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Home My WebLink About1376 PROVIDED AL~YAYS, and these presents are executed and deli~ereci upon the following conditions. to ~~•it : The mortgagor agrees to ~xv the mortgagee. or order, the principal sum of Fourteen Thousand Five Hundred FiFty and i1o/100 Dollars 14 , S S U. 00 as evidenced by a note of even date here~vith, ~~•ith interest from date at the rate of F ive a~ One -HA 1 f per centum ( S 2 ~'o ) per annum on the un- paid balance until paid. The said principal nnd interest shall be payable at the office of ATICO FINAiVCIAL VOitYORATION or at such other place as the holder of the note may designate in writing, in monthly installments of Eighty I~to and 64/lU0 Dollars (a 82.64 commencing on the first day of riay , 19 66 ~ and oi~ the first day of each month thereafter until the principal and interest are fully paid~ except that the final payment of principal and interest. if nut sooner paid. shall be due and pay able on the first day of Apr il .19 96 ; And shall duly. promptly. and fully perform~ discharge, execute, effect~ complete. and comply with and abide Uy each and every the stipulations, agreements. 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 follo«•s; 1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to pay the debt in whole. or in an amount equal to one or more monthly payments on the principal that are next due on the note~ on the first day of any month prior to maturity : Provided~ ho~~•e~•ei•. that ~ti rittcn notice of an intention to exercise such pri~•itege is given at least thirty (30) days prior to prepayment; and, provided further. that in the event tlie debt is paid in full prior to maturity and at that time it is insured under the provisions of the National ~Iousing Act~ he wil! pay to the mQrtgagee an adjusted premium charge oE one per centum (1!'~ ) of the original princ~pal 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 continaed ta be insured until maturit~ ; such payment to be applied Uy the mortgagee upon its obligation to the Federal Housing Commissioner on account of mortgage ~nsurance. 2. That. in order more fully to protect the security of this mortgage. the mortgagor, together with. and in addit~on t~: the monthly payments under the terms of the note secured hereby, on the first day of each month until the said note is fully paid~ will pxy to the mortgagee the following sums: (a) An amount sufficient to provide the holder hereof «ith funds to pay the next moi•tgage insurance pi•emium if this instrument and the note secured hereby are insured, or a monthty charge (in lieu of a mortgage insurance premium) if they are held by the Feclerscl Housing Commissioner. as follo~~•s : If and so lonR as said note of e~en date and this instrument are insured or are ~~einsured under the pro~ isions of the :~'ational HousinR Act. an amount suflicient to accumulate in the hands of the holde~• one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such holder K ith funds to pa~ such premium to the Fecieral Housing Commissioner pursuant to thc National Housing Act, as amended, and applicable Regulations thereunder; or (tt) If and so long as said note of e~•en date and this instrument are held by the Federal HousinR Commis- sioner. a monthly charge (in lieu of a mortgage insurance premium) Khich shall be in an amount eryual to one-tv?elfth (x~_) of one-half ('f ) per centnm of the a~•eraRe outstanding balance due on the note computed without taking into account delinquencies or prnpayments; (b) A sum equal to the ground rents, if any~ next due. plns the premiums that will next become i due and pa~ able 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 bv 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 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 two preceding subsections of this paragraph and all pay- ments to 't~ made unde* the note secured hereby shall be added together and the aggregate amount E thereof 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 : (t) pmmium charQes under the contract of insurance with the Federal HousinA Commissioner, or monthly charRe (in lieu of mortRaqe insurance premium), as the case may 6e; (u) ground rents, taxes, asses.aments. fire. and other hazard insurance premiums; (tn) interest on the note secuird hereby; and (tv) amortization 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 ti~e next such payment, constitute an e~•ent of default under this mort- gage. The mortgagee may cullect a"late charge" not to exceed two cents (2A) 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 payments made by themortgagor under (b) of paragraph 2 preceding shall exceed the amount of Ua~~ments actuallv made by the mortgagee. for ~round rents. taxes and assescments ~ 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 ahall not be sufTicient to pay ground rents, taxes and assessments ~ and insurance premiums, as the case may be, when the same ahall 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, rents, taxes, assessments, or insurance premiums shall be due. If r ~ 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 account of the mortgagor all payments made under ~ the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa~• to the ~ Federal Housing Commissioner 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- sulting in a public sale of the premises covered hereby, or 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) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under ; said note and shall prnperly ad~ust any payments which shall have been made under (a) of sa~d paragi•aph. _ 4. That he will pay all taxes, assessments, water rates. and other governmental or municipal charges, ~ g~oK141 1 ~ ~ ~ ~ } r R ~ ~~~'~~~~"'~~:=y: ^