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HomeMy WebLinkAbout0936 PROVIDED ALWAYS, and these presents are executeci and delivered upon the following conditions, to H'It: The mortgagor agrees topa y the mortgagee, or order, the principal sum of 1~?elve Thousand One Thousand and No/100 Dollars L2,100.00 as evidenced by a nate of ev~n date herewith, ~~ith interest from date at the rate ofgive & One-Qu~rter per centum ( 5} ,"'o) per annum on the un- paid balance until paid. The said principal and interest shall be payable at t~e office of ATICO FINANCIAL CORPORATION or at such other place as the holder of the note may designate in «•riting, in monthly installments af Sixty Six and 91/100 --------------Dollars 66.91 commencingon the first day of October , 19 65~ and on the first day of each month thereafter until the principal and inter~est are fully paid, except that the final payment of principal and interest, if not sooner paid, shall be due and payable on the first day of September .1s gS ; 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 mortgxge and the estate hereby createci shall cease and be null and void. And the mortgagor further covenants as follow•s: 1. 'i'hat he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or moi•e monthly payments un the princi}~al that are next due • on the note, on the first day~ of any month prior to maturity : Pro~•ided, how~e~•er, that w~rittcn notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and, provided further, that in the event the debt is paid in full prior to maturity and at that time it is insured under the provisions of the Natianal Housing Act~ he will pay to the mortgagee an adjusted premium charge of one per centum (1 ) of the original princ~pal amount thereof, except that in no event shall the adjusted premium ea:ceeci the aggregate amount of premium charges which would have been payable if the mort- gage had continued to be insured until maturit~•; such payment 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 rnortgage, the martgagor, 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 pay to the mortgagee the following sums: (a) An amount sufficient to provide the holder hereaf ~•ith 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 mortgage insurance premium) if they are held by the Fec~er~l Housing Commissioner, ~s follow•s : (t) If and so lon~ as said note of e~•en date and this instrument are insured or are reinsured under the provisions of the National HousinR Act, an amount sufl'icient to accumulate in the hands of the hoider one (1) m~nth prior to its due date the annual mortgage insurance premium, in order to pro~•ide such hotder with funds to pay such premium ta the Federal Housing Comm~ssioner pursuant to the National Housin~ Act, as amended, and appticable Regulations the~~eunder; or (ti) If ar~d so long as said note of ecen date and this instrurnent are held by the Federal Housing Commis- sioner, a monthiy charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth of ane-half ) pei• centum of the ave?•aRe wtstandinfi balance due or. the : ote computed without taking into account dElinquencies or prepayments; (b) A sum equal to the ground rents, if any, next due, plus the premiums that w~ill next become due and payat~le on policies of fire and other hazard insurance covering the mortgaged property, ~lus taxes and assessmants next dve on the mortgaged property (all as estimated by the mortgagee) less a11 sums already paid therefor divided by the number of rnunth~ to elapse before one month prior to the date 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) All 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 tlle 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 arder set forth: (i) premium char~es under the contract of insurance with the Fedei•al Housir,~ Commissioner, or monthlt~ char~e (in lieu of mortgage insurance premium), as the case may be; (tt) ground rents, taxes, assessnients, fire, and other hazarc3 insurance premiums; (ui) interest on the note secured hFreby; and ([v) 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 pa~•ment, constitute an e~•ent of default under this mort- gage. The mortgagee may cullect a"late charge" not to exceed tw~o cents (2~) for each dollar ($1) of each payment more than fifteen (15) days in arrears to co~~er the extra expense invohed in handl~ng delinquent paymeats. 3. That if the tatal of the pa~~ments made by the mortgagar under (b) of paragi•aph 2 preceding shall • exceed the amount of pa~•ments actuall~• made bv the mortgagee, for ~i•ound rents, taxes and assescments and insurance premiums, as the case may be, such excess shall be creciited by t.he mortgagee on subsequent paymPnts to be made by the mortgagnr. If, however, the monthly payments made by the mortgagor ~ under (b) of paragraph 2 preceding shall not be suPficient to pay ground rsnts, Laxes and assessments ~ and insurance premiums, as the case may be, when the same shall become due and payable, then the ' mortgagor sha11 pay to ~he mortgagee any amount necessary to make up the deficiency, on or before the date w hen payment of such ground. rents, taxes, assessments, or insurance premiums shall be due. If at any time the mortgagor sh~il tender to the mortgagee in accordance with the pravisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, ;n com- puting the amount of such indebtedness~ credit to the account 4f the mortgagor all payments made undei• the provisions of (a) of paragraph 2 hereof which the mortgagee has not becorne 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 2. If thei•e ahall be a default nnder any of the provisions of this moi•tgage, re- sulting in a public sale of the premises covered hereby, or if the murtgagee acquires the propert5• 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 ~ander (8) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note and shall properly adjust any payrnenta which shall have been made under (a) of said paragi•aph. 4. That he will pay all taxes, ass~ssments, water rates, and other governmental or municipal charges, ~ ~QR~ ~~4 33? - _ -