HomeMy WebLinkAbout0803 ~~K(1VIl7~:u At.~v~Y~, and the~t~ presc~nts are f~xc~cutrci and deli~•e~•~~d upon thc~ follo~~•ing condition,, to
it .
The mortRagor xgrees to pay the mortgagee, or ot•der, the principal sum of $ LxteeA thouseAd
Eight Hundred and No/100 --------------W------~--___________..________..__
Dollars 16 , 800 . 00 as evidQnced b~• a note of even date here«~ith, ~~•ith interest frc~m date
at the rate of FLVe & Oile-Quarter per centum ( 5~- ) per annum on the un-
paid balance until paid. The said principal and ir~teres~ shall be payable at the office of
ATI00 FINANCLAL CORPORATION
c,r at such other place as the holder of the note may designate in writing, iYY m~nthly~ installments of
Ninety Two atld 90~100 Dollars 9p.q2 commhncing on
the first day of July , 1965 , and on the first day of each month thereafter un±il 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 af 3gRe , 19 9S ;
And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and
ak~ide by each and e~•ery the stipulations, agreements, conditions, and covenants of said promissory note
and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void.
And the mortgagor further covenants as follo~cs:
1. That he will pay the indebtedness, as hereinl~efore provided. Pri~•ilege is reserved to pay the
d~bt in whale, or in an amount equal to one or m~>re monthly payments on the principal th~t are next due
on the riote, on the first da>~ of any month prior to maturity: Pi•o~•ided, ho~ti~e~•er, that ~~~ritten t~oti;.e of an
intention to exercise such pri~~itege is given ~t least thirty (30) days prior to prepayment; and, provided
further, that in the eti•ent tl~e det~t is p~~id in ful! prior to maturity and at th.it tirr~e it is insured unc~er
the pro~•isions of the Nat;onal II~~using Act, he will pay to the mortgagee an adjusted premium charge of
one per centum (1~~ ) of` the original principal amount thereof, except that in no e~~ent shall the adjusted
premium exceed the aggre~ate xmaunt of premium charges which would have been [~ayable if the mort-
gage had continued to be insured unti] maturit~~ ; stlch payn~ent to he applied Uy the mortgagee upon its
obligation to the Federal ~~ousing Commissioner on account of mortgage ~nsurance.
2. That, in order more full~ to prutect thc security of this mortgage, the mortRagor•, together w•ith,
and in addit~on to, the mcmthly payn~ents ur.der tlie terms of the note secured hereb>•, on tlie first day~ of
each month until ti~e said nate is fully paid, will p~tiy to the n~ortgagee the follow•ing sums:
(a) An amount sufficient to prot•ide the holder hereof ~~•ith funds to pa~~ the ne:~t mortgage .
ins~n•ancc: pi•emium if this itistrument aitd the note secured hereby ai•e insured, u~• a monthl~- charge
( in lieu of ~ mortgage insurance premium) if they are heid b~• the Fec~er.~l Housing Commissioi;er,
as follo«~s :
If and so lon~ a~ sai~i note of e~•eri date and this instrument are~ iiisiire~i or are rein~ureri !~ncler thc~
~~m~•isions of the tiational Housing Act, an amount sufficient t~~ accumulatr in the han~ls of the holder
onc l 1) n:onth prior to its due datr the unnuul mortga~e in~urance premiurn, in nrder tu pr~~~~ide such
h~~l~ler ~+•ith funds to E,at• such premiun~ to the Fedcral Housi~;K Commis~ionc~r pur.uant ti~ thE~ \atior.al
f(~u=in~ .~ct, as amended, and ap[~licable ReKulations thet~ewzdi•r; or
it~) If an~l so Ic,n~ as said notr of e~-en date an~i this instrument are helii bj~ ~h~ Fe~ic•ral HousinKC~~mmis-
sionei•, a tnonthly charR~ (in lieu of a mo~t~aae insurance premium) ~chich sh~ll be in a~i amnuitt.
