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Home My WebLink About1918 Ptt~~vtt?E:t~ :~t.tt•a~'~, ~iiicl th~>sc~ ~~rt~sc~~~t~ ~trt~ k"CE'Cl1tt'd aitci deli~~er~~ci t~~~~~n thr follo~~'lTl~ C(lil(~1t1011S, t~~ »'it: The mortgagur a~re~~, to {~a~~ thE~ n~ortgagee, or orrier, thE~ principal sum of S Lxteen Tho~~Ad One Hundred and No/100 Dollars 16 ,100 .00 as evidenced b~• a note of e~~en date heret~~ith, ~~-ith interest frorn datt= ~~t the rate c;f FLVe & One-Quarter per cetiturn ( ~ ) per annum on the uii- paid bala~~ce untit paid. The said principal and interest shal! be payabl~ xt the office of ATICO FINANCIAL CORPO1tATI0N ; or at such other place as the holder of the note may designate in ~~•riting, in monthl~~ installments of ' Eighty NiRe arid 03~10(J ----~--------..Dollars ~9.03 commencing on the first da~• of August , 19 ~5, and on the first day of each month thereafter untii the principal and interest are full~ pa.id, except that the final pa~~ment of principal and interest, if not sooner ' paid, shall be due and payable on the first day af ,7uly , 19 95 ; ~ And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply K~ith and abide by each and e~•ery tile stipulations, agreenzents, conditions, and covenai~~s of said promissory note and uf this mortgage, then this martgage and the est~ite heret~y created shall cease and be null and void. , And the mortgagor further cati~enants as fQllo~~~s: ~ 1. That he will pay the indebtedness, as hereinl~efore provided. Pri~•ilege is reserved to pay th~ debt in whule, or in an amount equ.il to one or moi•e monthly payments on the princi~~al that are next due on th~~ note, oii the first da;~• of any mo;~th pi•ior to maturity: Pro~•ided, }io~~•e~~er, that u•rittcri notice of an intention to exercise such pri~•ilege is gi~•en at least thirty (30) d~~ys priur to ~arepayment; and, provided i further, that in the event ti~e deLt is paid in full prior to maturit,y at~d at that time it is insured uncler the pro~~isions of the National It~~using Act, he w•ill >>ay to the mortgagee an adjusted premium charge uf one per centum (1 ~r ) of the original principat amount thereof, except that in no event shall the adjnstFd premium exce~~d the a~~re~ate amount of premium charges K•hich would have been payalile if the mort- ' gage had continued to be insured until maturit~•; such payment to be applied by the mortgagee upon its ob;igation to the ~'ederal ~iousiiig Commissioaier on accoun~t of martgage ~nsurance. ~ 2. That, in order more fully to protect the security ef this mortgage, the mort~agor, together with, and in addit~on to, the monthly payments under the terms of the nate secured hereb~~, on the first day of ~ each month until the said note is fGlly ~aid, will p~iy to tlie mortg~~gee the folloH•ing sums: ~ (a) An amount si~flicient to pi•o~•ide the holrie~• hereof ~ti~ith funds to pay the next mortgagc~ ii~s>>rance premium if this insti'l'+iTl~tlt Ri](~ t}le note secured hereb~~ ~re ir,~ured, or a monthly charge ( in lieu of a mortga~e insai-al~ce premium) if the)• are held b~~ the Feder~l Ho~~sing Commissioner, ~ <<s follo«'s : ` If ar;d so lonR as said riote of e~•en ctate and this instrutner~t are instt~•e~l or are rcinsured under• tl~e ~ pro~•isions of the \ational I~o~a;in~; Act, an amount sut~'icient to accumulate in the hands of the holriei ~ one ~ i) month ~~t ior to its dae dale the annual mortgage i7surance premium, in order to pru~•ide such hoirler k~ith fund, ta pay siuh prerr~ium to the Federal IiousinK Co?mnissioner ~iursuant to the \ational Hou.in~; Act, a~ amended, and ai~rrlicablo Reaulations thereunder; or ~ 1 u 1 If and so lon~ a~ sairi note of e~~en date and this instc•ument ae•e held bj• the Ferleral tiousinR Commis- siotier, a monthlt• charqe (in lie~ of a mo~•t~age insurance pre~nium) ~•hich ;hall be in an an:ount equat to ~ne-tti•elfth y_ ) of one-half ('s ) pe~• centum of the a~•era~;e