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PROVIDFD ALWAY~, and these presents are c~xeruted and d~li~~ered upor? the follo~ving conditians, to
it :
The mort gor agrees to pay the mort~agc~~, ar oi•i~er, the principal sum of PJine Thousand One Hundrec. ;
Fifty and ~to~100-----~-__----....___..---------------------..-----..-----..-.,--------------_--....-
7
Doilars ~~150.00 as e~•idenced k~~~ ~l nr>te of even date he ewith, ~~~?th interest from date
at the rate of Five and one-quarter per centum ( 5-~~+ per annum on the un-
pai~l balance until pa~d. The said principal and interest shall be payable at the office of
Natianal Hacies Acceptance Corporatian, La.fayette~ Indiana
or at such other place as the holder of the note may designate in ~~-riting, in monthly~ installments of
FYfty ar:d 60~I00--------------- __..Dallars 5~.60 commencing an .
the first da3• of December 19 ~5 and on the first da~ of each rnonth thereafter until the
principal and interest are fully paid, except that the final ~~ayment of principal and interest, if not sooner
paid, shall be due and payable on the first day of I~ovember , 19 95 ; ~
And shall duly, promptly, and fully perform, discharge, execute, effect, eomplete, and comply with and ~
abide by each and every the stipulations, agreements, conditions, and covenants of said }~romissory note
and of this mortgage, then this mortgage and the estate hereby created shall cease and tfe nutl and void.
And the mortgagor further co~•enants as follow•s:
1. That he wi:l pay the indebtedness, as hereint>efore provided. Privilege is reserved to pay the
debt in whole, or in an amount equai to one ur mure monthly payments on the principal that are next due
on the note, on the first da~~ of a~iy month prior to maturity: Provided, how•ever, that w~rittcn notice of an
intention to exercise such pri~~ilege is gi~•en at least thirty (30) days ~rior to prepayment ; and, provided
further, that in the event ti~e debt is paid in futl prior to mat~trity and at that time it is insured under
the provisions of the National Iiousing Act, he will pay to thQ mortgagee an adjusted premium charge of
one per centum (1 ) of the original principal amcunt thereof, except that in no event shall the adjusteci
premium exceed the aggregate amount of premium charges which would have been payable if the mort-
gage had continued ta be insured until maturits•; such payment to be applied by the mortgagee upon its
obligation to the Federal Nousing Commissioner on account of mortgage ~nsurance,
2. That, in order more fully ta protect thc security of this mortgage, the mortgagor, together with,
and in addit~on to, the monthly pa~ments under the terms of the note secured hereby, on the first day of
each month until the said note is fully paid, will p~~y to the mortgagee the fottowing sums:
(a) An amount suflicient to pro~•ide the holder hereof with funds to pay the next mortgage
rnsu?•ance pi•emium if this instrument and the note secured hereby are insured, or a monthly charge
( in lieu of a mai•tgage insurance premium) if they are held b}~ the Feder~l Housing Commissioner,
~s foilu~ti•s :
(t) If and so lon~ as said r.ote of ecen date and this instrument are insured or are reinsured under the
pro~~isions of the :~'ational Housin~ Act, an amount sufficient to accumulate in the hands of the hotdei~
one (11 month prior to its due ilate the annual mortgage insurance pre~nium, in order to pro~•ide such
ho~~ier w•ith funds to pay such premium fo the Federai Housing Commissioner pursuant to the National
Housin~ Act, as amended, and applicablo Regulations thereundei•; ar
([i) If and so long as said note of e~•en date and this instrument are held by the F'eciei•al Ffousin~ Co~nmis-
sioner, a morthly eharae (in lieu of a mo~•tAa~e insuranca pi•emium) ~•hich shall be in an att~ount
equal to one-twelfth (1~_) of one-half per centum of the averaQe outstandin{~ balance due on the
note computed ti•ithout taking into account delinquencies or prepayments;
~ (b) A sum equai to the ground rents, if any, next due, plus the premiums that w~ill next become
due and ~>ayable on policies of fire and c~ther hazard insurance covering the mortga~ed property, plus
' taxes and assessments next due on the mortgaged property (all as estimated !~y the mortgagee) less
~ all sums already paid therefor di~•ided i~y~ the number of munths to elapse before one month prior
ta the d~te when such ground rents, premiums, taxes, and assessments will beeome delinquent, such
sums to be held by mort.gagee in trust to pay said ground rents, premiums, taxes, and special assess-
ments ; and
(c) All payments mentioned in the tµ~o preceding subsections of this paragraph and ail pay-
ments to be made under the note secured hereby shall f~e added together and tlie aggregate amount
thereof shall be paid by the mortgagor each m~nth in a single payment to be applied by the mort-
gagee to the following items in the order set forth :
premium char~es unrier thc contiact of insuranee with the Federal N~usinq Commissiotter, nr monthly
charRe (in lieu af mortRaRe insurance premium}, as the case may be;
~ (tt) ~rnuncl rents, taxes, assessments, fire, and other hazard insurance pramiums;
(~t?) intefest on the note secured hereb~•; and
~ (i~•) amo:-tizatson af the principal of saicl note.
Any deficiency~ in the amount of svch ag~regate monthly pa~~ment shall, unless made good by the
mortgagor prior to the due date of tl~e next suct? pa5~ment, constitute an e~~ent of default under this mort-
gage. The mortgagee may cullect a"late charge" not to exceed t~;•o cents {2~~) for each dollar ($1 } of
each payment more than fifteen (15 j days in arrears to coti~er the e!~tra expense invoh•ed in handling
delinquent payments.
3. That if the tatal of the pa}~ments made by themortgagor under (b) of paragraph 2 prec.eding shall
exceed the amount of pa~•ments actuall~• made b~• the mort~a~ee, for ~round rents, taxes and as~es~ments
and insurance premiums, as the case may be, such excess shall be credited by~ the mortgagee on subsequent
paymerits to be made by the mortgagor. If, hawever, the monihly 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 becorrae due and pa~~able, then the
martgagor shall pay to the mortgagee any amount necessary to make up the deficiency, an or before the
date when payment of such ground, rents, taxes, assessments, or insurance premiums sha11 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 ii~debtedness, credii to the account of the mortgagor all payments mac3e under ~
the provisions of (a) of paragraph 2 hereaf which the mortgagee has not become obligated to pa~• to the
Federal Housing Commissioner and any balance remaining in the funds accnmulated under the pro~~isions ~
of ( b) of said paragraph 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 the propert~• other-
wise after default, the mortgagee sha11 appty, at the time of the commencement of such proceedings or at
the time the properLy is otherwise acquired, the balance then remaining in the funds accumulated uniler
(b) of paragraph 2 prececiing as a credit against the amount of principal Lhen remaining unpaid under
said note and shall properly adjust any payments K•hich shatl have been made under (ct) of said paragi•aph.
4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges,
$oox 128 ~G4