ec~uai to one-t~~•elfth ) of one-half ) per centum o; the a~•crake outstandin~ balance due on the
. note comguted H•ithout takinR into account deGnryuencies ~r prepay~ments;
(h) ~ sum equal to the ground rents, if an~~, next due, plus the premiums that w~ill next become
dve and j~a~-able on policies of fire and other hazard insurance cot•ering the mni~t~<?~ed ,~t~operty, I~lus
taxes and assessments next due on the mortgaged property (all as estimated h~• the murtgagee) less
all sums already paid therefor di~•ided by the number of munths to elapse Uefore one month prior
to the date wtien such ground rents, premiums, taxes, and ~issessments w~ill become delinquent, such
sums to be held by mortgagee in trusY to pay said gt•ound ?•ents, premiums, ta~es, and special assess-
ments ; and
(c) All pa~~ments mentioned in the tw~c~ preceding subsections of this paragraph anci all pay-
ments to be made tinder tile nute secured hereb~~ shall t~e added together and ti~a aggregate an~nur?t
thereof shall be paid by the mortgagor each m;>nth in a single payment to be applied b~• the n:ort-
gagee to the following items in the order set forth:
premiurn char~.fes trnd:•r the contract c,f insurance ~•ith the Federal Housin~ C~mmissioner. ~n• ninnthlt~
char~e (in lieu of mo,tfiaRe inci,rance pren~ium), a~ the ca~c ma~• i~e;
~ tt )~*roun~l rents, ta~es, a;;c•s:ments, fire, and oth~r hazar~i insurance j~rt~n~iums;
I Iit j inf~rest on the t~ate Sf~cin~ed ha~r~by; an~
) amortization of the principal of sai~l note.
An~• deficiency in the amount of such aggregate mor~thl~- pa~•ment shall, unless made goc;d ~,y~ the
mortgagor prior to the due d~te of ti:e »ext such pa~•ment, constitute an e~•ent of default uncier this niort-
gage. The mortgagee ma~ culiect a"late charge" nat to exceed t«•o cen~s (2c~) for each dollar (~l ) of
each payment more than fifteen t 15) da~•s in arreai•s to co~•er the e~tra expense iti~•ol~•ed in handting
delinquent pa~~ments.
3. That if the total ~f the pa>~ments mac~e b~~ themortgagar under (b) of ~aragraph 2 preceding shall
exceed the amoi~nt of na~~ments actuall~~ made b~• t'ne mortga~ee, for ~;r~~und ret~ts, taxes an~ as~.f~s.ments
and ~nsurance premiums, as the case may be, sucn excess shall be credited by~ the mortgagee en subs~uent
payments to be made by the mortgagor. If, how~ever, the monthl~~ pay-ments made b~~ the mortgagor
under (b) of paragraph 2 preceding shall not he sufficient to pay ground rents, taxes and assessments
and irisurance premiums, as the case may be, w•hen the same shall become due and pa~•able, then the
mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the
date w•hen payment of such ground_ rents, taxes, assessments, or insurance premiums shall be ciue. If
at an~~ time the mortgagor shall tender to the mortgagee in accordance w•ith the provisions of the nute
secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, ~n com-
puting the amount of such indebtedness, credit to the account of the mortgagor all pa~~nents made unciei•
the pro~~isions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa~• to tlie
Fecierdl Housing ~ommissioner and any balance remaining in the funds accumulated under the pro~-isiuns
of (b) of said paragraph 2. If thei•e shall be a default under any of the provisions of t}iis mor•t~a~e, re-
sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the prapert~- o:tier-
wise after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at
the time the property is otherwise acquired, the balance then remaining in the funds accumulated under
(b) of paragraph 2 precec~ing as a credit against the amount of princi~al then remaining unpaid under
~aid n~te and shall properly adjust any payments w•hich shall have been made under of said paragi~aph.
4. That he will pay alt taxes, a~sessments, w~ater r~tes, and other go~•ernmental or municipal charges,
aooK 1.~9 20~,