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Home My WebLink About0658 , - ;k . i PROVIDIII AI.WAYS, and these presents are executed and delivered upon the following conditions, ta ~ w it : , ~ The mortgag~or agrees to pay the mortgagee, ar order, the principal sum of Thirteen Thousat?d Eight Hundred Fifty and No/L00 Dollars 13 ~ 850. 00 as evidenced by a note of even date here~vith, w•ith interest from dat~ ; at the rate of Five & One-Quarter per centum ( 5} per annum on the un- p~id balance untii paid. The said principal and interest shall be payable at the office of ATICO FINANCIAL CORPORATION or at such other place as the holder of the note may designate in ~~~riting, in monthly installments of Seven t y S ix a tid 5 9 f l 00 Doll~rs ($7 6. 5 9 commencing on the first day of September , 1965 , and on the first day of each month thereafter until the principal and intere3t are fully paid, except that the final payment of principal and interest, if not sooner paid, shall be due ~nd ~ayable on the first day af August , 19 95 ; And shall dulv, 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 prumissory note and of this mortgage, then this mortgage and the estate hereby createci shali cease and be null and void. And the mortgagor further covenants as follow•s : 1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt ia whole, or in ~n amount equal to one or more monthly payments on the principal that are next due on the note, on the first da~• of any month prior to maturity : Pravided, how•e~•er, that w•rittcn notice of an intention to exercise such pri~•ilege is given at least thirty (30) days prior to prepayment; and, provid~d further, that in the event the debt is paid in full prior ta maturity and at that time it is insured under the provisions of tht "ational Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1 ) of the original principal amount thereof, except that in no event shall the adjusted prerniurn exceed the aggregate amaunt of premium charges which would have been payable if the mort- gage had continued to be~nsured until maturitS~; such payment to be applied by the mortgagee upon its obligation to the Federal Housing Commissiotier on account of mortgage ~nsurance. 2. That, in order more fully to proter.t the security of this rnortgage, the mortgagor, together with, i and in addit~on to, the monthly payments under the terms of the note secured hereby, on the first day of ~ each month until the said note is fully paid, will pxy to the mortgagee the following sums: (a) An amount sufficient to provide the holder hereof with funds to pay the next mortgage ~ insurance premium if this instrument and the note secured hereby are insured, or a monthiy charge ( (in lieu of a moi•tgage insurance premium) if they are held by the Feder~l Housing Commissioner, ~ as follo~w's : If and so lon~ as said note of e~•en date and this instrument are insured oi• are reinsured under the ~ p?rovi-sions of the National HousinK Act, an amount sufficient to accuniulate in the hands of the holdei• one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such hotder x•ith funds to pay such premium to the Federal Housing Commissione?• pursuant io the National ~ Housing Act, as amended, and applicable Regulations thei~eunder; or (n) If and so long as said note of e~•en date and this instrument are held by the Federal HousinR Commis- sioner, a monthly char~e (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth of one-half (''s ) per centum of the averaKe outstanding balance due on the note compuEed without tPking into account delinquencies or prepayments; ~ (b) A sum equal to the ground rents, if aYiy, next due, plus the premiums that will next become due and pay~ab~e on policies of fire and other haxard insurance covei•ing the mortgaged property, ~,lus ~ taxes and assessments next due on the rr~ortgaged property (all as estimated b~~ the mortgagee) less + all sums already paid therefor divided by the number of rr?unths to Plapse before one month prior ~ to the date when such ground rents, premiums, taxes, and assessments will become delinguent, such sums to be held by martgagee in trust to pay sa:d ground rents, premiums, taxes, and special assess- s ments ; and ; (c) All payments mentioned in the two preceding subsections of this paragraph and al] pay- ! ments to be made under the note secured hereby shall be added together and tlie aggregate amount j thereof s~?all be paid by the mortgagor each month in a single payment to be applied by the mort- f gagee to the following items in the order set forth : (t) premium charRes under the contract of insurance with the Federal Housin~ Comrnissioner, or monthly ! char~e (in lien of mortRage irsurance premium), as the case may be; ~ (I1) ~round rents, taxes, assessments, fire, and other hazard insurance pi~emiums; (t~i) ~nterest on thc 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 i _ mortgagor prior to the due date of the next such payment, constitute an e~~ent of default under this mort- j gage. The mortgagee may cullect a"late charge" not to exceed t~~o cents (2C) for each dollar ($1) of ~ each pavment more than fifteen (15) days in arrears to cover the extra expense in~~ol~•ed in handling delinquent payments. ! 3. That if the tota] of the payments made by themortgagor under of paragraph 2 preceding shall ~ exceed the amount ot NaS~ments actuall~• made bv the n~ortgagee, for ~round rents, taxes and assessments ~ and insurar.ce premiums, as the case may be, such exeess shall be credited by the mortgagee on subsequent ; , payments to be made by the mortgagor, If, however, the monthly payments made br the mortgagor ~ ~ under (b) of paragraph 2 preceding shall nat be sufficient to pay ground rents~ taxes and assessments ~ and insurance premiuma, as the case may be, when the same ahall become due and payable, then the ~ mortg'agor sha11 pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when payment of such ground, rents, taxes, assessmerits, 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 f secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, ~n com- ~ R puting the amaunt of such indebtednes,s, cred+_t to the account of the mortgagor all payments made undei• the provisions of (a.) of paragraph 2 hereaf which the mortgagee has noL 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 paragraph If there shall be a default under any of the prorisiona of this murtgage, re- sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the propert5• other- wise after default, the mortgagee shaU apply, at Lhe time of the commencement of su~h proceedings or at I the time the property is otherwise acquired, the balsnce then remaining in the funds accumulated under ! {b} of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under ~ aaid note and shall properly adjust any payments which shall have been made under (a) of said paragraph. ~ 4. That he will pay all taxes, assessments, water rates~ and other governmental or municipal charges, ~ ' ~OOR ' ' i ~