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Home My WebLink About1805 ? , PROVIDED ALWAY3, and these presenta are executed and delivered upon the following conditioY?s~ to wlt: The mortgagor agrees to pay the mortgagee, or ordep. the principal sum of Th irteen Thou~and Nine Hundred F~fty and No/100 Dollara (a 13, 950. 00 aa evidenoed by a note of eve~ date herewith, with interest from date at the rate of Five ~ ThreB Quartere per centu:a ( S 3~~i~6) per annum on the un- paid balance until paid. The said principal and intereat shall be payable at the o~ice of ATICO FINANCUI. OORPORATION or at such other place as the holder of the note mxy designate in writing, in monthly installments of Eighty Oae and 47/100 -------------Dollara (a81.47 commencing on the flrst day ofJuly , 19 66 , and on the flrat day of each anonth thereafter until the principal and interest are fulty paid, except that the flnal payment of principal and intereat~ if not sooner paid. shall be due and payable on the 8rst day of June .1996 ; And shall du1y. promptly, and fully per~orm~ discharge, exec~~te. 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 hzreby created ahall cease and be null and void. And the mortgagor further covenants as follows: 1. That he wiQ pay the indebtedness. as hereinbefore pmvided. Privitege is reserved to pay the debt in whole. or in an amount equal to ~ne or mo~~e monthly payments on the principal that are next due Qn the note. on the first da~• 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 fult prior to maturity and at that time it is insured under the provisions of the National Housing Act~ he wil! pay to the mortgagee an adjusted premium charge of one per centum (1 ~,ti ) of the original principal amount thereaf, 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 2nsurance. 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 suf~'icient to provide the holder hereof with funds to pay the next mortgage insurance premium if this instrument and the note secured hercby are insured, or a monthty charge (in lieu of a mortgag~e insurance premium) if they are held by the Feder~l Housing Commissioner, as follows : (t) If and so long as said note of even date and thia inatrument are inaured or ate reinsured under the pmvisions of the National Housing Act, an amount auflieient to accumulate in the hands of the holder one (1) month pi•ior to its due date the annual mortgage insurance premium. in order to provide such holder with funds to pay such premium to the Federal Housing Commissioner pursuant to the National Housing Act, as amended, and applicable Regalations thereunder; or (tt) If and so long as said note of even date and thia instrument are held by the Federal Housing Commis- aioner, a monthiy cha (in lieu of a mortgage inaurance premium) which shall be in an smoant equal to one-twelfth of one-half ('/s ) per centum of the average outatanding balanee due on the note computed without taking into account delinquencies or prepaymenta; (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 coverin8 the mortgaged property, plus taxes and as~sessments 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 witl become detinquent, such sums to be heid by mortgagee in trnst 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 the agg?regate amount thereof shall be paid by the mortgagor each month in a single gayment to be applied by the mort- gagee to the foltowing items in the order set forth : (t) premium char~ea under the contract of insnrance with the Federal Housing Commiasioner, or monthly chsrg~e (in lieu of mortgage inanrance pr~ni~un)~ ss the case may be; (!I) gnound rents. taxes, aseessmenta. fire, and other hazard insurance premivms; (tti) interest on the note secured hereby; and (iv) 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 (2¢) for each dollar (~1) of each payment more than fifteen (15) days in arrears 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 payments actuatly made by the mortgagee. for RroUnd rents, taxes and asseaaments attd insurance gremiums. as the case may be, such excess shall be credited by the mortgagee on subseqnent paymenta to be made by the mortgagor. If, however, the monthly payments made by the mortgagor under (b) oi paragraph 2 prer,eding ahall not be su~cient to psy ground rents, taxes and asaessments and insurance premiuma~ as the caae may be, when the same ahall becwme due and payable, then the mortgagor shall paq to the mortgagee any amonnt ne~asaty to make up the deficiency, on or before the date when payment of auch ground renta~ taxea, saseesmenta, or insurance premiuma shall be due. If ' at any time the mortgagor ahall tender to the mortgagee in a«;ordance with the pmvisions of the note secured hereby, full payment of the eatire indebtednesa re~;eaented thereby, the mortgag~e ahall. ;n com- puting the a~eount of anch indebtedneaa, credit to the acaount of the mortgagor all paymentr made un~N-• the prnvisions o! (a) of pars~graph 2 hereof vvhich the mortgagee hss not become obligated to pay to t~~ = - Federsl Houaing Commissioner and any balance , ~n the funda accumutated under the pro•. isiona of (b) of ss~id paragraph 2. If thei~e ahall be a defaeilt nn er any o! the pmvisions of thia mortgage, re- aulting in a public aale of the premiaea cavered hereby, or if the mortgagee acquirea ttie prnperty other- wiee after default, the mortgagee shall apply, at the time oi the commencement of such proceedings or at the time the property ia otherwiae acquired, the bsiance tben reinaining in the funda accumulated under (b) of paragraph 2 pt~eceding aa s credit against the amount of prmcipal then remaining unpaid under aaid note And ahsll pmperly adjuat any paymenta which ahall have been made under (a) of said paragraph. 4. That he will pay all taxes, aseesamenta, water rat~ea, and other governmental or municipal charges, ~ so K246 4 ~ ~ . ~ _ - . ~E w~ ~1s '~.aazt.'~ "F.*~-. " ~e ~ c ^