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PROVIDED ALWAYS, and these ~resents are executed and delivei•~~ upan the following conditions, to
~~~it :
The mortgagor agrees to pay the mortgagee, or order, the principal sum of ~elVe ~hOU~ant1
Six Hundred and No/100 -
Dollars 12,600.00 as evidenced by a note of even date herew~ith, w•ith interest fro~n date
at the rate of p'LVe & ODe-QuaTter per centum ( ~ ~"o) per annum on the un-
paid balance until paid. The said principal and interest shall be payable at the office of
ATICO FINANCIAI. OOxFORJ11'ION
or at such other place as the holder of the note may designate in «~riting, in manthly installments of
Si.~tty Nipe aRd 68~100 Dollai~s 69„(>g commencing on
the first day of December ~ 1965 , and on the first day of each month thereafter until the
principal and interest are fully paid, except that the final payment af principal and interest, if not sooner
paid, shall be c~ue and payable on the first day of Navember , 19 95 :
And shall 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 promissary note
and of this mortgage~ then this martgage and the estate hereby created shall cease and be null and void.
And the mortgagor further covenants as follow~s :
1. That he will pay the indebtedness, ~s hereinuefore provided. Privilege is reserve~i to pay the
debt in whole, or in an amount equal to une or more monthly payments on the principal that are next due
on the note, on the first day of any month prior to maturity: Pruvided, how•e~•er, that written notice of an
intention to exercise such privilege is gi~en at least thirty (30) days prior to prepayment; and, provided
further, that in the event the debt is p~id in full prior to maturity and at that time it is insured under
the provisions of the National ~iousing Act, he will pay to the mortgagee an adjusted premium charge of
one per centum (1 ~r ) of the original principal amaunt thereof, except that in no event shall the adjusted
premium exceed the aggregate amount of premium charges which would huve been payable if the mort-
gage had continued to be insured until maturit~•; such payment to be applied t~y the mortgagee upon its
obligation to the Federal Housiiig Commissiotier on account of mortgage ~nsurance.
• 2. That, in order more fully to protect the security of this rr;ortgage, the mortgagor, together with,
and in addition t~, the monthly p~yments under the terms of the note secured hereby, on the first day of
each month until the said nate is fully paid, wili p~+y to the mortgagee tr.e following sums: ,
(a.) An amount sufficient to provide the holder hereof w•ith funds to pay the next mortgage
insurance premium if this instrument and the note secttred hereby are insured, or a monthty charge
(in lieu of a mortgage insurance premium) if they are held by the Feder~l Housing Commissioner,
as follo«•s :
(i) If and so IonR as said note of eeen date and this instrument are insui•ed or are reinsured under the
provisions of the \'ational Housinq Act, an amount sufficient to accumiilate in the hands of the holdei•
one (1) month ~>>~ior to its due clate the annual mortgage insurance premium, in order to provide such
hotder w~ith funds to pay such p:emium to the F'ederal Housing Commissioner pursuant to the Nat~onal
Housirr~ Act, as amended, and applicable Regulations thereunder; or
(t[) If and so long as said note of e~•en dute and this instrumer.t are held by the Federal Housin~ Commis-
sioner, a monthly char~{e (in lieu of a moi•tgaRe insurance pi-emium) which shall be in an amount
eyual to one-twelfth (?,i~) of one-half (',z ) per centum of the averaKe outstanding balance dua on the
note campute~i without taking into xccount del~nquencies or prepa~ments;
(b) A sum equal ta 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 covei•ing the mortgaged property, plus
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 d~te when such ground rents, premiums, taxes, and assessments will become delinquent, such
sums to be held bv mortgagee in trust to ~ay said graund i•ents, premiums, taxes, and spec~al assess-
ments ; and .
(c) All 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
thereuf 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:
premium charges under the contract of insurance with the Federai Housinq Commissioner, or monthly
char~e (in lieu of moctRaqe insurance premium?, as the case may be;
(tt) ground rents, taxes, assessments, fire, and uthei• hazard insurance pre~miums;
([II} interest on the note secured hereby; and
(iv) amortization of the principal of said note.
Any defieiency in the amount of such aggregate monthly payment shall, unless made good by the
mortgagor prior to the due date of tl~e next such payment, constitute an e~~ent of default under this mort-
gage. The mortgagee may cullect a"late charge" not to excped tw~o cents (2~) for each dollar ($1) of
each payment more than fifteen (15) days in arrears to cover the extra expense invol~•ed in handling
delinquent payments.
3. That if the total of the pa~~ments made by the mortgagor under ( b) of paragraph 2 preceding shall
exceed the amount of payments actually made by the mortgagee, for ~round rents, taxes and asses~ments
and insurance premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent
~ payments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor
under (b) of paragraph 2 preceding shall not be suflicient to pay ground rents~ taxes and assessments
and insurance premiums~ as the case may be, when the same shall become due and payahle, 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, ta~ces, assessments, 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
secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, ~n com- _
puting the amount of such indebtedn~sa. credit to the account of the mortgagor all payments made under
the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to paS• to the
Federal Housing Comrr~issioner and any balance remaining in the funds accumulated under the pro~-isions
of (b) of said paragraph 2. If there shall be a default under any of the provisions of this mortgage, re-
sul±ing in a public sale of the premises covered hereby, or if the mortgagee acquires the propertz~ other-
wise after default~ the mortgagee shall apply, at the time of th~ commencement of such proceedings or at
the time the property is otherwise acquired, the balance then remaining in rhe funds accumulated under
(b) af paragraph 2 pr+eceding as a credit ag~?inst the amour~t of principal then remaining unpaid under
said note and ahall properly adjust any payments which shall have been made under (a) of said paragz•aph.
4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges,
800K _