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Home My WebLink About2255 PttrntlDF:~ At.~ti'.1~'s, :ui~l thrsr l~i•~~se~its are exccutecl ~~id deli~•ere~d il~)Oll t}l~ follo~~~i~i~ conditioi~s, to i t : TI1C I1101•tg~gor ~~g •ees to the mort~agee, or order, the principal sum of F't~teen Thausand F~ i;h~ Hundred and No)100 Dollai•s rJ ~~UU. UU f1S C~~ictenced i>~' fl IIOtC Ot CL'c?Ii (iF1CC t1C'I'E~~t'ILjl~ lt'1411 IUIl.'!'l'til, 1!'UlI1 t2ittt;' at tl2e rate of F i ve & One ~ Ha 1 f pei' CCilttllll ( ~ 1 )~~er atuium on the tm- pzici U:~lance until p~iii. The ~aid principzl ~nd i~iterest sha11 be pa3~able a~ the oflice af ATICO FINEINCIAL CORPORATION 01' At SUC~1 OtI1Ci• place ~s the holder of the note may design~te in ~~~riting, 111 IllOlltll~~~ inst~llments of Eighty N'Lne ancl 74fI.U0 ----------___.,li~ij~~i•5 ~p by,~4 commencingon the first da1~ ofApr il , 19 6~ , and on the first day of each month thereaftei' UIIEI~ t~1C pi`111Cij3i~: ~IIC~ li'ii~iC:S~`, tiii; iii~~}' [32ii~, i:XC~j?~ t~.I.t ~l:° .F111a~ j?n1,*21E'ilf nf ~»•inrlj?'±a ~!?lC] !!]~E'1'E'St, if not. snnnei' p~id, shall be due and payable on tlie first da}~ of Mar~~h , 19 96; ~ And shall duly, promptly, and fully perfoi•m, discttzrge, execuie, etieci, compieie, xnu cuu~~,iy ~?i~,~ ~r~u abide by each and every ti~e stipulations, agi•eements, co~iditions, and cavenants of said promissory note and of tiiis mortgage, theti tliis moi•tgage and t~ie estate ~iea•eby created s}iall cease and be null and ~~oid. And the mortgagor furtt~er co~•en~ints as follo«~s: 1. That he wil[ pay the indebtedness, as Ilel'k'I11I)E'fore provided. Yri~•ilege is Z•eserved to pay the debt in whole, or in an amount equal to one or more mc>ntl~ly payments on the ~»•incil~al that are ne~t due on t}ie note, on the first dati• of an~' lllOlit~l pl'101' t0 111StU1'lt.~~ : Yi•o~~ided, lio~~•e~•ei•, that ~~•i•ittc~i ~iotice of an intention to exercise such pri~•ilrge is gi~•en ilt lE3St tllll't~' ~30~ (j~yS j)1•ior to prep~iyment; and, provicted further, that in the event the .ielat is paid in full ~?rior to maturity ~tnd at that titne it is insured uncier the provisions of the Nation~tl Iiousing Act, }2e t~~ill pay to the mortg~gee an ~djusted premium ch~rge of one per centum (1 ) of the origi»al principal amount thereof, except th~t in no event shall the adjusted premium exreed the aggregate ~imount of ~n•emium char~es wiiich wottld have Ueen pa~~~tble if the mort- gage had continued to be insui•ed until matt~i•iti•; such p~~•ment to be appiied ~y tlie mortgagee u~~on its obligation to the Federai ~Iousi~~g Cammissiouei' OIi ~iCCOUrit Of It102•tgage ~nsurance. 2. That, in order moi•e fuliy to protect the securitY of tiiis mortgage, tlie niortgago~•, togetller «~itli, and in addit.~on to, the n~c~nthl~• p~i~~ments tmcler tl~e terms of the note secured hereb~~, a» the first day of each month until the said note is full~~ paid, ~+~ill p.~y to the mortgagee the follo~4~ing su~n.;: (a) An amount s~rf~icient to pro~•ide the holder hereof ~~•it.h funds to pa~~ the ne~t mortgage instu•a»ce pi•emit~m if this instrument ~~id the riote secu~•ed hereby ai•e iiisui•ed, oi• a monthly eharge (in lieu of a mortgage insu~•ance ~~remium) if they~ are held by~ the Feder~l Housing Commissioite~•, as folio~~~s : (i) If and so lonfi as said note of e~•en d:~te and this instrun3ent are insured or are reinsured under the p~•o~•isions of the \'ational Hous:ny; Act, an amount sufficient to accumulate in the hands of the holder one (1) month prior to its ~luc dale the annu.tl mortgage insuranre premium, in order to pro~•ide such holder u•ith funds to ~~ap such ~~ren~ium to the b'ederal Housin~ Commissioner pursuant to the National Housing Act, as amended, and applicablo ite~ulations thereunder; or (it) If and so lon~ as ~ai~! nofe of e~•en date and this instrument are he1<I by the Ferleral Housing Commis- sioner, a monthl~~ char~e (in lieu of a inort{{age insurance premium) ~~•hich shali be in an amount equal to one-t~~•elfth (~'i of one-half ) pei• ccntum of the a~'erage ouistandin~,~ Laiance ~iue on the note computed «~itho!