HomeMy WebLinkAbout1485 d
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~ P~ovm~n Az.w~YS,~ and Nra~ pre~b ars e~oecu~ed and daitveied npon tbe foUowi~ oooditiom~, Lo
~wit;
'l"6e mo~o: a~'ees ~o p~s !bs aarl~s~se. c: ordes. tl?~ ~p?1 a~m oi lyveaty thowattid
~ive hunds~d ~nd Hof100 ~~w~~~~~.~~w~~~~~~~~~~w~~~~~~~w~~~ .
Ddlars t1~ 20.500.04 b~? a note o~ e^~ea d~ harawith, with in~era~t irom dst~e
st the r~ ai F ive 1~ O~nt-Quarter P~' ~ S} P~ amam oo the un-
' paid balsnos antil paid. The asid prt~cipnl snd iate~+e~t al~sD be p~~a6k ~t the otdoe oi
ATICO FINAI+ICIAL WRPOitATION
or at suc2? other plaoe as the holder a~ the note ms~? desi~aste in ~vritfn~, in moathly iast~thnenta oi
One hundred Thirteen and 97/100 ----aollars ti ~.13.37' ~
the Anst dsy oi September , 18 65, ~ on the ftrst d~,y a# e~t:h month there~?tter nntil the
~ princip~l and interest are lalt~ p~d, a~ccept thst the flwl p~yment oi prjncip~l and int~rest, it aot soon~
p~eid, shall be due and p~yable oY? the flrst day ot Augua t ,~g 95:
And ~all du1Y. A~p~y.~~ D~'rorm, dis~r~, execute, e.tiect. camPlete, and camply w?ith ~~nd
~bi~de by a~ch and every tl~e atipul~?tioas. ~reements. conditians. and covenaub of eaid prnmissor~? rwte
snd of thia mort=as~, then this mort~se ~nd the ~tate hereby cr~te~l a~hsril cease aad be aull snd void.
Aad tha martsssor turthcr cove~nts as foibvrs :
1. 11ut he wiU psy the indebtaedt?e~s. ~ts hereinbetare provide@. P~riivile~e is reeerved to py? the
debt•in whole. nr in ~ amount equ~1 to one or more monthly p~yments on the principal ttut are nPact due
on the note. on the first da~~ of sny month prior to ~nsturity : Provided. however, that writtea notice of an
intentioa ta exercise such privile~e is given st le~st tturtY (30) d~ya Prior ta pr~payment; snd, provided r
further. that in the event the debt is paid in fult W~or to, matw~ity ~ad at that t3me it is ineured under
the ptvviaions of the N~tional Housins Act, he ~arill p~?p to the mort~~e an adjuated premium char~c oi
wie per centuin ( l,ri6 ) of the ori~inAl principsl amouat thereot, except that in no event ah~11 the adjusted
p~a~rnium exceed the s~re~?te amaunt of premiuna clu~raea which ~?ould have been psyable if the mort-
~ had continued to be inaured until m:turit~• ; such payment to be applied by the mortga~ee upon its
obti~tian to the Fed~eral Housin~ Cammissioner on aooount of mort~e insurance.
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2 Ttytt, in order more fnlly to pratect the security of this mort~e. the mortgagor. tagether with,
• and in sddition to, the monthly pAyments under the terma af the note aecured hereby, on the firat day af i
each month until the s~id note ia fuUy paid, wiil puy to the nnortgs~gpe the followin~ auma:
~ (a) An a~mount a~iflcient to provide the holder her+eof with funda to pny the n~ext mortgage
inau~ance premium if this inatrument and the note aecured hereby sre inaured. or a~nonthiy charge
(in lieu of a mortgag~e innurance premiwn) if they are held by the Federttl Houaing ComYnisaianer,
Aa follows :
(t) Ii iu?d so long sr wid note oi evet~ dste and this iastruu~eat wie insured or are reinsured wider the
provisia~s of the Nstiatul Aonaing Aet, sn Ymoun! sul~kient to ~ccumulate in the hsnds of the holder
one (1) month pi~ior to ita due d~te t6e annual mortsa~e iasaranoe pnmium, in order to provi~k sucb
holder aith funds ta psy sueh premium ta tAe Fedanl Housing Co~nuniasioner pursuans to tbe NationRl
• Howin~ Aet, as ameA+~ed, s»d spplieaWO Re~ul~tioas tleercn~der; or
(u) Ti ~nc~ so lons u said note of even date ~?nd tlus instrnment an he{d b$ the Federat Housing Commir .
