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Home My WebLink About2290 ~~r" ! PROVIDED AI.WAYS, and these pr~sents are executed and delivered up~n the following conditions, ta ~ it : . The mortgagor a~rees to y the mortgagee, or order, the principal sum af S ixteen Thousand Eight Hundred ~nd No~100 Uollars L6,80~.00 as evidenced by a r.ote of even date herewith, w•ith interest from date at the rate of Five & Orie-Quarter per centum ( 54 ~"o) per annum on the un- - paid balance until paid. The said principal and in:erest shall be payable at the officc of ATICO FINANCIAL CORPORATIQN - or at such other place as the holder of the note may desig~nate in «~riting, in monthly installments of N'Lnety Two and 90~100 -------------Dollars ($92.gp cornmencing on the first day of November , 19 bg , and on the first day of each month thereafter until the principal ar~d interest are fully gaid, except that the final payment of principal and interest, if not sooner paid, shall be due and payable on the first day of Oc t o be r ~ 19 5 5: And shall duly, promptly, and fully perform, diseharge, execute, effect, complete, and comply with and abide by each and every the stipulations, agreements, canditions, 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 mortgagar further covenants as follows: 1. That he will pay the indebtedness, as hereinbefare provided. Pri~~ilege is reserved to pay the debt in whole, or in an amount equal to on~ or mai•e monthly payments on the }~rincipal that are next due on the note, on the first da~~ of any month prior to mat.urity : Pro~~ided, ho~~•ever, that H~rittcn 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 prior to maturity and at that time it is insured under the provisions of the National Iiousing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1~~) of the original princ~pal amount ~hereof, except that in no event shall the adjusted premium exceed the aggregate amount of preniium charges which would have 4een payable if t.he mort- gage had continued to be insured until maturit~~; such payment to be applied by tl.e mortgagee upon its obligation to the Federal Housing Commissioiier on account of mortgage ~nsurance. 2. That, in order more fully to protect thc security of this mortgage. tl?e mortgagor, together with, and in addition to, the monthly payments under the terms of the note secured hereby, on the first day of esch month until the said note is fully }~aid, will pxy to the mortgagee the following sums: {a) An amount sufficient to pro~•ide 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 follows : ~ (t) If and so lon~ as said note of e~en date and this instrument are insured or are reinsured un.-ier tne pro~ isions of the :~'ational Housin~ Act, an amount sufficient to accumulate in the 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 premium to the Federal Housing Commissioner pursuant to the National Housing Act, as xmended, and ap licable Regulations thereunder; or (II) If and so long as said note of e~•en ~ate and this instrument si•e helci bp the Fedei•al Housinq Commis- sioner, a monthly charge (in lieu ~f a mortRaRe insurance premium) w~hich shail be in an amount equal to one-twelfth (~;j~) of one-half ) per centum of the a~•erage outstanding balance due 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 premiums that will next become due and pavable on policies of fire and other hazard insurance co~~ering the mertgaKed prop~rty, plus taxes and assessments next due on the mortgaged property (all as estimated b~• the mortgagee) less all sums already paid therefor divided by the number of munths to elapse before one month prior to the date when svch ground rents, premiums, taxes, and assessments will becorne delinquent, such sums to kie 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 unde* the note secured hereby shall be added to~ether and tlie 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 af insurance ~~•ith the Fec~eial HousinQ Commissionei•, ~i- montl:l~• charRe (in lieu of ma•t~age insurance premium), as the case may be; (i~) Rround rents, taxes, assessments, fire, and othei• hazard insurance premiums; (tlt) interest on the note sec~red hereby; and (tv) $mortization 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 ti~e next such payme~t, constitute an e~•ent of default urider this mort- gage. The mortgagee may cullect a"late charge" not to exeeed tw•o cents (2fi) for each dollar ($1) of Each payment more than fifteen (15) days in arrears to coti~er .the extra expense involved in handling delinquent payments. 3. That if the total of the pavments made by the mortgagor under (b) of paragraph 2 preceding shzll exceed the amount of nayments actuallv made by the murtgagee, for ~tround re;~ts, taxes and assessments anc! insurance premiurns, as the case may be, such excess shall be creditec~ by the mortgagee on subsequent payments to be made by the mortgagor. If~ howe~er, the monthly payments made by the mortgagor ~ under (b) of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes and assessments and insurance premiums, as the case may be, when the same shall become due and payable, then the mortgagor shall pay t4 the mortgagee any amount necessary to make up the deficiency, on or before the date when payment of such ground, rents, ta~ces, asse,gsments, or insurance premiums shall be due. lf at any time the mortgagor shall tender to the mortgagee in accardance with the provisions of the note secured hereby, fu11 payment of the entire indebtedness represented thereby~ the mortgagee shall, ~n com- puting the a~mount of such indebtedness, credit to the account of the mortgagor all payments made unciei• the provisions of (a) of p~ragraph 2 hereof which the mortgagee has not become obligated to pa~• to the Federal Housing Commissioner and any balance remaining in the funds accumulated under the p?•o~~isions of (b) of said psragraph 2. If thei•e shall be a default under any of the provisiona of this moi•tgage, re- sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the propert~• other- wise after default, t~te mortgagee shall apply, at the time of the cr~mmencement of such ~roceed~ngs or at the time the property is otherwise acquired, the balanc~ then remaining in the funds accvmulated under (b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid uncler said note and shall properly adjust any payments which shall have been made under (a) of said paragi•aph. 4. That he will pay all taxes, a~sessments, water rates, and other gor•ernmental or municipal charges, g4Rx ~zs 4~s