The URL can be used to link to this page

Home My WebLink About2348 ; ~ ~ ; i i i FROVIDF.D A[.WAYS, and these presents are executed and- delivered upon the following conditions, to ~ ~L ~ 1` ~~•it: ' The mortgagor agrees to pay the mortgagee, or order, th~ principal sum of Fourteen Thousand ( Sevea Hundred and No/100 DoUars 14, 700.00 as evidenced by a note of even date her~with, with interest from date ' I at the rate of F~ve & Oile -Quarter per centum ( S} ^'o ) per annum on the un- i paid balance un±il paid. The sftid principal at~d interest shall k~e payable at the office of I ' ATICO FINAN~IAL COFiPORATION ~ i e ~ ~ or at such other place as the holder of th~ note may designate in ~~•riting, in monthly instxllmeiits of ~ Eighty One and 29/100 -------------Dollars 81.29 commenci~g on i ~ the first day of September , 19 65, and nn the first day of each month thereafter until the ~ principal and interest are fully paid, except that the final payment of principal and interest, if not sooner ~ ~ paid, shall be due and paysble on the first day of ,Aj~g~ t , 19 95 ; ~ And shall duly, promptiy, and fully perform, discharge, execute, effect, complete, and comply with and ~ ~ abide by each and every the stipulations, agi•eements, ~onditions, 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 Lhe mortgagor further covenants as follow~s: ; 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an arnount equal ta one or moi•e manthly payments on the E~rincipal that are next due on the note, on the first da~• of any month prior to maturity : Pro~~ided, how•e~~ei•, that w•rittcri notice of an ~ intention to exercise such pri~•ilege is given at least thirty (30) days prior to prepayment; and, provided ~ further, that in the event tt~e debt is paid in full prior to maturity and at that time it is insured unt'ter ; the provisions of the National Housing Act, he will pay to the mortgagee an adjusted prernium charge of ~ one per centum (1 ) of the original principal amount thereof, except that in no event shall the adjusied ; premium exceed the aggregate amount of premium charges which would ha~~e been payable if the mort- ~ gage had continued to t~e insured until maturit~~; suc}i payment to be applied by the mortgagee upon its ~ obligation to the Federal Housi~~g Commissiorier on account of mortgage insurance, 2. That, in order ixore fully to protect the security of this mortgage, the mortgagor, together with, and in addit~an to, the manthly payments under the tet~ms of the note secured hereby, on the first day of , e~ch month unti! the said note is fully paid, will Uay to the mortgagee the following sums: ~ (a) An amount sufficient to pro~~ide the holder hereof with fancis to pay the next mortgage ~ insw•ance premium if this instrument and the note secured hereby are insured, or a monthly charge i ~ (in lieu of a mortgage insurance premium) if they are held by the Feder~l Housing Commissioner, ; as follo~~-s : ' (t) If and so lon~ as said note of e~~en date and ±his instrument are insurad oi• are i•einsui•ed under the provisions of ths~ tiationai Housin~ Act, an amount sufficient to accumulate in the hands of the holcier one (1) month prioi• to its due daie the annual mortgage insuranc~ premium, in order to pravid~ such ho~der w•ith funds to pay s~ach prenuum to the Federal Housing Commissioner pursuant to the Nationat tiousing Act, as amended, and applicable Ttequlations the~~eundei~; or ~ (t~) If and so long as said note of even date and this instrument ai•e held by the Federal Housin~ Commis- i ~ sioner, a monthly char~{e (in lieu of a mortgaAe insurance premium) which shall be in an amount ' ~ equal *,o one-tw•elfth of one-half ) pei• centum of the svei•aRe outstanding balance due on the note computed without taking into uccount cielinquencies or prepa}•ments; {b) A sum equai to the ground rents, if any, next due, plus the premiums that will next become ; ~ due and payable on policies of fire and other hazard insurance covering the mortgaged pro~erty, plus ~ taxes and assessments next due on the mortgaged proper~y (ail as estimated by the mortgagee) less " ~ al! sums already paid therefor divided by the number of munths to elapse before one month prior ~ to the date when such ground rents, premiums, taxes, and assessments will become delinquent, such ~ sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special ascess- ments ; and ~ ; ~ (c) All pay~ments mentioned in the two prt~ceding subsections of this paragraph and all pay- ' ments to 6e made under the note secured hereby shall F~e added together and tlie aggreg~te amovnt ~ j t h e r e o f s h a l l b e p a~ d b y t h e m o r t g a g o r e a c h m o n t h i n a s i n g l e p a y m e n t t o b e a p p l i e d b y t h e m o r t- gagee to the following items in the order set forth: ~ (r) premium char~es under fFe contract of insurance with the Federai Housing Commissioner, cr mo»thly ~ chai•~e (in lieu of mortQaAe insuraTice premium), as the ca:,e may be; : (fI) ~;rounci rents, taxes, assescments, fire, and other hazar~l insurance premiums; ~ I (III} interest on the note secured hereby; and amortizatian of the ~rincipal of said note. ~ ~ny deficiency in the amount of such aggregate monthly payment shall, unless m~.de good by the mortg~gor prior to the due date of the next such pa~•ment, constitute an e~~ent of default under this mort- ~ gage. The mortgagee may cullect a"]ate charge" not to exceed tw~o cents (2t) for each doll.ar ($1) of ; ~ each payment mare than fifteen { 15) days in arrears to co~•er the extra expe~nse in~•al~~ed in handling delinquent payments. 3. That if the total of the pa~•ments n~ade by the mortga~or under (b) of paragraph 2 preceding shall exceed the arnount of pay~ments actuall~~ made by the mortgagee, for ~round rents, taxes and ass~sGments i~ and insurance gremiums, as the case may be, such excess shall he credited by the mortgagee on subsequent payments to be made by the mortgagor. If, how~ver, the monthly payxnents made by the mortgago: under (b) of par~graph 2 preceding shall not t~e sufficient to pay ground rents, taxes and assassments ` ~ ~ ~ and insurance premiums,_ as the case may be, when the same sh~ll become due and payable, then the mo:-tgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the ~ date when payment of such ground rents, tazes, asssessments, or insurance premium~ shall be d~ie. If at any time the mortgagor shall tender to the mortgagee in accordance with the provisions Qf the note ~ ~ secure~d 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 payments made unclei• ~ the provisions of (a) of paragraph 2 here~f which the mortgagee has not become obligated to pa~• to the Federal Housing Commissioner and any balance remaining in the funds accumulated under the pro~~isiuns of (b) of said paragraph 2. If thex•e shsll be a default under any of the provisions of this mortgage, re- ~ sulting in a public sale af the premises covered hereby, or if the mortgagee acquires the propert~• other- wise after default, the mortgagee shall apply, at the tirrie of the commencement of such proceedings or at the time the property is otherwise acquiz-ed, the baiance then remaining in the funds accumulate~i under ~b) of paragraph 2 preceding as a credit against the amount of pri~cipal then remaining unpaid under said note and shall properly adjust any payments which shall have be~n made under (a) of said paragi•aph. _ ~ 4. That he will pay~ ali taxes, assessmenLs, water ra~es, and other governmental or municipal charges, ~ _ 0 R t 3U!i~ ,~.4,~ ~ ! ~