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Home My WebLink About1678 ...~~.,,R«.-,~.-...,r....- , . - •3 _ ~ '1 , ~ . , . . , s t , ' ~ PbR VALUS Ri[~IHiQ ~ 11~1'~~Ald j!Y'Oilllda(s) ZO j1~il ti0 ~ . ATI00 PINANCIAL OORPORATION • ~ , a oorposatia? organised and existing under the 1~~va oi Dela~Mare . or order~ the principal snaa oi Seven thous and f ive ~ hundred fifty and No/100 ----•-•-~-•-----••-~oli~ra ~;7,550.00 )~with ~ infereat fmm dste at the ri?te oi P ive Et One -Qua r ter per centum ( 5~t 96> per anaum on the unpaid balance until pald The aaid principal and intereat shnll be payable st the oBce oi ATICO PINANCIAL OORPORATION may deaignate in wr tam i 1, P 1 or i da ~ _ . or at such other place aa the_ _ holder ng. in monthly inatallments of Port~ One ~nd 75/100 Dollsra 41. 7S oommencing on the flrat day of Apr i 1 ,19 65 ~ and !3 on the flrat day of each month thereafter nntil the principal and intereat sre futly paid, e~ccept that the flnal p~yment of the entire indebtednesa evidenoed hereby. if not aooner paid. ehall be due und paysble on the ~ ~ tii~st day of March ~ 19 95 , Ii default be made in the payment of sny instaUment under thia note~ and if auch default is not made ~ ~ood prior to the due date of the next such installment. the entire principal sum and accrued intereat ahall t- at once becwme due and payable without notice at the option of the holder of thie note. Failure to exercise this option ahall not constitute a waiver of the right to exercise the ~saame in the event of any subsequent defaulk In the evcnt of default in the payment of this note, and if the eame ia ~olle~cted by an attorney i~ ~ ~tt law.the undersigned hereby agcee(s) to p~ay aU costs of coUection, incl~dinga reasonable attomey's fee. ' ; Presentmen~. proteat, and notice are hereby waived. ; s/_Paul Wilson Dowis (SFAL) ' (State Dc~cumentary Stamps Paul Wiison Dowis affixed to original note and cancelled. ) s/ Pencie Rena Dowis (SFAL) ~ Penc e Itena wis And aha11 da1,Y. Pt+a~?p~y. snd fuDy pertorm. dischsrge. execute, effect, complete. snd comp~y with and ' •bide by each and every tl~e atipula'ona, s~greements. conditiona, and covenants oi said promisaory note ' •nd of this mortgsge. then this mortgage and the eatate hereby created ahall cease and be null and void. ~ And the mortgag~or further covenants sa foUows : 1. Thst he w71 psy the indebtedness. as hereiabefore ~ provided. Privilege is r+eserved to pay the debt in whole, or in an amount equat to one or more monthly payments on the principat that ar~e next due oa the note. on the firat day of any month prior to maturity: Provided~ however, that written notice of an ' ~ . intentian to eacercise auch privilege is given at least thirty (30) days prior to prep~mnent; and, provided further, that in the event the debt is paid in fnll prior to maturity aad at that time it is insured under the provisions of the National Housing Act~ he will pay to the mortgag~ee an sdjueted premiwn ~ one per centum (1 ~6) of the original principal amount thereof, except that in no event shaU the a~ d~~ ed premium exceed the aggregate amount of premium charges which would have beea payable if the mor~ gaee had continued to be inaured until maturit~•; such payment t,o be applied by the mortgagee upon its obligation to the Federal Housing Commissioner on sccount of mortgage insurance. ' ~ 2 That. in order more fully to protect the secvrity of this mortgage~ the mortgagor, together with, and in addition to, the menthly payments under the terms of the note secured hereby, on the first daq ot ~ each month unta7 the said note is fully paid. will pxy to the mortgagee the foAowing sums• j (a) An smount aufficient to provide the holder hereof with funda to pay the next mortgag~e inaurance premium if this instrument and the note secured herebq are inaured~ or a monthlq charg~e (in tieu of a mortgag~e insurance premium) if they are held by the Federnl Houaing Commisaioner, sa follows: Ii and so long as said note oi even date and thia instrument sre insnred or ars reinanred nnder the : provisions o! the Nstional Aousing Aek an anwnnt su8icient to accumnlate in the h~nda of the 1wlder one ) mpnth prior to its due date the snnnal mortgage it~snranoe premiuar, ia order to provide such holder ~viM tunds to pay aueh premium to the Fedenl Honsing Commiasioner pnrs~snt to the National Honsing Act~ ss am~aded~ snd appiicahle Re~ul:tions t1?ereunder; or • (n) Ii snd so long sa aaid note of even date and this instrnment sn heM b~ tLe Fedenl Honaing Commis- aioner. s monthly chs (in liw of a mortgage in~uru?oe preminn) which ahs11 be in an anwaat eqaal to one-twelith oi one-hsli (~1l~ ) per eentum ot the ~verage outstanding balance due on the note eompnted withont taking into aooount delinqnencie~a or prep~yments; (b) A sum equal to the ground rents, if any~ next due, plus the premiums that will neat bec~ome dne and payable on policies of fire and other hazard insurance covering the mortgaged property, plua taxes and sssessments next due on the mortgaged prnperty (aU as estimated by the mortgagee) leas aU sums already paid therefor divided by the number of muntha to elap~e before one month prior ~ to the dste when such ground renta, premiums, taxes, and assessmenta will become detinquent, such sums to be heid by mortgagee in trust to pay said gmound rents, premiwns, taxes, and special assesa- ~ menta; aad • (c) AU paymenta mentioned in the two preceding eubsections ot this paragraph and all menta to be made under the note secured hereby ahall be added together and the sggre te amo~~irit thereof shsU be p~id by the mortQa~or each month in s single psyment to be app 'Led b the mort- gs8ee to the following itema in the order aet forth : P~~ ~ wider tbe oontraet ot insuranos wlth tbe Fedenl Houa[n~ ComTniaioaier, or monthl~r e]u~rg~e (in lien of mortgage inanranee preinium). as tbe case may be; (n ~ronnd renU. tazes, as~ea~nents, fin. and other hasard in~uraaoe pt~eminms; (u~ intera~R oa~ the note seenred herebl?; and (tt amotti:wtio~ oi the prlneipU ot said note. r Any deticiency in the sacwnnt of auch agg~regate monthly ~?ayment ahall. unleaa made gnod by tfie mortQag~oreprior to the due date of the next auch pa~?ment~ conatitute an event of default under thia mor~ tage. Th mortgagee msy cuUect a"late charge' not to eaoeed two centa (2~) for each dollar (;l) p~ each p~yment more than Riteen (lb) daya in arreara to eover the eatra eupense involved in handlin~g delinqueat payn~ents. S. Tfi~st if the total of the paymenta made by the mortgagor under (b) ot psragr~ph 2 preceding ahall , ~oeed the amount of payments sctually made by the mortgagee. ior ground rents. taxes and aases~menta ~:.._..~,~11_.-~~4 - - ~ _