~t takinR into account delinquencies or ~~repa~~ments; (b) A sum equal to the ground rents, if an~~, next due, plus the premiums that ~~•ill next become due and pa~•able on policies of fire and other hazard insurance co~~ering the mort~aged properfy, plus taxes and assessments neat due on the mortgaged property (all as estimated b~• the mort~agee} less ~all sums already ~>aid therefoi• di~~ided by the number of munths to elapse befoi•e one month pi•ior to the date when such gi•ound rents, premiums, tases, and assessments wil! become cielinquent, such sums to be held by~ mortgagee in ti•~st to ~~ay said gi•ound i•ents, premiums, taxes, and special assess- ments; ancl (c) All pati•ments mentioned in the t«~o preceding subsections of this par~gi•aph and all pay- ments to be made under tlie note sectu~ed hei•eby shali be added togethei• and tlie aggregate amount thereof shall be paid b~~ the moi•tgagor eacil month in a single payment to be applied by the n~ort- gagee to the following items in ttie oi•der set forth: (1) preinium charges under the contract of inst~rance ;vith the Federal HousinR Commissioner, oi• nionthly chai•~e (in lieu of mortfiage insurance pi•emium), as the case inay be; (~t) groimd rents, tates, assessments, fire, and other hazard insurance premiums; (IIi) intei•est on the ilOtQ SfCill'ed h~reb~•; and (I~') amortization of the princi~,al of said note. Any deficiency in the amount of such aggregate monthly parment 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 unc~er this mort- gage. The mortgagee ma~~ cotlect a"late charge" not to exceeci t~ti•o cents (24~) foz• each dollar ($1) of ~ each payment more than fifteen (15) clays in arrea~ s to co~~er the extra expense i?i~~ol~•ed iii handling ! delinquent payments. 3. That if the total of the paS~ments made b~• the mortgagor under (b) of paragraph 2 preceding shall exceed the amount of na~~merits actuall~~ made b~~ the moi•tgagee, for gi•ound i•ents, taxes a~td asses~ments and insurance premiums, as the case may be, such excess shall be credited by the moi•tgagee on subsequent i payments to be made by the mortgagor. If, howeti-er, the monthly pa~~ments 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, ~vhen the same shall become due and payable, then the ! mortgagoi• shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the date «hen payment of such ground rents, taxes, assessments, or insurance premiums shall be due. If ~ at any time the martgagor shall tender to the mortgagee in accordance with the provisions of the note ; secured hereby, full payrnent of the entire indebtedness represented thereby, the mortgagee shall, ;n com- ! puting the amount of such indebtedness, eredit to the account of the mortgagor all payments macie uiidei• 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 funds accumalated under the p2•o~•isions of (b) of said paz•agraph 2. If thei•e shall be a default under any of the provisions of this mortgage, re- sulting in a public sale of the premises covered hereby, or if the mortgagee acquires the 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 baiance then remaining in the funds accumulated under (b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under 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, water rates, and other governmental or municipal charges, ~ooK1~8 449 ~ . ~