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said matgagor does heceby fully warrant the title to said land. and every part thereof. and will defend the same
against the lawful claims of all pe~sons whomsoever.
PROVIDED ALWAYS, and these presents are executed aad delivered upon the following condltions, to wit:
The matgago~ agcees to pay the matgagee. a order. t6e priacipal sum ~f ~
ELEVEN TI~USAND THREE HUND~ED AND N~/100----------------------------
Dollars (S 11 ~ 300.00 - as earidenced hy a aQte of. evea date he~ewith~ with interest from date at the
rate of o~ 8pd t~l~-q~~?teT per centum y6) per annum on the unpaid balance
until paid. The said pri~ipel and interest shall be payable at the off~ce af ~
BOGLEY, ~~ARTING, MAHONEY & ITHI.ING, INC.; 7000 iTiaconain Ave.
Ch~vy Ca~Q, ldaryland
or at suc6 other place as ihe holder of the note may designate in writing. in monthly installments of .
STVENTY THREE AND 34~100--------~llars (S 73.3~ coa?meacing a~
the first day of NOYP.I~b6I' . • 19 (~8• the first day of ~ach moath thereafter untiltheptincipal
and interest ace fully paid, except that the fiaal payment of principal and interest. if not soaier`paid, shall be due
and payable on the first day ot OOtObdT ~ 1998 ?
Aad s6s11 duly, promptly, and fully perform. discbarge, execute, effect, complete, and comply with and abide
by each and every the stipulations. agreements, conditions, and covenants of said promissory note and of this
modgage. then this mortgage and the estate hereby created shall cease and be null and void.
Aad t6e mortgagor further covenants es follows:
1. Thet he wlll pay Zhe indebtedness. as heceinbefore provided. PriVilege is•reserved to pay the debt in whole.
or in an amouat equal to one or moce monthly payments a~ the pri~cipal that are next due on the note. on the first
day of any moath pcior 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 paid in
full prior to maturity and at that time it is insured under the provisions of the National Housing Act, he will pay to
the mortgagee an adjusted premium charge of one per centum (196) 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 payable if the moctgage had continued to be insured unti! maturity; such payment to be applied by the mort-
gagee upon its obligation to the Seccetary of Housing and Urban Development on account of mortgage insurance.
2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with. and in addi-
tion to, the monthly payments uader the terms of the note secured hereby, on the first day of each month until the
, said rtote is fully peid, will pay to the mortgagee the follaaing sums:
(aJ An amount sufficient to provide the 6oldet hereof with fuads to pay the ne:t mortgage insurance premium it thia instru-
ment andthe note secwed hereby are insured. or a monthly charge (in lieu of e mortgage insurance premium) if Wey are
hefd by the Secretary of Houslag aad Urban Development, os [ollows:
(I) If and so loag as said eote of even date and this instrument are insured or are ceinsured under the pwvisions of the
National Housing Act. an amouat sutflcieat tv eccumulate in the hands of the holder one (1) moath prior to its due
date the annual mortgage insurance premium, in order to provide such holder wit6 Eunds to pay such premlum to t6e
Secretary of Housin~ and Utbaa Development pwsuont to the Nationa! Nousing Act, as amended, and applicable Regu-
letions thereander, ot ~
(lI) It and so long as said aote oE even date and this instrameet arc held by the Secretary ot Housing and Urben Develop-
ment, e monthly charge (in lieu of a mortgage Insuronce premium) which shall be in an amount equal to one-twelfth
(1/12) of oae-6olf (y4) per cent~m of the average outstanding balance due on the note computed without taking into
f
account delinq~encies or p~epaymeata;
` (hJ A sum equal to the groand rents, if any, next due, plus the premiums that will nezt become due and payable on policies
of Cire and other hazard insu~ance covering the mortgaged property, plus taxes and essessments ae:t due on the mort-
gaged property (aU as estimated by the mortgagee) less all sums atready paiu ffiere[or divided by the number of months
to elapse before one month prior to the date when such ground rents, premiums, ta:es. and assessments will become de-
linquent, such snma to be held by mortgagee in trust to pay said ground rents, premiums, taxes, and special essessments;
and
(c) All payments mentioned in the two preceding subsections of this paragcaph and ali peyments to be made under the note
secured herehy sha11 be added together and the aggregate amount thereof shall be paid by the mortgagor each month in a
single payment to be applied bp the mortgagee to the following itema in the order set Eorth:
(n premium charges under the contract of inaurance wlth the Secretary o! Housing and Urban Development, or monthly
charge (in lieu of mortgage iasuraoce premium), as the case may be;
(In grouad reats, taxes, assessments, fire, and other hazard iasurance premiums; ,
(IIn interest on the note secured hereby; aad
(1{~ amortis~tion of the principal of soid 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 payment, constitute an event of default under this mortgage. The modgagee
may collect a"late charge" not to gxceed two cents (24) foc each dollar (S1) of each payment more than fifteen
(15) days in anears to cover the extre expense involved in handling delinquent payments.
3. That if the total of the payments made.by the modgagor under (bJ of paragraph 2 preceding shall exceed
the amount of paya~ents actually made by the mortgagee, fo: ground rents, taxes and assessments and insurance
premiums, as the case may be, snch excess shall be credited hy the mortgagee on subsequent payments to be
~ made by the mortgagor. If, however, the monthly payments made by the moctgagor under (b) of paragraph 2 pre-
ceding shall not be sufficient to pay gcound rents, taxes a~ assessments and insurance premiums, as the case
may be, when the same shall become due and payable, 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,
or insurance premiums shall be due. If at aay time the mortgagoc shall tender to the mortgagee in accordaace with
the provisions of the note secnred hereby, fult payment of the entire indebtedness represented thereby, the mort-
gagee shall, ia computing the amount of such indebtedness, credit tar the account of the moctgagor all payments ~
made under the Provisions of (a) oE paragRaph 2 hereof which the mortgagee has not become obligated to pay to
the Secretary of Housing and Urban Development and any balance rewaining in the funds accumulated under the
provisions of (6J of said Paragraph If there shall be a default nnder any of the provisio~s of this mortgage, re-
sulting in a public sele of the premises covered hereby, oc if the mortgagee acquires the property otherwise after
default. the mortgagee shall apply, at the time of the commencgment of such ptoceedings or at the time the prop-
edy is othecwise acquired, the balance thea remaining in the fnnds accumulated under (6) of paragreph 2 preceding
es a credit against the amonnt of principel then remaining nnpaid under said note and shall properlyadjust any
payments ahich shall have been made uc~er (a) of said paragreph.
4. That he will pay all taxes, assessments, water rates, and other govemmental or municipal chacges, fines,
or impo~itions, for which provision has not been made hereinbefae, and in defaui: thereof the moctgegee may pay
the seme; and that he will promptly deliver the oEficial ceceipts t6erefor to the moctg,egee.
dO~K ~ ~ PACE , . `
C~ 1741 ~
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