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HomeMy WebLinkAbout0388 PROVIDED ALWAYS, and these presents are executed and~delivered upon the following conditions, to w• it : The mortgagar agrees to pay the martgagee, or order, the principal sum of ~,,~,en~y pne Thausand S ix Hundred and No/100 Daltars 21 , 600. 00 j, as evidenced by a note of e~;en date herewith, with inter2st from date at the rate of Five & One-Quarter per centum ( s~ ~"o) per annum on the un- paid b,alance until paid. The said principal and interest shall be payable at the ot~'ice of ATICO FINANCIAL COltY0i2ATI0N or at such other place as the holder of the note may designate in ~vriting, in monthly installxnents of One Hundred Nineteen and 45~L00 Dollars 119.45 commencing on the first day of November ~ 19 65 , and on the first day of each month thereafter until the principal and interest are fully paid, except that the final payment of principal and interest~ if not sooaer paid, shatl be due and payable an the first day of October ~ 1995 ; And shall duly, promp~ly~ and fully perform, discttarge, execute, effect, complete, and comply with and sbide by each und every the stipulatians. agreements, conditions, and covenants of said promissory note and af this mortgage, then this mortgage at~d the estate hereby created shall cease and ~e null and void. And the mortgagor further covenants as follow~s: 1. That 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 more monthly payrnents on the ~rincipat that are next due on the note, on the first day of any month prior to maturity: Provided, however, that written 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 hTational ~iousing Act~ he will pay to the mortgagee an adjusted premiam charge of one per centum (1 ~/o ) of the original principal amount thereof, except that in no event shall the adjusted pr~emium exceed 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 af mortgage insurance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together wit~, and in addit~an to, the monthly payments under tl~e terms of the note secured hereby, on the first dr~y af each mont:~ until the said note is fully paid, will pxy to the mortgagee the following sums: (a) An arnount sufficient to provide the holder hereof with funds to pay the next mortgage insurance premium if this instrument and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Feder~l ~Iousing Commissianer, as follows : (i) If and so lon~ as said note of even date and this instrument are insured or are reinsured under the provisions of the ~'ational Housing Act, an amount suft'icient to accumulate in the hands of the holder one (1) month prior to its due date the annual mortgage insurance premium, in order Lo proride such holder with funds to pay such pi~emium to the Federal Housing Commissioner pursuant to the National Housing Act, as amended, and applicable ftegulations thereunder; or (ti) If and ao long as said note of even date and this instrument ai•e held by the Federal Housin~ Commis- sioner, a monthly charge (in lieu of a mortqaRe insurance premium) whieh shall be in an amount equal to one-tweifth of one-half ('r~ ) pei• centum of the avei~a~e outstanding balance due on the note corriputed without taking into account delinquencies or prepayments; (b) A sum equal to the ground rents, if any, next due, plus the premiums that wili next become due and payable on policies of fire and other hazard insurance covering the mortgaged ~roperty, plus taxes and assessments next due on the mortgaged property (atl as estimated the mortgagee) less all sums already paid therefor divided by the number af months to elap~e before one month prior to the date when such ground rents, premiums, taxes, and assessments will become delinquent, such sums ta be held by mortgagee in trust to pay said ground i~ents, premiums, taxes, and special assess- ments ; and (c) Atl 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 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 : (1) premium charaes under the c~ntract of insurance with the Federai Housing Commissioner, or m~nthly charge (in lieu of moe•t~age insurance Pi•2mium), as the case may be; (tI) Ribund rents, taxes, assessments, fire, and other hazarcl insurance premiums; (tii) interest on the note secured hereby; and (iv) 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 t~ the due datE of the next such payment, constitute an e~~ent of default under this mort- gage. '~he m~rtgagee may cullect a"tate charge" not to exceed two cents for each dollar (~1) of each payment more than fifteen (15) days in arrears to cover the extra expense inval~ed in handling delinquent payments. 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of pa~~ments actually made b~ the mortgagee, for Rround rents, taxes and assescments and insurance premiums, as the case may be, such excess ahall be credited by the mortgagee on subsequent ~ payments to be made by the mortgagor. If, however, the monthly payments mad~ by the mortgagor under (b) of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes and assessments and ir~surance gremiums, as the case may be, when the same shall become due and paS•able, then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when payment of such gronnd, rents~ taxes~ ~sessments, ar insnrance premiums shall be due. if at any time the mortgagor ahall tender ta the mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, ;n com- puting the amount of such indebtedneas, credit to the account of the mortgagor ali payments made undei• the pravisions of (aj of paragraph 2 hereof which the mortgagee has not become obligated to pa~• to the Federal Housing Commissioner and any balance rema,ining in the funds accumulated under the pro~~isions of (b) of said pai•agraph 2. If thei•e ahall be a default under any of the provisions of this mortgage, re- sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the property other- wise sfter default, the mortgagee shall apply, at the time of the commencement of such proceeclings or at the time the property is otherwise acquired, the balance then remaining in the funds accumulated under (6) of p~aragraph 2 preceding as a credit againat the amount of principal then rernaining unpaid under said note and shall properiy adjuat any payments which shatl have been made under (a) of said paragraph. 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, BO~K~~7 ~ ; ~ ~ ~ ~