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said mortgago~ does hereby fully war~ant the title to said land, and ~every part thereot. and will defend the same
against the tawtul claims of all pe~sons whomscever.
PROVIDED ALWAYS. and these presents are executed and delivered upon the following conditioas. to wit:
The mortgagor agrees to pay the mortgagee~ or ocder~ the principal sum of ~NtNf ~
tiN ~Y~~'~! rta~ ~i
Dollars (S 1~~~00~~ as evidenced by e note of even date hecewith, aith interest from date at the
rate of pec centum ( 'j 9~) per annum on the unpaid balance
until paid. The said principal aad interest shall be payable at the office of j~ ~~=t
C~¦~sa~. i~c. ~80 tirat ~atiqai Hrilaia~, t;e~rai Gabi~s, ~1ar~M
a at such other place as the holder oE the note may designate in writing~ ie monthly installments of
~alN i3~~ 87~100~~~ Dollars (tl=s~~ commencing on
the first day of . 19 '1= . and on the first day of each month thereafter until the pri~cipel
and interest are fully paid. except that the final payment of principal and interest, if not soonet paid. shall be due
and payable on the first day of ~DlZZ~ s00'j~
And shall duly, pranptly, and fully perform. discharge. execute, effect. complete. and comply with end ebide
by each and every the stipulations. agreements. conditions. and covenants of said promissory note and of this
mortgage. then this mortgage and the estate he~eKy created shall cease and be null and void.
Ar~d the matgagor further covenants as Eollows:
1. That he will pay the indebtedness, as herei~before provided. Pri'vilege is reserved to pay the debt in whole,
or in an amount equal to one or more monthly payments on the principal that are next due o~ the note. on the first
day of any month prior to maturity: Provided, however, that written notice of an intention to exercjse 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 insuced under the provisions of the National 1~onsing Act. he aill 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 aggcegate amount of premium charges which would have
been pay~able 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 Development on account of modgage insurance.
2. That. in order moce fulty to protect the security of this modgage, the mottgagor. together with. and in addi-
tion to~ the monthly payments under the terms of the note secured heceby, on the first day of each month until the
said note is fully paid, will pay to the mortgagee the follawing sums:
(n/ An amount suEficie~t to provide the holder hereot with tunds to pay the nezt mortgage Ie?suraace premium it this instru-
ment and the aote secured hereby are insured, or a monthly charge (in tieu of a mortgage insvrance premium) it ihey are
held by the Secretary ot Housing and Urba~ Developmeat, os [ollows:
(I) It and so long as said note of even date and this i~struweat are insured or are reinsured nadtr the provisions oE the
National Housing Act, an amount sufficient to accumulate in the hands of the holder one (1) month prior to its due
date the annual mortgage insurance premium, in order to pmvide such holder with funds to pay suchpremium to the
Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended. ond epplicable Rega-
lations lhereunder; or
(Il) If and so long as said note of even date and this instrument are heid by the Secretary of Housing and Urban Develop-
ment, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equai to ont-tweifth
( t' 12) of one-haif (+h) per centum of the average outstanding balance due on the note computed without taking into
account delinquencies or prepayments;
(b/ A sum equal to the gromd rents, it any, next due, plus the premiums that wili ne:t become due and poyable on policies
oi fire and other hazard insurance covering the moKgaged property, plus tases and assessments ne~t due oa tbe mort-
gaged property (all as estimated by the mortgagee) less ali sums already paid therefor divided by the number ot months
to elapse before one month prior to the date when such ground rents, prertiiuma, tazes, and assessmeats wili become de-
Iinquent, such sums to be held by mortgagee in trust to pay said ground r~nts, premiums, ta:es, aad special asseasmeets;
and
(c/ AI! payments mentioned in the two preceding subsections ot this paragraph and all payments to be made under the note
, secured hereby shall be added together and the aggregate amount thereo[ shall be paid by the mortgagor each month ia •
single payment to be applied by the mortgagee to the [ollowing items in the order set torth:
(I) premium charges under the contract of ins~rance with the Secretary of Housing and Urban Development, or monthly
charge (in tieu of mortgage insurance premium), as the case may be;
(II) grou~?d rents, taxes, assessments, fire, and other hazard insurance premiums;
(III) interest on the aote cecured-he~ b~r; aad .
(IV) amortization of the piincipal ot said note.
Any deficiency in the amo~nt of such aggregate monthly payment shall, unless made good by the mortgagor
i prior to the due date of the=ne~it such pay~nt, cohstitu~e an event d defanlt un~er tltis mortgage. The modgagee
~ may collect a"late charge" not to exceed two cents (2a) for each dollar (S1) of each payment more than fiheen
~ (15) days in arrears to cover the extra expe,nse iuvolved in handling delinqqe~t payments.~ '
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E 3. That if the total of the payments made by the morigagor under (b) of paragraph 2 preceding shall exceed
~ the amount of payments actui~lly made by tbe mortga~ee, fa gcound r~nts, tanea and assessments and insucanCe
` premiums, as the case~ may be, sucli~ excess shall be credited by' the moctgagee on subsequent paymenis to be
; made by the moctgagor. If, however, the monthly payments made by the mortgagor under (bJ of paragraph 2 pte-
f ceding shall not be sufficient to pay ground rents. taxes and assessm~~nts and insurance premiums, as the case
may be, whgn the same shalt become due aad payable. then the mortgagor shall pey to the mortgegee any amount
necessary to make up the deficiency, on ar befoce the date when payment of such ground rents, taxes, assessments.
or insurance premiums shall be due. If at any time the modgegw shall 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 oE such indebtedness. credit to the account of the mortgagor all peyments
~ made under the provisi~s of (a) of paragraph 2 hereof which the mortgagee has not become obligated to pey to
~ the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated nnder the
; provisions of (b) of said paragraph 2. If there shall be a default under aay of the provisions of this mortgage, re-
sulting in a public sale of the premises covered lereby, oc if the mortgagee acquires the property ottierwise after
' default, the mortgagee shall apply. at t}~e• time of the commeqcaement,ot such proceedings or at the time the prop-
; erty is otherwise acquire~, the balance then remaining in the funds accumulated under (6) of paragraph 2 preceding
Q as a credit against the amount of principal then remaining unpaid under said note and shall properlyadjust any
i payments whicp shall bave been made.under (aJ of said'paragtaphi.
~ 4. That he will pay all taxes. assessinents, water rates, and oEfier governmental or municipal charges, fines.
~ or impositions, ior which provision has not been made hereinbefore, and in default thereof the mortgagee may pay
the same; and that he will promptly deliver the official receipts therefor to the mortgagee.
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