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Home My WebLink About1473 R ~ y~ .l. _ . . . F ~ /r.\ •1f .~J~? L. ~ , . - ~ ` ,r.~..+. ~ r - w.~1~r~M 't `e'..a•~.'.~.M ~ +.w.~.~ P a ~Y~N/~~'~M~N'Y~-~~~ . ~0~~ i . : ' i t ` ' + . ~t, - ~ ' ` , ; P1o~vmsn ALwa~ra, and the~s pre~enb are e~cecuted atid delivered upuu the tollowin~ coudItion~, to ~ wit: The enort~a~a,r a~re~ to the ma~a~e, or ard~r~ thd princip,~?1 sum a! Nine thousand ~ ~ eight tiundrtd and No~O -----w-------•-------------------------......~»_~ ~ Dollut~s 9800.00 ae? avidenad by ~ note of even d~te herew3th, with int~rest irom date ~ st tha r~?W ai Fi.we & One-Quarter per centum ( 5~ g6) per annum on the un- ; paid balance until paid. The said principsl and in~er~cat ehall be paysble at the ol~oe oi # ATICO FINANCIAL CORPORATION ~ or st such other pl~ce xs the holder ot the note mAy designate in writin~ Yn monthly instr+llmehts of ~ F i f t y f our and 19 j100 - - - - - ~ - - - - - - - Dollars 54 .1 ~ ) ~ commencin~ on ' the flrst d~?y of June ~ 1965 ~?nd on the 8rst day of each month thereaiter until ~he P~P~ aad intereat ue iull3? Paia. e~ccept ttut the final paqment of principal And intere,~t, it not sfloner - paid, ahsll be due wnd psyable on the flrst day~ oi May .19 95 ; And shall dulY. W~+np~Y. ~ tully periorm, dlacharge. executc. el~ect~ cornpkte~ and comply with and abide br each and every the atipulations~ agreementa~ conditions~ and covenants of said promissory note _ ~u?d of tbie mart~e~ then this mortasge and the eatate hereby created shatl cease and be null and void. ' And the mortg~or ~urther covetiants as folbwa : • 1. Th~tt he will p~y the indebt.~dneas, as hereinbefore provIded. Privilc~ is reserved to pay the deb~ iti whale, or iti an unount equal to one ar more monthly pa~yments on the princip~al that xre next due on the note, on the firat d~y of sny month prior to msturity: Provided~ however. that written natice of an intention to exerciae such privilege is given at least thirty (SO) days prior to prepayment; and, prrbvided further, that in the event the debt ia paid in full ~rior to maturity nnd at that time it is iuaured under the pmvi$iona of the National Housen~ Act, he wiU pay to tlie mortgagee an xdiusted pre~nium charge o~ ~ one per centum (1 ~o ) of the original principal amount thereof. except th:tt in no event shsll the Adjusted premium exceed the aggre~ate amount of premium charges which would have been payable if the mort- ~sge had tontinned to be inaured until maturit~•; such payment to be applied by the mortgsgee upon ita - obligation tfl the Federal Houging Commisaioner on a~ccount of mortgage inaurance. 2. That, in or~er more fully to protect the security of this mortgage~ the mortgagor~ together with~ - . ~end in ~ddition to~ the monthly payments under the terms of the note secured hereby~ an the firat day o! each month until the said note is fully paid~ will puy to the mortgagee the following suma: (a) An amount auffi~cient to prnvide the holder hereof with funde to pay the next mortgage ~ insurance premium if this instrument and the note secured hereby are inaured~ or a monthly charge (in lieu of a mortgagc insurs?nce premium) if they are held by the Federnl Housing Commissioner, aa follows : (t) I! and w long as rsid note of even date and thi~ instrument an in~ured or are reinaured undar the provisions ot the N~tiional Hoasing Act~ an ~eew~nt ~uRicient to accumnl~te in the hands of the holder one (1) month prior to ita due date the snnual mortaag^e iawranoe premium, in order to pmvide such holder weth fundi to psy s~uch premiuin to the Federsl Housina Coramiseioner pnrsuRnt to the National ~ Housing Act, aa ~aended. and sppli¢sble Re~latians thereunckr; or ~ (u) Ii and so long a~c ~sid note ot even dite at~d tlus instrument sre held by the Federsl Hovsing Commir . aioner, a menthly cha (in lieu oi s mortgage insuruscs premium) which