HomeMy WebLinkAbout1929 PEte~vin~:t~ ~t.~ti•~~':', an~i thc~,t~ F~rc~~c~nts arc~ E~xc~c~rtt~ci and deli~~ered upon the folloH~ing eonditions, to
it :
The mortgagor a ees to ~~a~• the moi-tgagee, or order, the principal sum of N ineteea ThouBeDd Four
Hundred and No~04
Tlollars 19,400.00 as evidenced b~• ~ nate of e~en date here~vith, H~ith interest from date
at the rate of F Lve & 0[te -Querter p:.~r centum ( 5} ) Per annum on the un-
paid balance until paid. The said principal and interest shall be payable at the office uf
ATICO FINANCIAL CORPORATION
or at such other place as the holder o~ the note may designate in ~~~riting, in monthly installments of
One F~Dd r~d Seven attd 28 100 Dollars 107 . 2 8 commencir.g on
the first day of January , 19 66 , and on the first day of each month thereafter nntil the
principal and interest are fully paid, except that the final payment of principal and interest, if not sooner
paid, shall be due and payable on the first day of December , 19 95 ;
And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply vvith and
abide by each and e~•ery the stipulations, agreements, conditions, and covenants of said promissory note
and of this mortgage, then this mortgage and the estate hereby creatcd shall cease and be null and void.
And the mortgagor further covenants as follows:
1. That he will pay the indeUtedness, as hereinl~efore provided. Privilege is reserved to pay the
debt in whule, or in an amount equal to one or mure monthiy payments on the }~rincipal that are next due
on the note, on the first da~• of any month prior to maturity : Pro~•ided, ho~se~~er, that ti•rittcn notice of an
intention to exercise such pri~•ilegE is given at l~.~ast thirty (30) days prior to prepayment; and, provided
further, that in the event the deUt is paid in fult ~~rior to maturity and at that time it is insured under
the pro~•isions of the National IioG~sing Act, he will pay to the mortgagee an adjusted premium charge of
one per centum (1 ) of the oi•igi~~al principal amount thereof, except that in no event shall the adjusted
premium exceed the a~gregate amount of premium charges which would have been payable if the mort-
gage had continued to Ue insured until maturity; such payrnent to be applied by the mortgagee upon its
obligation to the FedNral Housiug Commissioner on account of mortgage ~nsurance.
2. That, in order rnore fully to ~~rotect thc security of this mortgage, the mortgagor, together with,
and in addition to, the monthly ~ayments under the terms of the note secured hereby, on the first day of
each month until the said note is fully ~~aid, ~c•iil p~ty to the mort.gagee the following sums:
(a) An amount sutiicient to pro~•ide the holder hereof «•ith funds to pay the next mortgage
insurance premium if tlzis instrument and the note secured hereby are insured, or a monthiy charge
(in lieu of a mortgage insui•atice premium) if they are held bS~ the Feder~l Housing Commissioiiei•,
~is follo~~•s :
(i) If and ~o lonR a: said nnte of e~'en date and this instrument are insured or are reinsured under thc
~u•o~•isions uf the \ationa! ~iousin~,~ Act, an amount sufficier.t to accumulate i~ the hands of the holder
one (1) month priur to its duc ~iate the unnual mortguge insurance pren:ium, in order to pro~•ide ~uch
hnl+ier ~sith funds to pay such prcmium to the Federal Housing Comm~ssioner pursuant to the \ational
fiou~in~ act, as amended, and applicablo Ke~ulations thereundf~i•; o?•
If and so lung as said note of e~•en i3ate and thEs instrun~ent are held by~ the Federal Housin~ Commis-
sioner, a mon;hly charRe (in lieu of a mortga~'e insurance premium) w~hich shall be in an amount
eryual to one-tw•elfth i~) of one-half ) per centum of the a~•era~;e outstandin~ balance dueon the
note computed H•ithout taking into accovnt delinquencies or prepayments;
(b) A sum equal to the ground rents, if any, next due, plus the premiums that wili next become
due and ~~a~'able on policies of fire and other hazard insurance co~~ering the mortg~~ged property, plus
taxes and assessments next due on the mortgaged propert~• (all as es±imated t~y the mortgagee) less
all sums already ~aid therefor di~•ided by the number of munths to elapse before one month prior
to the date when such ground rents, premiums, taxes, and assessments wilt become delinquent, such
sums to be held by mortgagee in trust to pay said ground i•ents, premiums, taxes, and spec~al assess-
ments; and
(c) All payments mentioned in the tv~o preceding subsections of this paragraph and all pay-
ments to be made under the note secured hereby s}~all }~e added together and the aggregate amount
thereof shall be paid Uy the mortgagor each month in a single payment to t~e a~plied by the mort-
gagee to the follow•ing items in the order set forth :
(I) tiremium charges under the cantra~t of insurance with the Federal Housin~ Commi:sioner, m• monthl~•
chaiQe (in lEeu of moi~tgaRe insurance premium), as the case may be;
~rotuu! rents, taxe~, assessmFmts, fire, and other hazar~l insurance premiums;
(uij inte~E•st on the note sccured h~reby; an~i
(t~') amoi-tization ef the principal of said notc.
Any deficiencr in the amount of such ag~regate monthly pa~•ment 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 ma~~ cullect a"late charge" not to exceed t~so cents (2e) for each dollar ($1) of
each payment mcre than fifteen (1~) days in arrears to coti•er the extra expense in~~ol~•ed in handling
delinquent payments.
3. That if the total of the pa~•ments made by~ the mortgagar under (b) of paragraph 2 preceding shzll
e~cceed the amount of na~'ments actuall~• made b~~ the mortgaqee, for ~round rents, taxes and assessments
and insurance premiums, as the case may be, such excess shall be credited by the mortgagee on ~ubsequent
payments to be made by thE mortgagor. If, hov~•ever, the monthly payments made by the mortgagor
under (b) of paragraph 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 an~ pa~•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, assessments, or insurance premiums shall be due. If
at an,y time the mortgagor shall tender to the martgagee 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 indebtedngsa, credit t4 the accaunt of the mortgagor All payments made under
the provisions of (d) of paragraph 2 hereof which the mortgagee has not become obligated to pay~ to Y.he
Federal HoLSing Commissioner and any balance remaining ii~ the funds accumulated under the pi•o~~isions
of (b) of said paragraph 2. If thei•e shall be a default under any of the provisions of this moi•tgage, re-
su~ting in a public sale of the premises covered hereby, or if the martgagee acquires the propert3• other-
K~ise after default, the mortgagee ahall 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 accumulatec~ under
{b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under
said note and shall properly adjust any payments which shall have been made under (a) of sa~d paragraph.
4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges,
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