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Home My WebLink About2206 Pttovtn~:n AL~t~n~'s, ziici the,~~ pre~s~nts ~~r~ e~eeuteil and cieli~•ered u~~on the follo~t~ing eonditions, to ~~•it : The mortga~or zgrees to pa~• the mortgl~;ee, ar ~rder, the princip~tl sum of Th irteen Thousand Fi.~ty and No/100 Dotiars 13 , OSO. UO zs e~~idenced b~~ a note of even date tiei•er~~itli, r+'ltfl lilt~'1•est from clate stt the rate of Five ~ One-HaZf per centum ( 52 per annum on the un- paid bttlttnce tintil paid. The said principal ~nd interest shall be pRti~~ble at the ofl'ice of ATICO FINANCIAL CORPORATION ' or at such other pl.i~c~ ~s th~ h~lc~~r nf the note tnay designate in ~~•riting, lIl 1110I1t~lI~~ installments af Severitv Four ~nd 12~100 ~~-~ollars (g 74,12 commencing an the first day of Apr il , 1966 , ~nd on the first da~• of each month there~fter until the principal and interest ~re full,y p~tid, exce~~t th~t the final p~ynient of principal ~nd interest, if not sooner : p~id, sliall be dtte and payable on tiie fii•st da~~ of Aiarch , 19 96 ; And shall dtily, promptly, and fully ~;erfoim, discharge, execute, ef~ect, compiete, tlnd comply with and abide by each ~tnd every the stipulations, ~greements, canditians, aiid covenants of said pror»issory note a~id of this mortg~zge, then this mortg~~ge ~u~d the estate hereby created slaall cease ~nd be null ancl void. And the mortgagor furthei• co~•enants as follo~ti~s: 1. That he wilt pay the indebtedness, ~~s hereii~before provided, Pri~~ilege is reserved to pay the debt in whole, or in an an~ount equ~il to one or n~are monthly payments on the priiicipal that are next due on the note, on the first da~• of any I11011tI1 ~)1'101• to maturity : Pro~~ided, ho~~•e~•er, that «•rittcn notice of an intention to exercise such pri~•ilege is gi~~en at least thirty (30) days prior fo prepayment; ~nd, provided further, f,hat in the e~~ent ti~e debt is gaid in fiilt prior to tiliitlll'!t3' iiilC~ at th.~t time it is insured unde2• the pro~~isions of the National IIousing Act, he ~vill pny to the mortg~?gee an adjusted premium charge of one per centum (1 ) of the oi•iginal principal amount tiiereof, e~cept tliat in no e~~ei~t s}iall tiie adjusted nre~mii~m PX('P(~C~ tjlE' aegrerr~te amount of ul•emium charges ~r•hich would Ilave beeii payal~le if tlie mort- gage had continued to be insui°ed until maturit~•; such payment to Ue appiteci uy ine n~orig~~~ee i~~,vii iW - obligation to the Federal Housin~ Con~missiouer on account of mortgage ~nsu~•ance. 2. That, in order more fttlly to protect the secarity of this mortgage, the mortg~~gor, together with, and in addit~on to, the monthly payments under the terms of the note secured hei•eby, on the first day of each month until the saici n~te is fully paid, will p~ty to the mortgagee the fallo~~•ing stuns: (a) An amount sufficient to pro~~ide the holder hereof ~~•it.h funds to pa~~ the next mortgage insurance premium if this instrument and the note secured hereby are insured, or a monthiy charge (in lieii of a moi•tgage insui•ance premium) if tiiey are held by the Fedei•~tl Housing Commissio?ier, - as follo«•s : ~ (t) If anrl so tong as said note of e~•en date and this instrument are insui•ed oi• are reinsured under the pro~•isions of the Natio~ial I~ot~sin~; Act, an amount. suflicient, to accumulate in the hands of the holder - one (1) month prior to its due date the annual mortgage insurance premium, in order to pro~•ide such holder ~sith funds to pa}~ such premium to the Fecieral Housing Commissioner pursuant to the 1\'ational : Housin~; Act, as amended, and applicablo Regulations tltei•eundei•; or (ti) If and so long as said note of eren date and this instru»ient are held by the Federal Housin~ Commis- 3 sioner, a mo»thl~- charae (in lieu of a mortgage insurance premium) «•hich shall be in an amount # equal to one-hselfth of one-half pei• centtim of the avera~;e outstanding ba~ance duo on the ; note coni~uted x•ithout taking into account delinquencies or prepayments; (b) A sum equa) ta the ground i•ents, if any, next due, plus the premiums that «~ill next become due and payable on policies of fire and other hazard insurance covering the mortgaged property, plus ta~es and assessments next due on tlie mortgaged property (all as estimated by the moi•tgagee) less all sums already paid th~refor divided tiy the number of niunths to elapse before one month prior to the date when sucli ground rents, pi•en~iums, taxes, and assessments will become delinquent, such sums to be held Uy mortgagee in trust to pay said ground rents, premiums, taxes, and special assess- ~ ments; and ~ (c) All payments mentioned in the t«~o preceding subsections of tnis paragraph and all pay- ~ ments to be made under ti~e note secured hereby sl~all be added together and tlie aggregate amount thereof shall be paid by the n~ortgagor each month in a single payment to be applied by the mort- gagee to the follotivir;~ items in the order set forth : (I) premium charRes uncler the contract of insurance n•ith the Federal NousinR Commissioner, or monthly charge (in lieu of mort~age insurance premium), as the case may be; (~T) ground rents, taxes, assessmenfs, fire, anci other hazard insurance premiums; (it~) interest on the note secw•ed hereby; and (t~') amortization of the principal of said note. Any deficiency in the amoimt of such aggregate montjily payment shall, unless made good by the _ mortgagor prior to the due date of ti~e ne~t such payment, constitute an e~~ent of default ander this mort- gage. The mortgagee may culleet a"late charge" not to e.r•ceed t"~o cents (24~) for each dollar (~1) of each payment more than fifteen (15) days in arrears to co~~er the extra e~cpense invoived in handling delinquent payments. 3. That if the total of the pa~•ments made by the moi•tgagor under (b) of paragi•aph `L preceding shall exceed the amount of pa~~ments actuallv made by the mortgagee, for ~round rents, taxes and assessments and insurance premiums, as the case may be, such excess sha11 be credited by the mortgagee on subsequent payments to be maae by the mortgagor. If, however~ the monthly payments made by the mortgagor ~ under (b) of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes and assessments and insurance premiums, as the case may be, when the same shall become due and 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, taxes, 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- ~ puting the amount of such indebtedness, credit to the account of the mortgagor all payments made anciei• ; the provisions 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 fnnds accumulated under the pro~-isions i ~ of (b) of said pai•agraph 2. If thei•e shall be a default under any of the provisions of this moi•tgage, re- ~ sulting in a public sale of the premises covered hereby, or if the mortgagee acquires tfie propert~~ other- ' wise after default, the mortgagee shall apply, at the time of the commencement of such proceedings or at ~ the time the property is otherwise acquired, the balance then remaining in the funds accumvlated under f (b) of paragraph 2 preceding as a credit against the amount of principai then remaining unpaid uncier ~ said note and shall properly adjust any payments which ahall have been made under (a) of said garagraph. i 4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges, ~ ~ ~ ~o~x13~ 400 _