HomeMy WebLinkAbout1158 ~~R(1V1[)F:1'• ~11.\1'Al'~, .l)1(~ t~lt'Sl' ~)1't'S~'I1tS RYt' t'St'Cllt('tl RIl(~ (~('?1\'G't'(1 llj)Oll f~l(' 1l)l~n\1'lll~; COllf~if10115, t0
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The nio~•t~<<~ar ~grcc~, to ~ri~• thc~ mc~rt~;n~;~~e, or ur~icr, th~ pri~icip:~l sum of~~urteen '~housand
~i.ghfi Hundred and No/L00
noll~i•s 14,80U.00 ~ts e~•i~icnced l~~• ~ not~~ of evei~ cl~ite h~~r~~~~~iti~, ~~•itli i»terest from d~te
at the i•~te of Five & One-Quarter ~~et• centtin~ ( 54 ) P~'1' Rlllllllll Oll tI18 [lil-
p~icl b~lanec~ until ~~~icl. Tlie said ~~l•iiicipal znd i~iterest shall Ue pRyable ~t t{~~ oRice of
ATICO FINE~NCIAL CORPORATION
ot• :tt stich oth~i• place as the holder of tlie tiote ma~~ desi~n~tte i~~ ~~•?•iting, ~~:.~~~~~+I~• installme~it~ oi'
Eigh~y One and 84~L00 ~--------------H~~1ars 8L.84 conlmencing on
the first da~~ ofriarch , t~ 66 , ~nd on the first d~t~' Or CRCIl 111(1i1tll there~fter until the
prineip~l ~ind interest ~ire full~• l~<iid, e~cept th~tt the final pa~•~nent of l~rincipll and interest, if not sooner
paici, sli~tll be due ~nd pa~•~ble oii the ti~•st da~~ of February , 1996;
And shall duly, promptiv, and fully pet•foi•m, discliarge, execiite, effect, complete, and cotnpl~~ ~+~ith and
abide by each and e~•ery the sti~n~l.itions, agreements, c~~nclitions, ~nd co~•en~nts of :<ll(~ ]11•omissory note
and of this mortgage, then this mortgage and flie estc~te hercl~y rre~itrd shall cease ~ind l~e null and ~•oid.
And the mort~agor further co~•en:~nts ~s follo~cs:
1. That iie will pay tlie indebtE~dn~ss, ~is hereinl~efoi•e pro~~ided. P?•i~•ile~e is t•esei•~~ed to pay the
deht in ~shule, ur in an amount equal to une c?r nwre monthly pa~~ment, ~?n the ~n•inci~~,il that are neat due
on the ~iote, on the fii•st cia~~ of an~• mo~ith pi•ioi' t0 llliltlil'It\• : Pro~•ided, Ijo«•~~~~ei•, that ~~'t•ittcti n~tice ot' a~i
intrntion to esei•cise sucii p?•i~•ilegE: is gi~'en at lc~ast tiiii•ty (30) d~iys priui• tu ~~repay~ment ; and, ~~ro~~ided
furtliei•, th~~t in the e~~ent fhe del~t is paid in full l~rior to mattii•it.~~ ~nd at that time it is instu•ed under
the pro~•isi~~ns of the I~~ation~~l llousing Act, he ~~•ill p~iy to the mortgagee an adjusted premiunt charge of
one per centum (1 C~ ) of the oi'i~lll2i~ j)1'111C1~)AI a111011Rt t~1C1•eof, except that in no e~~ent shall the adjusied
uremium exceed tlie aggregate ~unount of premitml ch~?•~es ~~•hicli ~~~ould ha~~e l~eeii t~a~•ahle if the mort-
gaRe had continued to be insui•ed until maturit~~; such pa~•meiit to ue ai;piied uy ii~e inuriga~;~e iijiu~? ii,~
obligation to the Federal ~iousing Commissioner on account of mortgage ~nsuranc.e,
2. That, in order more fullv to protect the security of this mortgage, the mortgagor, together wit,li,
and in additian to, the monthl~• pa~~ments titider the tei•ms c,f tlie n~te secui•ed iiereb~~, on tl?e fii•st day of
each ~ionth uiitil the said note is full~~ paid, ~+~ill ~r~~' to the mortg~tgee the follo~+•ing ~ums:
(a) An amou»t sufhcient to pro~•ide the holder hea•eof «'ith funds to pati~ the ne~t mortgage
insurance premium if this instrtunent and ti~e note secured hereby R1'f' IIi~Ui't!(~, oi• a ntanthly C}iFtl•ge ;
( iti lieu of a MOl't~y~1gC 111SU1•~nce premium) if they are held b~~ t.he Feder~l Housing Commissioner,
as follu~~•s :
(t) If and so lony; as said ncte of c~-en ~late and this instrument are insin~c~l or arc rcinsw•e~1 under the
~~i•~~•isions of the \ational 1lousin~; Act, an amoi~nt su!}ici~~nt to accumulate in th~ han~is of the holder
one (1) month ~~riur to its due dale the annual mortgafie insurance premium, ii~ ~~rder to pro~•ide such
hol~ler ~~•ith funds lo px}• s:ich ~u c~niiwn to the Federal Housin~; Cnittntissioner pursuani to the National
Iloucin~; Act, as amended, and a~i~~licablc~ Re~;ulations thercunde~r; or
(n) If and so lon~; a~ said note ~f e~•cn date 8/11~ t~115 instrinnent are hcl~l by thc Federal Housin~ Commis-
