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~~K(1~'~n~':() t~l.\~'A~t'ti~ i~p(~ t~lt`:~t' })1'E'SC'i1L5 c`~CE' E'\f'Cl1tP(~ illl(~ (~t~il\'E'1't'(~ Ll})tifl t}lf' f0~10«'lll~' COlli~ltll)tl~, tO
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The moi-t~agor agrees to pay the mortgagee, or order, the principal sum of $'LxteeA thousat]d
Eight Hwadred aad No/L00
Dollars 16,800.00 as evidenced by a note of e~en date herE~~~•ith, ~~~ith interest from date
at the rate of Five & Oite-Quarter per centum ( S~ ) per annum on the t~n-
paid balance until paid. The said principal and interest shail be payable at the office of
ATI00 FINANCIAI. OORPORATION
ai• at such othei• place as the holder af the note m~y designate in writin~, in monthly installments of
~Vinety T`wo and 90/100 Dollars 92.90 commencing on ~
the first day of July , 1965 , and on the first day of each month thereafter until the , '
principal and interest are fully paid, except that the final payment of principaa and interest, if not sooner
paid, shall be dt~e and payable on the first day of Jude ~ 19 95 ~
And shall duly, promptly, and fully perfarm, c~ischarge, execute, effect, complete, and comply with and ~
abide by each and every the stipulations, agreements, conditions, and covenanis of s~id promissory note
and of this mortgage, then this moi•tgage and the estate hereby created s}iall cease and be nuil and void.
And the mortgagor further co~~enants as follows:
1. That he will pay the in~leUtedness, as hereinhefore provided. Pri~~ilege is reserved to pay the
debt in whole, or in an aniount equal to une or mui•e monthly payments on the pi•incipal that are next due
on the note, on the tirst cia~• of an~• month prior to n~aturity : Provided, ho~se~•er, that K'ritten notice of an
int~~ntion to exercise such pri~•ilEgt~ is gi~~t:n at least thirty (30) days prior to prepa~~ment; and, provicted
further, that in the event the del,t is paid in full ~~rior to maturity and at th~it time it is insured under
the pro~•isions of the National }iousing Act, he will pay ta the mortgagee an adjusted premium ch~rge of
one per centum (1 r~ ) of the origina! pr~ icipal amount thereof, ~xcept that in no e~•ent shall the adjusted
premium exceed th~ a~Rregate an~ount of pren~iumcharges which would ha~•e been payable if the nlort-
gage had continued to be insured until maturit)•; such payment to be applied by the mortgagee upon its
abligation to tlte F'ederal Housiiig Cammissioner on account of mortgage ~nsu?•ance.
That, in order more fully to prutect the security of this mortgage, the mort~~gor, together w~ith,
and in addition to, the munthiy~ ~fa~'ments under the terms of the note secured herel~~~, on the first day of
each month until the said nute is full~• paid, will ~r~y to the mortgagee the following sums:
(a) An amount sufTiciei~t to pro~•ide the holder hereof «•ith funds to ~a~~ the next moi~tgage
insurance pi•emium if this itisti•um~nt ~nd the note secut•ed hereb~~ ai•e insi~i•ed, or a monthl~~ charge
(in lieu of a mortgage insurance premium) if they are held b~~ the Feder~l Housing Commissioner,
as f~lios~•s :
~i) If an<i so lonR as said note of e~•en date and this instrument are insure~i or are r~•insure~l t~n~ler the
p!~o~-isi~ns of the \aTiona! Housin~ Act, an amount sufficient to accumulate in thc~ nanii~ of the hoider
one (1) n:onth ~~riur to its due ~iatr the unnual rr~ortgage insurattce p!'emiurn, in urder t~~ pr~svide su~h
hi,l~ler ~cith funds to ~iat• such premium to the Fetleral Housin~; ('ommis~ioner pursuant to the \ational
Hou,in~; act, as amended, and ap~~licable IteRulations thereunder; or
(ti) If an~i so lon~ as said note of e~~en ~late and this instrument are held b}• thc~ Federal Hrni~inK Commis-
sioner, a monthly char~e (in lieu of a mort~a~e insurance prcmium) ~~•hieh shall be in an amount
eryual to one-?«•elfih ~:s) of one-half per centum of ihe a~•era~*e outs~andiny; b~lance duo on the
