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PR±~VI[)F:r~ ~t.~c~t~t'~, anci the,r E~i•e~sc~~its ~ir~~ e~tiecutt~d ~«d dE~li~•er•eci iipon ttie folla~sing cc~r,ditiotis, tt~
i t :
' Thf~ mm-t~a oY• agrees t r the moi-tgZgce, or oi•d~i•, the principal sum of r' i.f t~een t ttous ~nci
Nitze Hu?~dre~ dnd Na~~~~U
~ Dollars 1:i,y~U.OU as e~•icienced b~• a n~~te of even date here«~ith, ~~•ith interest from date.
at the i•Ate of Five ~c One-~uarter pe~• centum 5~'
( a pei• annum on thE un-
paid balance ~mtil paid. Thr~ ~aid principal and interest shall be pa~•able at the at~ice of
i t1.TIc.-'O FINANCYAL COtZYOlZr1TI0t~!
i
~ oi• at such other place as the ho dei• of the note rnay ciesignate in ~~•riting, in monthl~• inst~llments of
I Eighty 3even and y3)lUt~+ ----------nollars ~s7.93
comrtiencing on
; the first day of J ul y , 1 ~ 6~, and an the first da~~ of each month thereafter until the
~ principal and interest are fully paid, except that the final payment of principal ~nd interest, if not sooner
~ paid, shall be due and payable on the first da~~ of June ~ 19 9
~ And shall duly, prc,mptly, and fully perform, discharge, execute, effect, complete, and comply with and
abide by each and every the stipul~itions, agrt~ements, eonditie~ns, and covenants of said promissory note
and af tt~is mortgage, then this mor•tg~ge and the e~tate h~reb~• created shzll rease and ~e null and void.
And the mortgagor further co~•enants ~bs follo~~~s;
l. That he will pay the indebtE~dness, as hereinbefc~re provided. Pri~•iiege is i•eser~~ed to pay the
debt in whole, or in an amount equal to one or niui•e nwnthly payments un tlie En•inci~~ai that are next due
oti the note, on the first da~• of an~• month prior to maturit~~: Pro~•ided, ho~~•e~~er, that ~~~rittcn nc?tice of an
~ intention to exercise such pri~•ilege is gi~~en at teast thirty (30) days iiri~>r t~ ~~rp~>ayment; and, pro~~icled
further, that in the event the del~t is paid in full prior to maturity and at that time it is insured under
the prov'ssinns of the National IIousing Act, he will pay to the mortgagee an adjusted pi•emium charge of
one per centum (1~"r ) of the original principal amount thereof, except that in no e~•ent shall the adjustea
premium exceed th~ aggre~ate amount of premiurii char~es w~hich would ha~'e been pay~ahle if the mort-
gage h~id continued to be insured until maturit~~ ; such p~~;~•ment tu be applied by the mortgagee upon its
obligation to the Federal Housi»g Commissioner on account of mortgage ~nsurance.
~ 2. That, in order more fully to protect thc secueity of this mortgage, the mortgagor, together with,
, and in addit~on to, the monthly pa~~ments under the t~rms of the note secured herel}~~, on t~~e r~r5t day of
~ each month until the said note is full~~ ~~aid, wili p.~y to tne mortgagee the following sums:
~ (a) An amot~nt stifficient to pi•o~~ide the holclel• het'eof ~?•ith funds to pa~~ khe tieKt moi•tgage
~ insurance premium if this instrum~nt .117C~ t}IE' note sect~red hereb~' ai•e izYSUi•~~d, ut° a monthly~ charge
€ (in lieu of a mortg~age itisurance premium) if the~~ are held b~- the Fedei•:~l Housing Commissioner,
~ as follo~~~s :
~ If an~l so lon~* a~ :ai~~ nnte of ~~~•c~n ~late ard this instrument ~ r<~ insure~l at are ~c~in~ur•r~l i~nr;er thr
~ pro~'isions of thc• \ati~~naf H~u=.~n~ Act, an amount sufticiE:nt to accwnulatc in thr han~ls of the holclcr
one I 1) month ~ur t~~ ita ~1i;e ~Iat~~ the cu~naAl Itlill't(y'aqe insurance preinium, in ~,rder tn pr,~~'ide ~uch
h~lriei• ith funds t~ ~,a}- stich ,~rc~miiim to the Federal Housinq ('nmmis:i~ner ~~ursuctnt t~~ thr \ation;il
p Hnu:ing Act, a~ amended, and u}~E~licable I.eKulatinns the~eundc~r; or
~ (tt) If and so lon[{ as said note ~f e~•cti ~tate aitt~l this instrumettt are hrl~# by tht~ f'c~le~~al Hot:~inK Co~ntttis-
~ sioner, a monthlt• char~c~ (in lieu of a mortfiaRe insuranre premiuml ~~•hich ~hatll be in an amouni
E equai to one-t~~•elfth of one-half pe•r centurn of thr a~•era~;c rnitstaniiiny; balance du~ on ihe
i note co?r~F>uteci ~~•ithout takin~ into ac~ount ~elinquencies ar preF~a~•mc~nts;
