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Home My WebLink About1345 ~ PROVIAED AL\VAY~~ and these presents are executed and delit~ered upon the following conditions, to tt•it : The mortgAgor agrees to pn~ the mortgagee, or order, the principal sum of Eleven ThousaRd 3ix Hundred and No/100 Dollars ($L1, 600. 00 as evidenced by a note of even date here~vith, ~rith interest from date at the rate of F ive t~ One -Ha 1 f pei• centum ( 5 i ~~o ) per annum on the un- paid balance until paid. The said principal and interest sh~ip be payable at the office of ATICO FINANCIAL CORFORATION or at sach other place as the holder of the note may designate in riting, in monthly installments of 3 ixty Five and 89/100 Da~~ars (a 65. 89 commencing on the first day of May , 19 66 , and on the first day of each month thereafter until the principal and interest are fully paid~ ~xcept tiiat the final pa,vment of princi al and interest. if not sooner paid, shall be due and payable on the first day of Apr il lg 9~ . 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 promissory note and of thig mortgage, then this mortgage and the estxte hereby created shall cease and be null and void. And the mortgagor further covenants as follox-s: ~ 1. That he wi11 pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole, or in an amount equal to one or n~o~•e montlily payments on the principai that are next due on the note. on the first da~ of any month prior to maturity : Provided~ ho~ ever, that H rittcn notice of an intention to exercise such pririlege is gi~~en at least thirty (30) days prior to prepxyment; and~ provided further. that in the event ttte debt is paid in full prior to maturity and at that time it is insured under the provisions of the National lIousing Act~ he will pay to the mortgagee an adjusted premium charge of one per centum (1 ) of the original principal amount thereof~ except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have been payable if the mort- gage had continued to be insured until maturit~ ; such payment to be applied by the mortgagee upon its obligation to the Federal Housing Commissior~er on account of mortgage ~nsurance. 2. That. in order more fully to protect the security of this 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 fulty paid, will pay to the mortgagee the following sums: (a) An amount suflScient ta provide the holder hereof with funds to pay the next mortgage insu:•ance pz•emium if this insti•ument and the note secured hereby are insured, or a monthfy 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 inaured or are reinsured under the pro~ isions of the tistional HousinR Act, an amount sufficient to accumulate in the hands of the holder one (1) month prior to its due dale the annual mortgage insurance premium~ in order to provide such holder ~ ith funds to pay such pirmium to the Federal Housing Commissioner pursuant to the National HousinR Act, as amended, and applicable Regulations thereunder; or ~ (u) If and so long as said note of even date and this instrument are hetd by. the Federal Housinq Commis- i sioner, a monthly chacge (in lieu of a mort~age insurance premium) which shall be in an amount equal to one-tKelfth of one-half (',4 ) per centum of the a~eraRe outstanding balance due on the note computed without taking into account delinqueneies or prepayments; (b) A sum equal to the ground rents, if any. next due, plus the premiums that will next become due and ~a~~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 bv the mortgagee) less all sums already paid therefor divided by the number of munths to eiapse before one month prior to the date when such ground rents~ premiums, taxes, and assessments will become delinquent, such ' sums to be held by mortgagee in trust to pay said ground rents~ premiums, taxes, and special assess- ments ; and (c) All payments mentioned in the t~o preceding subsections of this paragraph and all pay- ments to be made under the note secured hereby sha11 be added together and the aggregate amount thereof shal! 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 : ~ i (t) premium charRes under the contract of insurance with the Federal HousinR Commissioner, or monthly ; charRe (in lieu of mo~~tRage insurance premium), as the case may be; ' (11) Around mnts, taxes. assessments, fire, and other hazard insurance premiums; (IU) interest on the note secu~rd hereby; and (iY) amottization of the principal of said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the mortgagor prior to the due date of tlie next such payment. constitute an e~ent of default under this mort- ~ gage. The mortgagee may cullect a"late charge" not to exceed twa cents (2fi) for each dollar ($1) of each payment more than fifteen (15) days in arrears to cover Lhe extra expense involved in handling ; delinquent gayments. 3. That if the total of the payments made by themortgagor under (b) of paragraph 2 preceding shall exceed the amount of pa3 ments actually made by the mortgagee. for ~round rents, taxes and asaes,~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 sufl5cient to pay ground rents, taxes and assessments x and insurance premiums, 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 of such ground. renta, taxes, 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 indebtedness, credit to the acocunt of the mortgagor all payments made under the provisions of (aj of paragraph 2 hereof which the mortgagee has not become obligated to pa~• to the Federal Housing Commisaioner and any balance remaining ir. the funds accumulated under the prorisions of (b) of said paragraph 2. If thei~e shall be a default under any of the provisiona of this mortgage. re- sulting in a public sale of the premises covered hereby, or if the mortgagee acquirea 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) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under i said note and shall properly adjust any paymenta which shall have been made under (a) of said paragraph. ? 4. That he will pay all taxes, assessments, water rates~~ other governmental or municipal charges, ~R ~ . Boox141 M~ _ . _