The URL can be used to link to this page

Home My WebLink About2947 T ~ , i Pxovtu$n A~.w~~ts, snd theae presenta are execu~ ~d delivered upon the iollowin~ conditions. to ~ wit: ° The naortg~?~or sgreee tq~~ny/tl~ the aAOrt~s~ee~•or~erder. the princip~l sum of Sig4t ThoueaDd 1~io Hundrsd and ~Io/~VV ~~~~~~~~~.~~w~~~~~w~~~~~~~r~r~~~~.~~.~~~~~~~~~~~ Z00. 00 aa evidenoed by a note oi eveu date herewith, with intereat hom date at the nte oi Fiva >e Ttucta Qwrtsra per cenhun ( S 3/4 96) per ~?nnnm on the nn- psid bal~u4ue until psid. The eaid principal ~nd interaet s6all be pnysble at the o~oe ot ATICO FINAAi~110IAL OORPORATION . or at such other plaoe as the holder oi the note n~y desigadte ia writin~, in monthly instsllmenta of Forty Savsn and 89/100 ------------~ollars (i 47.69 ~encing on the &~t d~,y oi wuguat ~ 19 66. and on the flrat day of esch month thereafter until the prlncip~l nud intereat ars tuUy p~id. except that the flnal payment oi prlncipal and interast, i! not aooner p~id. shaU be due aad psy~bk on the flrat dsy oi July .19 96 ; And slull du1Y. Prompt11?. and tul~y Perlorm, discl~ur~e. execute. eRect, complete. and comply with and sbide by ench aad every the atipalstions, a~reementa. conditions. and covenanta oi said promiasory note ~ad oi thia mort~ge. then this mort~a~e and the eatate hereby created ahall cease and be nuU and void And the mort~agor iarther ouvenanta us followa: 1. Thst he will psy the indebtednesa~ as hereinbefore proxided ~ Privilege is reaerved to psy the debt in whole, or in an smount equal to one or more monthly paymenta on the principal that are next due on the note. on the tirat day of any month prior to maturity: Provided. however, that written notice of an intention to exerciae such privilege is given at lesst thirty (30) days prior to pre~ayment; and, pmvided further. thst in the event the debt ia paid in full prior tq maturity and at that time it is insured under the proviaiona of the National Honsing Act, he wil! pay to the mortgagee an adjusted premium churge of one per centum (1 iG) of the original principal amouat thereof. except that in no event shall the ad,justed premium exceed the aggregAte amount of premium chargea whic6 would have been payable if the mort- : ~age had oontinued to be inaured until maturitr; such p~yment to be applied by the raortgagee upon its obligstion to the Federal Iiousing Commiasioner on socount oi mort~age inaurance. 2. Thst, in order more fully to protect the aecurity oi this mortgage. the mortgagor. togethertaith, ~ and in ~ddition to, the monthlypay~n ts under the terms oi the note eecured hereby. on the 8rsti.day of et~ch month until the aaid note is fully p~aid. will puy to the tnortgag+ee the iollowing sums: (a) An stnount autl~cient to provide the holder hereoi with funda to pay the next mortgag~e inaurance premium if thie inatrument and the note aecured hereby are insured, or a monthly charge (in lieu of a mortgage inaursnce premium) if they are held by the Federal Housing Commissioner. as follows: (t) If and so long as uid note oi e~ren dste and thb instrument are insnred or are reinsured under the provisions oi the Nstional Housing Ae~ an aawunt sufAcient b aeeumulste in the handa of the holder one (1) month piior to ib due date the snnual nwrtsage inwranoe premium, in order to pmvide such holder with iunds to ps snch premiura to t2~e Federal Housing Commissioner pursusnt to the Nabonal : Honsing Act, as amen~ snd spplid~bls Regulstion~ thereunder; or (n) If and ~u lons u said note of emn date snd thu instmment ~re held by the Federal Aouaing Commir sioner. a monthly eha~ge (in lieu of a mort8age insnranee premium) wh~ch ahsll be in an amount ~ i equal to onrtwelith (~s) of one-hali (~!r ) per.centnm oi the average outatsnding bslance due on the - note compnbed without taking into aoeount