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Home My WebLink About2504 . . ::.~:«.4~i~~wN:.tC. ~.~•,war .}...w4F. .,.~wr.rw ...-+.c. - - . _ _ _ ~ - ' ' r•...n• . . . T 4 ' i • , i i . ~ . •y ~ ` a f ~ ~ ~ ; ~ . . ; ~ psovmxp AY.w~xs. ~nd theae pre~ents ue exe~ute:d and delivered upon the following conditioas, to ~ ~ wit : The mort~?~or ~ to y the mortge~g~, or order~ the principal eum of ~enty fihree thousand four hundred and No~00 I,~]lars 23 ,400. 00 )~~ts evfdet?ced by ~ note of even date herewith, ~vith interest !mm date at the nt~ n! Five 8~ One-Qt~rter per centum ( 5~ y~6) per unnum on the un- psid b~lanoe until paid. The ssid principal and interest ahall be paysble st the oftice oi . ATYCO FINANCIAL CORPORATION or at such other place aa the holder o! the note may designate in vVriting, in monthly instaltmenta of ' One Hundred ~aenty N ine and 40_/100 Dollars 129.40 cotmnencing on the flrat dsy oi July , 196~ , and on the fltst day oi each month thereafter until the principal and intereet are futly p~id~ ~accept that the flnal payment of pr~ncip~al nnd interest. if not sooner paid, shsll be dae and payable on the t~rat day of June ~ 19 95 ; And shail duly. promptly. and ~upy pertorm, diecharge, execute, effect, complete~ and eomply with and •bfde by each ~?nd every the atipulatio~, a~re~ementa, conditiona. and covenanta of said promissory not$ and of thia mortgage. then this mort~a~e and the eatate hereby created ahalt cease and be null and void. And the mort~a~or iurther covenaats as follows: 1. That he wiA p~y the indebtednea~, as hereinbefare pmvided. Privilege ia reserved to pay the debt in whole~ or in un amount equal to one ar mo~~e monthly gayments on the princigal that are next due on the note, an the Rrat day of a~y month prior to maturity : Provided, however, that written notice of aa intention to exerciis~e such privilege ia given at least thirty (30) days prior to prepayment; and~ provided further, that in the event the debt ia paid in full prior to, maturity and at thut time it is insured under the provisions of the National Housing Act, he will pay to the mortg~gee an adjuated premium charge oi one per centum t 1;b ) of the original principal amount thereof. except that in no event shall the adjusted ' premium exceed the aggregate amount of premium chargea which woald have been payable if the mort- gsgre had continued to be insured until maturits~ ; such payment to be applied by the mortgagee upon its obli~atio~ to the Federnl Housir~g Commissioner on account of martgage insurance, 2 That. in order more fully to prot~ect the security oi this mortgage, the mortgagor~ together with~ nnd in sddi~on to~ the menthly paymentg under the terms of the note secured hsreby~ on the first day oi . each iatonth until the said note is fully paid~ will pay to the mortg~gee the foliowing sums: (a) An amount sutRcient to provide the holder hereof wif~h funds to pay the next mortgag+e insurance premium if thia instrument and the note secured hareby are inaured, or a monthly charg~e (in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner, a$ follows : ' (i) I! and so long as said n~te of even date and this inrtrumen! an itt~nred or Are reinsured under the provisiona of the Nstions[ Housing Act~ an amaunt suA{cient ta seeumulatt in the hands of the holder • one (1) anonth prior to ita due date the annu~l mortgage eneuranoe prerrtium~ In order to provide such holder with funds to psy sush premium to the Federi?1 Housin~ Commirs'saner pursuant to the National Housing Act~ as amended~ and applicsble Re~ulxtiona theteunder; or ' (n) If and eo long as said nate of even date and th?s instrument sre htid bj? the F'edersl Houaing Commis- sioner~ a monthly charge (in lieu ot ~t martgage in~nrance premi~tn) whuh shall be in an amount ~ equal to onrtwelfth (~=j ai onrhalt ( li4 ) per centutn of the iverage outatanding balance due on the note eomputed