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Home My WebLink About1994 PROVID~D AI.IVAYS, an~ these presents are executed and delivered upon the follo~ring conditions~ to ~~•it : The mortgagor agrees to pa~ the mortgagee, or order. the principal sum of Nineteen Thousand Rip~it Hundred and No/100------------------------------------------------ Do ars ~q,80o.00 as evidenceci by a note of even date heret~ ith. tivith interest fmm date at the rate o g~ve g~p~e~$a1P per centum ( ~r~ ryo ) per annum on the un- paid balance until paid. The said principal and interest shall be payable at the ofl~ice of ATICO FINANCIAL COfcP4RATI0N or at such other place as the holder of the note may designate in «riting, in monthly installments of One Hundred TWelve and 46~100 Dollars (S 112.1.~6 commencing on the first day of I+Iaf ~ 19fi6 . and on the first dap of each month thereafter until the principal and interest are fully paid. except that the final payment o# principal and interest, if not sooner paid~ shall be due and payable on the first day of April , 19 96 ; 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 this mortgage, then this mortgage 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, as hereinbefore provided. Privilege is reserved to pay the debt in whole. or in an amount equal to one or moi~e monthly payments on the princi~~ai that are next due on the note, on the first da~ of any month prior to maturity: Provided~ hoi~•e~~ei•. that ~+ritten notice of an intention to exercise such pri~•ilege is given at least thirty (30) days prior to pre~ayment; and. provided further, that in the event the debt is paid in full prior to maturity and at that time it is insured under the provisions of the National llousing Act~ he will pay to the mortgagee an adjusted premium charge of one per centum (1 ) of the original pr~ncipal amovnt thereof, except that in no event shall the adjusted premium exceed the aggregate amount of premium charges which would have Ueen 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 Commissioi~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 addit?on to, 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, wili pxy to the mortgagee the following sums: (a) An amount sufficient to pro~ ide the holdei• hereof «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~tl Housing Commissioner, as folloK•s : (t) If and so lonR as said note of e~en date and this insttument are insured or are reinsured under the pro~ isions of the National HousinR Act. an amount sufficient to accumulate in the hands of the holder one ( I) month prior to its due date the annua! mortgage insurance premium, in order to pro~ ide such hoider w ith funds to pay such premium to the Federal Housing Commissioner pursuant to the National HousinR Act, as amended. and applicable Regulations thereunder- or (le) If and so long as said note of even date and this instrument are held by the Fede?•al Housing Commis- sioner, a monthl y• charge (in lieu of a mortgage insurance premium) v?hich shall be in an amount equal to one-twelfth ) of one-half (',4 j pei• centum of the averaRe outstanding balance due on the note computed without taking into account delinquencies or prepayments; (b) A sum equai to the ground rents, if any, next due, plus the premiums that will next become due and payaUle 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 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~ prerniums, taxes, and assessments will become delinquent~ such sums to be held by mortgagee in trust to pay said ground rents~ premiums, talces, and special assess- ments ; and (c) Ail payments mentioned in the tw•o preceding subsections of this paragraph and all pay- ments to be made unde* the note secured hereby shall be added :ogether and the aggregate amount 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) premium charRes under the contract of insurance with the Federal Housing Commissioner, or monthly charRe (in lieu of mortRage insurance premium), as the case may be; (lt) Rivund rents, taxes, assessments, firn, and other hazard insurance premiums; (I/I) interest on the note secui,ed 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 the next such payment. constitute an event of default under this mort- gage. The mortgagee may cullect a"late charge" not to exceed two cents (2s) 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 the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of a•ments actuall ~ made bv the mo a or r u ~ ~ D) ~ rtg gee. f R o nd rents, taxes and as..es. 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 ahall not be suf~'icient to pay ground rents, taxes and assessments and ir.surance 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 paymenL of such ground rents~ 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 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 property other- wise after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property ia 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 s said note and shall properly adjtist any paymenta which shall have been made under (a) of said paragraph. j 4. That he wili pay ali taxes. assessments, water rates, and other governmental or municipal charges, B~aK 142 i ~9 ~ : ~_.~.._r~ ~ ~ ~ ~