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Home My WebLink About0056 PROVIDID ALWAYS, and these presenta are execute~l,.a~nd delive~ei~~ upon th~ following conditions, to R'lt : The mortgagor ees to pay the mortgag~ee, or order, the principal s~m of T ig'h~eta Thoua a hd One liuadrsd aad No~00 Dollara 18 ,1a0. 00 as evidenced by a note of even date herewith, v~ ith interest !rom date at the ratc of l~ive & Otte-QuaTteT per centum ( 5} per ~nnum on the un- paid t~alance until paid. The said principal and interest ahall be payable at the oflice oi ATI00 FIIdANCUL OD~PORATION or at such other place as the holder af the note may desig~nate in writing, in monthly installments of One Hund red epd 09/100 - - - - - - - - - - - -Dollars ( $ 100 . 09 ) , commencing on the flrst day of September ~ 19 65 ? at~d on the first day of esch mnnth ther~after until the principal and interest are fully paid, except that the final payment of princigal and interest, if not sooner paid, shall be due and payable on the first day of Augus t ~ 19 95 ; And shall duly, promptly, and fully perform, discharge, execute, effect, complete~ and comply with and abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note and of this mortgage, then this martgage and the estate hereby created shall cease and be null and void. And the mortgagor further covenants as follaw~s: 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an ~mount equal to one or more monthly payments an the principal that are next due on the note, on the first day~ of any month prior to maturity : Provided, how ever, that writt~n notice of an intention to exercise sueh privilege is given at least thirty (30) days prior to prepayment; an&~ pmvicled further, that in the event the debt is paid in full prior to maturity and at that time it is insnred under the provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of " ~ one per centum (1%) of the original princzpal amount thereof, except that in no event sha11 the adjusted premiurn exceed the aggregate amount of premium charges which would have been payable if the mort- gage had continued to be insured until maturity; such payment to be applied by the mortgagee upon its obligation to the Federal Housing Commissioner on account of mortgage ansurance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with, and in addit~on to, the monthly payments under the terms of the nate secured hereby, on the first day of e~ch month until the said note is :fully paid, will pay ta the mortgagee the following sums: (a) An amount sufficient to provide the holder hereof with f~tnds to pay the next mortga,ge insurance prernium if this instrument and the note secured hereby are insured, ar a rnonthly charge (in lieu of a mortgage insurance premium) if they are held by the Feder~l Housing Commissioner, as follows : (t) If and so long as said note of even date and this inetnament are insured oi• are reinsured under the provisions of the National Housing Act, an amount sufficient to accumulate in the hands of the holdei• one (1) month prior to its due date the annual mortgage insurance premium, in order tu provide such holder with funds to pay such premium to the ~ederal Housing Commissioner pursuant to the ;~~ational Housing Act, as amended, snd applicable Regulations thereunder; or (II) If and so long as said note of even date and this 9nstrument are held by the F'ede~al Housing Commis- sioner, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth (r/~~) of one-half ) per centum of the averaqe outstanding balance due on the note computed without taking into account deiinquencies or prepayments; (b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on poZicies of fire and other hazard insurance covering the mortgaged property, plus taaces and assessments next due on the mortgaged property (ali as estimated by the mortgagee) less all sums already paid therefor divided by the number of munths to elapse before one month prior to the date when svch ground rents, premiums, taxes, ~.nd assessments will become delinquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assess- ments; and ~ (c) All pa~•ments mentioned in the two preceding subsections of this paragraph and all pay- ments to be made t~nder the note secured hereby shall be added together and tl~e aggregate amount thereof shall be paid by the mortgagor each month in a single payment to be xpplied by the mort- gagee to the following items in the order set forth : (t) premium cFarQes under the contract of insurance with the Fedei•al Housing Commissioner, or monthly eharge (in lieu of moct~age insurance premium), as the case may be; (tt) giround rents, taxes, assessments, fire, and othe~• hazard insuranee premiums; (it1) interest on the note secured hereby; and (rv) amcrtization of the principai of said note. Any deficiency in the amount of such aggregate monthly payment shail, vnles.~ made good by the mortgagor prior to the du~ date of tl~e next su~h payment, constitute an e~°ent of default under this mort- gage. The mortgagee may cullect a"late charge" not to exceed two cents (2~) for ea~h dc,llar ($1) of each payment rnore than fifteen (15) days in arrears to cover the extra ex~rense involved in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding snall exceed the amount of nayments actuall~~ made by the mortgagee, for ~round rents. taxes and assescments and insurance premiums, as the case may be, such excess ahall be credited by the mortgagee on subsequent ~ payments to be made by the mortgagor. If, however, the monthly payments made by the martgagor `l under (b) of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes and assessments and insurance prerniums, as the csse may be, when the same shall become due and payabte, then the mortgagor shaU pay to the ~nortgagee any amount necessary to make up the deficiency, on or before the date when payment of sueh ground, rents, taxes, asseasments, or insurance premiums shall be due. if at any time the mortgagor shall tender to the mortgagee 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 suc~ indebtedness, credit to the account of the mortgagor ali payrraents made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligaterl to pa~• to the ~ Federal Houaing Gommission~r and any baiance remaining in the funda accumulated under the pro~~isions of (b) of said psr~gr8ph 2. If thei-e shall be a defaalt 'under sny of the pravisions of this mortgage, re- sulting in a public aale of the premises coverecl hereby, or if the mortgagee scquires the property other- wise after default, the mortgagee shall apply, at the time of the cummencement of such proceedings or at the time the property ia atherwise acquired, the balance then r2maining in the funds accumulated under (b) of paragraph 2 preceding as a credit againat the amount of priACipal then remaining unpaid under ~ said note and ahall properly ad~ust any pay~nenta which shall have been madc under (a) of s~id paragraph. 4. That he will pay all taxes, assessrnents, water rates, and other governmental or municipal ~harges, _ O ~ ~ ~ 80UK l~.e~ ~ _ . ~ - ~ -