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~..id r.~urt~;,,~~c~r d.~rs he•rrh~ fnll~ ~c.itrunt the tit:r tv s.id lund, anci e~rr~~ p~rt therrof, and w•ill drfrnu tlir same ~
.~R~~~n~t thr 1:,~fu! cla~cnti o[ ;~11 p~s~uas u~h~~mscx~~et.
PI?O\JIDEU AL11'Al'S, and thrse presents are executrd and drli~•ered upon the foltowing condit~ons, to wit:
"I'he mortgagoc ag~res t~~ pn~• the murtgaKre, o~ arder, tt;e princtpa? sum of 'j$Qj~D ~
H~DRED A~D 1~0~].00--~-------~-------~----__-....-_-_--_...~---~---•-.~_..--_••__• `
l)ullacs ~S 1~F~300.00 as eridencc~d by a nute ot eti~en date herewith, with interest from date at the ¢
r,~ce of ieVCII per centum ( 7 0) per annum on the unpaid balance '
until paid. The said pnnc~p~l and ~nteeest shall be pa~•able at the otfice of .T. S'~ART 1q~E ;
OOMPAII~f, IItC. , a corpoac~tioa nnda~r tha U~xs of th~ 8t~te o! ~'3,o~~da ;
ur ~+t such other place as the holder uf the note may designate in writ~rtg, in monthly installments of j~tji~ y
firo tZfid 2~1~100~--~-+---~--~--------•---~--0ollars (S ~j.2~ coma~encing on i
the first day of ~br~y , 19~ , and on the first da~• of each month thereaEter untiltheprincipal ~
and intere~t are fully~ paid, except that the final pa~~ment of principal and interest, if nnt sooner paid, shall be due
and payable on the first day of ~j~~yr~ ~QQQ
And shall dul~~, promptly, and [utly perfo~m, discharge, execute, effect, complete, and comply a~ith and abide
b~ each and e~~eq• the st~pulat~ons, agreements, conditions, and covenants of said promisso~}• n~te and of this
:nurtk:~Ke, then th?s murtgage and the estate hereby~ created shall cedse and be nu11 and ~•oid.
And the mortgagor further co~~enants as Eoilow~s:
1. That he will pa}~ the indebtedness,as hereinbefore pro~•~ded. Pri~~ilege is reser~~ed to pap the debt in whole,
.~r in an amuunt equat to one oc more monthly payments on the principa! that are next due on the note. ~n the first
d.~~ vf ~n~~ monih prior to maturit~: l'r,~~ ~,I,~~(, however, lhat wtitten notice of an intention to exercise such pri~~ilege
~ is ~.i~~en at teast thirt~• (30) da}~s prior to prepayment; and, pro~•ided turther, that in the event the debt is paid in
~ Eull pnor to matunty~ and at that t~r.ie it is ~nsured under the pro~•isions of the National Nousing Aet, he will pa~~ to ~
r the mortgagee an adjusted premium charge of one per centum (1 0) of the original principa! amount thereof, except j
= that tn no e~~eni shall the adiusted premium exceed the aggregate amount of premium charges which would ha~~e
` k~ren pa~able if the mottgage had contin~ed to be insured until maturity; such pa~~ment to be apptied bp the mort-
~agee upon its obtigation to the Secretary of Nousing and Urban De~~elopr~ent on account of moKgage insurance.
2. That, in order more fully to protect the security of this mortgage, the mortgagor, together with, and in addi-
~ ti~n to. the monthly~ payments under the terms of the note secured hereby, on the first day of each month until the
~ s<~id nute ~s fuliti• paid, will pay to the mortgagee the fotlowing sums: ;
_ An ~r~..~unt suffi~ ~rnt to prv~ ide the holdrr hereoi ~t ~th tun~s to pay thr next mor~~age lnsurance ptemiur.~: if this instrn-
F; ment and the note srcured hrrtby atr ~nsured, or e monthly~ charge (~n liru uf a rortgage iasurancE premi~rt:) i! they~ are
h~~Id bti th~~ tie~n•tar~• of llvusing and Urhan Ar~•rlopr.:ent, os [ollow•s;
_ ili It end su long as seid notr u( even date and this ?nstrumrnt are insured or +re reinsurrd under the ~rov?sions ot the
- \.,twnet N~~usin;; Act, an amuunt sutfuirnt tu arrumulatr tn the hands of the huldzr one (1) moath pnor to lts due
~i.+;r the annual ir~.,rtKage insuranie pren:ium, in order t~ proeide such holder wuh funds to pay suchpremium to the
Sr: retan H.,us~ng and Urben prvelopment pursuant to the Nylional Hous~ng Act, as amended, and appltcable Regu-
leti~ms thrrrundrr, c~r
~11+ 1t ..nd s„ 1.>nk as sdid n:~tr ~f r~rn datr and thas ~nstrurr.rnt are held by the Secretary of Housing and Utban Decelop- ~
~ -.~•nt, a m.mthl~ rharKe i~n tiru of a n-iurtgage insurance prem~uml w•hich shat? be tn an amount equal tu one-twelfth f
fi" j
~ i I 1:' ~„f unc•-hatt per centum of the average vutstandtng L:+lance due on the n~~te cumputed vr3thuut taksng tnto ~
