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Home My WebLink About1616 Pxovmgn ALw~YS, and these presents are executed and delivered' upon the following conditions~ to wit: The mortgagor agrees to pay the mortgagee~ or order. the principal sum of Fif taeQ ThouBand Four Hundred aad No/100 Dollars <;15 , 400. 00 as evidenoed by a note of even date herewith, with interest from date at the rate of Five 8t Three Quarters i~er centura ( 5 3/4 96) per annum on the un- paid balance until paid. The said principal and interest shall be payable at the ofl~ce of ATICO FINANCIAL OORPORATION ~ or at auch other plaoe as the holder of the note may designate in writing, in monthly installments of Eighty Nit~e and 94/100 Dollara 89,g4 commencingon the flrat day of July ~ 1966 , and on the 8rst day of each month thereafter until the principal and interest are fuUy paid, except that the final payment of principal and interest, if not sooner paid, shalt be due and payable on the first day of Jutte ,19 96 ; And shall duly~ pmmptly~ and fn12y perform, diacharge. exe~cute. effect, complete~ and comply with and abide by each and every the stipulations, agreements, conditiona~ and covenants of said promissory note and of thirt mortg?age~ then this mortgage and the estate hereby created shalt cease and be null and void. And the mortgagor further covenants as follows: l. 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 principai 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 deUt is paid in full prior to maturity and at that time it is insured under the provisions of the National Housing Act. he will pay to the mortgagee an adjusted premium charge of one per eentum (1%) of the origina! 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 maturit3 ; such payment to be applied by the mortgagee upon its obligation to the Federal Housing Commissioner on account of mortgage insurance. 2. That, in order more fuily to protect the secucity of this mortgage. the mortgagor. together with, and in addition to, the monthly payments under the terma of the note secured hereby, on the first day of each month until the said note is fuUy paid, will ~y to the mortgagee the following sums: (a) An amount suf~'icient to provide the holder hereof vrith funds to pay the next mortgage insurance premium if this instrument and the note secured hereby are insured, or a monthiy charge (in lieu of a mortgage insurance premium) if they are held by the Federal Honsing Commissioner, as follows : (i) If and so long as said note of even date and this inrtrument are insured or are reinsured under the provisions of the National Housing Act. an amount autRcient to accumulate in the F.ands of the hotder one (2 ) month piior to its due date the annual inortgage insurance premium, in otder to pmvide such holder with funds to pay such premium to the Federal Housing Commissioner pursuant to the National Housing Act, as amended, and appticabte Re~viations thereunder; or (~i) If and so long as said note of even date and th~a insttument are held by the Federal Housing Commig- sioner, a monthly cha (in lieu of a mortgage inaurance premium) which shali be in an amount equal to one-twelfth of one-half (~,4 ) per centum of the average outatanding balance due on the note computed without taking into aocount delinquencies or prepaytnents; (b) A sum equal to the ground rents, if any~ next due, plua the premiums that will next become due and payable 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 by 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 be made under the note secured hereby shall be added together and tlie aggregate amount thereof shall be paid by the mortgagor each month in a single payment to be applied by the mort- gagee to the followmg rtema in the order set forth: (t) premiam charRea under the rnntract of insurance with the Federal Hovsing Commissioner, or monthly charge (in lieu of mortqage insnrance premium). as the case may be; (tt) ground rents. ta~ces. assessments. fire. and other hazard insurance premiums; (rt~) inteirst on the note setuned hereby; and (~v) amortization of the principal of said note. Any deficie~cy in the amount of such aggregate monthly payment shall~ unless made good by the martgagor prior to the due date of the next such payment. constitute an event of default under this mor~ gage. The mortgagee may cu~lect a"late charge" not to exceed two cents (2¢) for each dollar (~1) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent paymenta. • 3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding sha11 exceed the amout~t of payments actually made by the mortgagee. for Qrovnd rents, taxes and asses.cments and insurance premiums, as the case may be, auch 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 su~cient tfl pay und renta. taxea and aasessmenta and inaurance premiuma, aa the caae may be, when the same ahal~~eoome due and payahle, 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, assesamenta, or insurance premiums ahall be due. If at any time the mortgagor ahall tender to the mortgagee in accordance with the provisions of the note secured hereby. full payment of the entire indebtedness repreaented thereby, the mortgagee shall. ;n com- tp.he provh ion~s of (a) ofc~aph 2 h~ereoi wl h'~c.h the~unt of the mortgagor aJl payments made under Federal Houai CommiBaioner and sn balance remainin ~ ttot become obligated to pay to the II8 y g in the funda accumulated under the pror~siona of (b) of a~tid paragraph 2. If thei~e ahall be A default under any of the pmvisiona of thia mortgage, re- saltinQ in a public sale of the premiaes covered hereby, or if the mortgagee soquirea ttie property other- wise after default, the mortgagee ahall 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 accumulat~d under (b) of paragraph 2 preceding sa a credit against the amount of principal then remaining unpaid under aaid note and ahall prnperly adjust any payments which ahall have been made under (u) of sa~d paragraph. 4. Ths~t he wilt pay all taxes, asaesamenta, water ratea, and other governmental or munic~Ip~ char~es, ~ aoox 145 4i4 ~ . : - ~ ~ ~ y,. ~ _ - - . . ~'~°~i~~ ~ ~ - ~ _ _ _ ` -