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Px~v1n~U A[.~5'AY~~ ancj these pi•esents are executed and deli~•ei•ed u~~n the follo~~•ing conditions, to
it :
The mortgagor agrees to pa~• the mortgagee, or arder, the principal sum of Fourteen Tho~asand
5e~•en Nundred ~:,rzc~ No,~lOU
Dollars ($14 , 700. 00 as e~~idenced b~• a note of even date here~~~ith, ~t•ith interest from date
at the rate of r" i~~ e k On e-~1ua i~t e r per centum { ` a r~ ) per annum on the un-
paid balance until paid. The said principal and interest shall be pa~~able at the office of
~TI~~J FINANi:I.~i. COk~O 2~TIQh
ni• at such other place as the holder of the note may designate in ~~•riting, in montlil~• installments of
~,i~hty One anci 2~.3~ lUl~ ------Aollars ($~~1.2~ commencing on
the first day of Decevber , 19 65 , and on the first day of each month thereafter until the
principxl and interest are fully paid, e~ccept that the final payment of principal and interest, if not sooner
paid, shall be due and payable on the first day of November , 19q,5 ;
And shall duly, promptly, and fully perform, discharge, execute, effect, complete, and comply with and
abide by each and every the stipulations, agreements, conditions, and cuvenants of said prom~ssor~~ note
and of this mortgage, then this mortgage and tne est~ite hereby createci shall cease ~nd be nuq and void.
And the mortgagor further co~~enants as follow~s:
1. That he will pay the indeutedn~ss, .ts hereinl>efore provided. Pri~•ilege is reserved to pay the
debt in whole, or in an antount equal to one or more monthly ~~~yments an ttYe ~~rincii~;~l that are next due
on the note, on the first da~• of any month prior to maturity : Pro~•ided, ho~~•e~•er, that «'rittcn notice of an
intention to exercise such pririlege is gi~~en at least thirty (30) days prior to prepayment; and, provided
further, that in the event the deut is paid in fuil prior to maturity and at th:~t tin~e it is insured under
the provisions of the National ~Iousing Act, he will pay to the mortgagee an adjusted premium charge of
one per centum (1 ~"r ) of the original principal amount thereof, except that in no e~~et~t shall the adjusied
premium exceed the aggregate amount of premium charges whic~? would ha~•e been payable if the mort-
gage had continued to be insured until maturit~• ; such payment to be applied by the mortgagee upon its
obligation to the Federal Housiitg Commissioiier on account of mortgage ~nsui•ance.
That, in order more fully to protect the security of this mortgage, the mortgagor, together with,
and in addition to, the m~mthly pa~•ments under the terms of the note secured hereby, on the first day of
each month until the said note is fully ~aid, w~ill p~ty to the mortgagee the following sums:
(a.) An amount sufficient to pro~~ide the holder hereof H~ith funds to pay the next mortgage
insurance premium if this instrument and the note secured hereby are insured, or a monthty charge
(in lieu of a mortgage insurance premium) if they are held b~• the Feder:~l Housing Commissioner,
as follon•s :
li) If and so long as said note of e~~en ~iate and this instrument are insured or are reinsured under the
pro~•isions of the \ational Huusin~ Act, an amount suflicicni to accumulate in the hamis of the holdcr
one ( i) rnonth ~~rior to its due date the annual mortgage insurance preroium, in order to pro~•ide such
hal~?er ~~~ith funds to pay such nremium to the Federal Hausin~; Commis~ioner pursuant to the Natianal
Housin~,~ act, as amended, and applicable Regulati~ns thereundet•; or
(ii) If and so lon~ as said note of e~•en date and this irstrumc•nt as•e held by the Feciera! Housin~; Commis-
sioner, a monthly charRe (iti lieu of a mortRaKe insurance premium) w~h~ch shxll be in an amount
e~ual tv cne-tw•elfth of one-half ) per centum of the a~•erake outstanding balance dua on the
note computed ~sithout takinR into account delinquencies or prepayments;
(b) A sum equal to the ground rents, if any, next due, plus the premiums that k~ill next become
due and }~a~~able on policies of fire and other hazard insurance covering the mortgaged propert~~, plus
~ taxes and assessments next due on the mortgaged property (all as estimated t~~• the mortgagee) less
all sums alread~• paid therefor di~'ided l~y the number of munths to elapse before une month prior
to the date w~hen such ground rents, prerrtiums, taxes, and assessmer.ts µ~ill become delinquent, such
sums to be held by mortgagee in trust to pay said gi•ound i~ents, premiums, taxes, and special assess-
ments ; and
(c) All pa~~ments mentioned in the t~~•o preceding subsections of this parugraph and al] pay-
ments to be made undet• the note secured hereby shall 1~e added together and the aggregate atnount
thereof shall be paid by~ the mortgagor each m~nth in a single pa~~ment to be applied by the mort-
gagee to the follow•ing items in the order set forth :
premium charRes under the contract of insurance N•ith the H ecleral Hou~in~ Conunissianer, or monthl~-
char~e (in lieu of mort~aqe insurance premium), as thc~ case may rie;
(it) ~~~ouzi~l rent~, taxes, ass~s~mc•nts, fire, and other hazzt•~l insurance premiums;
(i[r) intert~st on Lhe note secured h~rc~t,~-; an~i
amortizatien of the princii~al of sxid note.
Any deficiency~ in the amount of such aggregate monthl~~ pa~•ment shall, unless made good by the
mortgagor prior to the due date of the next such pa~~me?~t, constitute an e~•ent of default under this mort-
gage. The mortgagee ma~- cullect a"late charge" not to exceed t«•o cents (2~~) for each doliar ($1) of
each payment more than fifteen (15) da~•s in arrears to co~~er the extra expense inrol~•ed in handiing
delinquent pa~~ments.
3. That if the total of the pa~~ments made by the mortgagor under ( I~) of paragraph 2 preceding shall
exceed the amount of pa~-ments actuall~~ made b~• the mortgagee, for ~zround rents, taxes anc~ asses~ments
and insurance premiums, as the case may be, such excess shall be credited b~~ the mortgagee on subsequent
payments to be made by the mortgagor. If, how•ever, the monthly payments made by the mortgagor
under (b) of paragraph 2 preceding shall not be suflicient to pay ground rents, taxes and assessments
and insurance premiums, as the case may be, when the same shall become due and pa5•able, then the
mort~agor 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, asse3sments, or insurance premiums shali be due. If
at any time the mortgagor shall tender to the rnortgagee in accordance va ith the provisions of the note
secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee shall, com-
puting the amount of such indebtedness, creciit to the accQUnt of the mortgagor all payments made under
the provisions of (a) of paragraph 2 herec~f which the mortgagee has not becume obligated to pa~• to the
Federai Housing Commissioner and any balance remaining in the funds accumulated under the pi•o~~isi;~ns
of (b) of said paragraph 2. If thei•e shall be a defauit 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-
w•ise after default, the mortgagee ahall apply, at the time of the commencement of such proceedings or at
the time the property 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 unpaid under
said note and shall properly adjust any payments which shall have been made under (a) of sa~d paragi•aph.
4. That he will pay all taxes, assessments, water rates, and other governmental or municipal charges,
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