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1'h~~~'IUt'u a1.~~':»'~, ~2n~1 thE~:t~ E~r~~,rnts ~?rf~ ~~xt~cutrc~ <~i~ci ~iE~li~•i~r~~ci upo~~ thr fc~tlo«~ing i~c~n~litic~n,, to
~~it:
Thc~ mort~,ra~or agi•t~E~, t~> ~~ci~• thr~ mort~a~~~t~, or or~~t~r, ttlf• })t'1T1C1~)2iI sum of Thirteen Thousarid
Five Hundred Fifty and No~100
I~oll~rs 13, 550.00 .~s e~~icleneeci 1~~• a note c~f evf~n date hei•e~~•ith, ~~•ith intE~i•est from c~atE~
at tlie i•ate ~f F ive ~t ORe-Quarfier per centum ( s4 ~ per anttum on the tm-
paid bal~nce until pnid. The ~aid principal and interer.t sh~ll be pa~~abl~ at the of~ice of
KcCAUGHAN MORTGAGE COMPANY, INC.,
oi~ at ~ttch ottier place a~ the holdE~t• of thc~ note may designate in ~~~riting, in monthl~• installme~lt~ of
Seventy Four and 93~I00 Dollars 7~ , y~ commencing on
tht first c~a~- of January , 1~b , and on the fii•st da~• of each month thereafter t~ntil the
~~riiicipal and interest aa•e full~• paid, e~cept that ttie final pa~•ment of princip~il ~ind intez•est, if not sooner
p~~id, shal; be due and pa~•able on the first da~• of December , 19 ~5;
And shali duly, promptly, and fully perf~~rm, discharge, eYecute, effect, complete, and camply with and
abide by each and e~~ery the .tipulations, ~Areen~ents, conditi~;ns, and covenants of sttid ~~rott~issory note
a.nd of this mortgage, then this mor•t~a~e and the estzite herel~y cre~ited shall cease and k~e null and voic~.
And the mortgagor further cuti•enants as follu4~s:
1, Th~it he wili p~y the ind~~l~te>drtess, as hE~reit~!>efore pro~~ided. Pri~•il~~ge is reserved to pay ihe
(]ptlt 11] K'}lU~e, or in an an~ot~nt equal tc~ c,iie l)!' Illl~l'C C711)Ilt}1~V ~1i1}'Ttll,'I1tS llll tilt' j1l'111C1~>~1~ t~lilt ill'~ Tl~'X~. (~UC
on thE~ note, on the first da~~ of an~• n~onth priur to maturit~~ : Yro~•ided, ho~re~~er, that z~•rittcn notice of an
intentiott to exercise sucti pri~~ilc~ge is gi~•en at le~st thirty (30) days ~~c•iur to ~~reE~a~~ment ; and, proti~itled
further, that in the e~•ent ti~e ~let>t is p~tid in f~~ll 2~rior to maturity and at that time it is insured under
the pro~•isions of the National Iluusing Act, he will pay to the mortgagee an adjusted premium charge of
one per centiam (1 ) of the oriKit~al principal amount thereof, except that in no e~•ent shali the adjusted
premium exceed the a~~?•egate am~~~mt of ~~remium charges which would tza~•e bef~n ~>ayal>le ii the mort-
ga~e had continued to be instn~ed until m~tturitti~; such payment to be applied l~y the mortgagee upon its
obligation to the Federal fiousing Commissioner on account of mortgage ~nsurance.
That, in order more fully ~o pratect tlie security of this mortgage, the mortgagor, to~ether H~ith,
and in addit~on to, the mc~nthl~~ ~~~i~•ments under the terms of the note secured herel~~~, on the first day of
each month untii the said natc: is full~~ j~~tid, K~ili p~cy to the mort~agee the fo)!ow•ing sums:
(a) Ari amot~iit suf~icic?it to ~~i•o~~ide the ho?der hereof z~•ith funds to ~a~- the iiext moi•tgage
111SU1'~dllc~~ a~r~~mium if this i~?>t~~ume~nt anc~ the note secured hereb~• are instu•E~ci, or a monthl~• charge
( iii lieu of a murtgag~ insurance pt•emiun.) if the~• are hetd b~~ tht Feder<ll Houcing Commissioner,
as follo~~-s :
(t) If anrt c~~ lrnifi ac: .ai~j n~~t~• of r~~en ~tate and this instri~~nent are ins,ue~i ni are ~f~iti•i~re~i un~ler the
i~rc~~'i~inn. ~if the \ati~~nal i{nu~ink ~ct, an anu~unt suffiicient to accumtilate• in the han~ls of the hnlder
~me (1 ) mo~~th {~riur t~~ its duc ~1ate th~ annuui tnortgaRe insurance pren~ium, in ~~rdE~r tu prm~ide such
h~~l~ie•r ~t•ith fi~nds to t,a}• such ~~~rinium to the~ F'e~leral Hnusinh ('~~mn:issi~n~•r ~~ursuant tn rhe \ational
F{~u.iri~ :~rt, a: umen~ied, an~i a~~{~licabiE, Re~ulations thercunde~r; nr
( ~t) If an:( s~~ ;~n~ a~ sai~l ~iut~ ~f e~•rn ~iate an~l this instrumc~nt are iu•I~i b}• th~ E'e~lc~ral F~otisin~ Commis-
sic~nf~i•, a munthi~~ char~e (in ]icai nf a mortka~e insurance prc•mium) ~~•hicli shali },E• in an antot;n?
