HomeMy WebLinkAbout0952 PROVIDED ALWAYS, and these presents are executed and delivered upon the follo~~ ing conditions, to
it :
The mortgagor agrees to pay the mortgagee, or order, the principal sum of Fourteen Thous ~nd
Three Hundred Fifty and No/L00
Dollars 14, 350. U~ as evidenced by a note of even date herewith, ~~•ith interest from date
at the rate of r'ive Sc One-Quarter per centum ( 5~ ~"f) per annum on the un-
paid balance until paic~. The said principal and interest shall be payable at the affice of
A1'ICO FINAN(~IAL i,'OttFOt2ATI0N
or at such other place as the holder of the note may designate in ~~•riting, in monthly installments of
Seventy Nine and 36~100 -----------Dollars 7~.36 ),commencingon
the first day of Dece~nber , 196 and on the first day of each month thereafter until the
principal and interest are fully paid, except that the final pa,vment of principai and interest, if not sooner
paid, shall be due and payable on the first day of Nove~nber , 19 95 >
And shall duly, prort?ptly. and fully perform, discharge, execute, effect, complete, and comply with and
abide by esch and every the stipulations, agre~ments, conditions, 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 mortgagor further covenants as follows :
1. That he will pay the indebtedness, as hereinbefore provided. Pri~•ilege is reserved to pay the
debt in whole, or in an amount equal to one or mu~•e mc~nthly payments on the i~rincipal that are next due
on the note, on the first da~~ of any month prior to maturity: Provided, how•e~~er, that µ'ritten notice of an
intention to exercise such pri~•ilege is gi~•en at least thirty (3Q) days prior to prepayment ; and, provided
further, that in the event the debt is paid in full priar to maturity and at that time it is insured undei•
the provisions of the National ~iousing Act, he will gay to Che mortgagee an adjusted premium charge of
one per centum (1 ;e ) of the original principal amount thereof, except that in no event shall the adjusled
premium exceed the aggregate amaunt of premium charges which would have been payable if the mort-
gage had continued to be insured until maturity; such payment to be applied by the murtgagee upon its
obligation to the Federal Housii~g Commissic~r?er on account of mortgage ~nsurance.
2. That, in order more fully to protect thc security of this mortg~ge, the mortgagor, together w•ith,
and in addit~on to, the manthly 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 mortgagee the following sums:
(a.) An amount sufficient t~ gro~•ide the holder hei•eof ~ti~ith 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 Housing Commissioner,
as follo~~•s :
If and so IonR as said note of e~•en date and this instrument are insured oi• are reinsured under the
pro~~isions of the \ationai HousinR Act, an amount sufticient to accumulate in the hands of the helder
une (1) month prior to its ciue date the annual mortgage insurance premium, in order to pro~•ide such
holder w~ith funds to pay such premium ta the Federal Housing Commissioner pursuant to the National
Housing Act, as amended, and applicable Regulations thereunder; or
(t~) If and so long as said note of e~•en date and this instrument are held by the ~'ederal Housing Commis-
sionei•, a monthly charRe (in lieu of a mortqage in~urance pi•emium) w-hich shall be in an amount
equal to one-tw•elfth of one-half ) per centum of the a~-ei aKe outstandirg balance duo on the
note computed without takin~ into account delinryuencies or prepayments;
(b) A sum equal to the ground rents, if any, next due, plus the premiums that w~ili next become
due and pa~•able on policies of fire and other hazard insurance covering the mortgaged property, plus
taxes and assessments next due on the mortgaged property (all as estimated b~~ the mort~agee) less
all sums already paid therefor divided by the number of munt.hs to elapse before one month prior
to the d$te when such ground rents, premiums, taxes, and assessments will become delinquent, such
sums to be held b}~ mortgagee in trust ta pay said ground i•ents, premiums, taxes, and special assess-
ments; and
(c) All pay-ments mentioned in the t~•o prec~ding subsections of this paragraph and all pay-
me~nts to be made unde~- the note secured hereby shall i>e added to~ether and tlie aggregate amount
thereaf shall be paid by the mortgagor each mnnth in a single payment to be applied by the mort-
gagee to the following items in the order set forth :
(t) premium char~es under the contract nf insui~ance ~ti-ith the Fe~cral Housing Commiss~onci~, oi• montlily
char~e (in lieu ef mortKa~e insut•ance ~n•emium), as the case map be;
) Rround rrnts, taxes, assessments, fire, and other hazard insurance premiums;
(ui) interest on the note secured hc~reby; an~i
(i~•) amortization of the principal of said note.
Any deficiency in the amount of such aggregat~ monthlr~ payment shall, unless made good by the
mortgagor prior to the due date of the next such pa~•ment, constitute an e~•ent of default under this mort-
gage. The mortgagee may cullect a"late charge" not to exceed t~~•o cents (2~) for each dollar ($1) of
each payment more t}ian fifteen ( la) days in arrears to co~~er the extra expense invol~•ed in handling
delinquent payrrients.
~ 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 actuall~• made bE~ the mortgagee, for ~zround rents, taxes and assescments
and insurance premiums, as the case may be, such excess shall be credited by the moi~tgagee on subsequent
payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor
under (b) af paragragh 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 pa5~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 ground. rents, taxes, ~sessments, or insuran~e premiums shall be due. If
at any time the mortgagor shall tender to 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 arnount of such indebtec3ness, credit to the account of the mortgagor all payments made uncier
the provisions of (a) of paragraph 2 hereaf which the mortgagee has not b~come obligated to pa~• to the
Federal Housing Commissioner and any balance remaining in the funds accumulated under the pro~~isions
~ of (b) of said pa~•agraph 2. If thei•e shall be a default under any of the provisions of this moi•tgage, re-
a sulting in a public sale of the premises covered hereby, ar if the mortgagee acquires the propert~• other-
wise after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at
the time the property is otherwise acquired, the balance then remaining in the funds accumulated under
(b) af paragraph 2 preceding as a credit against the amount of principal then remaining ~npaid uncier
said note and shall properly adjust any payments which shall have been made ander (a) of sa~d paragi•aph.
4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges,
soo~ ~.28 3~ s
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