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(h) A sum equal to the ground rents, if any, nest due, plus the ~~remiums that ~~~ill ne~ct become
~ due and ~~a~~ahie on policies of fire and c>ther hazard insurance co~~erii~~ the m~~r"t;.jil~Tf'd pro~~ert~~, ptus
j t~l?Ce5 aR(i iiSSl'S~Il1Qi1tS 11eXt C~UE,' 011 tllE' iill)t'tQ'AQ',E'C~ })I'O})E'T't}~ {all as estimated h~• the tll()Ct~,TA~E'E'~ ]QSS
; all sums ~~lreadti~ ~aid therefar di~•ided 1,~~ the number of n~unths to elapst~ before one month prior
to the d3te µ•hen stich ground rents, premiums, taxes, and assessments will ber~~me delinquent, such
sums to be held by~ rnc~rtgagee in trust to pay said ground rents, premiums, taxes, and special assess-
ments; afid
(c) A11 pa~•ments mentioned iti the tµ~o preceding subsect~ons of this paragraph and ali pac~-
ments to be made under the note secured herel~y s}~~ill }~e added tvgetlier <~nd the aggregate an~ount
thereof shall be pai~~i l~y~ the moi~tgagor eacii mnnth in a single pa~~ment to be appiied ~~y the r~~art-
gagee to the following items in the order set forth :
pi•emium char~;es under the cotitiact of ins>>rance ~cith the Fecirral Hnu~i~i~ C~n:mi;sionc~i, nr n:~,nthl}•
CIl'31'~,E: (IIl lieu ~f mnrt~a~e insurance ~~remiiun>, as th~~ ca=e rnay he;
(it) ~,~roun~l rent., taxe,, assessments, fire, an~i ~~thc~r hazarrl insurance f~remitnns;
~1~1) i~ite!es+. on tht- nnte ~r~curr~~l hr~rr•h~-; an~i
(1~~) araioi-tization of tne princil~al of sxi<I nutc.
~ny defciency in the amount of such aggT•egate mnnthl~• pa~•ment sh311, unless macie ~ood by the
mortg~gor prior to the due date of the ~~ext such pa~~me?Zt, constitute an e~~ent of default t~ndei• this mort-
gage. The mortgagee ma~~ culiect a"I~te charge" nc~t to exceed tcra cents t2<') for each ciollar (~1) of
each payment more than fifteen (15) day~s it~ arrears to co~~er the ertra expense in~•ol~~ed in handlin~
delinquent pa~~ments.
3. That if the total of the na~•n~ents made bti• themortga~or under of paragraph 2 preceding shall
e~ceed Lhe amount of t~a}~rs~ents actuall~• made b~~ thE~ mortKa~ee, ~Ol' ~:?1'Ollt1C~ 1'C'I1tS, taxes anci ass~~~~ments
and insurance premiums, as the case may be, such excess sha(I be credited b;~ the mortgagee on subsequent
payments to be made by~ the mortgagor. If, how~e~•er, the monthly pa~~ments made by the mortgagor
~ander (b) of paragraph 2 pre~ed~ng shall not b~ sufticient to pay ground renfs, taxes and assessments
~ and insurance premiums, as the case ma~~ be, K•hen the same shall become du~ anci pa~~able, then the
mortgagor shall pay to the mortgagee any amuuni necessary io make up ine aenciency, on or beiurr i:~e
date w•tien ~?syment af such ground. rents, taxes, assessments, or insurance premiums shall be due. Ii
at an~• time the mortgagor shall tender tu' the.tgortgagee in accordance w•ith the provisions of the note
secured hereby, full payment of the entire indebtedness represented Lhereby, the murtgagee shall, ~il COIII-
puting the amount of such indebtedness, credi~ to the account of the mortgagor all payments made ur~der
the provisions of (a) of paragraph 2 hereof which the mortgagee has nat become obligated to na~• to the
Federal Housing Commissioner and any balance remaining in the funds accumulated under the prorisions
of (b) of said paragraph 2. If there shall be a default ur.der any of the proviaions of this mortgage, re-
sulting in a public sale af the premises co~•ered hereby, or if the mortgagee acquires the prapettti• ut~ier~
wise after default, the mortgagee shall apply, at tihe time of the commencement of such proceedings or ~at
the time the property is otherwise acquired, the balance then remaining in the funds accun~ulatecl uncler
(b) of paragraph 2 preceding as a credit against the amount of principai then remaining unpaid under
said note and shall properly~ ad~ust any~ payments ~~ftich shal! have been madN under (a) oi saiq paragc•apti.
4. That he will pa~~ all taxes, assessment~s, µ~ater rates, and other go~•ernmentai or municipal charges,
a~«1i~ 3~~9