~ note computed w•ithout takin~ into account delinquenCies or prepayments;
(b) A sum equal to the ground rents, if any, next due, plus the premiums that «•ill next become
due and {~a~•able on pc~licies of fire and c3ther hazard insurance coti•ering the m~~rt~a~ed prupert~•, I~tus
ta~es and assessments next due on the mortgaged prox~erty (a11 as estimated b~~ the morthagee) less
all sumti ~tiread~• paid therefor di~'ided by the number of munths to ~lapse befoi•e one month pz'ior
to the date when su~h gmund rents, premiums, taxes, and assessments w~ill become delinquent, Such
sums to be held by mortgagee in trust te pay said grour~d rents, ~~remiums, taxes, and special assess-
ments ; and
(c) All pa~~ments mentioned in the t~•o preceding subsections of this parr~graph and ail pay-
ments to l~e made under the note secured herei~~• shall be added togeti.er and the aggregate an~ount
thereof shall he paid by the mortgagor each month in a single payment ta ~e apglied by the mort-
gagee to the follow•ing iterr~s in the order set forth :
(t) ~remium charKes uncler the contract of insurance u•ith the Fc~le~~al HousinK Commissionei~, C~i' 1IIOI1~Il~}'
charQe (in lieu of mort~aqe instu•ance i~remium), as the case may be;
([t) ~roun~i rents, taye~, asse•~~nicnts, fire, anduther hazar~l insurance pre~z~iums;
~Itt} intei•est on the note. s.~cuied hFr~by; an~.j
( tti') amortizati~~n ~f the ~~rincii~al of sai~l note.
An~~ deficiency in the amount of sucn aggregate monthl~• pa~•mer.t shall, unless made good by the
mortgagor prior to the due date of the nc~~t such pa~•mf~nt, constitute an e~•ent of default u:~der this mort-
gage. The mortgagee ma}• cullect a"late charge" not to exceed t~ti~o cents (2c) for each dollar (~1) of
each payment more than fifteen days in arrear•s to co~-er the e~tra expense im•ol~~ed ii~ handling
delinquent payments.
3. That if the total of the pa~•rnents made b~• the mortgagor uncler (t,) of paragraph prece~ing shall
e~ceed the amount of na~•ments actuali~• macie b~• the mortg'a~ee, for ~rottnd ret~ts, taxes a»c~ assescments
and ~nsurance premitzms, as the case ma5• be, such excezs shall be crediteci by~ the mortgagee on subsequent
payments to be made by the mortgagor. lf, however, t.he monthly pa}•n~ents made by the mortgagor
under (b) of paragra~ph 2 preceding shall not be sufficient to pay ground rents, taxes and assessments
and insurance gremiums, as the case may be, v~•hen the same shall become du~ and pa~•able, then tne
mortgagor shall pay to the mortgagee any amount necessary f.o make up the deficienc~•, on or before the
date K•hen payment of such ground rents, taxes, assessments, or insurance premiums shall be uue. If
at any time the mortgagor shall tender to the mortgage~e in accordance with the prc,visions of the nc~te
secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, ;n com-
puting the amount of such indebtedness, creclit to the account of the rnortgagor all payments made under
the provisioi~s of (a) of p~ragraph 2 hereof xhich the mortgagee has not become obligated to pa~• to tiie
Federal Housing Cornmissioner and any balance remaining in the funds accumulated under tne prc~~~isions
of (b) of said pai•agraph 2. If thei•e shall be a defauft under any of the provisions of this moi•t~age, re-
sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the prapert}• other-
wise after default, the mortgagee shall apply, at the time of the commer,cement of such proceedings or at
the time the property is otherwise acquired, the balance then remaining in the funds accurnulated under
(b) c~f paragraph 2 preceding as a credit against the amount of pt°inc~pal then remaining unpaid under
said note and shall properly adjust any payments v~~hich shall ha~~e been made under (a) of sa~d paragi•aph.
4. T~?at he will pa~~ all taxes, assessments, water rates, and other gn~~ernmental or municipal charges,
~~0~~~9 201 5~pK11~ ~ 475