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Home My WebLink About0663 I , i PROVI~JED ALWAYS, and these presents ar~ executed and deli~ered upon the following conditions, to wit : The ortgagor agrees to pay the mortgagee. or order, th2 principal sum of Th ~rteen Thousand F if ty and No~00 Dollars 13,050.00 as evidenced bv a note of even date herewith, with interest from date at the rate of Five & anQ-~uarter per centum ( ~'o) per annum un the un- ~ paid balance until paid. The said principal and interest shall be payable at the of~'ice of ATICO FINANCIAL G~ORPORATI~N or at such other place as the older of the note mxy designate in ~vriting, in manthly installments of Se~venty Zwo aAd 17~100 Dollars ~Z•17 commencing on the first day of September , 1965 , and ori the first day of each month thereafter until the principal and interest are fully paid, except thst the final payment of principal and interest, if not sooner paid, shall be due and payable on the first day of pu~$ ~ , 19 95 ; And shall duly, pmmptly, and fully perform, discharge, execute, effect, complete, and c~mply with and abide by each and every the stipulations, agreernents, conditions, and covenants of said promissory note and of this mortgage, then this mortgage and the estate hereby created shall cease and be nult and void. And the mortgagor fnrther covenants as follow~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 moi•e monthly payments ~n the principal that are next due on the note, on the first day~ of any month prior to maturity : Provided, how•e~•er, that H•ritten notice of an intention to exercise such p~ivilege is given at least thirty (30) days prior to prepay:nent; and, provided further, that in the event the deUt is paid in full prior to mat~rity and at that time it is insured undei• the provisions of the National ~ious;ng Act, he will pay to the morLgagee an adjusted premium charge of I one per centum (1 ) of the original principal amount thereof, except that in no event shall the adjusted premium exceed the aggregate amaunt of premium charges which would have been payable if the mort- gage had continued to be insured until matvrit~• ; such payment to be applied by the mortgagee upon its ~ obligation to the F'ederal Housiiig Commissiot~er on account of mortgage ~nsurance. ~ 2. That, in order niore fully to protect thc security of this mortgage, the mortgagor, together with, 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 p<<y to the mortgagee tt~e following sums : (a) An amount sUfficient to provide the holder hereof «Tith funds to pay the next mortgage ~ insui•ance premium if this instrument and the note secured hereby are insured, or a monthly charge (in lieu of a moi•tgage insurance premium) if they are held by the Federal Housing Commissioner, ! ZS fOIION'S : (i) If ar.d so lon~ as said note of even date and this instrument are insured or are reinsured under the ~ provisions of the National Housing Act, an amount sufficient to accumulate in the hands of the holder ~ one (1) month prioi• to its due date the annual mortgage insurance premium, in order to pro~•ide such holr#er H~ith funds to pay such premium to the F ederal Housing ~'ommissioner pursuant to the National l HousinR Act, as amended, and applicable Regulations thereundei•; or ~ (II) If and so long as said note of even date and this instrument are held b}• the Fecieral HousinR Commis- sioner, a monthly charge (in lieu of a mortqage insurance premium) which shall be in an amount ~ equal to one-tw•elfth of one-half (''s ) per centum of the a~•e~~a~e nutstanding balance due on the note computed without taking into account delinquencies or prepayments; (b) A sum equal to the gro~;nd rents, if any, next due, plus the premiums that will next become ~ d~ae and pa3•able on policies of fire and other hazard insurance covering the mortgaged ~roperty, plus , taxes and assessments next due on the mortga~ed property (all as estimated by the mortgagee} less ~ all sums already paid therefor di~•ided by the number of munths to elapse bEfore one month priur ~ ~ to the date when such ground rents, premiums, taxes, ~ind assessments will become delinquent, such ~ sums to be held lsy mortgagee in trust to pay said ground i~ents, premiums, taa:es, and special assess- ~ ments ; and ~ (c) All pa5~ments mentioned in the two preceding subsections of this paragraph and all pay- j ments to be made under the note secured hereby shall be added together and the aggregate amount 4 thereof shall be p~id by the mortgagor each manth in a single payment to be applied by the mort- f gagee to the following items in the order set forth : ~ (I) pi•emium char~es under the contiact of insurance with the F`edci•ai H~7usinQ Commissianer, or monthl}• char~e (in lieu of mort~age insurance premium), as the case may be; ~ (tt) gi•ound rents, taxes, assessments, fire, and othei• hazard insurance pi-Amiums; ~ (nt) mterest on fhe note secured hereby; and (tv) amortization af the principa! of said note. Any deficiency in the amount of such aggregate monthly paym2nt shail, unless made gaod by the ' mortgagor prior to the due date of the next such pa~~ment, constitute an e~•ent of default under this mort- ~ gage. The mortgagee may cu112ct a"late charge" not to exceed two cents (2~) for each doliar ($1) of ~ each payment more than fifteen (15) daS~s in arrears to cuver the extra expense invol~•ed in handling delinquent gayments. ~ 3. That if the total of the payments made by the mcrtgagor under (b) of paragraph 2 preceding shall exceed the amount of pa~•ments actually made by the mortgaA~e, far ~Cround rents, taxes and assescments ~ and insurance premiums, as the case may be, such ercess shall be credited by the mortgagee on subsequent ; payments to be made by the mortgagor. If, how ever, the monthly payments made by the mortgagor # under (6) of paragraph 2 preceding shall not be suificient to pay ground rents, ta.xes and assessments t ~ and insurance premiums, as the case may be, when the san-,e shall become due and payable, then the i ~ mortgagor shall pay to the mortgagee any amount necess~ry to make up the deficiency, on or before the date when payment of such ground. renta, taxes, assessments, or insurance prerniums shall be due. If : at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note i secured hereby, full payment of the entire indebtedness represen~ed thereby, the mortgagee shall, ~n com- j puting the amount uf such indebtedness, c.redit to the accaunt of the mortgagor all payments rnade undei• ~ the provisions of (a) of parsgra~,a 2 hereof which the mortgagee has not become obligated to pa}• to the ' Federal Housing Cor~missianer and any balance remaining in the funds accumulated under the pro~•isions i. of (b) of said paragraph 2. If there ahaU be a default under any of the provisions of this mortgage, re- ~ sulting in a public sgle of the premises covered hereby, or if the mortgagee acquires the property other- wise after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is otherwise 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 note and shall properly adjust any payments which shall havs be~en made under (a) of said paragi•aph. 4. That he wili pay all taxes, assessments, water rates, and other governmental or municipal charges, R - ! ~UOl~.4~~ V~ ~ ~