si+~ner, w raonthly thar~e (ia lieu ot s a~ortsa~a insursnos pr~aium) which ahall be in an aQwunt
aqwl to onrtv?~llth oi onae-hslt (~a ) per centa~m oi the svety?ge ouLtanalin~ b~lanee due on the
nate ownpnted without t~king into +~ceouat deliaquenaes or Pr~sYments:
(b) . A sum equal to the around renta. if any. next du~, plus the premiuma that will n~xt become
~ dne and paynble on palicies ~af fire and other hazard inaurance covering the mortgaged property, plus
ta~cea snd a:sessments next dae on the mortgaged property (all as estimated by the mortgagee) lesa
sll sums ~Lrrsdy ~aid therefor divided by the number of months to eiapse before ane month prior
to the dste when such groutad renta, premiums~ taxes, and asaessment~s will become delinquent, such
swna to be held by rr~ortgagee in trust to psy said ground rents, premiums~ taxes. and at~ial assess-
menta; ~nd
(c) AU paymenta mentianed in the two preceding aubsectiona of this paragcaph and all pay-
menta to 1~ made under the note secured hereby shall iae added together and the aggregate ,~mount
thereof shall be paid by the mortga~r each month in s single payment to bc applied by the mort-
. ~agee to the foltowing items• in the order ~et forth : '
(c) prernium eh~rRes under t}~e eontr~et oi insuranoe w3th ti?e Federal Housing Commia~ioner, or manthly
charge (in liea oi mortga~ insnrance premium) ~ ~s the e~ may be:.
(ct gi~wnd rrnta, ta~car, w~essments, Are, and other hassrd insurs»ce praniua~a; .
rn
(tt~ interest on the note ieeured henby; and ;
([v ~unortisatiwa ot the principa! ot said not~e. ,
Any defticiency in the amount of sncit aggreg~tte monthly ~ayment shxll, unleas made good b~ the
nwrtaa~or prior to the due date of the next such pu~??ment, oonst~tute ~tn event of default ander this xtiort-
The mort~agee ms?y cuileck a"late char~e' nat ta exceed two cents (2~) tor each dollar ' of
~ puyment more thsn fiiteen (15) days in arrears to cover the extra expenae involved in hsn~ing
delinquent psyments. .
3. That if the tot~?1 of the psymenta made by the moa~gagor auder (b) oP p~ara~r~ph 2 precedinQ ~hal~
exaeed the ~?maunt of payments actuslly made by the mortgagce, for Rroultd rents, t~?xes and aeaes~ment~
snd inauraace premiwa4s, as the c:se may be, auch exce~s shs11 be credited by the mort~agee on subeequ~nt
~ p~ymeab to be made by the mort~+or. Ii, however. the m~onthl~r payment~ msde by the morkgs~or
~nder (8) ad P~ar~rsp~? 2 preeedint s6aU not be ~ufBci~tt to p~ d r~tts. tsxea and asse~smsnts
- and insurannN~ ~rQrniu~s~, as thf cs~t m~qy be, wh~a th~ s~au th~b~coaae dw sAd payable then the
mortsa~ar shal] pr,y to the mort~a#+~ a~c?~r a~twnat neo~r~ar~r ta mak~ np the deficiescyo on or ~efore the
dnte whest pa~yment oi auch sr~ound reuts~ taxes. aa~e~ame~t~, or fnspraace preuniums sh~tlt be due~ If
at sny time the mort~s~+oar ~uti Latidet to tt~e mart~~ee ~t aooordanc~ ~?itb th~ provisions of the note
sauze~ hereby, tu~lp~y~m~
t ad the ar?tire rep:~mted tl~rebY, the mort~ee shnll. ~n com-
p~ tha amo~at o~ wth ia~ht~doMS, crrdit to tb~ acrount td tb~ mart~~rar ~I pa~?menta m~de u~?der
the~~vi~ioas a~ s) a~ p~rs~rsph 8 haeol which the u~a~e hss no~t beoane obl~sted ta PaY ta the
Federd Ho~sins aad an~r ~alaace iu i~ads sccumulsted under the pro~•iuiona
~ oi ( b) o! a+~ 2 It there shsll ba ~ defr
a~ a~r ot the provisions oi this morkQaae j re- ,
wlti~ in a saie oi tbe prmnises oevered bereby. or ii tbe atort~a~ee aoquir~ t~ie ~nperty ~ther-
wriss after deisult. tbe morti+~'ee +~u11 aQptY. st the tia?e o~ tbe coaunen~nt oi such proceedin~a or at
t tb~e ti~ne tbe p~ro is othenv~e aequir~d, the balaooe then r~nainin~ in tbe iunds accnmulated under
~ (b) ot 2 p as a ~redit ~ainst tbe aq~oant o~ princip~l thea remsinin~ at~paid under
s~?id ~te a!u?11 Pr'~Perl~just any Pf~Ymea4s which ~ bave been made ua~r (a) of aaid pnraarsph.
4. T1~?t he erill pay xll ta~ces, se~semeata. wster ra?te~, utd other ~overnmantal or muAicipsl charges, ~
~
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