~ ~ .~u~t del~nyurnc?rs vr prrpayments,
~
s A.u~-. re~uat t~ tne ~ruund rrnts, tE an~•. next dur, plus the prem.~ums that w~iU nezt 6ecome due and payoble on policie5
,~t f~rc~ and ~~thrr hatord ~nsu~ar.cr coa~ering the r.:urtgagrd property~, plus i~zes and assessments neYt due un the mort-
:L; k;dt;i'i! ~,n~p~•rt~ {all as rsltrt;atrd by the fr.ortga~er) less ali sums alreidy pa~d eherefor dicided by the number o( months
t.~ rtap.~• brE.~re onr munth pnor to the d~te when such gruund rents, prem~ums, taxes, and assessmrnts will becor.re dr-
- t~nyurnt, such su:rs ta be held 6Y mortgdgee ~n trust to pay said ground rents, premiums, taxes. andspecialassesaments;
an~i
A.: ,~..~r..rnt~ r:enti~~nrd ~n the Suc~ preceduig subsectiuns of this paragruph and all paymrnts tu be r.~rde under thr note
_ +rcurrd h~~rcbt ~hall be adda•d togrthet artd the uggrrgatr amount Ihereof sh~~l t~ patd 6y the fT1JfI~J((0I each ~on:h in a
~ir.~;ir p4~'s,rnt t•~ be applied by the mortgagrr to the (oilow~ng ~trms ?n the order set torth:
_ r!? pr.-a.iurr. rhergrs under the contract of ~nsuranre w•ith the Secretary o( Houstng and Urban Dr~elupmznt, or :aunthly
° .harkr nn lieu o( mortKagr rosurenrr prrtr.turr,), ds the tasr map be,
~ tt1~ ~;r,~und rents, taxes, assessr-ients, fire. •nd uther haz~rd insurrnce prrmiums;
= ~I11) mtrrest on thr note secured herebp, and
_ {1\'~ an.~~rt:zaUon uf ihr princtpal of s»d note_
~ ~n~~ d~ I~cienc~~ in the ar.tiount of such ap,gregate cr.ontfily paymen[ shall, unless made good by the mortgagor
prwr t~ the duc date oi the neat such paqment, constitute an event of default under thts mottgage. The mortgagee ~
r::a~ collect a"tate charKe" not to exceed two cen!s (2C) for each dollar (S1) of each payment more than fitteen
~ t1>) da~s in arrears to co~~er the extra expense involvc~ in handl~ng del~nquent payments.
,`i .
3. Thdt if the total of the pa~~ments made by the mortgagor under (bl of paragtaph 2 preceding sha11 exceed
the amuunt of pati~ments actually made by the mortgagee, for ground rents, taxes and assessments and insurance `
: pre~-.ium~. the cdse may be, such excess shall be ctedited by the mcrtgagee on subsequent payments to be
n~a~~e b~• rhe m<,rrK,,R„r. If; houe~~er, the monthly payments made by the mortgagor under (b)of paragraph 2 pre-
cedinK shdil not be sufficient to pay ground rents, taxes and assessm~~nts and ~nsnrance premiums, as the case
- ma}, be, u•hen the sarre shail become due and payable, then the mortg:.gor shall pay to the mortgagee any~ amount
- necessary to make up tt?e def icaenc~ , on or beEore the date when payment of such ground rents, taxes, assessments,
- insutenre prrmium~ shalt be due. If at ant- time the mortgagor shalltender to the motigagee in accordance w~ith
= the pc.~~tsions ut the note s~cured hereby~, ful! pa~ment of the entire indebtedness represented thereby, the mort- ~
_ Ka~ee shalt. m comput~ng the amuunt of such indebtedness, credit to the account of the morigagor a1J payments i
_ r,+dr under the prosis~oas of !al of paragraph 2 hereof which the mortgagee has not become obligated to payto
tbe Srcretar}• of HousinR and Urban Ue~~elopment and any balance remaining in the funds accumulated under the €
_ ,~r~~~c~~~ms nf r1.~ of said pardqraph 2. If there shail be a default under any uf the prov~siois of this mortgage, re-
=Y su:t,n~ ~n a public sate of thr prrm~se~ co~•ered iereby, or if the mortgagee acquires the pcoperty otherw~~se after
cie•i~ult. the'mortKagee shall apply, at ihe i~me of the corrlmencement of such proceed~ngs or at the time the prop-
rrtt js ~~tht~rx•?se acquired, fh~-~alance ,hen remaining ~n the funds accum~lated undec (hl of paragraph 2 preceding
; ac a cred~t ~Ka~nst the amount of principal then remaining unpaid undet said note and shali properlyadjust any
_ p.+~ments which sh,,li ha~~e been made under (u/ of said paragcaph.
- a. Th~~ he wilt pay all taxes, assessments, water rates, and other governmentai or municipa~ charges, tines,
oc ~mpusitic~ns, for w•h~ch proc ~sion haS not been made hereinbefore, and in default thereof the mortgagee may pay
. the• s~me, .~nd t};.~t he ui!1 Frc>mpt{ti del«~er the off~cial rece~pts thetefor to the mortgagee.
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