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' F'ttc?vtnFn Ai,~~'al'ti, ain~i thr•,~~ E~r<~,E~nts art~ ~rxtcutc~~i atid deli~~ei~f~ci upon the fOI~O1t'1[l~ C()Il(~t~t011~, tr~
«~it:
The mortgagoi• agrees to pzy the moi~tgagee, or order, the principal sum of TeR ThOUS~Ad S Lx
; Hundred Fifty and No/100
; Dc?llars ($10,650.00 as e~~idenced b~• ~ note of even date heret~~ith, ~~•ith interest from date
' Kt the rate of F lve & OAe -QuaTter per centum ( 5} ) per annum on the un-
paid balance until paid. The said principal and intereat shall be payable at the office of
; ATICO FINANCIAL CORFORATION
, or at such other place as the holder of the note ma,v designate in ~i~riting, in monthly installments of
' Fif~y Eight and 89~100 -----_____.._~ollars ($58.89 ),commencingon
the first day of July , 1955 , and on the first day of each month thereafter untii the
principal and interest are fully paid, except that the final payment of principal and interest, if not sooner
! paid, shall be due and payable on the first day of Jurie , 19 95 ;
` And shall duly, promptly, and fully perforrn, ciischarge, execute, effect, complete, and comply with and
abide by each and every~ the stipulations, agreements, conditions, and covenants of said promissory note
and of this mortgage, then this rnortgage and the estate hereby creater3 sha11 cease and be nuli and void.
And the mortgagor further covenants as follc,H~s;
~ 1. That he will pay the indebtedness, ~s hereinbefore provided. Pri~~ilege is reserved to pay the
debt in whale, or in an amount equal to one or n~are monthly payments on the princi~~al that are next due
on the note, on the first da~~ of any month prior to maturity: Provided, how•e~~er, that u•rittcn notice of an
intention ta exercise such privilege is given at Ieast thirty (30) days priar to prepay~ment ; and, provided
further, that in the event the de~t is paid in ful) ~~rior to maturity and at that time it is insured under
the provisions of the National IIousing Act, he will pay to the tnortgagee an adjusted premium charge of
one per centum (1 ) of the original principal amount thereof, except that in no event shall the adjusted
premium exc~eed the aggregate amount of pt•emiurn charges which ~•ouid have been payable if the mort-
gage had continued to be insured unti] maturity~; such payment to be applied by the mortgagee upon its
obligation to the Federal Housii~g Commissioi?er on account of mort~rage ~nsurance.
2. That, in order mnre full,y to protect thc security of this mortgage, the rnort~agor, together with,
and in addit~on to, the monthly ~~ayments under tlie terms of the note secured hereby, on the first day of
each month until the said note is fully paid, ~c•ill p~y to the mortgagee the fo1lo~~ing sums:
(a) An amount si~fficient to pro~•ide the holder hereof «~ith funds to paG• the nex~ mortga~e
insurance premium if ti~is insti•ument and the note s~cured her~bv are insured, or a monthl~• charge
(in lieu of a mortgage insurance premium) if they are heid by the Feder~l Housing Commissioner,
as follo«•s :
fi) If and so lon~ a; said note of e~•en date and this ir.strument are insureci or are rt~in~ured under the
pro~•isions of the \ational Hotisin~ ,3ct, an amoant suflicient to accumu!ate in the hands of the holder
one (1) month prior to its due date the annual martgage insurance premium, in order to pro~•ide such
hol~ler ~?•ith funds to pay such prenriutn to the Federal Ne~usin~{ Commissioner ~>ursuant to the :~'ational
NousinK Act, as amended, an~i applicablo Regulations thereundei•; or
(II) If and so lonR as said r.ote of e~•en date and this instrument are held.by the Federat Nousing Commis-
sioner, a monthly~ charQe (in lieu of a mor.,qa~e insurance premiu~n} w-hich shall be in an amount
equal to one-t~~elfth (1 of one-half ('s ) per centum of the avera~re outs!andinh 6alance due on the