ahall be in an amonnt equsl to one-twelith oi one-half (~i4 ) per centum oi the average outatsnding bslance due on the nate camputed without taking into accoant delinqnencies or prepsyments; (b) A sum equal to the ground rents, if any. next due, plua the premiums that will n~~ct become due and payAble on policies of fire and other hazard inaurance covering the mortgaged property, plua • taxes and ass~esaments next due on the mortgaged prop~erty (all as e~timated by the mortgagee) lesa ~11 sums alrendy paid therefor divided by the number of munths to elapae before one month prior to the daate when such ground renta~ premia~ns, taxes, and assessments will become delinquent, such sums to be held by mortgagee in trust td pay said ground rents~ premiums, taxes, andspecial assess- . _ ments ; and (e) AlI payments mentioned in the two preceding subaectiona of this paragraph and all pay- ments to be msde under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a single payment to be applied by the mort- gagee to the following items in the order set forth: premium eharqes nnder the eonti~ct of insurar?ee ~vith the Feder~l Housing Commiasioner, or monthly chsrge (in lieu of mortgage inaursnce premium), as the tase m~y be; (u) ~round rents, tasea~ sssrsaments, flre, and other hsxArd insvrance premiums; (uc) intenst on t,l~e note aecured hereby; ~nd (~v) smortization of the principal oi said note. .Any deticiency in the amount of such aggregate monthly payment shall, unlesa made g~ood by the mortgagor prior to the due date of the next such palyment, constitute an event of defanlt under this mor~ igage. The mortgagee may eullect a"late charge' not to exceed two centa (2,~) for ea~h dollar (;1) of each p~yment more than fifteen (15) days in arrearg to cover the extra eacpen$e involved in handling ~ delinqe~ent psyments. 8. Thst if the total of the payment~ made by the mortgs~gor under (b) of paragr~~~h 2 preceding shall exceed the amount of lfayment8 actually msde by the mortgsgee, for Rround rents. taxes and aasea~ments ax?d insun~noe premiuma, as the case may be, auch exce.as ehall be credited by the mortgagee on eubsequent . p~yments to be made by the mortga,~ar. Ti, however, the manthly payments ~de by the mortgagor ander tb) a! Para~raPh 2 preceding ahall not be sulficient to psy~rnu n~i rents. taxes and aasessm~nts ~ and in~ar~?nce premiuma~ as the cs'e may be. when the same ~hall beoome due and psyable then the mort~or shRll y~y to t~e martir?~w i?ny amount r~ow~ry to malc~ n~ the deAei~ncy~ oa or ~efore~ ~the dste whea paynnent ot such ~nd, rents„ taser, ~ss~smeats~ or insurauce premiwps shtlt be due. If at ~uy time the mort~a,~or ~tull teader to the mort~sgee in ~ccordance M?ith the provisiona ot the note ~ a~ec,wa~ed hereby~ full psyment of the eatire indebtedneaa represented thereby, the mort~~ shall~ ;n com- ~ putin,~ the auAOUnt of se~c`h indebtedneas, credit ta the acoount oi the mort~r sll p~~rne?ents made under the provisiona oi (a) of p~r~tspb 2 hereaf ~hich the mort~ee has not b~come obl~ated to pay to the - Feder~tl Honsin~ Commissivner snd any bala~nce re~mainin~ w the funds sccumulattd un~r th~ pm~•isions of (b) oi s~id para~rap~ 2. I! there ~eU be a default under ~?y the provisions of thia mortgage, re- ~ultin~ in • pubUc ~tsle of the premiae~ covered her~by. or if the nnortQs~ee ~ueqaires ttie property other- = wise sit~r detsult, t~e moat~a~ee slutl xpply, st the tirae of ttu oanmencement of such proeeedin~s or at . the time the pro ia otherwi~e acquired, the balxnce then r~naaining in the funda u~cumulated under ~n ~ (b) of 2 precadin~ aa s credit agaiast the amount of princ~psl then retnaining unps.id uader ' ssid not~~~hs11 praperly ~?d~ust any pnyments whir~h ahnU hsve been made under (a) of sa~id pr~rs~rxph. ~ 4. That he will pay ~Il taxes, aseesaments, water nt~~ u~d other Qovernmental or municipal ch~?rgea~ r ~ ~ . ~ . ~115 ~7~ ~