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Home My WebLink About0806 , t i ~ ~ ~ I . . ~i ; ~ PROVIDED AGWAYS, and these presents are executed and delivered upon the following conditions, to i~ ' wit; f The mortgagor agrees ta pay the mortgagee, or order, the principal sum of Ten Thousand Six Hundred Fifty and No/lU0 Dollars 10, 650.OU as evidenced by a note of even date herewith, w•ith interest from date ' at the rate of Five 3~ One-~uarter per centum ( 5~ ~c) per annum on the un- paid balance until paid. The said principal and interest shall be payable at the ofRce of ATICO FIIv~ANCIAI. COttFOiZATION or at such other place as the holder of the note may designate iri writing, in monthly instalfinents of ~ifty Eight and 89/100 ------------~oilars 53.89 ),commencingon I the first day of December , 1965 , and on the first day of each mont;~ thereafter until the i principal and interest are fu{ly paid, except that the final payment of principal and interest, if not sooner i paid, shall be due and payable on the first day of klovember ,1!1 95 ; And shall duly, promptlp, and fully perform, discharge, execute, effect, complete, and comply with and I abide by each and every the stipulations, agreement~, conditions, and covenants of said promissory note ! ~ and of this mortgage, then this mortgage ~nd the estate hereby created ahali cease and be null and void. ~ ; And the mortgagor further covenants as follow~s: ~ ~ 1. That he will pay the indebtedness, as hereinl~efore provided. Privilege is reserved to ~ay the ~ debt in whole, or in an amount equal to one or more monthly payments on the principal that are next due ~ i on the note, on the first da~~ of any month prior to maturity: Provideci, how~ever, that written notice of an ; intentiun 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 I ~ the provisions of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of I one per centum (1 ) of the original principal amount thereof, except that in no event shall the adjusted ~ ~ premium exce~ed the aggregate arr?ount of premium charges which would have been payable if the mort- ~ E gage had continued to be insured until maturitl ; auch payment to be applied by the mortgagee upon its ~ obligation to the Federal Housing Commissioner on account of mortgage !nsurance. ~ 2. That, in order more fully to protect ~he security of this mortgage, the mortgagor, together with, k ~ and in addit~on to, the rnonthly payments under the terms of the note secured hereby, on the first ciay of ~ each month uni,il the said note is fully paid, will pxy to the mortgagee the following sums: , ~ (a) An amount 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 hetd by the Feder~l Housing Commissioner, ~ as follow~s : ~ (t) If and so long as said note of even dete and this inatrument are insured or are reinsured under the ~ provisions of the National Housing Act, an amount sufficient to accumulate in the hands of the holder ! one (1) month prior ta its due date the annual mortgage insurance premium, in order to pro~~ide such ' holder with funds to pap such premium to the Federai Housinq Commissioner pursuant to the National HousinR Act, as amended, and applicable Regulations thereunder; or I (u) IP and so long as said note of even date and this instrument are held by the Fc~eral HousinR Cammis- aioner, a monthly charge (in lieu of a mort~,rege insurance premium) which shall be in an amount ; equal ta one-twelfth (?h~) of one-half ) per centum of the average outstanding balance due on the . i : note computed without taking into account delmquencies or prepayments; ~ ~ (b) A sum equal to the ground 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 I ~ 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 gr~und rents, premiums, taxes, and assessments will become delinquent, such ~ ` sums to be heid by mortgagee in trust to pay said ground rents, premiums, taxes, and special assess- ~ i ~ ments; and ' I ~ (c) All payments mentioned in the two preceding subsections of this paragraph and all pay- t ments to be made under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagror each month in a singte payment to be applied by the mort- gagee to the following items in the order set forth: ; (t) premium charRes under the contract of insurance with the Federal Housing Commissioner, or monthly~ ~ charae (in lieu of mortgage insurance premium?, as the case may be; ~ (u) ~round rents, taxes, assessments, fire, and other hazsrd insurance precniums; (p~) interest on the noke secured hereby; and (tv) amortization of the prineipal of said note. Any deficiency in the amount of such aggregate monthly payment shall, unles~ made good by the ; mortgagor prior to the due date of tlie next such payment, constitute an event of default under this mort- ~ gage. The mortgagee may cullect a"late charge" not to exceed twa cents (2p) for each dollar ($1) of each payment more than fifteen (1~) days in arrears to cover the extra expense invol~~ed in handling ; delinquent payments. ! 3. That if the tota) of the pay~ments made by themortgagor under (b) of paragraph 2 preceding shall ! exceed the amaunt of uay~ments actuallv made by the mortgagee, for Rround rents, taxes and assessments and ~nsurance premiums, as the case may be, such exce~s ahall be credited by the mortgagee on subsequent , payments t.o be made by the mortgagar. If, however, the monthly payments made by the mortgagor , ~ under (b) of paragraph 2 preceding shall not be sutficient to pay ground rents, taxes and assessments I and insurance prem~uma, as the case may be, when the same shall become due and payable, then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date when payment af such ground, rents, taxes, asaesamenta, or insurance premiums shall be due. If ; at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note ~ aecured hereby, full paymenk of the entire indebtedness represented thereby, the mortgagee shall, ~n com- ! puting the amount of such indebtednesa, credit to the account of the mortgagor al! payments made under the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa}• to the Federal Housing Commisaioner and any balance remaining in the funda accumulated under the pro~~isions ' of (b) of said paragraph 2. If there shall be a defsult under xny of the provisions of this mortgage, re- ~ sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the property otlier- ; wise after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at i the time the property is otherwsse acquired, the balance then remaining in the funds accumulated under ~ (b) of paragraph 2 preceding.as a credit againat the amount of principal then remaining unpaid under aaid note and ahall properly ad~ust any paymenta which shali have been made under (a) of t~sid paragraph. 4. That he will pay all taxes, assessments, water rates, and ather governmental or rnunicipal charges, ' do~izs za7 ~ f