|
To Heves"m ro HOLD 29n Sano,unto the aid Mortgagee,its successors and assigns,forever.
<br /> The Mortgagor hereby covenants as follows:First,that he is lawfully seized of said premises in fee simple
<br /> absolute(or such other estate,if any,as is stated hereinbefore);Second,that he has good right to convey the same
<br /> in manner and form aforesaid;Third,that the same are free from all liens or encumbrances,except as herein
<br /> otherwise recited;Fourth,that the Mortgagee,his successors and assigns,shall quietly enjoy and possess the
<br /> same,and that he will warrant and defend the aforesaid title to the same spinet all lawful claims.
<br /> Paovmzn,Nawar awaiss,That if the Mortgagor shall well and truly pay to the Mortgages the principal
<br /> sun►ef Twenty-Nine Thousand Five Nundred and 1191100s D0U"($2 .6OO.OQ--),
<br /> according to the terms of a certain promissory note of even date herewith,the provisions of which are moor•
<br /> posted herein by reference,with interest at the rate of ----Setren-••-- centum( 7 %per annum
<br /> until paid,principal and interest b' a office of
<br /> EEIiR T NAT"WBONE Of NINNEAPOLIS
<br /> 120 Seuth Six It Street in Nianeapolis
<br /> of at each other place w the holder of the note may designate in writing defiveed or mailed to the Mortgagor,in
<br /> monthly installments of One Hundred Ninety-Six and 47/100shs-------------lbnars
<br /> ($ 196.47----), commencing an the first day of May , 1973 ,and continuing on the that
<br /> day of each month thereafter until the principal and interest are fully paid,ezoept that the final payment of principal
<br /> and interest,if not sooner paid,shall be due and payable an the first day of April 2003 ;and
<br /> provided,that if the Mortgagor sban hay perform all conditions and covenants of this mortgage,then this indenture
<br /> is to be null and void and shall be released of record at the expense of the Mortgagor,otherwise to remain in fun
<br /> force and efeet.
<br /> The Mortgagor further covenants as follows:
<br /> 1. He will promptly pay the principal of and interest on the indebtedness evidenced by the said note,at the
<br /> times and in the manner therein provided. Privilege is reserved to prepay at any time,without premium or foe,
<br /> the entire indebtedness or any part thereof not less than the amount of one installment,or ane hundred dollars
<br /> ($100.00),whichever is lees.
<br /> 2. In order more fully to protect the security of this mortgage,he will pay to the Mortgagee,as trustee
<br /> (under the terms of this trust as hereinafter stated) together with,and in addition to,the monthly payments
<br /> under the terms of the note secured hereby,on the first day of each month until the said note is fully paid:
<br /> (a) A sum equal to the ground rents,if any,next due,plus the premiums that will neat become due and payable 1
<br /> on policies of fire and other haard insurance covering the mortgaged property,plus taxes and assessments
<br /> next due on the mortgaged property (all as estimated by the Mortgagee, and of which Mortgagor is
<br /> notified)less all some already paid therefor divided by the number of months to stapes before one month
<br /> prior to the date when such wound rents, premiums, taxes and assessments will become delinquent,
<br /> such sums to be held by Mortgagee in trust to pay aid ground rents, premiums, taxes and special
<br /> aeeeesments.
<br /> (b) The aggregate of the amounts payable pursuant to subparagraph(a)and those payable on the note secured
<br /> hereby,shall be paid in a single payment each month,to be applied to the following items in the order
<br /> stated:
<br /> (r) ground rents,tares,special asseemients,fire and other heard insurance premiums;
<br /> (a) interest on the nate secured hereby;and
<br /> (m) amortisation of the principal of mid note.
<br /> Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the
<br /> Mortgagor pries to the due date of the next each payment, constitute an event of default under this
<br /> 3. If the total of the payments made by the Mortgagor under(a)of paragraph 2 preceding shall exceed the.
<br /> amount of payments actually made by the Mortgagee as trustee for ground rents, taxes or assessments or
<br /> insurance premiums,as the case may be,such excess shall be credited on subsequent payments to be made by
<br /> the Mortgagor for such items or,at Mortgagee's option as trustee shall be refunded to Mortgagor. If,however,
<br /> such monthly payments shall not be sufficient to pay such items when the same shall become due and payable,
<br /> then the Mortgagor shall pay to the Mortgagee as trustee any amount necessary to make up the deficiency
<br /> within thirty (30) days after written notice from the Mortgagee stating the amount of the deficiency,which
<br /> notice may be given by mail. If at any time the Mortgagor shall tender to the Mortgagee as trustee, in
<br /> accordance with the provisions of the note secured hereby,full payment of the entire indebtedness represented
<br /> thereby, the Mortgagee shall, in computing the amount of such indebtedness, credit to the account of the
<br /> Mortgagor any balance remaining to the credit of Mortgagor under the provisions of(a)of paragraph 2 hereof.
<br /> If there shall be a default under any of the provisions of this mortgage resulting in a public sale of the premises
<br /> covered hereby,or if the Mortgagee acquires the property otherwise after default, the Mortgagee as trustee
<br /> shall apply, at the time of the commencement of such proceedings or at the time the property is otherwise
<br /> acquired,the amount then remaining to the credit of Mortgagor under(a)of paragraph 2 preceding as a credit
<br /> on the interest accrued and unpaid and the balance to the principal then remaining unpaid on said note.
<br /> 4. The nen of this instrument shall remain in full farce and effect during any postponement or extension of
<br /> the time of payment of the indebtedness or any part thereof secured hereby.
<br /> fi. He will pay all grand rents,taxes,assamments,water rata,and other govemmental or municipal charges,
<br /> Anse,or impositions,levied upon said promises except when payment for all such items has theretofore been made
<br /> under(a)of paragraph 2 hereof,and he will promptly deliver the official receipts therefor to the Mortgagee. In
<br /> default thered the Mortgagee may pay the same,
<br />
|