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Home My WebLink About0088 7? \ • ( PROVIDED ALWAY3, and these presents are executed and delivered upon the following conditions, to it : ~ The mortgagor agrees to pay the mprtgag~ee~ or order. the ~rincipal aum of Mi ~ lhoua~nd •i= Hnsas~~ !ilt~ • ao/100----•-~•-•---•-•-••-•••---•--•~•~ Dollars ~rdS0~00 as evidenced by a note of even date herewith. with interest from date at the rate of ~i~• • O~~-Sall---•-•----- per centum ( s 1/s 9'0) per annum on the un- paid balance until paid. The said principal and interest shall be payable at the of~ice of ti~iL It~TIO~IAI~ 1tO~T~GS ~iOCL?IOIt ~4 p~aohlr~~ atr~~t~ N.i., ~tlasta, 0~~s~la or at auch other place as the holder of the note may designate in writing, in monthly installments of ~itty-toar a al/100-------•-----•--Dollars (a a~.sl commencing on the flrst day of Yt~ . 19 , and on the first day of each month thereafter until the principal and intereat are fully paid. except that the ftnal payment of principal and intorest, if aot sooner paid, shall be due and payable on the ftrst day of I~pM 1 ~ 1~~• ; And shall duly. promptly, at~d iully perform, discharge. execute, effect, complete. and con~ply with and sbide by each and every the stiputations. agreements, conditions. and covenants of said promissory note ~ and of thi.s mortgage, then this mortgage and the estute 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 pmvided. Privilege is reserved to pay the debt in whole, or in an xmount equal to one or moi~e monthly payments on the principal that are next due on the note. on the first da~ of any month prior to maturity : Provided. ho~ ever, that written notice of an intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and, provided farther, that in the event the debt is paid in full prior to maturity and at that time it is insured under the provisiona of the National ~iousing Act, he wiU pay to the mortgagee an adjusted premium charge of one per centum (1 ~fo ) of the original principal amount thereof. except that in no event shall the adjusted prem~um exceed the aggregate amount of premium charges which would have been payable if the mort- gage had continued to 1~e inaured until m~turit~ ; such payment to be applied by the mortgagee upon its obligation to the Federal Housing Commissioner om account of mortgage insurance. 2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with~ and in addition to. the monthly payments under the terms of the note secured hereby, on the ftrst day of esch month until the said note is fuUy paid, wiU pay to the mortgagee the following sums: (a) An amouat sufficient to provide the holder hereof with funds to pay the next mortgage insurance premiuM if thia instrument and the note secured hereby are inaured, or a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commisaioner, as follows : (t) If and so tong aa said note of even date snd this insin~ment are inaured o~ are reinsured under the provisiaia of the National Houaing Act, an amount sufticient to atcumulate in the hands of the holder one (1) mor.*h piior to ita due date the annual mortgage inaurance premium, in order to provide such holder with funrls to pay such prnmium to the Federal Housing Commissioner pursuant to the National Housinq Act. as amended, and applicable Re~ulations thereunder; or (tt) If and ~o tong as said note of even date and lh~a inatrument are held by the Federal Aousing Commis- sioner. a monthly char~e (in lien oi a mortgage insurance premium) which shall be in an amount equal to one-twelfth of one-half ('~4 ) per centum ot the averaqe outstanding balance dne on the note tomputed without taking into sccount delinquencies or prepayments; (b) A sum equal to the ground rents, if any, next due, plus the premiuma that will next become due and payable on policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property (ali as estimated by the mortgagee) tess ail sums already paid therefor divided by the number of months to elapse before one month prior to the date when such ground rents, premiums, taxes, and assessments will become delinquent, such sums to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special assess- ments; and (c) All payments mentioned in the two preceding subsections of this paragraph and all pay ments to ife 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 single payment to be applied by the mort- gagee to the following items in the order set forth: preminm d?trges under the contract of insurance with the Federal Housing Commissioner, or monthly charqe (in lien of mortgage insurance premium), as the case may be• (tt) qround rents, tazes, asseasmenta, fire, and oth~r haiar$ insurance pre~?~iums; ; (tn) inteirst on the note aecuned hernby; and (tv) amortization of the principal oi said note. Any deficiency in the amount of such ~gpRegate r~gonthly ~ayment shall. unless made good by the mortgagar prior to the due date of the next such pa~vment, const~tute an event of default under this mort- gage. The mortgagee may culiect a"Iate c~arge'. t~ot to exce~d two cents (2¢} for each dollar (~1) of each payment more- than fifteen (15) days in arrears to cover the extra expense involved in handling ~ delinquent payments. E 3. That if the total of the payments made by themortgagor under (b) of paragraph 2 preceding ahall ! exceed the amount of payments actually made by the mortgagee, for Rround rents, taxes and assessments ; and insurance premiums, as the case may be, such excess shall be credited by the mortgagee on snbsequent ; paymenta to be msde bX the mortgagor. If, however, the monthly payments made by the mortgagor under ( b) of parsgraph 2 preceding ahall not be su~cient to paygrn und renta, taxes and aasessments and insurance premiums, as the case may be, when the same ahall tiecome due and payabte. then the mortgugor shal! pay to the mortgagee any amount n¢cesaary to malce up the deficiency~ on or before the date when paymeat of snch ground renta~ taxes, assessmenta, or inaurance preraiuma shall be due. If at any titne the mortgagor ahall tender to the mortgagee in accordatnce with the pmvisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mortgagee ahall, ~n com- puting the amount of such indebtedness, credit to the account of the mortgagor all payments made under the prnvisiona of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pa~ to the Federal Houaing Commiasioner and any balance remaining in the funds sccumulated under the pro~•isions oi (b) of said paragraph 2. 7f there ahall be a defanlt under any oi the'proviaions of this mortgage, re- sulting in a public sale of the premiaes oovered her+eby, or if the mortgugee acqaires the property other- wise after default, !he mortgagee shall apply, at the time of the commencement of auch proceedings or at the time the prnperty is otherwiae acquired~ the balance then remaining in lhe funda accumulated under ! (b) of paragraph 2 precedin as a credit t~gainst the amount of principal then remaining unpaid under ' said note and shalt properly ac~just any paymenta which ahall have been made under (a) of said paragraph. f 4. Thst he wiIl pay aq ta~cea, aaseasments. water, ratea, and other governmental or municipsl charges, ` . ~ ~«,K~.43 ~ ~7 ~ " ~ ~ ~ ~ ~ ~ . ~ - - - - - - - _ . . _ ,n~~~' ~ - - - - - - - -