note computed w~ithout iaking into accaunt de~inquencies or prepayments;
(b) A sum equal to the ground rents, if any, next due, plias the pretniums that „~ill next become
due and payable on policies of fire and other hazard insurance covering the mo?•tgaged pra~~erty, plus
taxes and assessments next due on the mortgaged property (all as estimated b~- the mortgagee) less
all sums already~ paid therefor diaided by the r.umber of n~vnths to elapse before one month priar
to the date wlten such ground rents, premiums, taxes, ar:d assessments ~3~i11 become delinquent, such
sums to be held by mortgagee in trust to pay said ground i~tnts, premiums, taxes, and special assess-
ments ; and
(c) All pa~•ments mentioned in the tK•o preceding subsections of this paragraph and all pay-
ments to be made under the note secured hereby shall be added together a~d tlie aggregate amount
thereof shall be paid by th~ mortgagor each mnnth in a singie payment to be applied by the mort-
gagee to the following items in the order set forth:
premiw~n char~;es undei• the contiact of insurance with the Federal Housin~ Commissionei•, oi~ nio~lthip
charge (in lieu of mor.~a~r insurance premium), as the case may be;
(ct) ~,~~~ound t-ents, taxec, assf•;cr»ents, fire, and other hazar~l insurance premiums;
(trt) ~nterest on the note secured hereh~•; and
(t~') amortization of ihe princi~~al uf saici rtate.
An~~ deficiency in the amount of such aggregate monthl~~ pa~•ment shall, unless made good by the
mortgagor prior to the due date of the t~ext such pa~~ment, constitute an e~•ent ~f default under this mort-
gage. The mortgagee ma~~ cullect a"late charge" not to exce~ed tH•o cents (2~) for each doliar ($1) of
each payment more than fifteen ( l;i) cia~•s in arrears to corer the extra expense inc•ol~~ed in handling
delinquent payments.
3. That if the total of the pa~•ments made bt• the mortgagor under (b) of paragraph 2 preceding shall
e~cceed the amount of pa1•ments actuall~~ made bt~ the mort~;a~ee, for ground rents, taxes and asseG~ments
and insuranee premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent
payments to be made bS~ the mortgagor. If, hor~•e~•er, the monthly pay~ments macle iay the mortgagar
: ~nder (b) of paragraph 2 preceding shatl nat be suflicient to pay ground rents, taxes and assessments
' and insurance premiums, as the case may be, ~•hen the same ~haU become due and pa~•ahle, then the
morigagor shall pay to the m~rtgagQe any amount necessary to make up the deficiency, on or beforP the
date w•hen payment of sach ground rents, taxes, assessments, or insurance premiums shall be due. If
at any ~ime the mortgagor shaii tender to the mortgagee in accordance with the provisions of the note
secured hereby, full payment of the entire indebtedness rPpresented thereby, the mortgagee shall, ~n com-
puting the amount of such ind~btedness, creciit to the account of the mortgagor all pay-ments macie u?idc>i•
the provisions of (a) of paragraph 2 hereof which the mortgagee has not becorne ob:igated to pati• to the
Federal Housing Commi~.sioner and any balance rernaining in the funds accumulated under the pi•o~ isio~~s
of (b) of said pa~•agraph 2. If thei•e shall be a default under any of the provisions of this moi•tgage, re-
sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the propert~ other-
wise after default, the mortgagee shall appIy, at the time of the commencement of such proceedings or at
the time the property is vtherwise acquired, the balance then remaining in the funds accumulatec3 Gnder
(b) of parag-raph 2 preceding as a credit against the amount of principat then remaining unpaid unc3er
j~i ;;~~Q »h.i ghn~li rrn*rin_rl~ ~r~~iia± an~• ngvmPntc u•hinc ~hall h~ya FwPn r~a~io iinrier (nl nf eatri nae-agt•anh.
4. That he will pay all taxes, assessments, w~ater rates, and other go~~ernmental or municipal charkes,
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