outstandin~ batance dv4 on the note carr~puted w~ithout takinK into account delini-~uencies or pre, ayments; ~ (b) A sum equal to the ground rents, if any, next due, plus the premiums that µ•ill next became due and }~a~~able on t~olicies ~f fire and other hazard insurance covering the m~~rtgaged pro~~ert~~, plus tases and assessments next due on the mortgaged property (aq as estimated i,~~ the mortgagee) te~s ~ all sums ~llread~• ~aid therefor di~•ided k~~~ the number af Riuntfis to Flapse before one month prior to the date w•hen such ground rents, premiums, ±axes, and assessn~ents will become delinquent, such sums to be held by rnortgagee in trust to pay said ground rents, premiums, taxes, and special assess- ments ; and (c) Ail pa~•ments mentioned in the tw~o preceding subsections of this paragraph and a11 pay- ments to be made under the note secured hereby stlail be added together anc~ tlie aggregate amount thereof shall he paid by the mortgagor each mc~nth in a single payment. to be applied br the mort~ gagee to the following items in the order set forth: lt ) ~iremi•~n~ char~es t~n~ler the conti act of i»aurance wiih the Fcdcral Fiousin~ Coir.missioner, c~• monthl}~ charRe (in iieu of moi~t~aqe insu~~ance premiurti as the case msp be; itl) }~round rents, taxes, assc•ssn:e•nt~, fire, and ather hazar~i insurance p~emiums; ltti) interest on the note secu~e:l hereb}•; an~i (t~') amortization of the princi;~a~ of saicl iiote. Anc- deficienc~• in the amount of sueh ag~regate manthiy pa~~ment shall, unless made good b~~ the mortgagor prior to the due date of the ne~t such pa~•ment, c~nstitute an e~•ent af default under tlris mort- gage. The murtgagee ma~~ cullect a°`late charge" not to exce~d t«•o cents (`l~s) for each cic;~tar ($1 } of each payir~ent more than fifteen ( t5) da}~s in arreac•s to co~•er the eKtra expense ir~~•ol~•ed in handlir?g delir~quent payments. . 3. That if the total of the pa~~ments made bti• the mortgagor under (b) of ~~ragraph 2 preceding shall exceed the amount of na~•ments actuall~• made by the martgai~ee, for ~t•ounc~ rents, taxes an~i asses~ments and insurance premiums, as the case may be, such excess shall be credited by fhe moi•tgagee on subsequ~nt payments to be made by the mortgagor. If, h~wever, the monthly payments made by the rr~ort~agor under (b) af paragraph 2 precer3ing shall not be sufficient to pay ground rents~ taxes and assessments and insurance gremiums, as the case maS~ be, when the same shall becom~ due and paS•able, then the mortgagor shall pay to the mortga~ee any amount necessary to make up the deficiency, on or befare t~e ~iate K~hen payment of such ground_ rents, taxes, a?s4e~sments, or insurance premiums shall be due. If at any time the mortgagor shall terader to the mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness representECi thereby, the mortgagee shall, ;n com- puting the amount of such indebtedness, credit to the accoun* of the mortgagor all payments macle unciei• the provisions of (a) of paragraph 2 hereof ~hich the mortgagee has not become obliga~Ed to pa~• to iiie Federal Housing Commissioner and any balanee remaining in the funds accumulated under the proti~isions of {b) of said paragraph 2. If thei•e shal! be a default under any of the provisions of this moi•tgage, re- sulting in a public sale of the premises covered her~by, or if the mortgagee acquires the propert~• other- wise after default, the mortga~ee shalt apply, at the time of the commencemenL of such proceedings or at the time the property is otherwise acquired, the balance then remaining in the funds accumulated under (b) of paraqraph 2 preceding as a credit against the amount of principal then remaining ~;npaid uncier said note and shall properly adjust any payments which shail have been made under (a) of said paragraph. 4. That he will pay ail taxes, assessments, wa,ter rates, and other governmenta] or municipal charges, r4~~~ . .1