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Home My WebLink About0019 ~k # , i ! PRavlnFa A[,~~•A~'s, :lncl liiese pi•ese~its <~re c~xeetited aiici delit~ered !ij)Oil t~~e follou'ilt$' COllt~ltlO11S, to \\'lt : Ttie iox•tgzgor agz~ees to pa~~ tlie nto2•tg~~gee, oi• {~rdei•, tlie pi•inci~~~l sun~ of F if ~een Thousand and No~100 -____..~_....___...._..___...._________..v_~________________..----____..---- , ~ Dol~ars 15, ~00.00 as e~~idenced Uy ~ note of even date here~~~ith, «•ith interest from date ~ at the rate of Fi.ve ~ One-Quarter per centum ( !'c) per ~t~num on the tm- ~ paici bal~ilce uiitil p~id. The said principnl and interest sit~ll be pa~~~tble ~t t ie ofice of ATICO FINAIVCLAL CORP0~ITION 4 , or at stich otl.~er Pls~ce ~e~ khe holcier of the note may desi~nate in ~~•riting, in monthly installments of ~ Eighty ~.~o and 95/100 ----------__.._Dolla~•s g2.g$ commencingori ~ the first day of Februarv , 1~66 , and ~ii the fii•st da~~ of eacti m~nth t}ie~•eaftei• tintil the ; principal and iitterest are fuii~~ p~id, except t}iat ttie finn~ payment o~ p~•inci~~<<i ~llli! 112LC1'E.'S~, if „ui s~u~,~~ { r~~.: ~i~ail hn rittn anr~ navahle on ttie fii•st da~~ of January , 19 96; ! - - And shall duiy, promptly, and ittlly perfot-m, discharge, e~ecute, ef~ect, complete, and comply with and ; abide by each and e~~ei;v the stipi2l~tions, ~greeme~tts, conditions, and covenants of s~id pramissory note ~ and of this mortgage, then this murtgage and the estate hereby cre~ted shall ce~se and be null and void. ; And tlie mortg~igor furtiier co~~en~tnts as follo~~~s : ~ ' 1. That he will pay the indebtedness, ~;s hereinl~efore provided. Privilege is reserved to pay the ' I debt in ~vilule, or in an amo~~i~t equal to o~ie oi• moi•e montlily p~yments on ttie pi•incipal that are next duc ~ on the note, on the first da~• of a~iy I11011tI1 [ll'101• to maturit~•: Pro~~ideci~ }i0\t'ei'CI', tt~at «~rittc~i notice of an inte~ition to exercise sttch pri~•ilege is given at least thirt~~ (30) days prior to prepay~ment; and, provided ~ furtltei•, that in the event tlie debt is p.iid in fiill prior to m~turity and at that time it is insui•ed under ; the provisions of tlie National Itot~sing Act, he ~viil p1y to tlie moi•tgagee an ~djiisted premium charge of j one pei• centum (1 ) ~f the oi•igi»al pi•incipal amount thereof, ex~ept that in no event stiall the adjusied ~ premium exceed tiie aggi•e~ate amount ~f pi-eniiiim charp~es tivhich wo~ald ltave been payable if the mort- ~ gage had continuea to be insurec~ u~~til matui•it~,•; such payment to be applied by tlie mor•tgagep upon its ~ obligation to the Federal Ho~~sing Commissioner on account of mortgage ~nsurance. _ 2. That, in order more fully to protect the security of this mortgage, the mortga~or, together with; ~ 1 and in addition to, the monthly payments under t.he terms of the note secured hereb~~, on the first day of ? each month until the said note is fully paid, ~ti~ill ~:.ty to tlte niortgagee tlie follo~i~in~ sums: ~ (a) A~i amount sufTicieiit to provide t?ie tioldei• hereaf ~citli funds to ~,a~~ the next moi•tgage i insurance premiunl if thas instrument ~nd ti~.e note secttt~ed hereby are i~~sured, or a monthly ch~rge ~ (lIl liett of a mortgage insurance premium) if they are held Uy the Feder~l Housing Commissioner, ; ZS f0I10\\'S : j If and so long as said nnt~ of e~•en date and this instrunien~ are insu~•ed e:• are reinst~i•eci undei• fhe ~ pro~~isions of khe \'ational Ifousin~; Act, an amount sufficient to accumulate ir~ the hands of the holder ~ one (1) month ~~rior to its due date the am~ual mortgage insurance premium, in order to pro~•ide such ~ holder ~~~ith fimds to pay such premium to the Federal Housin~ Commissioner pursuant to the \'ational ; Hot~sing Act, as ai~iendeci, ancl a~~plicablo lte~ulations t}yei•eunder; or ~ (~t) If and so tonA as said note of c~•rn date and this instrw:~ent ai-c hcld hj• thc Feciera) HousinR Commis- ( sioiier, a i~io~ithl~~ chatRe (in lieu of a»ioitRa~e insurance pieniit~n~) k•hicl~ shall be in an arttount i equal to one-t~celfth i_) of one-half pr?