sioni~r, a monthl~• char~e (in lieu of a mort~;aRe insurance premium) ~~•hich shall be in an amount
equal to nnc~-t~~•elfth of ane-ha:: per centuni of thc a~•era~;e oulstandin~ Ualance duo on the
note computecl ~ti•ithout taking into account delinquencies or prepa)~ments;
' (b) A s~~m equal to the ground i•ents, if a~~y, next due, plus t~ie pi•emiums that «•ill ne~t become
due ~nd pa~•~iUle on policies of fire and other hazard insvrance co~~ering the nun~tgaged property, plus
; taxes and assessments next duc on ti~e mortgaged ~~ropert}~ (all as estimated b~• the mortgagee) less
all sums already ~~aid therefor di~~ided b~• the number of months to elapse before one month prior
to the date when such ground rents, premiums, taxes, and assessments ~sill become delinc~uent, such
sums to be held by mortgagee in trust to pay said gi•ound i•ents, premiums, taxes, and special assess-
ments; and
(c) All pa~•ments mentioned in the t.~~~o preceding subsections of this par~graph and all pay-
ments to be made under the note secured hereby shaU be added tagether and the aggregate amount
f' thereof shall be paid by the mortgagor each month in a single payment to be applied by the mort-
gagee to the follo~4~ing items in the order set foi•th :
premium eharges under the contract of insurance ~~~ith the Fc:i~-~•al ~tousin~ Commissioner, or ~nonthl~•
char~e (in lieu of mo~~tkage insin~ance premiuml, as the case ~na~• he;
Kround rents, taxes, assessments, fire, and other hazard insurance ~~rc+miums;
(n~) interest on the note secured hc•r~b~•; an~i
(tc) amortization of the principal of said note.
Any deficiency in ~he amount of such aggregate monthl~~ pa~~ment shall, unless made good by the
mortgagor prior to the due date of the next such paS~ment, constitute an e~~ent of default under this mort-
gage, The mortgaQee may cullect a"late charge" not to esceed t«•o cents (2~*) for each dollar ($1) of
each payment more than fifteen (15) d~~•s in ari•eai•s to co~•er iiie exii•a expense i~?.•uh~eu i;~ ;~a;id;;~~b
delinquent payments. ~
3. That if the total of the pa~:ments made b~~ the mortgagor under (b) of paragraph 2 preceding shall ;
exceed the amount of na~•ments actuallt• made b~~ the mortga~ee, for ~i•ound i•ents, taxes ancl assessments ~
and ~nsurance premiums, 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 payments made by the mortgagor
under (b) of paragraph 2 precPding shall not be sufficient to pay ground rents, taxes and assessments =
and insurance premiums, as tlie case may be, «•hen the same shall become due and pa5~able, then the
mortgagor shall pay to the mortga~ee any amount necessary to make up the deficiency, on or Uefore t}~e
date w~hen payment of such ground rents, taxes, assessments, or insurance premiums shall be due. lf
at any time the mortgagor shall tender to the mortgagee in accordance with the pro~~isians of the note
secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, ;n com- '
puting the amount of such indebtedness, credit to the account of the mortgagor all payments made under ;
the provisions of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa~• to the :
~'ederal Housing Commissioner and any balance remaining in the funds accumulated under the pro~•isions
of (b) of said paragraph 2. If thei•e shall be a default under any of the provisions of this n~oi•tgage, re-
sulting in a public sale of the premises covered hereby, or if the mortgagee acqu:res the propert~• other-
wise after default, the mortgagee shall apply, at the time of the commencement of such proceed~ngs or at
the time the property is otherwise acquired, the balance then remaining in the funds accumulateci under ;
(b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under i
said note and shall properly adjust any payments which shall have been made under (a) of said paragi•aph.
4. That he will pay all taxes, assessments, w~ater rates, and other governmental or mu?~icipal charges,
~o~K ~~36 ~ 552 - ~
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