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~'1s Vit_v>R lt!~a~~, tbe t~n~ni~ f+rp+lnire(n) ~ pay to S T. l.iiClE GLi,'N i r. ri. A.
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H4ab3Tf HA~ti`~a ~ HIGHT ~ Il~A.
. ~[ corporation organized and existing under
~he la:ve of $tat~ ~>~ 11[ir;rl;anaf , or order, the principal sum of l~.Staen
Shotuand ?wo litn>nired ~-IIa Oa/140 ~+ ~- - -Dollars (>~ l~ ~ 20p.!~Q ),with
interest from date at the rate of l1TS t>Ild OIIe-Scl~urth per centum ( ~ ryo } per
annum on the tinpaid balance until paid. The said principal and interest shall be payable at the office of
BO~I+HSi H~R'llifi b EIt~H'~, IltO.
• in X31 Sallie ~ llOridi , or at such other pace as the
holder may designate in writing, in monthly installman+,s of E1Hht~-tOtir aIId Oi~1C~
Dollars ($ 84.0 ), commencing on the first day of ?ebruroue~ , 19(3 ,and
on the first day ~f each month thereafter until the principal and interest are fully paid, except that the final
payment of the entire indebtedness evidenced hereby, if not sooner paid, shall be due and payable on the
first day of Deaelaber , 19 92 .
If default be made in the payment of any installment under this note, and if such default is not made
good prior to the due date of the next such installment, the entire principal sum and accrued interest shall
at once become due and payable without notice'at the option of the holder of this note. Failure to exercise
this option shall not constitute a waiver of the right to exercise the same in the event of any subsequent
default. In the event of default in the payment of this note, and if the same is collected by an attorney
at law, the undersigned hereby agree (s) to pay all costs of collection, including. a reasonable attorney's fee.
Presentment, protest, and notice are hereby waived.
~o/ David O. Gslyert
State dooument,ary otampo - ~- ~ David Y. Galvert~----- --------^~
a~tiized to th® or~.ginal note ls_/__Jogoe L. _Galvert ________________________
and oanoelled. do~oe L. Calvert
And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and
abide ry each and every the stipulations, agreements, conditions, and covenants of said promissory note
and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void.
And the mortgagor further covenants as follows
1. That he will pay the indebtedness, as hereinbefore provided. Privilege is reserved to pay the
debt in whole, or in an amount equal to one or more monthly payments on the principal that are next due
on the note, on the first day of any month prior to maturity :Provided, however, that written notice of an
intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and, provided
further, that in the event the debt is paid in full prior to maturity and at that time it is insured under
the provisiors of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of
one per centum (? %) of the original principal amoun*. thereof, except that ~n no event shall the adjusted
premium exceed the aggregate amount of premium charges which would have been payable if the mort-
gage had continued to be insured until maturity; such payment to be applied by the mortgagee upon its
obligation to the Federal Housing Commissioner on account of mortgage insurance.
2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with,
and in addition to, the monthly payments under the terms of the note secured hereby, on the first day of
each month until the said note is fully paid, will pay to the tnortgagee the following sums:
(a) An amount s4fficient to provide the holder hereof with funds to pay the next mortgage
insurance premium if this instrument and the note secured hereby are insured, or a monthly charge
(ir: lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner;
as follows
(t) If and so long aa'eaid note of even date Arid thisvutrumewt are insured or are reinsured under the
provisions of the National Housing Act, an amount sufficient to accumulate in the hands of the holder
one (I) month prior to its due date the annual mortgageinsnrance premium., in order to provide such
holder with funds to pa tuck premium to the Federal Housing Cornmieaioner pursuant to the National
Housing Act, as amended, and applicable Re~ulationa t~-erevnder; or
(tt) If and ao long as said note of even date and thra instrument are held by the Federal Housing Commis-
sioner, a monthly cha?'g~ (in lieu of s mortgage insurance premium) which shall be in an amount
equal to one-twelfth (~s) of one-half (34) per centum of the average outstanding balance due on the
note computed without taking into aecount delinquencies or prepaymentP;
(b) A sum equal to the ground rents, if any, next d[.~e, plus the premiums that will next become
due and payable on policies of fire and other hazard insurance covering the mortgaged property, plus
taxes and asseatunents next due on the mortgaged property (all as estimated by the mortgagee) less
all sums already paid therefor divided by the number of months to elapse before one month prior
to tY[e date when such ground recta, premiums, taxes, and assessments will 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 precedinb subsections of this paragraph and all pay-
ments to be made under the note secured hereby shall be added together and the aggregate amount
thereof shall be paid by the mortgagor each month in a single payment to be applied by the mort~
gages ito the following items in thz order set forth:
{t) premium charges under the contract of fnaurance with the Federal "rIousing Cammisaioner, or monthly
charge (in lieu of mp:tgage insurance premium), ap the caaq may be;
([t ground rents, taxes, asaesa:nenta, fire, and other hazard inauranc%~ premiums;
(III) mtereat on the note secured hereby; and
(tv tvnortization of the principal of said rote.
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 payment, constitute an event of default under this mort-
gage. ""ha mortgagee may collect a `'late charge' not to exceed two cents (2¢) for each dollar ($1) of
each payment more than fifteen (1b) days in arrears to cover the extra expense involved in handling
delinquent payments.
3. That if the total of the payments made byy the mortgagor under (b) of paragraph 2 preceding shall
exceed the amount of payments actually made by the mortgagee, for ground rents, faxes and assessments