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Home My WebLink About1327 • t ~ ~~~f . ~ ~ i / ~ PItOVID~ ALWAY3, and these presente are executed and delivered upon the following condit~ons, to Wlt: The mortgag~or sgn~ to pay tho mortgagce, or order. the princip~l sum o~ Th ir teen Thous and . Faur Hundred Fifty and No/100 Dollars (=13,450.00 aa evidenoed by ~ note oi even date herewith. with interest irom d~te at the rate oi F ive 8t ThreQ Q~ arters P~' ( 5 3~~6 ) Per annum on the un- psiid balanoe uAtil paid. The sai~'principAl and inter~t shaU be payable at the o~oe o! ATICO FINANCIAI. OORPORATION or at auch other place aa the holder of the note may designate in writing, in monthly instaUments oi Seventy Eight and 55/100 ----------Dollara (~78.55 commencingon the flrat day of September . 19 66 .~nd on the flrat cLy oi each month thereafter until the prlncipAl and intere~t are ~ul~y? P~sid, except that the flnsl P4Yment oi principal and intereat, if not so~ner paid, shall be due and payable on the Rrst dsy oi AuguBt .1996 ; And shs~ll du1Y. Prnmpt1Y. and fuUy perfona, discharg~e. execute, effect, complete, and comply with and ~bide by each and every the stipulations. agreements. conditions. and covenants of said pmmissory note aad of thia mortga~e. then this mortgage and the eatate hereby created shali cease and be uuU and void. : And the mortg~gor further covenants as follows: l. That he wtll p~y the indebtedness. as hereinbefore provided. Privilege is reaerved to pay the debt in whole, or in an amount equal to one or moi~e monthly pa,yments on the principal that are next due on the note. on the firat da~• of any month prior to maturity : Provided, however, that writtcn notice of an intention to exerciae such privilege is given at least thirty (30) days prior to prepayment; and, prnvided further, that in the event the debt ia paid in fuU prior to, maturity and at that time it is insured under the provisions of the National Housing Act, he will pay to the mortgag+ee an adjusted premium charge of one per centum (1~,6) of the original principal amount thereof. except that m no event shall the adjusted premium exceed theaggre gate amount of premium chargea which would have been payable if the mort- gag~e had continued to be insured until maturit~•:- such p~?ment to be applied by the mortgagee upon its ; obligation to the Federal Housing Commissioner on aoco~nt of mortgage fnaurance. " 2. That, in order more fully to protect the security of this mortgage, t6e mortgagor, together with, ' and in addition to, the monthly payments under the terms of the_ note secured hereby. on the flrst d~y of each month w?til the said note is fuUy paid. will puy to the mortgagee the following sums: (a) An amount su~ficient to provide the holder hereoi with funds to pay the next mortgage insurance premium if this instrument and the note aecured hereby are insured. or a monthiy charge ' (in lieu of a mortgage inaurance premium) if they are held by the Federal Housing Commissioner, as followa : (t) If and ao long aa said aote oi even date snd this instniment sre insared or are _ reinanred nnder the • pmvisiona of the Nstional Housing Ack ~ smount su~cient to accumulste in the hands oi the holder . ' one (1) month piior to ita due date the annual mortgag~e insurance premium. in order to pmvide snch ~ holder with funds to pay s~uch premium to the Fcdenl Housing Commisaioner purauant to the Nat~onal 's Housing Act, ss smended, and applicable Re~alations thereunder; or : (u) If and so long sa aaid note ot even date snd th~a instrument are held by the Federal Aousing Commia- ~ aioner. a monthly charg~e (in liw oi s mortgage insnrsnce premium) wh~ch shall be in an amount ~ equal to one-twelith (yiz) oi one-half ( 34 ) per centum of the average outatanding balance due on the note eompnted without taking into account delinquenciea or prepsyments; f (b) A sum equal to the ground rents. if sny, next due, plus the premiuma that will next become ; due and payable on policies of fire and other hazard insurance covering the mortgaged property, plas ' taxes and assessments next due on the mortgaged property (all as estimated by the mortgagee) less ' aU sums already paid therefor divided by the number of months to elapse before one month prior to the dste when such ground rents, premiums. taxes. and assessments wiU 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 secnred hereby shaU be added together and the aggregate amount thgreof ahaU be paid 6y the mortgagor each month in a single payment to be applied by the mort- gsgee to the following itszns in the order set forth: (t) prerainm charRes under the contnct ot inanrance with the Federal Aonsing Commisaioner, or monthlq charge (in lien oi mortgag+e insurance premium), sa the case may be; • (n) ~rc?und rents. tsxes. asseasg~enta, fire, and other hazard insurance premiums; (m) interest on tLe note secu~~d herehy; and (tv) amortisation oi the principal of ssid 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 pa~yment, constitute an event of default under this mor~ gage. The mortgagee may cc~ltect a"late charge' not to exceed two centa (2~) for each dollar (~1) of each payment more than Rfteen (15) days in arrears to cover the extra expense involved in handling delinquent paymenta. 3. That if the total of the payments made by themortgagor under (b) of paragraph 2 preceding ahall exceed the amount of vayments actually made bv the mortgagee. for Rround rents, taxes and asses.gments ` and insuraace premiums, as the case may be, such exceas ahaU be credited by the mortgagee on subsequent ~ p~yments to be made by the mortgagor. If, however, the monthly paymenta made by the mortSaBor i nnder (b) oi parsgi~aph 2 preceding aha11 not be su~cient to p~~yground rents, taxea and assessmenta and inaurance premiu~s~ aa the caae may be. when the saa?e ahaU become due and payable, then the ~ mortgagor ahall pay to the mortgagee anq amount necesss~ry to make up the deficiency, on or before the date whea payment of such ground rents, taxes, assesaments, or inaurance premiums shall be due. If at any time the mortgagor shaU teniler to the mortgagee in aecordance with the pmviaions of the note aecured hereby, full payment of the entire indebtednesa represented thereby, the mortgagee ahall~ ;n com- puting the amount of anch indebtedness„ credit to the account o! the mortgagor all paymenta made under the pmviaions of (a) of paragraph 2 hereoi which the mortgag~ee haa not beiwme obligated to pay to the Federal Housing Commiasioner and aay balance remaining iA the funda accumulated under the pro~•isions of (b) of asid paragraph 2. Ii there shall be a default under aay oi the proviaions of thia mortgage, re- anltin~ in a pnblic aale of the premiaea oovered hereby, or if the mortgagee aequirea tlie pmperty other- w~se atter default, the mortgagee shall apply, at the time of the oommencement of auch proceedings or at the time the property ia otherwise acqnired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding aa a credit against the atnonnt of principal the~ remaining unpaid under asid note and shaU pmperly ad,just any paymenta which shall have been made under (a) of said paragraph. ; 4. That he will pay all taxea, aasessmenta, water ratea, and other governmental or municipal chargea, . - ~ , - ~ ao~150 126 - - _ . - _ - ~ :