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Home My WebLink About0484 ~ F ~ PROVIDED ALWAYS. and these presents are executed and delivered upon the following conditions, to wit: • ' The mortgagor agrees to pay the mortgag~ee. or order. the principal sum of ~lve Thous aQd Six l~ndred aad No/100 Dollars 12,600.00 as evidenced by a note of even date herewith, ~~•ith interest from date at the rate of Five 8~ ThrQe Quartera Per centum ( 5$~t~"o) per annum on the un- _ paid balance until paid. The said principal and interest shall be payable at the ot~ice of ATI00 FINAt~iCIAL CORPORATION or at such other place as the holder of the note may desig?nate in writing~ in monthly installments of Seventy Three and 58/100 ~»A~ «73.58 commencing on the first day of JuIIe . 19 66, and on the first day of each month thereafter until the principal and interest are fully paid~ except that the ftnal p~yment of principal and interest, if not sooner paid. shall be due and payable on the first day of ~y .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 thi~ 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 ainount equal to one or moi~e monthly payments on the principal that are next due on the note, on the first da3 of any month prior to maturity: Provided, however~ that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepayment; 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 ~iousing Act. he will pay to the mortgagee an adjusted premium charge of one per centum (1 ~/o ) of the original princ~pal amount thereof, except that in no event shall the adjusied 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 Commissioner on account of mortgage ~nsurance. 2. That, in order more fully to protect the secucity 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, will pxy to the mortgagee the following sums: (a) An amount sufficient to provide the holder hereof with funds to pay the next mortgage insurance premium 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 Federal Housing Commissioner~ as follo~ s : (t) If and so long as said note of even date and this instn~ment are insured or are reinsured under the provisions of the National Housing Act. an amount suflicient to accumulate in the hands of the holder one (1) month prior to its due date the annual mortgage insurance premium, in order to provide such holdgr with funds to pay such p~rmium to the Federal Housing Commissioner pursuant to the National _ Housing Act, as amended. and applicable Re~lationa thereunder; or (tt) If and so long as said note of e~en date and th~s instrument are held bjr the Federal Housing Commis- sioner. a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-twelfth ( y~_) of one-half (',~s ) per centum of the averaqe outatanding balance due on the note rnmputed without taking into account delinquencies or prepayments; (b) A sum equal to 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 covering the mortgaged property, plua taxes and assessinents next due on the mortgaged property (all as estimated by the mortgagee) less ali sums already paid therefor divided by the number vf 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- i ments; and (c) All paymenta 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 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) ptemium charRes under the contract of insurance with the Federal Housing Commissioner, or monthly j charge (in lieu of mortgage insnrance premium), as the case may be; ~ (~t ) gi~ound rents, taxes, assessments, fire, and other hazard insurance prem~ums; _ k (itt) mterest on the note secm-ed hereby; and ~ (lv) amortization of the principal of said note. ! Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the i mQrtgagor 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 (2~) for each dollar ($1) of ; each payment more than fifteen (15) days in arreara to cover the extra expense involved 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 Uayments actually made by the mortgagee. for Rround rents. taxes and asses.cments and ~nsurance premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent paymenta to be made by the mortgagor. If. however, the monthly payments made by the mortgagor under (b) of paragraph 2 preceding shall not be sufficient to pay ground renta, taxes and asse.~sments ~ and insurance premiuma, as the case may be, when the same ahall become due and payable~ then the mortgagor shall paq to the mortgagee any amount necessary to make up the deficiency, on or before the date when payment of such ground rents, taxea. sa~essments, or insurance premiums ahall be due. If at any time the mortgagor shall teniler to the mortgagee in accordance with the pmvisions of the note secnred hereby. full payment of the entire indebtedness represented thereby, the mortgagee shall~ ;n com- puting the amount of such indebtednesa, credit to the account of the mortgagor all payments made undei- the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa3 to the Federal Houaing Commiseioner and any balance remaining in the funds accumulated under the pro~•isions of (b) of aaid para8raph 2. If thei~e shall be a default under any of the provisions of this mortgage, re- sulting in s? public aale of the premi~ea covered hereby, or if the mortgagee acquirea the property other- wiae after defaulk 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 accumulated under (b) of paragraph 2 preceding aa a credit againat the amount of principal then remaining unpaid under aaid note and shall properly adjuat $ny paymenta which shail have been made under (a) of said paragraph. 4. That he will pay all taxes, asaesaments, water rates, and other governmental or municipal ehargea, 800K143 483 ~ ~.~}.'?'.e N. v..:Y•. .n 'a. . . . _ _ - _ . _ _ _ . ~y ~~,L ~Y~t~k- F.a, ~".r: ~ .~~-"~'t;