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- P~eovm¦a /lt.~v~Ye. and t6e~e presenti are e:ecuted and dsliver~ed npvo tlrs ioUowin~ coDdition~. L~
wit:
~ The mo~t~or,~r+ees top~ tlre mort~a~ee, or order. th~ princip~l sam or~elvs_thouaaad
eight hun~dred and Nof100 :
fi
j~jL~ ~.Z ~ ~ a+~ evidenoed by N~e of !'~1 1~~ ~til~ ~~1 ~fi~l'Mt ilOII1 ~
~t Lhe r~e oi Five 8~ Ont-~rter per ex~tnm ( S 9f~) P~ annum on the nn- .
paid bala~ws qntil~i
d. The e~?id and interest s6a11 be pryabk ~t the oaloe o! ~
ATICO FINAIZC~~RPOF2ATION ~
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# or at ather pl~?oe the holder ai the note ma~ desi~m?te in wrri~, in monthly instsUnnente oi ~
' Seventy and 78~00 ----------------~1~ (=70. c~o~nnencin~ on }
~ the Arat day ~f June . 19 65 , and on the lirut d~,y of e~rch montb there~?lter until the '
- pr~ncip~J snd , interest are iu11y pdd, a~ccept that the fltul p~rmeut o! principsl and interest~ if not soonaY' ;
1 p~id, aball be due and pp?able on the flrst day oi ~y , e 1895 ;
; And shall dutY~ P~+~Pt1Y. ~~4 P~o~. ~~?r~e. execute, eQect, oampkte. and comply ~rith and
so
~ sbide by eaeh and every the atipulations. agr+~emepts. conditions. and eove~uunts af aaid promiseory na~te
wd oi this morts~e. then thi~t mort~~e snd the eatate hereby cr~xted shall cease ~tnd be null and void.
~ And the mort~or furtber covenants as follow~a:
; 1. 'TfYSt he wiU pay the irdebtednesa, as hereinbe~ore prov~d. Privileg~e is reservad to pay the ;
~ debt•i~t whole. or in sn amou~?t eqwl to one or more monthly payments on the principal that are next due i
on the note.9n the tirst day of any month prior to maturity : Provided~ however~ that written notice of sn
intentiott to exerciee such privile~e is givex~ at lesut thirtY (94) d~Ya Prior to prepayment; and, provided ,
furthea. that in the eve~nt the debt ia paid in ~uU W~Iflr to nwturity and xt that time it ia insured under
~ th~ provisians of the Nstional Housing Act, he will pay to the mortgs~ an adjusted premiam at?ar~e oi
one per oet~tura (1 ~b ) of the origtinal principal amount thereof~ except that in no event ahall the adjusied
pr~miunt exceed the te amount of premium charges which would 1?~ve been payable if th~ mort-
s~'E ~1~ CpAtiDll~ t0 it~sured until maturit~~ ; snch payment to be ~?pplied by the mortga~ee upon its
obli~ation to the Federal Hansit~g Commissioner on ~ccouat oi mortYa~e inaurance.
2. T1~st, in orcler more fuUy to protect the secnrity of this mortgr~e, the mortgagor. taugether with
aAd in addition to, the monthly paymeat~.under t6e terms of the note secured hereby~ on the flrst day o~'
each month until the eaid note is fully patd, will pay to the mortga~e the foUowin~ st~ms:
(a.) An amount aufflcient to provide the holder hereof with tunda to pay the next mortgAg^e
insarance premium if this inatrument and the note eiecured hereby sre insured, or a:aonthiy charge
(ia lieu of a mortga~e insuran~e premium) if they ar~ held by the Federnl Housing Comm~aioner,
aa follows :
(z) If and ~o bn~ ~a s~?id not~ o! eve» date and this inslrument sre inmred or are n6neurod nnder the
provisioas of the Nationwl Housing Aet, wn amount su!lkient !o aeeumulste in the hands oi ti~e halder
one (1) raonth piior to its due dste the annual mort~~e inwr~noe premiunn~ in order toprn
vide snch
holder ~vith innds to psy sucb preinium to the Federal Hoa~n~ Consmeaoioner pnrsaant to the NationRi
Housin Act~ u ameiaded, and app1ksWe R~ul~?tion~ tLere~»der; ar '
~ (u) If ~nd ro~s ss uid not~e ot even dnte and this inatrwnen! Rre held b' the Federsl floudng Commis-
~ioner~ • monthly charg~e (in lieu of • mort~a~e inwra~ree pr~miumi ~vhish s!?all be in ~n s~ount
aqual io one-tw~lfth (~/it) of one-half ( ife ) per,eenWm of the averagie outstsndit~ ba~la?oe dus on tl~e
note owaaputed without takin~ into acooun! ~aq~eneims or prepryments;
~ (b} A wm equal to the graund rents, if any. next due. pitas th~ premiums that will t~eact become
' dne snd pqy~ble or~ poUcies o~ fire and other hazarsi insurance covering the mortgaged prnperty~ plua
~ces ~d s~asesaments next due on the mortgaged property (all aa estimated by the mortgagee) less
all suma already paid therefor divided by the number of muntha ta elsgee before one month priar
ta the dste when such grnund rents, premiums~ taxes, and asaessmenta wiA become delinquent~ auch
swns to be held by mortga~ee in trust to p~y aaid ground rents, premiuma, taxea, at~d apeaial assesa-
~ ment~s ; and ~
(c) All payments mentianed in the tvvo preceding ~aubaectiona of this paragraph and all pay
meuta to be made under the mote secured hereby ahall be sdded together and the a gate arnount
thereoi shall be paid by the mortgagor each month in ~t aingte payment to be appUge~d
by' the mort-
. ~a~e~e to the following items in the order set forth:
pre~nium charqes ander the contract oi insurance ~vith the Federal Hausing Commitaioner~ or awnthlq
char~e (in liea of mort~ge insursnce premium), si the csee may be:.
