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Home My WebLink About0564 F . a _ . ~ s ~ . ~ # ~ . . . ~-~4 . ~ . F ~ `w . t , • Prtovm~n ALw~YS, ~nd the~e preaents ar~e executed and delivered upon~ the following conditions, to v~•it : The mo r agrees to pay the murtg~e, or order, the principtl sum of S1ev<t1 Thausand aad No~-------------------..----.._____..__~_.._.._____________------ ' Y?ollara t$11, 000.00 ~s evidenced by a note af even date herewith, with interest lrom dttte ; at the nte of Five & On!-Qwrter per centnm ( ~ per annum on the un- ~ ~ paid bulance until paid. The said principal and inter~at shall be payable a the o~ce oi ~ ATIOD FI~I~I. CORP~OFtATIOt~i ~ 1 . or at such other place aa the holder of the note may designate in writing, in monthly inatallments of S ix ty attd 8 3/100 - - - - - - _ - _ _ _ - - - - ~olla?ra ( ~ 6 0 . 83 ) , commencing on the iu-~t day of Septamber , 19 65 , and on the flrst day of each month thereafter until the ~ princips~l and intereat su+~ fully pt~id, except that the flnal payment of principal and intereat, if not sooner ~ paid~ shall be due and paysble on the firat day of Augtt~t ~ 1995 ; ~ And shall duly, promptly, arid fully perform, discharge, execute, effect, complete, and camply with and abide by ea~h and ever3? the atipulations, agreements, conditiona, $nd covenants of said promissary note ~ and of Lhis mortga~e, then this mort~ge and the estate hereby created shall cease and be null and void. ~ And the mortgsgor further covensnts as follows: ~ 1. That he will pay the indebtedness, as hereiribefore prnvided. Privilege is reserved to pay the ~ debt in whole, or in an amount equal to one or moi~e monthly payments on the principal that are next due on the note, on the first da3• of any month prior to maturity : Pravided, how ever, that written notice of an intention ta exerciae such privilege is given at least thirty (30) daya prior to prepayment; and, provided further, that in the event the debt is paid in full prior Lo maturity and at that time it is insured under the provisions of the Nationai Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1 ~,h ) of the original principal amount thereof, except that in no event shall the adjusied premium exreed the aggregate amount of premium charges which would have been payable if the mort- gage had continued to be insured until maturitS ; such payment to be applied by the mortgagee upon its abligation to the Federal Housing Commissioner on account of mortgage ~nsurance. 2. That, in order more fu11y to pmtect the security of this mertgage, the rnortgagor, together with, and in additian to, the monthly payments under the terma 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 provide the holder hereof with funds to pay the next rnor~gage insurance premium if ~his instrument and the note secured hereby sre insured, or a monthiy charge (in tieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner, as follows : (i) If and so long as said note of even date and this inetrument are insured or are reinaured under the provisions of the National Housing Act, an amount aufticient to accumulate in t;~e hands of the holder one (1} month prior to its due date the annual mortgage insurance premium, in order to provide such holder with funds to pay such pi~etninm to the Federal Housing Cornrnissioner pursuant to the National Housing Act, as amended, and applicable Regulations thereunder; or (ii) If and so long as said note of even date and this instrument are held by the Federal Housing Commis- aioner, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth (~/i•~) af one-hslf ('/x ) per centum of the average outstanding balance du~ on the note computed without taking into account delinquencies or prepayments; (b) A sum equal to the ground rents, if any, next due, plus the premiurr2s that will next become due and payable on policieg of fire and other haaard insurar~ce coverir~g 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 muntha to elapse before one month prior to the date when such gro~nd 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) Atl 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 tl~e 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 order set forth : (t) premium charqes under the contract of insuranee with the Federal Housing Commissioner, or monthly charge (in lieu of moi~t~age insurance premium), as the case may be; (i~) g~bund rents, taxes, assessments, fire, and other hazard insurance premiums; (tu) interest on the note secured hereby; and (iV) amortization of the principal of said note. . Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of tl~e next such payment, constitute an event af defauit under this mort- gage. The mortgagee may cullect a"late charge" not to exceed two cents (2¢) for each dollar ($1) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handiing delinquent payments. 3. That if the total of the payments made by the mortgagar under (b) of paragraph 2 preceding shall exceed the amount of payments actually made by the mortgagee, for ~round rents, taxes and asses.Rments snd insurance premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be made by the mortgagor. If, however, the monthly paymenYs made by the mortgagor ~ under (b) of paragraph 2 preceding shall not be ~ulScient to pay ground renta~ taxes and assessments i and insurance premiums, as the case may be, when the aame ahall become due and payable, then the mortga~or shall pay to the mortgagee any amoant neceasary to ~ke up the deficiency~ on ar before the date when payment of auch ground, rents, taxes, aa~sments, or insurance premiuma shali be due. If at any time the mortgagor ahall tender to the mortgstgee in aiccordance with the provi~iona of the note . secured hereby~ full payrnent of the entire indebtedness represented thereby~ the mortgagee shall, ~n com- puting the amount of auch indebtednesa, credit ta the acc:ount af the mo~tgagror alt payments made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pay to the Federal Housing Commisaioner and any balance remsiining ix? the funds accumulated under the pro~•isions af (b) of aaid paragraph 2. If thei~e shall be a defaul~ under any of the provisiona af this rnortgage, re- ~ sulting in a pnblic aale of the premisea covered hereby, or if the rnortgagee acquires ttie property other- wise after default, the mortgagee ehail apply. at the time of the cammencement o# such proceedings or at the time the pmperty is otherwise acquired, the balance then remaining in the funds accumulated under ~ (b) of paragraph 2 preceding as a credit agsinst the tunout~t of principal then remaining unpaid under - said nate and shxll properly adjuat any payments which aha11 have been made under (aj of sald paragraph. 4. That he ~vill pay all taxes, assessments, water rates, snd other governmentaJ or municipal charges, ~ , BooK 1~3 1 ~ d~~ 123 5fi2 ~ - L . 50