until said note is fully paid, except that, if not, sooner paid, the final
<br />payment of principal and interest shall be de[e and payable on the first day of 2017 ; all
<br />according to the terms of a certain promissory note of even date herewith executed Iiytthe said Mortgagor.
<br />The Mortgagor further agrees:
<br />1. He /she will pay the indebtedness, as herembefore provided. Privilege is reserved to prepay at any
<br />time, without premium or fee, the entire indebtedness or any part thereof not less than the amount of one
<br />instafent, or one hundred dollars ($100.00), whichever is less. Prepayment in full shall be credited on the
<br />date received. Partial prepayment, other than on an installment due date, need not be credited until the
<br />next following installment due date or thirty days after such prepayment, whichever is earlier.
<br />2. Together with, and in addition to, the monthly payments of principal and interest payable under
<br />the terms of the note secured hereby. Mortgagor will pay to Mortgagee, as trustee, (under the terms of this
<br />trust as hereinafter stated) on the first day of each month until said note is fully paid:
<br />(a.) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due
<br />and payable on policies of fire and other hazard insurance covering the mortgaged property,
<br />plus taxes and assessments next due ern the mortgaged property (all as estimated by the Mort-
<br />gagee, and of which the Mortgagor is notified) less all sums already paid therefor divided by
<br />the number of months to elapse before one month prior to the date when such ground rents,
<br />premiums, taxes and assessments will become delinquent, such sums to be held by Mortgagee
<br />in trust. to pay said ground rents, premiums, taxes and special assessments.
<br />(b) The aggregate of the amounts payable pursuant to subparagraph (a) and those payable on the
<br />note secured hereby, shall he paid in a single payment each month, to be applied to the follow-
<br />ing items in the order stated:
<br />(t) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(II) interest on the note secured hereby: and
<br />(ill) amortization of the principal of said note.
<br />Any deficiency in the :amount of any such aggregate monthly payment shall, unless made good
<br />by the Mortgagor prior to the due date of the next such payment, constitute an event of default
<br />under this mortgage. At :Mortgagee's option, Mortgagor will pay a "late charge" not exceed-
<br />ing four per centum (` s 1,,f:) of any install ment when paid more than fifteen (15) days after the
<br />due date them€ to cover the extra expense involved in handling delinquent psyinents6 but such
<br />"late charge" shall not be payable out of the proceeds of any sale made to satisfy the indebted -
<br />ness secured hereby, unless such proceeds are sufficient to discharge the entire indebtedness and
<br />all proper coats and expenses secured thereby.
<br />�i
<br />
|