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said aaatgago~ does henby fully warrant the title to said land. w~d every part theceoE, and will defend the aame
•~ainst the lawful claims oE all persoas wrhomsoever.
PROVIDED ALWAYS, aad these pceseats are executed and delivered upoa the tollowing conditlons. to wlt:
The moctgagor agtees to poy the matgagee. or order. tl~ priacipal sum of ~
P+OURTEEN THOUSAND and no/100--------------------------------------
Dollar~ (S 14 ~ 000. 00 es evideaced by ~ eote of even date hecewlt6. with interest from date at the
~ete of ~ s ix and -three-quarter per cencum ( 6 9~4 per annum on che unpaia bota„~e
uatil paid. The said priacipol and intecest shell be poyable at the o[fice of MpLTON, ALLEN &
WILLIAMS, INC. - 524 North 21st Street - Birmingham, Alabama -
or at such other place as the holdec oE the note may desigaate in viniting~ in monthly installments of
NINETY aRd 86~100------------------ ~llars (S 90.86 commencing on
the first day of A~uBt . 19 68, 8~d oa the first_day of each moath thereaEter untiltheprincipal
and interest ece fully paid, except that the fiaal paymeat of principal and iaterest, if not sooner paid. shall be due
and peyable on the first day oE Julq, 1998 ;
Aad shatl duly. promptly. and fully pedorm. discharge. execute. effect, complete. and comply with ar~d abide
by each and every the stipulations. agreements, coaditions. and covenants of said promissory note and of this
mortgage. then this moctgage and the estate hereby created shall cease end be null and void.
And the a?octgagor further covenants as follows:
1. That he will pay the indebtedness. as hereinbefore provided. Pri'vilege is reserved to pay the debt in whole.
or in an amount equal to one or mae monthly payments on the principal that are next due on the note, 04 the Eirst
day of any month prior to maturity: Provided. however, that written notice of an intention to exercise such privilege
is given at least thidy (30) days prioc to prepayment; and. provided further. that in the event the debt is peid in
full prior to inaturity and at that time it is insured under the provisions of the National Housing Act. he will pay to
the modgagee an adjusted premium charge of one per centum (146) of the original principal amount thereof, except
that in no event shall the adjusted premium exceed the aggcegate amouc?t of premium charges which would have
beea peyable iE the moctg~ge had continued to be insuced until maturity; such payment to be applied by the mort-
gagee upon its obligation ~o the Seccetary of Hoosing end Urban Development on account of modgage insurance.
2. That, in ocder more fully to protect the security of this modgage, the mortgagor, together with, and in eddi-
tion to, the monthly payments uader 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 mortgegee the follaaving sums:
(aJ An amount sufticient to provide the holder hereot with funda to pay the nezt mortgage insurance premium if this instnr
meat aad the note aecured hereby are insured, or a moaWly charge (in lieu of o mortgage insuraace premium) i[ they are
held by the Secretary of Housing and Urban Developmeat, •s [ollows:
(I) It and so lon~ os said aote ot evea date and this inatrumcnt are insured or are reinsured uader the pwvisioas of the
Netioaal Housing Act. ~n amouat sut~cient to accumul~te In the haada of t6e holdtr one (1) month prior to Its due
date the annual mort~a~ fnsnrance premium, in order to provide such holder with fnnds to pay such premium to the
Secrctary of Housing aad Urban Development pursuant to the Natioaal Housing Act. as amended. and appiicable Regu-
latioas thereuader; or
- (II) lE oad so loaa as sud note of evea date and this instrument are held by the Secretary of Housing ond Urban Develop-
ment. a moathly charge (in lieu of a mortgage iasurance premium) which shall be ia an amount equal to oae-tweltth
(1/12) ot oae-half (yi) per ceatum of the average outstaading balance due on the note computed without takiuu~ into
account delinque~ies or prepayments;
' (b) A sum eqaal to the ground rents, i[ any, nezt du~. gl~±s tf?e preauums that will next become due aqd payable on•policies
ot [ire aad offier hazard iasuraace covering the mortgaged pwperty, plus ta:es and assessments nezt due on the mort-
gaQed property (all as cstimated by the mortgagee) less all sums already paid therefor divided by the aumber oE months
to elapse before oae montb prior to the date w6ea such grouad rents, premiums, tases, and assesameats will become de-
~ tinquent, such sums to be held by mortgagee in trust to pay said ground rents. premiums, toxes, and special assessments;
and
(c) All payments mentioned in the two precediag subsections of this paragraph and all psymeats to be made uader the note
secured hereby shatl be added together aAd the aggregate amount thereof shall be paid by the mortgagor each mo~th in a
single parment to be applied br the mortgagee to the tolloWing Items in ffie order set [orth:
(n premium charges under the coatract of inaurance ~vith the Secretary of Housing and Urban Development, or monthly
charge (in lieu of mortgaee insuraace premiam), os the case may be;
(II) grouad rents, tazes, assessmeats, fire. and other h~z~rd insurance premiums;
(III) intercst on t6e note secured hereby; and
(IV) amortisatioa of the principal ot said aote.
Any deficiency in the amount af such aggregate monthly payment shall, unless made good by the mortgagor
prior to the due date of the next such payment, constitute an event of default under this mortgage. The ~odgegee s
may collect a"late charge" not to eaceed two cents (2¢) for each dollar (Sl) of each payment more than fifteen
(15) days ia arcears to cover the extra expense involved in handling delinquent payments.
3. That if the total of the payments made by the modgagor under (b) of paragraph 2 preceding shall exceed
the amount of payments actually made by the mortgagee, for gcound rents, taxes and assessments and insurance ;
~premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be `
made by the mortgagor. If, hovvever, the monthly payments made by the matgagor under (b) of paragreph 2 pre-
ceding shail noY be sufficient' to pay grouad rents, taxes and assessm.~nts and insurance premiums, as the case
may be, when the same shall become due aad peyable, then the mortgagor shall pay to the modgagee any amount
necessary to make up the deficiency. on oc befae the date when payment of such ground rents, taxes, assessments,
oc insurance premiums shall be due. IE at any time the mortgagor shell tender to the modgagee in accordance with
the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the mort-
gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all peyments
made under the pravisions of (a) aE peragraph 2 hereof which t6e mortgagee has not become obligated to pay to
the Secretacy of Housing and Ucbaa Oevelopment and any balance remaining in the fnnds accumulated under the
provisions of (b) of said paregraph 2. If there shsll be a default under any of the p~ovisions oE this mat~ge, rr
sulting in a public aale oE the pcemises covered iereby, a if the. morigagee acquires the property othecwise aEter
default, the matgagee shell apply. at the time of the comme~rcement of such proceedings or at the time the prop-
edy is other~rise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 precedin~ t
as a credit against the amount of pcincipal then reawining unpaid under said note and shall pcopecly adjust aay ~
payments which shall 6ave been made under (o) af aaid paragrap6.
4. ?6at he witl Qoy all taxes, assessarents, water'ratea, aad other governmental oc municipal charges, Iines.
a impo~itiaas, foc which pcavisioa has not been made hereinbefoce, and in defoult thered the mortgagee may pay
the same; and that he will promptly detiver tbe official receipts tberefor to the mortgp~gce.
~ ~1•72 ~~U3~ fooK172 ~~~25~5
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