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~'ROVIDED At,~t'AYS, and these presents are ~xecuted atid deii~~ered upon the foltowing conditians, to
«•it:
The mortgagor agrees to pay the mortgagee, or orc~er, the principal sum af S Lxttetl 1$O~it~id
One Hundred and No/1.00 --------------w---.._.._~~.____..___________...._-
Dollars 16,100.00 Rs evic?enced by a note af even date herewith, «•ith interest fram date
at the rate of Five & Otle-QuertEr per c.entum ( ~ ~o) per annum on the un-
paid balance until paid. The said prineipal and interest shall be payablt at the office of
ATICO FINANCI/~L CORpORATION
or at such other piace as the holder of the nate rnay designate in ~i•riting, in mont}ily installments of
Eighty Nine and 03/104 ---------_--Doll~rs $g~03 commencing on
the first day of Augus t , 19 ~g, and on the first day af each month thereafter until the
prinripal and interest are full~ paid, except that the finai payment of principal and interest, if not sooner
paid, shall be dae and payable on the first day of July , 19 95 ;
And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and camply with and
abide by ~ach and every the stipulatiuns, agreements, conditions, and covenants af ~aid promissory note
and of this mortgage, then th:s murtgage and the estat~ heret~ created shall cease and be null and void.
And the mortgagor further covenants as follow~s;
I. That he wilt pay the indebtedness, as hereitit~efore provic~ed. Privilege is reserved t~ pay the
debt in whole, or in an amount ~c~ual to one or moi•e monthly payments on the principal that are next due
on the note, on the first da~• of any month prior to maturity : Provided, ho~~e~•er, that writtcn notice of an
intention to exercise such pri~~ilege is given at Ieast thirty (30) days pric?r to prepayment; and, pravided
further, that in the event tlie debt is paid in ful! prior to maturity ar.d at th~zt time it is insured under
the provisions of the ~Tational Housing 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 event shall the adjusted
premium exceed the aggregate amount of premium charges which woutd have be~n payable if the mort-
gage had cvntinued to be insured until maturit~•; such payment to be applied by the mortgagee upon its
obligation to the Federal Housiiig Commissiotier on account of mortgage ~nsurance.
2. That, in order more fully to proter.t the security of this mortgage, the mortgagor, together with,
and in addition to, the monihly payments under the terms af the note secured hereby, on the first day of
each month until the said note is fullr paid, will pxy tn the martgagee the following sums:
(a) An amount sufficient to provide the holder hereof with funds tc~ pay the next mortgage
ir.surance premium if this instrument and the note secured hereby are insured, or a monthiy charge
( in lieu of a mortgage insurance premium) if t.hey are held by the Feder~l Housing Commissioner,
~5 ~0114~5"S :
(t) If and so ]onR as said r.ote of e~~en date and this instrument are insure~~l or are i•einsured under the
(nro~•isions of the ~ationa! Hausin~; Act, an amiount sufficient to accumulate in the hands of the holdar
one (1) month prior to its due date the annual rnortgage insurance peemeum, in order to provide such
holder with funds to pay such premium to the Federal Housing Cammissioner pursuant to the National
Nousin~,r Act, as amended, and applicablo Regulations thereunder; or
(u) If and so long as said note of even date and this instrument are held by the Federal HousinR Commis-
sianer•, a monthly charge (in lieu of a moz-t~,?aRe insuranee prPmium) which shall be in Ril amount
equal to one-twelfth of one-half ('.:s ) per centum of the avera~e nutstanding balance due on the
note computed W~ithout taking into account delinquencies or prepayments;
(b) A sum equai to the ground rents, if any, next due, pius the premiums that wi11 nexf become
due and payable on policies of fire and other hazard insur~nce covering the mortgaged property, plus
taxes and assessments next due on the mortgaged property (all as estimated by the mortgagee) less
all sums already paid therefoi• di~~ided by the number of munths to elapse before one month prior
to the d~te when such grovnd rents, premiums, taxes, and assessments wal! become delinquent, such
s~ms to be held b~~ mortgagee in trust ta pay said ground i•ents, premiums, taxes, and special assess-
n?ents; and
(c) A11 payments mentionea in t}?e two preceding subsections of this paragraph and all pay-
ments to Ue made under the note secured hereby shall be added together and ttie aggregate amount
~ thereof sha11 be paid by th~ mortgagor each n~onth in a singie payment Lo be applied by the mort-
gagee to the following items in the order set forth:
(I) premium char~es under the conti~act of insurance w•iih the Fecieral Housing Commissionei•, or mor,tl}ly
char~e (in lieu of mo~•t~a~e insurance premium), as the case may be;
(?t) g~•ound ren*s, taxes, asses,ments, fire, and othei• hacard insurance pi•emeums;
(ut) intei•est on the note secui•ed hei•ebv; and
~ (t~~) amort#zation of the pr:ncipal of said note.
At~v deficiency in the amount of such aggregate mor.thly payment sh~it, unless made good by the
~ mortgagor prior to the due date of t~ie next such payment, constitute an e~•ent of default under this mort-
F gage. The mortgagee~ m~y~ culiect a"late charge" not to exceed t~•o cen' (2c) for each dollar ($1) of
~ each payment more than fiftPEn (1~) days in arrears to cover the extra expense invol~~ed in handling
d~linquent payments.
3. That if the total of the pa~•ments made by the mortgagar under (b) of paragraph 2 prpceding shall
exceed the amount of pa~•mencs actuall~• made by the mortgagee, for ~round rents, taxes and assescments
and insurance premiums, as the case may be, such excess shall be cr~dited by the mortgagee on subsequent
paytnents to be made by the mortgagor. If, however, the monthly payments made by the mortgagor
~ ' under (b) of paragraph Z preceding shall not be sufficient to pay ground rents, taxes and assess:nents
~ and insurance ~remiams, as the case may be, when ~he same shall becorne due and payable, then the
mortgagor shall ~ay to the mortgagee any amount necessary to make up Lhe deficiency, on nr before the
date K~hen payment of such ground, rents, taxes, a~ssessments, or insurance premiums shal! be due. If
at any time the mortgagor shall tender to the mortg~ge~e in accordanc~ with the provisions of the note
secured hereby, f~ll payment of the entire indebtedness represented thereby, the mvrtgagee shall, ~n cam-
puting the amount of such indebtednesa, credit to fihe account of the mortgagor all pay-ments made undez•
the provisions ~f (a) of paragraph 2 hereof which the mnrtgagee has not become obligated to pa~• to the
Federal Housing Commi~sianer and any balance remaining in the f~nds accumvlated under the pr+~~~isions =
of (b) o~ said pai•agr~ph 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 premissffi covered hereby, or if the mortgagee acquires the property other-
wise after default, the mortgagee shall apply~ at the time of the commencement of such proceedings or at ~
the time the property is atherwise acquired, the b~lance then rem~ining in the funds accumulated under Y
(b) of paragraph 2 preceding as a credit agsir?st the amount of prinzipal then remaining ur.paid uncier ~
said note and shaIl properly adjust any psyments which shall have been made und~r (a) of said paragraph.
4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges,
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