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~'ROVIDEU t~I.~~~A~'ti, <inc~ these prc~ents arc~ N\t'CU~t'tj `d11(i i~Pli1'E'Cf'l"~ U~011 t~lt' t0~10\1'lll~ C(1I1(~Itl(1llti~ ~~1
! ~~'lt :
~ The mortgagor agrees to pay the mot°tgagee, or order, th~ principal sum of
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Dotlars as evidenced by~ a note of even date hei•e~~•ith, ~~•ith intei•est from c~atE~
at the rate of w~.. ~.rti. per centum { ~ ~ ~c ) per annum an the un-
paid balance until paid. The said principal and interest shall be payabte at the office af
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v . ~ • Ji e.. .~A V..~J ~ ..'a'u,.~.~ a ~ ..a, . • .i _ , ~J~. . 1 " ~ .
4 or at such other place as the holder of the note may designate in writing, in monthly installments of
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` the first day of •t:.:~ , 19 , and on the first day of each month thereafter until the
~ principal and interest are fully paid, except that the final payment of principxl and interest, if not sooner
paid, shall be due and paya~ile on the first day of ,;;.::F . 13 ;
~?nd shall duly, promptly, and fuAy perform, discharge, execute, effect, complete, and comply w•ith and
abide by each and every the stipulations, agreements, conditions, and covenants of said promissory note
and of tf~is mortgage, then this mortgage and the est.ite hereby created shall cease and be null and void.
And the mortgagor further covenants as follow~s:
1. That he will pay the indebtedness, as hereinbefore provided. Pri~~ilege is reserved to pay the
debt in whale, or in an amount equal ta one or moi•e nionthly payments on the principal that are next due
on the note, on the first da~• of an~° manth pi•ior to maturity: Provided, ho~+'e~•ei•, that ~ti~ritten notice of an
~ intention to exercise such pri~~itege is given at least thirty (30) days prior to prepayment; and, provicled
` further, that in the event t}ie debt is paid in full priQr to maturity and at that time it is insured u~dei•
~ the pro~•isions of the National ~iousing Act, he r~~ill pay to the mortgagee an adjusteci prernium charge of
i one per centum (1 ) of the original princ~pal amount thereof, except that in no e~•ent shall the adjusted
t premium exceed the aggregate amount of premium charges which would have been p~yable if the mort-
€ gage had continued to 6e insured until maturit~~; such payment to be applied by the mortgagee upon its
~ obligation to the Federal ~iousii~g Cammissioner on account of mortgage ~nsui•ance.
~ 2. That, in order more fully to proter.t thc §ecurity of this mortgage, the mort~agor, together with,
and in addit~on to, the monthly pai~ments under the terrns of the note se.cured hereby, on the first day of
each month until the said note is fully ~~aid, will pxy to the nzortgagee the following sums:
i (a) An amount sufficient to provide the holder hereof with funds to pa~• the next mortgage
~ insurance premium if this instrument and the note secared hereby are insureci, or a monthly charge
(in lieu of a moi•tgage icisurance premium) if they are held by the Feder~l Housing Commissionei•,
~ as follo«•s :
~ (i) If and so lon~; as said note oC even date and this instrument are insured or are reinsurerl under the
~ pi-o~•isions of the \ationai Housing Act, an amount sufficient to accumu:ate in the hands oF the holdei•
E one (1) month F~rior to its due date the annual mortgage insurance premium, in arder to pru~•ide such
~ hc~lder «•ith funds to pay such premium to the Federal Housing Commissioni~r pursuant to thc tiationai
Housin~; ?.ct, as amended, and applicablc~ Requlations thereundc•r; oi•
~t1) If and so lon~ as said note ot evcn date and this instrument ai•e held by the Federal Housin~ Commis-
sioner, a monthly charRe (in lieu of a mortF,*a~e insurance premium) w•hich shal! be in an amount
i equal to one-tw•elfth (ty_ ) of one-nalf ('.'s ) per centum of the a~•era~e outstanding balance due on the
f note con~puted ~~ithout taking into account deiir,quencies or prepayments;
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~ (b) A sum equal to the ground rents, if any, next due, pius the premiums that w~ill ne:et become
~ due and ~~a~•able on policies of fire and other hazard insur~nce covering t1?e murtga~ed property, plus
taxes aiid assessments next due on the martgaged property (all as estimated b~~ the murtgag~e) less
~ all sums already ~aid therefor di~~ided b~~ the number of munths to elapse before one month prior
to the d~,te w~hen such ground rents, premiums, taxes, and assessrr~ents will become delinquent, such
F sums to be held by mortgagee in trust to pay said groun~ rents, prer~~iums, taxes, and specia? assess-
' ments ; and
(c) All pa~•ments mentioned in the two preceding subsections of this paragraph anci all psy-
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 sit~gle p~yment to be applied by ihe mart-
gagee to the following items in the order set forth :
premicm charKes under the contract of insurance ~o•ith the Fec~crai i{ousing Comtnissioi:c?, or monthl}•
c}?arKe (in lieu of mort~aqe insurai~ce premieam), as the case may be;
(tt) ~rmand rents, taxes, assescments, fire, and other hazar<i ir.surance prc~miums;
(t~~) interest on the note secured hereby; and
(i~•) an~ortization of the pri:icipal ~f said note.
An~ deficienc~~ in the amount of such aggregate monthly payment shail, unless made gooc~ by the
mortgagor prior to the due date of the ~iext such payment, constitute an e~~ent of default under this rnort-
gage. The mortgagee ma~~ culiect a"iate charge" not to exceed t~~•o cents (2~~) for each c~ollar ) of
each pa,yment more than fifteen (15) days in arrears to co~~er the e~ctra expense im•ot~•ed in handlin~
delinquent payments.
3. Tha~ if the total of the payments made b~~ the mortgagor under (b) of garagraph 2 preceding sha.lt
exceed the amaunt of pa~~ments actuall~~ made b~~ tne mortga~tee, for Rround rents, taxes an~l assesGments
and ~nsurance premiums, as the case may be, such excess shall be ~redited by the mortgagee on suiosequent
payments to be made 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, ~c•hen the same shall become due and pati•able, then the
mortgagor shall pay to the mortgagee any amount necessary to make up the deficiency, on or before the
date when 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 t}~e 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 aecbunt of ~hs mortgagor all payments made unciei•
the provision~ of (a) of paragraph 2 hereof which the mortgagee has not became obligated to pay to the
Federal Housing Commissioner and any balance remaining in the funds accumulated ur~der the pro~•is~ons
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 h~reby, or if the mortgagee acquires the propert~• other-
wise after default, the martgagee shall apply, at the time of the comm2ncement of such proceedings or at
the time the pruperty is otherwise acquired, the balance then remaining in the funds accumulated under
(b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaici under
said note and s}iall properly adjust any payments w•hich 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,
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