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PltovmEn AI.w~YS, and these presenta are executed and delivered upon the follow ing conditions, to
wit :
The mortgagor agrees to pay the mortgagee, or order, the principal sum of Eight Thousand Four
Hundred and Nv/100
~ Dollars (i 8, 400 . 00 as evidenced by a nate oi even d~te herewith, with interest frorn date
stt the raDeoi Five & One-Quarter per centu~m ( 5; per annum on the un-
paid balsnce until paid. The ssid princips~l aad intere~t ~hsl! be payable at the otRce of
ATICO FINANCTAL E~ORPOFtATION
or at sucte other place as the holder of the note may desigiu~te in writing, in monthly installments of
Forty Six and 45/1~0 Dollua (~46.45 commencing on
the ftrst ds~y of November ~ l9 55 ~ s~nd on the first d~?y of each month thereafter until the
principal and interest are fully paid~ except that the final payment of principal and interest, if not sooner
paid, ~hall be due and payable on the first day of Oc fi o ber , 19 9 S;
~lnd shall duly, promptly, and fully perform, discharge, execute, e~'ect, complete, and comply with and
sbide by each and every the stipulations, agreements, conditions, and covenants of said promissory note
and of this 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 th~ indebtedness, as hereinbefore provided. Privile~e is reserved ta pay the _
debt in whole, or in an amount equal to one or moi•e monthly payments on the principal that are next due ~ y
on the note, on the firat da~~ of any month prior to maturity: Provided. how•ever, that written notice of an
intention to exercise such pri~~ilege is given at least thirty (30) days prior to prepayment; and, 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~%) of the original prmcipal amount thereof, except th.at in no event shall the adjusted
premium exceed the aggregate amount of premium charges which would have been pay~ble 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 insurance.
2. That, in order more fuUy to proter.t thc security of this martgage, 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 futly paid, will pay to the mortgagee the following sums:
(a) An amount suf~icient to provide the holder hereof wittx funds ta pav the next mortgage
insurance pi•emium if this instrument and the note se~ured hereby are insured, or a monthiy charge
(in lieu of a mortgage insurance premium) if they are held by the Federnl Housing Commissioner,
as folloH-s :
(c) If and so long as said note of eren date and this inatrument are insii?•ed oi• are i•einsured under the
provisions of the National Housing Act, an amount suffic'sent to accumulate in the hands of the holdei•
one (1) month pl~ioi• to its due date the annual mortgage insurance premium, in order to ~ro~ ide such
holder with funds to pay such premium to the Federal Housing Commissioner pursuant to the Pdationai
Housing Act, as amended, and applicable ~tegulations thereunder; or
(ti) Tf and so long as said note of e~en date and this instrument are held by the Federal Housing Commis-
sioner, a monthly charge (in lieu of a mortgage inaurance premivm) which shall be in an amount
equal to one-twelfth of one-half ('h ) per centum of the avei•a~e outstanding balance duo on the
note computed without taking into aceount delinquencies or prepayments;
(b) A sum equal to the ground rents, if any, next due, plus the premiums that will next becorne ~
due and payable nn 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 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) A11 ~ayments mentioned in the two preceding subsections of this paragraph and all pay-
ments to be made under the note secured hereby shall be adcied together and tlie aggregate amount
thereuf 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 :
premium char~es under the conti•att of insurance with the ~edei•al Housing Cummissioner, or monthl~•
charqe (in lieu of moi•t~age insu?•ance premium), as the case may be;
~ (ti) ground rents, taxes, assessments, fire, and other hazard insurance premiums;
(I[I) interest on the note secu~•ed hereby; and
F (i~~) amortization of the principal of said note.
° Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the
s mortgagor prior to the due date of tl~e next such payment, constitute an e~•ent of default under this mort-
~ gage. The mortgagee may cullect a"late charge" nc~t to exceed twa cents (2~) for each doliar ($1) of
~ each payment more than fifteen (15) days in arrears to cover the extra expense invol~~ed in handling
~ delinquent payments.
` 3. That i:f the total of the pay~ments made by themortgagor~under (b) of paragraph 2 preceding shall
` exceed the amount of pa~•ments act.uall~~ made by the mortgagee, for ~round rents, taxes and assesRments
and insurance premiums, as the case may be, such excess ahall be credited by t.he mortgagee on subsequent
` payments tcy be made by the rnortgagor. If, however~ the monthly payments made by the mortgagar
~ under (b) of paragraph 2 preceding shall not be sufficient ta pay ground rents, taxes and assessments
and insurance premiuma, aa the case may be, when the same shall become due and pay~able, then the
mortgagor ahall pay to the mortgagee any amount necess~ry to make up the deficiency, an or before the
date when payment of such ground. rents, taxes, aasegsments~ or inaurance premiums shall be due. If
at any time the mortgagor shall tend~r to the mortgagee in accordgnce with the provisions of the note
secured hereby, full payment of the entire indebtedness represented thereby~ the mortgagee shall, ~n com-
puting th~ amount of such indebteciness, credit to the accoant of the mortgagor all payments made undei•
the provisions of (a) of paragraph 2 hercof which the mortgagee has not become obligated to pay to the
Federal Housing Commiasioner and any balance remaining in the funds accumulated under the pro~•isions
of (b) af said paragraph 2. If there shall be a default under any af the provisions of this mortgage, re-
sulting in a public sale of the premisea cover~ed hereby, or if the mortgagee acquires the propert~• other-
~ wise after default, the mortgagee shall apply, ~t the time of the commencement of such proceedings or at
9 the time the property is otherwise acquire~, the balance then remaining in the funds accumulated under
~ (b) of paragraph 2 preceding as a credit agsinat the amount of principal then remaining unpaid under
~ said note and ahall properly adjust any paymenta which ahall have been made under (a) of said paragi•aph.
~ 4. That he will pay all taxes, assessments, watert rates~ and other governmental or municipal charges,
~ ` ea~~ ~.~s
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