e~uai tc~ ~,ne-t~~•elfth 1 i i,) ~,f o~ie-half ) f~t•r cc ntum of th~~ a~•era~;e c~utstaiidin~; t;ulance duo on the
riote rotnE~utr~i ti~~ithr,ut tak+n~,~ int~~ account delinquencies or ~~rel~a~~met~t,;
(h) a s~~m equal to the ground re~nts, if xn~•, next due, plus the prc:miums that ~ti•ili next become
due and p~a~•ahle on ~~~licies of tire and c~ttier hazarci insurance co~•ei•ing the m~~i~tkY~iged i~rupert~•, I~lus
t~~~es ~snd a~sessn~ents next due on tlit~ murtgaged property (ail as estimatE~d tht~ moi•tgagee) iess
all ~ums alreact~• ~~ai~i therefor di~•ided the number of 11iul1tfiS to r_lapsf~ befure one montt~ ~rior
to the date ~v}ien sucli ground r~~nts, premiums, taxes, 1nd asse~sments H•ill l.~ecome deliiiquer.t, such
sums to be held i~y mortgagee in trust to pa~' said ground t~ents, premiums, taxes, and special a5sess-
ments ; and
(c) All pa~~metits mentianed in ti~e t~•o nreceding subsectior~s of this paragraph and all pay-
ments to be macle under the note secured here}~~~ shall be added tu~*etlier and tlie a~~reg<~te an~ount
thereuf sh~;ll be p~tid the mort~agor e~:ch m:~nth in a single pa~•ment to i~e ai~plied by tlie mort-
g~gee to ttie follo~,~ing items in the order set furth :
)~~remium chart;f•s tnul~~r thc~ enntract ~f in,:n ance «ith the Feclc•i~al Hmr..inc~ Cnmmi~~ir>n+~r, ~~r n,nnt{~I;;
eharke (in iic~u of rr.cn~tka~;c~ it,sttrance Eu•~~rnium~, as tht• cttse ma~~ he•;
(tt) ~;i~~~t~n~i re~nt;, taxes, uss~•s:m~•nts~ fir~•..in~l uth~~r hazar~i insurance E~ra~niiums;
I1~1) intE~rt•~,t on thr n~,te ~rcun•il hr•r~•h~': a~trl
(t~~) amortiaat~nr, nf the ~~~rinci~~al of ~ai~i nott~.
:~n~• defieienr~• in the amount of such a~gre~;ate monthl}• pati~ment shall, unle~~ maciE~ ~c~od h~• the
moi•tga~or pi•iot• to the due date oi Ihr iiest such pa~•mt~nt, cortstittrte an e~•ent of def~ult under t}iis mort-
gage. The mortga~ee may~ cullect a"latt charge" not to ekceed tcc-o cents for each c~ollar (~1) of
each paS~ment more than tifteen ( l:i) d~~~°s in a~•rears to co~~er the estra experrse im•ol~•ec~ in ha~itil~ng
delinquent pa~~ments.
:3. T}lAt If t~lp tOt1~ Of t}l~ ~)il~'l11fI1tS ill~(jE? I)~' t}1Q It101'tgZ~;OI' U11(~E?1' ~1)~ Of j),~ragi•aph })i'PCE'(~IIIQ; 5~1~ ll
E'XCeed the amount of ~)~i~'t11PY1tS artuall~~ mxde b~- thc~ n~ortga~ee, f(11' g7'Otlll(j 1'E'i1tS, taxes ancl as~.E~:.cmettts
and insurance premiums, as the case may~ be, such excess shali be credited b~~ the mortgagee on subsequent
payments to be made b5• the mortgagor. If, ho~+~ecer, the monthly pay~rr,ents made bti• the mortgagor
under (b) of paragraph 2 preceding shall not be sufficient to pay grc,und rents, taxes and assessments
and insuranca premi~ms, as the case may~ be, w~hen the same shall become due and pa~•able, then the
mortgagor shall pay to the mortgagee an}~ amount necessary to make up the deficienc}~, on or befare the
date ~rhen payment of such ground rents, tax~s, assessments, or insurance premiums shall be clue. If
at any time the mortgagor shall tender to the mortgagee in accordance ~•ith the provisions of tile ii~~te
serured hereby, full pay~mer.t of the entire indebtedness reprssented thereby, the mortgagee shall, ~n com-
puting the amount of such indebtedness, credit to the account of the mortgagor ali payments made undc~i•
the pro~•isioris of of paragraph 2 hereof which the mortgagee has not become obligated to pa~• to tht~
~'ederal Housing Commissioner and any balance remainir.g in the funds accumulated under the pro~ isions
of (b) of s~id paz•agraph 2. If there sF?all be a default under any of the provisions of this mortgage, re-
sulting in a public sale of the premises ca~•ered hereby, or if the mortgagee acqvires the propert}• ottiei•-
wise after default, the mortgagee shall apply, at the time of the commencement. of such proceedings ur at
the time the property is otherw•ise acquired, the balance then remaining in the funds accumulateci under
(b) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under
said note and shall properl}• adjust any payments w•hich shall have been made under ~a) of said para~raph.
4. That ne K•i;l pa~• ail taxes, assessments, w•ater r.ates, and other go~~err~mental or mur~icipai c}}~trges,
~CCK 1~~