HomeMy WebLinkAbout0560 PROVI~En aLwAYS, and these presents are exe~uted and delivered a~on the fallowin~ conditions, to
~~it :
The mortgagor agrees to pay the mortgagee, or order~ the principal sum of Th irteen Thous~nd
Fi.ve Hundred Fifty and No/I00
Dollars 13 , 5 50 . 00 as evidenced by a note of even date herewith, ~vith interest from date
at the rate of Five & One-~uarter per centum ( g4 per annum on the un-
paid balance until paid. The said principal and intereat sh~ll be payable at the otRce of
AT'ICO FINANCIAL CORPORATION
or at such other place as the ho;der uf the note may designate in writir?g, in monthly installments of
Seventy Four~ and 93/100 Dollars 7y,~q~ commencingon
the flrst day of November ~ 19 65 • and on the first day of each month thereafter until the
princapal and interest are fully paid, except that the final payment of principal and interest, if not soaner
paid, shAll be due and payable on the first day of October , 1995 ;
And ahall 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 mnrtgage and the estate hereby createci shall cease and be null and void.
And the mortgagor further covenants as folto~~s:
1. That he will pay the indebtedness, as hereink~efore provided. Privilege is reserved to pay the
debt in whole, or in an amount equal to one or moi•e monthly payments on the principal that are next duc
on the note, on the first daS of any month prior to maturity : Provided~ how ever, that written notice of an
intention to exercise auch 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 th<,t time it is insured undei•
the proviaions of th~ National Housing Act, he will pay to the mortgagee an adjusted premium charge of
one per centum (1~~) of the ariginal principal amount thereof, except that in no event shall the adjusted
premium exceed the aggregate amount of premium char~es which would have been payahle if the mort-
gage had continued to be insared unt;l maturit~~; such payment to be applied by the mortgagee upon its
obligation to the Federal Housing Commissioc~er on account of mortgage insurance.
2. That, in order mare fuliy to protect thc security of thi~ 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 paad, wiil }sxy to the mortgagee the following sums:
(a) An amount sufficient ta provide the holder hereof with fands to pay the next mortgage
insui•ance premium if this insti•ument and the note secured hereby ai•e insured, or a monthly charge
(in lieu of a mortgage insurance premium) if they are held by the Fecier~l Housing Commissioner,
as fallows :
If and so long as said note of even date and this instrument are insured or are i•einsured under the
provisions of the Natiana! Housing Art, an amount sufficient to accumulate in the hands of the holder
one (1) month pi-ioi~ 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 Cor~tmissionei• pursuant to the National
Housing Act, as amended, and applicable Regulaiions thereunder; or
(ti) If and so long as said note of even date and this instrument si-e hetd by the Federat Housing Commis-
sioner, a monthly charge (in lieu of a mortgage insurance premium) which shaU be in an amount
equal W one-twelfth (~r5~} of one-half (1~z ) per cenLum of the average outstanding balance due on the
note computed withoat taking into account delinquencies or prepayments;
(b) A sum equal to the ground rents, if any, xt due, plus the premiams that wi11 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 praperty (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 d~te ~vhen such ground rents, premiums, taxes, and assessments will become delinque ~t, such
sums to be held by mortgagee in trust to pay said ground rents, 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 unde* the note secured hereby shall be added together and tlie aggregate ameunt
thereof shall be paid ~y the mortgagor each m~nth ~n a single payment to be applied by the mort-
gagee to the following items in the order set forth:
(t) pr~mium charRes under the contract of insurance with the Fede~•al Housin~ Commissionei•, or monihl~
charqe (in ]ieu of mortRage insurance pretnium), as the case may be;
(It} ginund rents, taxes, assessments, fire, and othe?• hazarcl insurance premiums;
(ttt) interest on the note secured hereby; and ~
([v) amortizati0n af the principal of said note.
Any deftciency in the amount of such aggregate monthly payment shall, unless made good by the
moi~tgagor prior to the due date of tl~e next such paymei~t, constitute an event of default under this mort-
gage. The mortgagee may cullect a"late charge" not ta exc~ed two cenf.s (2~) for each dollar ($l ) of
. each payment more than fifteen (15} days in arrears to covEr the extra expense involved in handling
delinquent payments.
3. That if the totai af the payments made by themortgagor under (b) of paragraph 2 preceding shail
Qxceed th~ amount of payments actually made bv the mortgagee, for ~round rents, taxes and assesaments
and insurance premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent
~ psyrnents to be made by the mortgagor. If, however, the monthly payments mxde by the mortgagor
under (8) o~ paragraph 2 preceding shall not be aufficient to pay ground rents, taxes and assessments
and insurance premiums, as the case mgy be, when the s~me shall become due and pa~~able, then th~
mortgagor shall pay to the mortgagee any amount necesaary to make up the deficiency, on or beiore t~.~
date when p~yment of such ground. rents, taxes, assessments, or insurance premiums shall be due. If
at any time the martRagor shall tender to the mortgagee in accordance with the provisions of the note
aecured hereby, full payment of the entire indebtedness represented thereby~ the mortgagee shall, ~n com-
puting th~ amnunt of such indebtedneas, credit to the account of the mortgagor al1 paymen~s made under
the provisiona of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa3~ to the
Federal Hoaaing Commiasioner and any balance remaining in the funds aecumulated under the pro~~isions
of (b) pf said ~aragraph 2. If there ahall be a default under any of the provisiona of this mortgage, re-
sulting in s public sale of the premises covered hereby, or if the mortgagee acquirea th~ propert~• other-
wise after default, the rnortgagee shall apply, ~t the tirne of the commencement of such proceedings or at
~ the time the property as otherwise acquired~ the balance then remaining in the funds accumulated un~'er
; (b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under
aaid note and ahall properly adjust any payments which $hall have been made under (a) of sa~d paragi•aph.
4. 'That he will pay al] taxes, assessments, water rates, and other gover~emental or municipal charges,
. . . 800K l
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