delinquencies or P~WY~n~: (b) A sum equal t~ the ground renta. if anq, next due, plua the premiuma that will next become dne and payable on policlea of fire and other hazard insurance covering the mortgaged property, plua - taxes and assessmenta next due on the mortgaged property (all aa eatimated by the mortgagee) lesa all sums already paid therefor divided by the number oi months to elapse before one month prior to the date when such gmound renta. premiuma, taxea~ and assessments will become delinquent, such sums to be held by mortgagee in tx~st to pay said ~mound renta. premiums, taxes, and spec~al assesa- menta; and ~ (c) All paymenta mentioned in the two preceding aubeectiona of this paragraph and all pay- i: ments to be msde under the note secured hereby ahall be added together and the aggregate amount E thereof ahall be p~id bq the mortgag^or each month in a singie payment to be' applied by the mort- gagee to the iollowing itema in the order aet forth : (t) preminm ehar~a nnder the eantract oi insurance with tl~ Federsl Ronsing Commisaioner, or monthly chsrge (in lieu ot mortgage 9naurance premi~un), as the caae msy be; (tt ground rents. ta~ces. ssceas~nents. llre, and other hszard insurance premiums: (IU interest on the note secured hereby; and ([v amortisation oi the principRl ot ssid note. Any detkiency in the amount of auch aggregate monthly payment ahall, unleas made good by the mortgago~~r prior to the due date of the next such pa~rment, conatitute an event of default under this mort- gage. The mortgagee maq cullect a"late charge' not to exceed two centa (2~) for each dollar (al) of each payment more than fifteen ( lb) days in arrears to cover the extra expenae involved in handling delinquent paymenta. - ~ 3. That if the total of the paymenta made by themortgagor under (b) of paragraph 2 preceding ahall exceed the amount of paymenta actually made by the mortgagee. for Rround renta. taxea and aseesaments and ~nsurance premiuma, aa the case may be, such excess ahall be credited by the mortgagee on subsequent paymenta to be made by the mortga~or. It, however, the monthly paymenta made by the mortgagor ~ nnder (b) af paragraph 2 precedins ahall not be su~cient to psU?~round rents, taxea suid assessments s~nd inaurance pr~miu~ as the case may be, when the asme ahsll ~eoome due and payable, then the ~ mortgagor ahsll pa,y to the mortga~e any atnount necessary to make up the deficiency~ on or before the date when psyment of anch ground renta, tazes, aseeasmenta, or insurance premiurns ahall be due. If at any time the mort~saBor slull teniler to the mort~aQee in aocordsace with the provisions of the note aecured hereby, tWl payment ot the eatire indebtedneas repreeented thereby, the mort~a~ee shatl. :n com- putit~ the unount oi such indebtedness~ credit to the acoount oi the mortQagor all pa}~menta made under the proviaiona at (a) oi psra~rsph 2 hereoi ahich the mort~sgee has not become obligsted to pay to the c Federal Ho~iaa Commiasioner aad say bslance remainin in the funds s~ceumulated under the prorisions oi (b) oi a~id psra,~rsp~h 2. Ii there shaU be a defsult nn~ any oi the proviaions of thia mortgage, re- aultit~ in a public aale of the premieea covered hereby, or ii the mortgagee aequirea tlie property other- wise siter default, the mortBsgee shaU apply, at the time of the commencement of such proceedinga or at the time the property ia otherwue su~quired, the bslance then r~ining in the funda ucumulated under : ai (b) oipara~raph 2 precedinQ sa a credit aQainst the irnount of principal then remaininQ unps~id under aaid note and ahsll properly ad,~juat any psyments which ahsU h~ve been made under (a) of safd paragraph. 4. Tt?At he wiU pay aU taxes, aaaesamenta, water rat~ea, and other governmental or municipal chargea, ~ aooK147 5 ~ . 45 _ V ~=~a~ - - - _ - ~-~ti _ ,