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Home My WebLink About0890 ~ .k :~~+.Zr`N~~AA~,- ~'-vY~a.iri ~~F-u~.,f'i~ Y'.'1[~~K. `K'la, r.Z .,ypy~~~~... i - "'M"'~+?~+++~~ ~ . . _ " ~ ' _ . . _ ..z,s,,,~~-`tf_'^I l , i i Psovmsb liLww~rs, and these preaents a?re eaecaLed aad delivered upon the following conditions, to wit: The mort~ag~or ~rces W pN? the mortg~g~ee. or order•. the princip~l ~um of Thirteen thousand four hundred fi.fty and No/L00 •r+r~~~p~rw~~~~~rir~w~wr~~.~~~~~~~~r~~~~~~~~~~~ L1oUsra 13 , 450 00 as evidenced by a not~ ot even date herewith~ with interest imm date ~ at the ri?te at Five 8c One-Quarter per centum ( S,s, 96 ) per ~nnum on the un- paid balanoe until p~id. 'The said priacip~tl and intereat shall be p~ble at the offke of ATICO FxNANCIAL CARPOR,ATION ~ or ~tt et~h other plaoe aa the holder oi the note may deaignate in writing, in monthly installthenta o! Seventy f our and 38/L00 ----------..~Ilat~s 74. 38 ) ~ commencing on the flrst ~y? o! May ~ 19 65, and on the first day of ~ch month thereafter'until the ~ principal and interest ure fuAy psid, except that the flnal payment of principal and intereat, if not aooner paid. ahull be due and p~ysble o~n the flrst day af Apr i L ,18 95 ; " And sh~ll duly~ prompt~y. and #nlly perform, di~charge, execute, effect, compiete~ and comply with su?d sbide by each ~nd ever~? the stipula?'ons, agreernents, conditions~ and covenants of said promissory note and of thi~ mortgag+e. then thia mortgage and the estate hereby creatEd shall cease and be null and void. And the mort~g+or further cavenanie aa follows: 1. That he will pety the iadebtednesa, as herei~befare provided. Privilege is reserved to pay the debt'in whole, or in an unount eyual to one or more monthly paymenta on the principal that are next due ' on the note. on the flrat da~~ of any mo~th prior ta maturity : Provided, however, that written notice of ate intention to exerciae auch privilege is given at least thirty (30) days prior to prepayment; and, prnvicl~ed further, thAt ;.i the event the debt is paid in ~ull pri~r tq maturity and at that time it i$ insured under the provisians of the I~'ational Housing Act, he will pay to the mortgagee an adjusted prernium charge oi ane pPar centum (1~~6) of the origitlal principal amount thereof~ except that in no event shali the adjusted ~ = prerinYUm exceed the sggregate amount of premium charges which wauld have been pa~?able if the mort- gag+e had contia~ed to be insut~d until maturity; such payment to be applied by the mortgagee upon its obligatioa to the Federal Housing Commissioner on account of mortgage insurance. 2. 'That, in order mor~ fully tc? protect thc secucity af this mortgage~ the mnrtgagor~ together wi4~h~ and in additfon tau. the monthly payments under the terms of the note secured hereby~ on the first day ot each month until the said note is fully paid, will pHy to the mortgagee the fallawing sums: ~ : (a) An amount sufticient to provide the hotder hereof with fands to pay t,~e next mortgag~e ~ itasurance premium if this instrument and the note secured hereby are insureci, or a monthly charg~e (in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner, : aa follaws : Ii ~?nd so long ta ssid note ot even date and thia inrtrument sre insured or are reinaeired ttnder the pmvisions of the NaLional Housing Aet, an amoant iuflieient to accumulate in the hand~ of the holder one tl ) month prior to its due date the annual mortga~ge insurance pnmium~ in order to provide such hoider with funds to pay snch premium to the Federal Honsing Coanmiaeioner pursuant to the National . Houaing Act, ss amended, and spplicable Re~ulation~ thereunder; or " (u) If and ao long ss ae~id note oi even date and thia inatrument are hdd by the ~ederal Housing Commia- sioner. a month}y charge (in lieu of s mortgage insuranee pt+emium) which shall be in an amount equal to one-twelith (y~_) of ane-half ('h ) per centnm oi the nverage outatanding