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PR01?IDED ALWAY3. and these presenta are executed and delivered upon the following conditions, to
wit:
The mortgagor agrees to pay the mortgagee. or order~ the principal sum of ~D ~1
~DYiD +~d 00/100• • • • • • • • • • • • • • • • • • • - • - • • • • • • • • • . ~
Dollars 10~900.00 as evidenced by a note of even date herewith. with interest irom date
at the rate of !in aa~d tYrN•fo~ti per centum ( S 3/4 9b ) per annum on the un-
paid balance until paid. The said principal and inter~t shall be payable at the oflice of
J. I. IIiLL L~'l~L4= CO~O~ITZ~ a!lQ~D~~ ia ~i~d~ llosida~
or at such other place as the holder of the note may designate in writing. in raonthly installments of
~~z~ ~/1~~ ~ • • ~ • ~ • • ~O11A1'S 63~~ ~r COIq1Y1@IlClll$ OII
the tirst day of Jt~ ~ 19 66 ~ and on the first day of each month thereafter until the
grincipal and int~r~t are futty ~.id, ~:.c~pt tkat the ftnal pa~-ment af grincipal and int~st~ ff nat aooa€r
paid, shall be due and payable on the first day of 1M~~ 1996. , ;
And shall duly, promptly, and fuUy perform, discharge. execute. e~ect. complete, and comply with and
abide by each and every the stipulationa, agreements. conditions~ and covenanta of said promissory note
and of thia mortgage, then this mortgage and the estate hereby created shall cease and be null and void.
And the mortgagror further covenants as follow s:
1. That he will pay the indebtedness. as hereinbefore provided. Privilege is reserved to p~ay the
debt in whole, or in an amount 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, however, that written notice of an
intention to exercise such privilege is given at least thirty (30) days prior to prepayment; and. pmvided
further. that in the event the deUt is paid in full prior to maturity and at that time it is insured under
the provisions of the National Housing Act, he wiU pay to the mortgagee an adjusted premium charg?e of
one per centum (1 ~~h ) of the original principal amount thereof, except that in no event shall the adjusted
premium exceed the aggregate amount of premium charges which would have been payabie 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 Housing Commissioner on account of mortgage insurance.
2. That. in order more fully to protect the secucity of this mortgage. the mortgagor. together with.
and in addition to. the monthly payments under the terms of the note secured hereby. on the first day of
each month until the said note is fully paid. will ~y to the mortgagee the following sums:
(a) An amount sut~'icient to provide the holder hereof with funds to pay the next mortgage
insurance premium if this instrument and the note secured hereby are insured~ or a monthly charg~e
(in lieu of a mortgage insurance premium) if they are held by the Federal Housing Commissioner,
as follows : '
(t) It and ao long as said note of even date and lhia instrument are insnred or sn reinsured under the
provisions of the National Housing Ack sn anwnnt suBcien! to accumulate in the hands of the holder
one (1) month p?ior to its due date the anntwl mortgage inaurance premium. in order to provide such
holder with funda to pay such premium to the Federsl Housing Commiaaioner pnrauant to the National
Housing Act~ as amended. and applicable lie~ulations thereunder; or
(t[) If and so long aa said note of even date and thia matrument are held bjr the Federal Housing Commia-
aioner. a monthly char~e (in lieu ot s mortgage inaoranee premium) which ahall be in an amount
equal to one-twelfth (y!Z) ot one-half ('li,~ per eentum of the average outstanding balance dae on the
note tomputed without taking into account delinquencies or prepsyments; -
(b) A sum equal to the ground rents. if any, neat due, plue the premiuma that will next become
due and payable on policies of fire and other hazard insurance covering the mortgaged property. plua
taxes and assessments next due on the mortgaged property (all as estimated by the mortgagee) lesa
I all sums already paid therefor divided by the number of months to elapse before one month prior
i 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 assesa-
i ments; and
~ (c) All payments mentioned in the two preceding subsections of this paragraph and all pay
ments to be made under the note secured hereby shall be added together and tlie aggregate amount
~ thereof shall be paid by the mortgagor each month in a single payment to be applied by the mort-
gagee to the foAowing items in the order set forth :
premium charAes under the~contract ot insuiance with the Federal Housing Commiasioner, or monthly
charge (in lieu oi rrrortgsge insnrance premium), as the case msp be;
(tt) gnound rents. taxes, aseea~vneaRO, fire. and other hssard insurance prem~ums;
(in) intereat on t}~e note seeured hereby; and
(iv) amortizatioA oi the prineipal of s~tid note. • •
Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the
mortgagor prior to the due date of the next such pa~?ment~ constitute an event of default under thi$ mor~
gage. The mortgagee may cullect a"late charge' not to exceed two cents (2¢) for each dollar (~l) of
each payment more than fifteen (15) days in arreara to cover the extra expense involved in handling
delinquent paymenta. •
3. That if the total of the payments made by the mortgagor under (b) of paragraph 2 preceding shall
exceed the amount of payments actually'made by the mortgagee. for Rround renta. taxes and asaesaments
and ~nsurance premiums, a8 the caae may be, auch excess shall be credited by the mortgagee on subsequent
payments to be made by the mortgagor. If, however. the montlily paymenta made by the mortgaeor
~ ander (b) oi paragraph 2 precedin~ ahall not be w~cient to psy ground renta, taxea and assessmenta
and inaurance premiuma~ aa the case may be, when the aame ahall become due and payable~ then the
~ mortgagor shall pay to the mortgagee any amount neceasary to make up the deficiency, on or before the
date ~?hen payment of such ground renta, taxes, aasesamenta, or inaurance premiuma ahall be due. If
at sny time the mortgagor shall tender to the mortgagee in socordance with the pmviaions of the note
aecured here~y. !'+~ll psyment oi the mtire indebtedneas represeated thereby, the mortgagee ahall, ~n com-
puting the amount oi snch indebtedneas, credit to the acoount of the mortgag~or all payments made under
the prnviaions of (a) of pars~raph 2 hereof which the mortgagee has not become obligated to pay to the
Federal Houain~ COmmiaeioner aad any ba]~nce rem ' in the funda accnmulated under the pro~•iaions
of (b) oi eaid pai~raph 2. If there shall be a defaul~er any oi the pmvisions of thia mortgage. re-
aultiaQ in a public aale of the premiaea oovered hereby, or if the mortgagee acquires tlie pmperty other-
wise after default, the mortgsgee ahall apply, at the time of the commencement oi such proceedings or at
~ the time the property is otherwise acquired, the balance then remaining in the funda accumulated under
(b) of paragraph 2 preceding as a credit +~gsinat the atnonnt of principal then remaining unpaid under
asid note and ahnll pmperly adjuat any paymenta which ahsll have been made under (a) of aaid paragraph.
4. Thst he wiU pay all taxes, asseasmenta, water ratea, and other governmental or municipal charges,
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