• (tt ground nnts, taxea. aaseasments. flre, ~tnd other harard insarance prem~wns;
(tu interest on the note seeui~ed h~reby; and
(cv amortis~tion af the principsl oi csid note.
Any deticienay in the amount of euch aggregate monthly ~?ayment shall, unle,ss made ~ood by the
rnortg~or prior to the dne date of the next such pa~vtnent, conatitute an event oi default under thia mort-
The mort~agee maY cullect a"late charge' not ta exceed two cents (2~) for each doll~r (~l) oi
~ payment more than fiiteen (15) days in arrears to cover the extra expense involved in handlin~
delin~u~at p~ymeata.
3. Tfiat ii the total of the payrnenta made by the mortga~+or under ( b) of psragrAph 2 precedin~ ~hall
exceed the amount of payments actuaily made by the mortgagee. for Rround renta. taxes and s~aaeaRments
snd it~surs=1ce premiuma, a~s the cnse may be such access shall b~e credited by the mortgagee on subaeque~nt
~ paymenta to be made by the o?ort~a~or. ~f~ how~ver. the monthly p~ymenta mad~ by t~e martQa~or
~ under (bD ~ P~aS~P~ Z P~~ shs11 not be wASci~t ~o ~~round nints, taxes nnd assessmenb
sad insar~ Frenni~m~, ~s the eiw msy be. whea the ssme bec~e due and ~ysble the~ the
awrt~or ~thail p~yr to tb~ o~~~ an~r ~ao~at n~wsirary ta auke u~p the deA~cci+r~ey~ on or ~etore the
date whpn psyment of w~h rents„ taxe~. ~t~„ or insurs~ce premitim~s shsll be due. If
at any time fhe nwrt~a~or ~h~U te~der to the mortaa~e~e in xr~rdanee with the provisions of the note
~ secuae,d haa^tby. inll paymeat ait tMs entire inde~edneas ra~+e~e~t~ed thereby. the mo~t~ee shnlll, ;n com-
pntit~ the amount oi sach in~Mbtednar. cr~dit to the acooartt os the uart~x~or a11 ~t ata m~de under
: the provisioaa o~f (a) of par~raph 8 hereof whi~h the mort~ee lras not beoofne abl~t'rit~id to p~y to the
: Federal Hawins Commission~z and u~q b~lsnce ~in tbe fnnds acc~aauli?ted u~nder the pro~•isiona
of (b) ot ~?id 2c If th~m st
ail be s dei~a~et~t nader at~y c~!' the pr~visions of this mart~age. re-
j eultin~ in a py~lfc~sale~oi the pramiie~ oovex~ed hereb~, or if the morkt~~ee aaquires ttie prnperty other-
~ ~vias ~ter deiautt, the nwrtBa4ee sha11 ~?PP1Y. t oi se~ch p~oce~in~ or at
the time th~ pro~y v otherwue acquired, the b~tlsnce tl~? t~maiain~ in tbe funds ~xumnlxt~~d under
(b) oi p~? 2_• ~s a credit ~tinst t~ amount ot p~
psl the~ ranaiai~ uupaid under
said note~~sha11 pr~pes~y~jnst ~tY Psj?ments whicii shs11 hsve b msde ander (a) ot said Para~a'aPh.
' 4. T~ut he will ps~? itU tiuces, ~aswa+meuta. wster rstea. aad other ~~overnnn~?tsl ar mnnicipai chsr~es,
~ ~ 600K~~U V ~