HomeMy WebLinkAbout0152 PROVIDID ALWAYS, and these presents are executed and ~ielivered upon the following conditions, to
H•it: .
The mo ~agor agrees to psy the mortgagee, or order, the principal sum of Eleven Thousand
a~i No 100
Dollars (~i 11, 000 . 00 as evidenced by a note of even date he~ewith, with interest irom date
at the rate of F~ve 8c One-Quarter per centum ( ~ ~'o ) per annum on the un-
paid balance until paid. The said principal and interest shall be payable a the office of
ATIOO FIb1ANQIAL COxPOR/1TION ~
, or at such other place as the holder of the note may designate in writing, in monthly installments of
S i.~t ~ y and 8 3/100 - - _ _ _ _ _ _ _ _ _ _ _ _ ..DaAars ( ~ 6 0 . 83 ) , cornmencing on
the 8rst day of Septetaber , 19 65, and on the first day of each month thereafter until the
principal and interest are fuUy paid, e7ccept that the final payment of principal and interest, if not sooner
paid, shall be dne and payable on the first day af Augu+~ t , 19 95 ;
And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and
abide by e~ch and every the stipulations, agreements, conditions, and covenants of said promissory note
and of thig mortgage, then this mortgage and the estate hereby created shall cease and be null and void.
And the mortgagor further covenants as follow•s:
1. That he will pay the indebtedness, as hereint~efore provided. Privilege is reserved to psy the
debt in whole, or in an amount equal to one or mot•e monthly payments on the principal that are next due
on thp ~?ote, on the first day of any moath prior to maturity : Provided, how•ever, that written notice of an
intention to exercise su~h privilege is given at least thirty (30) days prior to prepayment; anc~, provided
further, that in the event the debt is paid in full ~rior to maturity and at that time it is insured undei•
the provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of
one per centum (1 ~/o ) of the original principal amount thereof, except that in no event shall the adjusted
premium exceed the aggregate a?mount of premium charges which would have been payable if the mort-
gage had continued to be insured un¢il maturity; such paymea~t to be applied by the mortgagee upon its
obligation to the Federal Housing Commissioner on account of mortgage !nsurance.
2. That, in~order more fully to protect thc security of this mortgage, the mortgagor, together with,
and in addition to, the rn~nthly payments under the terms of the note secured hereby, on the first day of
each month until the said note is fully paid, will pay to the mortgagee the following sums:
(a) An amount sufficient to pravide the holder hereof with funds to pay the next mortgage
insurance premium if this instrument and the note secured hereby are insured, or a monthly charge
(in lieu of a mortgage insurance premium) if they are held by the Feder~l H~ousing Commissioner,
as follo~ti~s :
(i) If and so lonR as said note of c~•en date and this instrument are ineured or are reinsured under the
provisions of the National Housinq Act, an amount sufficient to accumulate in the hands of the holdei•
one (1) month pi•ior to its due date the annual mortgage insurance premium, in order to provide such
holder weth funda to pay such prQmium to the Federal Housing Commissioner pursuant to the NaYionat
Housin~ Act, as amended, and applicable Regulations thei~eunder; or
(II) If and so long as said n~te of even daLe and this instrument ai^e held by the Fec;eral Housing Commis-
sioner, a monthly charge (in lieu of a mort~,?age insuran¢e premium) which shall be in an amount
equal to one-twelfth of one-half ( lz ) per centum of the avee•age outstanding balance due on the
~ note computed without taking into account delinquencies or prepayments;
(b) A sum equal to the ground rents, if any, next due, plvs the premiums that will next become
due and payable on policies of fire and other hazard insurance 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 therefor divided by the number of munths to elapse before one month prior
to the d~?te 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 assess-
ments ; and
(c) A1i payments mentioned in the two preceding subsections of this paragraph and all pay-
ments to be made under the note secured hereby shall be added together and tlie aggregate amount
thereof shall be paid by the mortgagor each month in a single payment to be applied by the mort-
gagee to the following items in the or~der set forth :
(t) premium charRes under the cantract of insurance with the ~ederal Housing Commissioner, or monthly
charge (in lieu of moi•t~age insurance premium), as the case may be;
(it) qi•ound rents, taxes, assessments, ftre, and other hazard insurance premiums;
(fII) interest on the note secured hereby; and
(i~~) ~mortization of the principal of said note. ,
Any deficiency in the amount of such aggregate monthiy payment shall, unless made good by the
mortgagor prior to the due date of tl~e next such payment, constitute an event of default under this mort-
gage. The mortgagee may cullect a"late cfiarge" not to exceed two cents (2y~) for each doliar ($1) of
each payment more than ftfteen (15) days in arrears to cover the extra expense involved in handling
delinquent paymenta.
3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall
exceed the amount of payments actualiy made by the mortgagee, for ~round rents, taxes and assessments
and inaurance premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent
payments to be macie by the mortgagor. If, however, the monthly payments made by the mortgagor
~ under (b) of paragraph 2 preced'ang ahall not be sufficient to pay ground renta, taaces and assessments
and insurance premiums, as the case may be, when the same shall become due and payable, then the
mortgagor shall pay to the mortgage~ any amount necessary to make up the def~ciency, on or before the
date when payment of such ground, rents, taxes, assessments, or insurance premiums shall be due. If
at any time the mortgagar shsll tender to the mortgagee in accordance with the provisions af the note
secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shaii, ~n com-
puting the arr~ount af such indebtednesa, credit to the accaunt Qf the mortgagar all psyments macle undei•
the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa~~ ta the
Federal Housing Commissioner and any balance remaining in Lhe funds accumulated under the pro~~isions
af (b) of said paa•agraph 2. If there ahall be a default under any of the provisions of this moi•tgage, re- ~
sulting in a public sale of the premiaes covered hQreby~ or if the mortgagee acquires the propert~• other-
wise after default, the mortgagee shall apply~ at the time of the commencement of such proceedings or at
the t_:::~ ~he property is othervvise acquired~ the balance then remaining in the funds accumulated under
(b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under
said nate and ahall psoperly adjust any payments which shall have been made under (a} of said paragraph.
4. Tha~ he will pay all taxes, assessments, water rates, and other governmental or municipal charges,
~ ~ aoaK 123 15~ ' ~
_ ~