balance due on the nota eomputed without taking into aceount delinqaenciea or prepaytnents; ' (b) A sum equai to the ground rents, if any~ neact due, plus the premiums that will neact become due and gayable on palicies of fire and other hazard insurance covering the mortgaged property~ plus • taxes and assessments next due on the mortgaged property (all as estirnated by the mortgagee) less all sums already paid ther~for divided by the number of muntha to etapse b~efore one month prior ~ to the date when such ground rents, premiums~ taxes, anc~ assessments will become delinquent, such ; setme to be held by mortgagee in trus~ to pay said graund rents, premiums, taxes~ and special assess- ' ments ; and _ (c) All payrnents mentioned in the two preceding subaections of this paragraph and all pay- ments to be made under the note secured hereby shall be added together and tlte aggregate arnonnt ` thereof ahall be paid by the mortgagar each month in a single payment Lo be applied by the morE- ~ gagee to the following items in the order set forth: ~ (z) pnmium charqcs under the conti~ct of inaurance with the F~deral Housing Commiasioner, or monthiq churge (in lieu oi mortgage irsurance premium), as the csae may be; ' (tt ground ranta, teucea, ssseasments, flre, and other hazard insuranee premiums; ([iz; intersst on the note secured hereby; and (tv) amortixation of the principsl of said note. Any deficiency in the amount af auch aggregate monthly payment shall, ~anless made gootl by the mortgagor prior to the due date of the next such pavment, constitate an event of default under this mort- The martgagee may cullect a"iate charge'; nat to exceed two cents (2~) for ~ach dollar ($1) of e~n~p~yment more than fifteen (lb) days in arrears to cover the extra expense invotved in handling delinquent ps~yments. ; 3. That if the Lotal of the payrnents made by the martgagcrr under (b) of paragraph 2 preceding shall exceed the amount of itayments acte~ally made by the mortgagee, for Rround rents, taxes and asses.aments and inaarance premiums~ as the case may be, auch excess ahall be credited by the mortgagee on subsequent ' payments ta be made by the mortgagor. If, however, the monthly payments made by the mortgagar wader (b) crf paragraph 2 preceding ahall not be a~fficient to pay ground renta, taxea and asaessme~ts ~ b ~ and insursnce pramiu~s~ ~us the cas~ msy Fae, when the aame s~hall be~ome due and payable, then the enart~~or rhall yay to tbs mort~s~es say amouat necesauy to rnske up the detlci~ACy, en or before the date whea payment af such ground renta, taxea~ aasesamenta. or itisursace premiums shall be due. If i; at any time the mortgagor shsll tender to the mortgagee in accordance with the pravi~ions af the note ~ aecured hereby, futl psymer~t of the enLire indebtednesa repre~ented therehy, Lhe mortgagee ahall, ;n com- patan~ the nmouat ot suc.h indebtedn~e, cr~edit ta the account of the mort~sg+or all a = the pmvisionn of (a} o~ para~rAph 2 hereoi whieh the mo P Yments made under rtea~ee hs~t not become obligated to pa~ to the ~`edersl Houain~ Commiasioner nnd xny batance remaining in tht fands a~ccumulated under the prorisions of (b) of said parag~raph 2. If there ah~ll be a default under auay of the proviaiona of thia mortgage, re- ~ sulting ia s public aale of the prtmiscs covered her~ y, or if the mdrt ga g e e a o qu ir e a t F i e ~ ro g e r t y o t h e r- wiae aiGer de~ault, the mortgagee shall xpply, at the time ot the eomrnencement of such proceedings or at ; the time the prap~erty is ath~?ise acquired, the bataace then remsining in the funda accumulatc~ under i; ( b j o t parsgrap h 2 p r e c~ ding ~ A cr e di t xgainst t h e iunount of princ~pal then remaining nnpttid under sud note ~d shall properly adjuat any payments which shaJl huve been matle under (a) of aaid paragraph. ~ J 4. ThaB he will pay all taxea, asaeaaments, water rstes, and other governmenxal or municipal charges, ~ 8oox 1~.4 ~ ~ - ~ ~ .