HomeMy WebLinkAbout1619 Ptt~?vtnF[~ A~.~vnYS, and thest~ presents arc~ ~~xecuted and ~lelivered upon the following conditions, to
it :
Tht m~rtgagai• a rees to pa~• the mortgagee, oi• oi•der, the principal sum of Nineteen Thous~nd Three
Hundred and Na~100
Dollars ~9 ~ 300. 00 as evideneecl b~~ a nc~te of even date here~vith, ~~•ith interest from date
at the rate of~'iVe F~ OIIe-QuaTter per ce~itum ( 5~ per annum on the un-
paid balance until paid. The said principal and interest shall be payable at the of~'ice of
ATICO FIIQANCIAL CORPURATION
oi• at such other place as the holder of the note may designate in ~vriting, in morithl,v instailments of
Orie Htutdred S ix aRd 73~100 Dollars ($L06.73 commencing on
the first day of Attgust , 1955 , and on the first day of each month thereafter untii the
principal and interest are fully paid, except that the final payment of principai and interest, if not sooner
naid, sha]] be due and payable on the first da~• of July , 19 95 ;
And shall duly, promptly, and fully perfarm, discharge, execute, effect, complete, and comply with and
abide by each and every the stipulations, agreements, conditions, and covenants of said promissc,ry note
and of this mortgage, then this mortgage and the est~~te hereby created shatl cease and be nul] and void.
And the mortgagor further covenants as folloHS:
1. 'I"hat he will pay the indebteciness, as hereiiit~efore t~ro~~ided. Pri~•itege is reserved to pay the
debt in whole, or in an amount equzl to <>ne c>r m~>re n~oa~thly payments un the principal that are ne~t due
on the note, on the first cla~• of any mor?th pi•ioi• to r.~aturity: Pro~~ided, ho~~•e~~er, that w•ritten notice of an
intention to exercise such pri~~ilege is gi~~en at least thirty (3U) days prior ta prepayttieht ; and, provicted
further, that in the event the debt is paid in fult prior to maturity and at that time it is insured under
the provisions of the Nationa; ~Iousing Act, he will pay to the mortgagee an adjusted premium charge of
one per centum (1 ~r ) of the original principal amount thereof, except that in no e~•ent shall the adjusted
pretrdium exceed the aggregate amount of premium charges which w~ould ha~~e been payable if t.he mnrt-
ga~e had continued to be insured until maturit3•; such payment to be a~lied by ~he mortgagee upon its
obligation to the Federal Housit~g Commissioner on ~ccounC of mortgage ~nsarance.
2. That, in order more fu11y to prutect the security of this mortgage, the martgagor, together with,
and in addit~on io, the m+.~nthly payments under the terms of the ncte secured hereb~~, on the first day of
each month until the said note is fully paid, will pay to the n~ortga~;ee the following sums:
(a) An amount sufficient to pro~•ide the holder hereof n•ith funds to pay the next rnoz•tga~e
insui•a?ice premium if this insti•ument xnd the ~;ote secui•ed hereby are insi~i•ed, or a monthl~~ charge
(iri liett of a mortgage insui•ance premium) if Lhe}~ are held by~ the Feder.tl Housing Commissionei•,
as follo~~•s :
lt) If and so lon~ a; said nnte of ~•~•en date and this instruinent arc~ insured or are rcinsur•ed undei• tl~~•
pro~•isions of the \ationat Etousin}~ l~et, an amount suflicient to accumulate ir~ the hands of the holder
c~ne (1) month prior to its due date the unnual mortgage insurance premium, iu order to pru~•ide such
hoi~l~r u•ith funds to pay such ~~remium to the H'ederai Hourink Cnmmis;ioner uursuant to thr~ tiationul
Hou,irrK Act, as atnended, unc! appticab)c~ Re~ulatiuns thereunde~ ; or
I nJ If ar.d so lon~{ as said note of e~•en date and this in~trUment are held bj• the Fe~iei~al HousinR Commis-
sioner, a m~nth[y rharqe (in lieu of a mort~age insurance F,i•ert~iurti) H•hich shal) he in an amovnt
equal ±o one-twelfth of one-half ) per centum of thr a~•era~;e outstanding balance due on tne
not~ computed without takin~ into account delir.quencies or prepaymenfs;
