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Home My WebLink About2831 ~ftOVIDED ALWAY~, and these presents are erecuted and deli~•er~~d upon the following coi~ditions, to it : The mortgagor ag~-ees to pay the mo~;-tgagee, or order, the principal sum of Eleven Thousatld Four Hundred and No/100 Dollars 11, 404. OU as e~~idenced by a note of even date hereK~ith, w•ith interest from ciate at the rate af p'LVe & OQe-Quarter ~er centum ( S4 ) per annum on the un- paid halance until paid. The said principal ar.;~ interest shall be payable at the office of ATICO FINANCIAL OORPORATION or at such other place as th holder of the note may designate in ~~~riting, in manthly installments of Sixty Three and 04f100 ------------~ollars 63.44 } , commencing on the first day of $eptember , 19 65 , and on the first day of each month thereafter until the principal t~nd interest are fullv paid, except that the final payment of principRl and interest, if not sooner paid, shaIl be due and payable on the first day~ of August , 19 9S ; And shall duly, promptly, and fully perform~ discharge, execute, effect, complete, and comply with ~nd abide by each and every the stipulations, ~?greements, conditions, and covenants of said promisscx~y note and of this mortgage, th~n this mortgage and tl~e estate hereby created shall cease and be nutl and void. And the martgagor further covenants as foltow~s : 1. That he will pay the indebtedness, as hereinbefore provided. Pri~~ilege is reserved to pay the debt in whole, or in an amount equal to one or mure monthly payments on the princiEfal that are next due on the note, on the first da}~ of any month prior to maturity: Pravided, hoH~e~•er, ihat «•rittcn notice of an intention to exercise such priti•ilege is gi~~en at least tnirty (30) days prior to prepayment; and, provicled further, that in the event the deUt is paid in full ~rior to maturity and at that time it is insured unc~ei• the provisions of the National ~iousing Act, he wi[I pa.v to the mortgagee an adjusted premium charge of one per centum (1 ~r ) of the original principai amount thereof, except that in no event shall the adjusted pr2mium exceed the aggregate amount of premium charges which would have been payable if the mort- gage had r.antinued to l7e insured until m~turit~~ ; such payment to }~e applied by the mortgagee upon its obiigation to the Federal Huusing Commissiouer on accaunt of mortgage *'nsurance. 2. That, in order more fulty to protert the security af this mortgage, the mortgagor, to~ether K•ith, and in addit~on to, the monthty payments un~er the terms of the ncte secured hereby, on the tirst day of each month until the said note is fully paid, will ~~~iy to the mortgagee the following sums: (a) A~ amount sufl5cient to pro~~ide the holder hereof ~~ith funds to pa} the next mortgage insurance premium if this itzstrument and the note secured hereby are insured, or a monthjy~ charge (in lieu of a mortgage insurance premium) if they are hetd by the Federzl Hausing Cammissioner, as follo«~s : (c) If and so long~ as ~aid note of e~•en date and this instrument are insured or are reinaured under the provisions of the tiational HousinR Act, an amount sufficient to accumulate in the hands of the hoider one (1) month prior to its due date the annua! raortgage insurance premium, in order to pro~•idr sttch holder w•ith funds to pap such premium to the Fecieral Fiousing Co~nmis;ioner ~~ursuant to the :~ational HousinK Act, as amended, and applicabto ReRulations thereunc~er; or (tr) If and so long as said note of e~~en ciate and this instrument are held by the F~cieral Housin{~ Commis- sioner, a monthly char~e (in lieu of a mortp~aae insurance premium) w•hich shalt be in an amaunt equal to one-tw~elfth 1~) of one-half ('.•i ) pei• cer;tum ~f thc~ avei•aKe outstandin~; bzlante due on the note computed without taking into account delinquencies or grepayments; (b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and paS~~ble on ~wlicies of fire and other hazard insurance covei•ing the moi•tgaged ~roperty, plus taxes and assessments next due on the martgaged property (all as estimated by the mort~agee) less a11 sunis alreadv paid therefor di~~ided by the number of munths to elapse before one month prior to the d~te when such ground rents, premiums, taxes, and assessments will becorr~e delinquent, such sums to be heid by mortgagee in trust to pay said ground rents, premsiums, taxes, and special assess- ments; and (c) All payments mentioneci in the t~~o preceding subsectioris of this paragraph and ail pay- m~nts to be made under the note secured hereby shall be added together and tlie aggrega`ce amount thereof shall be paid by the mortgagor each month in a single pay ment to be ap~lied by the mort- gagee to the following items in the order set forth; (I) premium char~es under the contract of insuranee with the Federai Housin~{ Commissiotter, nr ~n~nthl~~ char~e (:n lieu of mort~age in~ui~ance nremium), as the case may be; ~;round rents, taxe~, assessment,, fire, and other hazarct insurance premiums; (tit} interest on the note secured hc~reh~~; an~i (i~~) amorti2aii~n of the prin~ipai of saici note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to th~ due date of the next such payment, constitute an e~•ent of defauit ur~der this mort- gage. The mortgagee ma.r• culiect a"tate charge" not to exceed tw•o cents (2c`) for each dollar ($2) of each payment more than fifteen (15) daS~s in arrears to cover the extra expense ini•ol~•ed in handling delinquent payments. 3. That if the total of the pa~~ments n?ade by t.hemortgagor under (6) of paragraph 2 preceding shatl exceed the amount of pa~•ments actuall~• made b~ the ntortgaAee, for }zi•ound rent5, taxes and asses~ments and insurance premiums, as the c~se may be, such excess shall be credited by the mortgagee on subseyuent payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor undQr (b) of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes and assessments and insurance premiums, as th~ case rnay be, when the sarne ahalI becorne due and pay~able, ~hen the mortgagor shall pay to the mortgagee any amount necessary to make up the c3eficiency, on or before the date when payment of such ground, rents, taxes, assessment;s, or insurance premiums shall be due. If ai any time the mortgagor ahall tender ta the mortgage~ in accordance with the provisions of the note secured 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 n~ade unclE:i• the provisions of (a) of paragraph 2 hereof which the mortga~ee has not become obligated to pa~• to the Federal Housing Commissioner and any balance remaining in the funds accumulated under the pro~~isions of (b) of said garagraph 2, If thei•e shall be a default under any of the provisions of this moa•tgage, re- sulting in a public sale of the premise~ covered hereby, ~r if the mortgagee acquires the propert~• ott?~r- wise after default, the anortgagcae shall apply, at the time of the commencement of such proceedings or at the tirne the property is otherwise acquired, the balance then remaining in the funds accumulated ucufer (b) of paragraph 2 preceding a.s a credit against the amount of principal then remaining unpaid uncier said note and shall properly adjust any payments which shall have been made under (a) of said paragi•aph. 4. That he will pay a!I taxes, assessments, water rates, and other governmental or municipal charges, o R ~ O~v~.+~j..F.r ~fyJ