without taking into secount del~nquencies or prepsyments; (bj A sum equal to the ground rents, if any, next due. plue the premiums that will next become due and payable on policies of ftre and other hazard insurance covering the mortgaged property~ ptus tsuces and assessrnents ne~ct due on the mortgaged property (ail as estimated by the mortgagee) less alt sums already paid therefor divided by the number of munths to elspse before one month prior ` ta the date when such ground rents~ premiums, taxes, and assessments will berome delinquent, s~uctc sums to be hetd by mortgagee in tretst to pay aaid ground rents, premaums, t,aJCes, and sp~cial assess- ments; and ; . (c) A11 payments mentioned in th~e two preceding subsectiona ~f thig para~graph and ali pay- ments to be made under the note secured hereby shall be added together and the aggregate amaunt thereof s~all be pa.id by the mortgagar each monttr in a single gayment to be applied-by the mort- ~ gagee to the foilowing items in the order set forth : ~ ~ (t) prtmium charqea under the sontract ot inaunnce ~+ith the Federal Housing Commissioner, or monthly charge (in lieu of mortgage insurance premium)~ as the caxe may be; i (ii) ground nnts~ faucea, aaseusmenta, Rre, and other hnzard inaursnce premiuma; (tii) ~nf~reat an the ~aote eiecw•ed }?ereby; and E (iv) arnortiution of the principal of ssid note. ~ Any de~iciency in the amount of such aggregate monthly payr:zent ahall~ unleas made good, by the ; mqrtga~o r privr to the dne date of the next such pa~yment, constitute an event of default under this mort- , The mortga,gee mi?y c~llect a"late charge' not tu exceed two cents'(2~) for each doltar (~1) of i ~ payment more thsn fi~teen (15) dsya in arrears to caver the extra e~rpense invotved in handling ~ delinquent pmymenta. ~ 8. That if the total of the payrr?enta made by the martgagor under (b) o! paragraph 2 preceding shall ~ . exc~ee~ the amount of vayrrzenta actually made by the mortgagee. for ~roand renta, taxes and asses~ments { snd inaurance premiums, ss the case may be, auch ezceas shall be credited by the mortgagee on subsequent ~ i payment~ to be made by the mortgagor. If, however, the monthiy paymenta~ made by the martgagor tu~dar (b) of psts~raph 2~re~cedin~ sh~il nat be w~Ieient to p~y und renb, taatea snd unsessments un # ~?nd ir9surunc~ ptqemiur~ as the case may be, when the s~ume shal ~ec.ome due snd paysble, then the ~ mortg~gor shall pa~y to the mortgagee any amount neceasary to m~?lce ~p the deficiency~ on or before the ~ date when pay~ment of such ~round rent,~~ tAxes,• ~smenta, or inauraace pretniums ahalt be d~e. If at wy time Ehe ~rt~a~or shall tend~er to the mort~s~et in accord~unce with the provisions of the note seauzved henby, full p~?yment oi the eattre indebtedneae npresented therebY~ the mart~~~ee ahall, ;n com- puting the unannt oi sach i~debtedntss, credit to the a~ccount ot the mortgsgrir al! pe?ymenta made under . the proviaions of (a) of psrs~raph 2 hereof ~fiich the mortg~?g~ee has hat become obligated to pay to the Federatl Houaiiag Commisaioner attd sny balar~ce remnining in the funds accumuls~ted under the pro~•isiona ; of (A) oi sitid par~raph 2. If there ~1u~11 be a defsutt under sny oi the proviaions oi thia mortgage~ re- ~uitin~ in ~t public aale of the pnmiaea oovered hereby. or i! the mortesgee n~quares tlie property other- wise afGer defuult~ the mort,g~gee shati spply, ~?t the time af the c~ammencement of such prceeedings or at the time the property ia otherv~?ise scquitxd, the bslu,ce then remsinin~ in the funds accumulated under (b) of ~uru,~raph 2 prec~din as a credit s~xinst the amount of prit~cipAl then remaining unpsid nnder , asid note and ah~tll properly u~just any p~ymet?ta which shAll hxve been mAde under (aj of aaid parage•aph, ~ 4, Th~L he wili p~y all taxes, ~uessments~ water rates~ and other a^overnmental ar municipal charges, ~ ~ eooK 117 ~ ~Q3 ~