(b) A sum equai t~ the groun~ rents, if any, next du~, plu~ the premiums that will next become
due <ind pa>'able on policies of fire and ather hazard insurance co~~ering the mortgaged pronerty, plus
ta~ces and assessments next due on the mortgaged property (all as estimated b~~ the mortgagee~ less
all sums already ~aid therefor divided by the number of munths to elapse before one n~onth priur
to the date w•hen ~uch ground rents, premi~~ms, taxes, and assessments wilt becc~me deiinquent, such
sums to be held by m~rtgagee in trust to pay said ground rents, prerniums, taxes, and special assess-
ments; ~nd
(c) All pa}•ments mentioned in the t~~o preceding subsections of this paragraph and ail pay-
:nents to be made under the note secured hereby shall ~~e added together and tiie aggregate amount
thereaf shall be paid bv the mortgagor each month in a single payment to be applied by the tnort-
gagee to the ;oilawing items in the order set forth:
premium char~es under the conti•aet of insurance.vit}t the Federal NousinR Contmissio~te~•, nr ntontltl:~
charge (in lieu of mortRa~e insurance premium), as the case may- be;
1I1) ~rounrl ren!s, taxes, assescments, firc, and ~thFr hazar~i insurance premiums;
lut) interest on the nute secured }:F~rc~b~•; an~l
amortization of the principal of said n~te.
Any deficiency in the amount of such aggregate monthiti~ pa~•rnQnt shali, uniess made good by the
moi•~,gagor prior to tne due date of t}ie next such pa;;ment, constitiate ar~ e~•ent c~f default under this mort-
gage. The mortgagee ma~~ cullect a'"late charge" not to exce^d t~s•o cents (2c~) for each dollar ($1) of
each payment more than fifteen ( la) days in arrears to co~•er the extra ~xpensE in~~ot~~ed in handling
delinquent payments.
3. That if the total of the pa~~ments made b~• the mortgagor under (U) of paragraph 2 preceding shall
exceed the amount of pa~~ments actuail~~ rnac~e by the n~ort~a~ee, for gi•aund rents, taxes anc~ assescments
and insvrance pren~iums, as the case may be, such excess shall be credited by the mortgagee on subsequent
~ paymen~s to be made by the mortgagor. If, how•ever, the monthly pay~ments made by the mortgagor
? under (b) of paragraph 2 preceding shall not be sufficient to pay ground rents, fiaxes and assessments
~ and insurance premiums, as the case may be, r~~hen the same shatl became due and pay~able, then the
mortgagor shall pay to the mortgagee any a.mount necessary to make up the deficiency, on or before the
~ date when payment of such ground rents, taxes, assessments, or insurance premiums shall be due. If
at any time the mortgagor shall tender to the mortgagee in accordance wiEh the provisions of the note
` secured hereby, full payment of the entire indebtedness representec~ thereby, the mortgag~e shall, ;n com-
~ puting the amount of such indebtednesa, credit to the accaunt of the mortgagor all payments made ur~dei•
~ the provisions of (a) of paragraph 2 hereof which the martgagee has not become obligated ta par to the
~ Federal Housing Commissioner and any balance remaining in the funds accumuiated under the pro~-isions
of (b) of said pai•agraph 2. If.thei•e shall be a d~fatiit under any of the provisi~ns of this mortgag~, re-
sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the prope: ty other-
w~ise after default, the mortgagee ahall appiy, at th~ time of the commencement of such proceedings or at
the time the prop~erty is otherwise acquired, the ~aiance then remaining in the funds accumulated vnder
(b) of paragraph 2 prececiing as a credit sgainst the amount of principai then remaining unpaid under -
said note and shall properly adjust any payments which shall have been made ander (a) of said paragraph.
4. That he will pay all taxes, assessments, water rat-es, and other governmentai or municipal charges,
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