HomeMy WebLinkAbout0254 PROVIDED ALWAYS, and these presents are executed and deliVered upon the following conditions, to
~l lt :
The mortgsg~or a ees to pay the mortgag~ee, or order, the principAl sum of N ineteen Thousand E ight
Hundred and Na~00
Dollara 19,$00.00 j, as evidenced by a note of evet~ date herewith, with interest from date
at thP rate of Five & One-Quarter per centum ( 5~ per annum on the un-
paid balance until paid. The aaid princip~l and intereat shall be payable at the office of
ATICO FINANCLAL CORPORATION
or at such other place as the holder of the note m$y designate in writing, in monthly installments of
One Hundred N ine atnd 49/l OCl ------Dollars ($A.09 . 49 commencing on
the flrst day of November , 19 6~, and an the first day of each month thereafter until the
principal and interest are fully paid, except that the final p~yment of principal and interest, if not sooner
paid, shall be due and payable on the ftrst dap of Oc ~ober ,1g 95 >
And ahall duly, promptlq~ and fully performs diseharge, execute, effect, complete~ and comply with ~and
abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note
sad of thia mortga~e, then this mortgage ~nd the esta~te hereby created shall cease and be null and void.
And the mortgagor further covensnts as follows ;
1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the
debt in whole, or in an smount equal to one or more monthly payments on the princip~l that are next due
on the note. on the first day 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 prior to maturity and at that time it is insured undei•
the provisions of the National Housing Act, he will pay to the mortgag'ee ~n adjusted premium charge of
one per centum (1 ~/o ) of the original principal amount thereof, except that in no event shall the adjusted
premium exreed the ~aggregate amount of premium charges which wauld have been payable if the mort-
gage had contir,ued to be inaured until maturit~•; such payment to be applied by the mortgagee upon its
obligation to the Federal Housing Commissioner on a~ccount of mortgage insurance.
2. That, in order rnore fully to protect the security of this mortgage, the mortgagor, together with,
and in addition 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 martgagee the following sums:
(a) An amouttt sufficient to provide the halder hereof with funds to pay the next mortgage
insurance premium if this instrument and the note secured hereby are insured, or a monthfy charge
(in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner,
as follows : •
(i) If and so long as said note of even date and this instrument are inaured or are reinsured under the
pmvisions of the National Housing Act, an amount aufl3cient to accumulate in the hands of the holder
one (1) month pt•io?- to its due date the annual mortgage insurance premium, in order to provide such
holder wikh funds to pay such p~~emium to the Federal Housing Commissioner pursuant to the National
Housing Act, as amended, and applicable Regulationa thei~eundei•; or
Tf and so long as said note of e~en date and this instrument are held by the Federsi Housing Commis-
sioner, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount
equal to one-twelfth ("i~ ) of one-half ( Ih ) per centum of the ave?•age outstanding balance dua on the
note computed without taking into account delinquencies or prepayments;
(b) A sum equal to the groun~d rents, if any, next due, plus the premiums that will next become
due and payable on policies of fire and other hazard insurance covering the mortgaged property, plus
taxes and assessments next due on the mortgaged property (all as estirnated by the mortgagee) less
all sums already paid therefor divided by the number ~f 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, prerniums, 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 undex the note secured hereby shall be added together and tlie aggregate amaunt
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 :
(c) premium charaes under the contract of insurance with the Federal Housing Commissionei•, or monthly
eharRe; (in lieu of mortgage insurance premium), as the case may be;
(it) ~i•eund nnts, taxes, assessments, fire, and other hazard insurance premiums;
(III) intei•est on the note secui•ed hereby; snd
(tv) amort'szation of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the
mortgagor prior ta the due date of tl~e next such payment, constitute an event of default under this rriort-
gage. The mortgagee may cullect a"late charge" not to exceed two cents (2~) for each dollar (~1) of
each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling
delinquent payments.
3. That if the total af the payments made by the rnartgagor under (b) of paragraph 2 preceding shall
exceed the amount of Aayments actually made by the mortgagee, for Rround rents, taxes and asaescments
and insurance premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent
payments to be made by the mortgag~r. If~ however, the monthly payments made by the mortgagor
~ under (b) of paragraph 2 preceding shall not be aufficient to pay ground rents, taxes and assessments
and insurance premium$, as the case may t~e, when the same shall became due and payable, then the
mortgagor shall pay to the mortgagee any smount r~ecessary to make up the deficiency, on or before the
date when payment of such ground_ rents, taxes, sssesamenta, or insurance premiums shall be ~ue. If
at any time the mortgagor shall tender to the mortgagee in accordanc~ with the provisiona of the note
secured hereby~ full payment of the entire indebtedness repr~ented thereby, the mortgagee shall, ;n com-
puting th~ amount of such indebtednesa~ credit to the accaunt af the mortgagar al! payments made under
the pravisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pay to the
Federal Hausing Commissioner and any balance remaining in the funda accumulated under the pro~-isions
of (b) of aaid paragraph 2. If thei~e ahall be A default under any of the provigiona of this mortgage, re-
sultin~ in a public sale of the premisea covered hereby, or if the mortgagee acquires the property other-
wise after default, the mortgagee ahall spply, at the time of the commencement of such proceed~ngs 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 agytinat the amount of principal then remaining unpaid under
s~id note and ahall properly adjust any paymenta which aha11 have been made under (a) of said paragraph.
4. That he will pay all taxes~ assessments, water r~tea, and other governmental or municipal charges,
~ooK127 ~54 :--`y
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