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seid mortgago~ does hereby fully wa~rant the title to said land, and every part thereot. and witl defend the same
agaiost the lawEul claims of ell persons whomsoevec.
PROVIDED AI,WAYS~ and these presents are executed and delivered upon the following conditions~ to wit:
The mortgagor agrees to pay the moctgagee~ or order. the principsl sum of
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Dollacs (S 15,800.00 as evidenced by a note of even date herewith. with interest from dete at the
rate of =I~i' ~O p~-H~I~ per centum R) per annum on tbe unpaid balance
until paid. The said principel and intecest shall be payable at the office of .7~ ~~~Y~
su2ss 300 - 200 lKrac].e l~d.ls, ia Gb~ral C,~b3~ea. tl~orids -
or at such othec place as the holder of the aote mey designate in writing. in monthly installarents oE .
~ ~ '1Mii1lY-G!~ ~D SO/100 Dollars (S 1Z2.50 coma,encing on
the first day of ~Y . 19 71. and on the first dey of each month thereafter untiltheprincipal
and interest are fully paid, except that the final peyment of principal and interest, it not sooner paid, shall be due
and payable on the first day of Z~. -
And shatl duly. praoptly. and Eully petform. discharg~, execute, effect. complete. and comply with and abide
by each and every the stipulations. ag~eeme~ts. conditio~s. and covenants of said promissory note and of this
mortgage. then this modgage and the estate hereby created shall cease and be null and void.
Aad the mortgago~ turther covenants as follows: - - •
1. That he will pay the indebtedness. as heceinbefore provided. Privilege is reserved to pay the debt in whole.
o~ in an amount equa! to one or more monthly payments on the principal that are next due oa the note. on the first
day ot any month prior to maturity: P.ovided, however. that written notice of an intention to exercise such 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 that time it is insured under the provisions of the Natioaal Housi~g Act. he will pay to
the mortgagee an adjusted premium charge of one per centum (196) of the original principel amount thereof, except
that in no event shall the adjusted premium exceed the aggregate amou~t of premium cherges which would have
bee~ payable if the mortgage had continued to be insured until maturity; such payment to be applied by the mort-
gagee upon its obligation to the Secretary of Housing and Urban Deve[opment on eccou~t of mortgage insurance.
2. Ti~at, in order more fully to protect the security oE this modgage. the mortgagor. together with. and in addi-
tion 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 pay to the mortgagee the follawing sums: - ~
(n~ An amouat sufficieat to provide the holder hereof wiith tunds to pay the ne:t mortgage iesurance premium i[ t6is instru-
ment and the note secured hereby are insured, or a moathly ch4rge (ia lieu of a mortgage insurance premium) if they are
held by the Secretary ot Housing and Urbae Development, ~s tollo~vs: .
(1) If and so long as said note ot even date and this instrumeat are Infured or are reinsured uader the pwvisioos o[ We
National Housing Act, an amount su[ficie~t to accumutate in the h+tnds oI the holder one month prior to its due
date the annual mortgage insurance premium, in order to provide such holder with funds to pxy suc6premium to the
Secretary of Housing and Urb,an Developmenc pursuant to the Natioaal Housing Act, as ameaded. aad applicable Regu-
lations thereunder, or
(!I) If a~d so long ss said note o[ even date and this instrument are held by the Secretary ot Housiag and Urban Develop- -
ment, a monthiy charge (in tieu of a mortgage insunnce premium) which ahait be ia an amount equal to one-t~velfth
(1.`12) of one-hai[ per ceatum ot the averegr outstandin~ balance due. on the note computed without talciog into
account delinquencies or prepaymeats; _
(h~ A sum equal to the ground rents, it aay, nezt due, plus the premiums that wiil aezt become dut aad payable on policiea
of fire and other harard insurance covering tbe mortgaaed propertr, plus fa=es ana assessmeats ae:t due on the mort-
gaged property (all as estimated by the mortgagee) less all sums already paid therefor divided by the number of moaths
to elapse betore one month prior to the date when such ground rents, premiums. tazes~ and assessments witl become de-
linquent, such sums to be held by mortgagee in trust to pay said gronnd rents, ptemiums. t~es, aad apecial ossessm~ts;
and ~ _
(c) AII payments mentioned in the two precedin~ subsections of t6is pqn~aph and ali payments to be made unde~ the aote
secured hereby shall be added together and the ag~egate amonnt thereot shall be paid bf the mortgagor each month in a
single payment to be applied by the mortgagee to the followiag ite~as in the order set torth:
(I) premium charges under the contract `of ihsurince wr[th the Stcretatp o[ Hoasi~g and llrban Developmeai. or monthly
charge (in lieu of mortgage insurance preaiium). as the ease may be•
(II) ground rents, ta:es, assesaments, fire, ond other hazard insurance prca?iums;
(lti) interest on the aote secured he~ebp; apd
(I1~ amortization o[ the prir~cipal o[ said aote.
Any deficiency in the ar~ount of sucb aggreg~te monthly payment shali, unless made good by the mortgegor
prior to the due date of the next such payment, constitqte an event bf default under this mortgage. The moctgagee
may collect a"late charge" not to exceed two cents (2a) for each dollar (tl) of each payment moce than fifteen
(15) days in arrears to cover the extra expense involved in handling delinquent payments. .
3. That if the tota! of the payments made by the mortgagor under (6) of paragraph 2 preceding sha]i esceed
the amount of payments actually made by the mortgagee, for ground re~ts. taxes and assessments $nd iasurance
premiums, as the case may be, such excess shall be credited by the mortgagee on subsequent payments to be
made by the mortgagor. If, however, the monthly payments made by the mortgagoc under (bJ of paragreph 2 pre-
ceding shall not be sufEicient to pay ground rerets. taxes and assessm.~nts and insurance premiums, as the cese
may be, when the same shall become due and payable, then the matgngor shall pay to the mortgagee any amount
necessary to make up the deficiency, on oc befae the date when payment of such grouad rents, tazes, assessments.
or insucance premiums shall be due. If at any time the mortgagor shali tender to the modgagee in accordance with
the provisions of the ~ote secured hereby, fult payment oE the eatire indebtedness represented thereby~ the mort-
gagee shall, in computing the amount of such indebtedness, credit to the account of the mortgagor all paymeats
made under the ptovisions of (a) of paragraph 2 hereof which the matgagee hes not become obligated to payto
the Secretary of Hopsing and Urban Development and any balance cemaining ia the funds accumulated under the
provisions of (b) of said paragraph 2. If there shall be a defautt nnder aay of the provisio.~s of this mortg,age, re-
suiting in a public sale oE the premises covered ~ereby, or if the mortgagee acquires the property othecv~rise efter
default, the matgagee shell apply, at the time oE the commencement of such proceedings or at the time the prop-
edy is otherwise acquired, the balance then remaining in the funds accumulated under (6) of paragrapl~ 2 preceding
as a credit against Xhe amount of principel then temaining unpaid under said note and shall properlyedjust any
payments which shalt have been made under (a) of said paragraph. _ •
4. That he will pay el! taxes, assessmertts, water rates, and other governmental or municipel charges, fines,
w impositions, for which provision has not been made heceinbefore, and in deEault thereof the modgagee may pay
the same; and that he will promptly deliver the official ~eceipts therefor to the mortgagee.
b0~~~ PAG~~~
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