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P[tovm~ A~.w~YS~ and these presenta are executed and delivered upon the following conditions~ to wit : The mortgag~or apcrees to pay the mortgag~ee, or order. the principal sum oi NiQetaen Thoueand and No/100 Dollars 19,000.00 aa evidenced by a note of even date herewith~ with intereat from date at the rate oi Fiva & Three Quartera per centum ( 5 3/4 96) per annum on the un- paid balance until paid. ~ The said princip~l and intereet ahall be payable at the o~ce of ~ ATICO FINANCIAL OORPORATION or at such other place as the holde of the note may designate in writing, in monthly inatallmenta of One Hundred Ten aad 96~100 Dollara 110.96 commencing on the flrst day of pug~$t . 1966 .~d on the flrst dsy of esch month thereafter until the princigal and inter~st are fullq paid. except that the flnal payment oi principal and iuterest~ if not sooner paid, ahall be due and payable on the flrat day of July ,18 96 ; And ahall duly, promptly, and iuUy pertorm. discharge. execute~ effect, complete. and comply with and sbide by each and every the atipulations, agreements. conditions, and covenanta of said pmmissory note ~ud of thiw mortgage. then this mortgage and the eatate hereby created shall cease and be null and void. And the mortgagor further covenants aa followa : 1. That he will p~ay the indebtedness. as hereinbefore provided. Privilege is reserved to pay 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 daS• of any month prior to maturity : Provided. however, that written notice of an intention to exercise auch privilege is given at least thirty (30) days prior to prepayment; and~ provided further, that in the event the debt is paid in full prior to, maturity and at thut time it is insured under the provisiona of the National Housing Act, he will pay to the mortgagee an adjusted premium charge of one per centum (1~~b) of the original principal amount thereof. except that in no eve»t shall the adjusied premium exceed the aggregate amount of premium chargea which would have been payable if the mort- gage had continued to be insured until maturit3• ; such payment to be applied by the mortgagee upon its obligation to the Federal Houaing Commissioner on account of mortgage insurance. 2 That, in order more fuUy to pmtect the security of this mortgage. the mortgagor. together with, and in addi~oa to. the monthly paym ents under the terma of the note secured hereby. on the first day of each month until the said note is fully paid. will pr~y to the mortgagee the following sums : (a) An amount sufflcient 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 monthfy charge (in lieu of a mortgage inaurance premium) if they are held by the Federal Housing Cotnmiasioner~ as follows : (1) Ii and ao long as said note of even date and this instrument sre inaured or ate reinaured under the - pmvisiona ot the Ir'stionsl Housing Act, sn amount suflkient to accumulate in the handa ot the holder one (1) month piior to its due datc the annual mortgage insurance pnmium~ in order to pmvide such holder with funds to pay auch premium to the Federal Housing Commiss~oner purauant to the National Housing Act, aa smended~ and applicable Re~~lations thereunder; or (n) If and ao long sa aaid note oi even date and this inatt~ment sre held bjr the Federal Houaing Commia- sioner. a monthly charge (in lien of a mortgage insarsnce premium) which shall be in an amount equal to one-twelith (~/iz) of one-hslf (~!s ) per centum of the average outstanding halance due on the note computed without taking into aocount del~nquenciea or prepsymenta; (b) A sum equal to the ground rents. if any. next due, plus the.premiums 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 (all as estimated by the mortgagee) less all sums already paid therefor divided by the number of muntha to elapae before one month prior I to the date when such ground rents. prerniums, taxes. and assessments will become delinquent, such ~ suma 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 be made under the note secured hereby shall be added together and tlie aggregate amount thereof shall be paid by the mortgag~or each month in a single payment to be applied by the mort- gagee to the following items in the order set forth: ~ (t) premium charqea under the oontrsct of insunnce with the Federal Housing Commissioner. or monthly charg~e (in lieu of mortgage inaurance premium), as the case may be; (tt) ~ivund rents. taxes, assessmenta, tire, and other hazard insnrance prem~ums; (t~[) ~nterest on the note secured hereby; and (tv) amortization ot the principal ot aaid note. Any deficiency in the amount of such aggregate monthly payment shall~ unless made good by the mortgago~~r prior to the due date of the next such pa~yment, constitute an event of default under this mort- gage. The mortgagee may cullect a"late charge' not to exceed 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. - 3. That if the total of the payments made by themortgagor under (b) of paragraph 2 preceding shall exceed the amount of payments actually made by the mortgaqee, for Rround rents, taxes and asaes.aments and inaurance premiwns, as the case may be, such exceas ahall be credited by the mortgagee on subsequent p~,yments to be made by the mortgagor. If, however, the monthly payments made by the mortgagor ~ under (b) of par~,graph 2 preceding ahall not be su~cient to psy und renta, taxes and asaessmenta !Y ~ and insurance premiums as the caae may be, when the same ahal tiecome due and payable, then the mortgagor shall paq to t~e mortgagee any amount necessary to make up the deficiency, on or before the ~ date when payment of such ground renta, taxes, aaseasmenta, or insurance premi~ms shall be due. If at any time the mortgagor shall tender to the mortgagee in acxordance with the proviaions of the note aecured hereby, full payment of the entire indebtedness repreaented thereby, the mortgagee shall, ;n com- puting the amount of auch indebtedneas, credit to the acc~ount of the mortgagor all payments made under the provisiona of (a) of paragraph 2 hereof which the mortgagee haa not become obligated to pa~ to the Federal I~ouaiag Commisaioner and sny balance remaining in the funds accumulated under the pro~-isions of (b) of aaid parsgraph 2. Ii thei~e shall be a default under any of the pmviaions of thia mortgage~ re- sultin~ in s public aale of the premiaes covered hereby, or if the mortgagee acquires tlie property other- wise after default, the raortSagee ahall apply, at the time of the commencement of auch proceedings or at the time the property is otherwiae soquired, the balance then remaining in the funda accumulated under (b) of paragraph 2 preceding aa a credit againat the amount of principal then remaining unpaid under ss?id note and ahall pmperly adjust any paYmenta which ahall have been made under (a) of said paragraph. 4. Thst he wili pay all taxea, asaessmenta, water rates, and other governmental or municipa~ charges, ~ ~ aoaK 148 334 ~ _ . ~ : . _ _ _ .~i ~~Ac , ' a'== n , - ,.^_z' - _