• centum of the a~•ecage uutstar.dinfi L~alance duo on the ~ note computed ~vithout takin~ into account delinquencies or prepa}•ments; ~ (h) A sum e~ua? to the ground rents, if any, next due, plus the premiums that ~ti•ill nert become due and pa~~a~le on pulicies of fire and other hazard insurance co~~ering tlie mort~aged property, plus ~ taxes and assessments next due on tlie nfortgaged i~roper~~~ (all as estimated I~~~ the mortgagee) less ~ a1t sums already paid therefor divided by the nuniber of munths to ~lapse before one month prior t~ the date ~vhen such ground rents, premiums, taxes, and assessments will Uecome delinquent, such x sums to be held by mortgagee in trust to pay said ground ~•ents, pren~iums, taxes, and speciat assess- ~ ments ; and ~ (c) All payments mentioned in the t~r~ preceding subsections of this paragraph ai~ci all pay- ~ men~s to be made under tiie note secured l~ereby shall be added togetlier and tlie aggregate amount ~ thereaf shall be paid by the mortgagor each month in a single payment to be applied by tlie mort- ~ gagee to the following items in the order set forth : ~ a premium charges under the contract of insurance trith the Federal Nousin~ Commissioner, ar monti~ly ~ charge (in lieu of mort~;age insurance premiuni), as the case ?Tiay be; i (~t) ~;round rents, taxes, assessments, fire, and other hazard insurance premiums; (~It) interest on the note secured hereby; and ~ (iv) amartization of the principal of said notc. ~ Any deficiency in the amount of such aggregate n?ontlil~~ payment shall, unless made good by the mortgagor prior to the due date of the ne~t such pa~•ment, constitute an e~~ent of default under this mort- gage. The martgagee :nay~ cullect a"]ate charge" not to eYCeed t~ti•o cents (2S~) for each dollar ($1) of each payment more than fifteen (15) days in arrears to cover the extra expense invol~~ed iti handling i delinquent paymen~s. j 3. That if the total of the pa~•ments made by themortgagor under (b) of pai•agi•aph 2 preceding shall ~ exceed the amo~mt of na~~ments actiiall~~ made by the moi•tgagee, for ground rents. taxes and asses~ments ~ and insurance premiams, as the case may be, such excess shall be credited by the mortgagee on subsequent ~ payments to be made by the mortgagor. If, however, the monthly payrrients made by the mortgagor under (b) of paragraph 2 preceding shall not he sufficient to pay ground rents, taxes and assessments and insurance gremiums, as the case may be, when the same shall become due ancl payable, then the mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date ~vhen payment of such ground_ rents, taxPs, assessments, or insurance premiums shall be due. If ~ at any time the mortgagor shall tender to the mortgagee in accordance with the provisions of the note ~ secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, ;n com- ~ t puEing the amaunt of such indebtedness, credit to the acconnt of the mortgagor all payments made under the grovisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa~• to the Federal Housing Commissioner and any balance remaining in the funds accumulated under the pro~•isions of (b) of said paragraph 2. If there shall be a default under any of the provisions of this moi•tgage, re- ~ sulting in a public saie of the premises covered hereby, or if the mortgagee acquires tfie propert~~ other- wise after default, the mortgagee shall anply, at the time of the cammencement of such proceedings or at ~ the time the property is otherwise acquired, the balance then re*_naining in the funds sccumulated uncier (b) of paragraph 2 preceding as a credit against the amount of prir.cipal then remaining unpaid under said note and shall properly adjust any payments which shatl have been made under (a) of said paragi•aph. 4. That he will pay all t~xes, a~sessments, wa~er rates, and other governmental or municipai charges, ~ ~ k ~35 . ~9 ~ SooK -