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PROVIDED ALWAYS, and these presents are executed and delivered upon the following ,conditions, to wit: The Mortgagor agrees to pay to the Mortgagee, or order, the principal sum of Twenty-eight Thousand Two Hundred Fifty and no/100 - - - --- - Dollars ($28,250.00. ), with interest from ��- date at the rate of Seven and three-fourths per centum ( 7-3/4 %) per annum on the unpaid balance until paid. The said principal and interest shall be payable at the office' of FJ rst Not i ona I Bank of Council Bluffs, Council' Bluffs, Iowa -in Counci I Bluffs, Iowa or, at such other place as the holder of the note may designate in writing, in monthly installments of Two Hundred Taro .and 55/1,00- - - - - - - - - - - - - - - - -Dollars .($ 202.55 ), commencing on the first day of MAY1975 and on the first day of each month 'thereafter until the principal and in- terest are fully paid, except that the final payment of principal and interest, if not sooner paid, shall be due and payable on the first day of APRIL 2005 all according to the terms of a certain promis- sory note of even date herewith executed by the said Mortgagor. The Mortgagor in order more fully to protect the security of this -Mortgage, agrees: 1. That he will pay theindebtedness, as hereinbefore provided. Privilege 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 on the note, on the first day of 'any month prior to•maturity: Provided,* A-mvever, That written notice` of an intention to exercise such privi- lege is given at least thirty (30) days prior to prepayment; and provided further, That in the event this debt is paid in full prior to maturity and at that time it is insured under the provisions of the National: Housing Act, all parties liable for the payment of same, whether principal, surety, guarantor or endorser, agree to. be jointly and severally bound to pay to the holder of the note secured hereby an adjusted premium charge of one per centum (1%) 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 this mortgage and the note secured hereby had continued to be insured until maturity; such payment to be applied by the holder thereof upon its obligation to the Secretary of Housing and Urban Development on account of mortgage insurance: 2. That, together with, and in addition to, the monthly payments of principal and interest payable underthe terms of the note secured hereby, the Mortgagor will pay'.to the Mortgagee, on the first. day of each month until the said note is fully paid, the following sums: (a) An amount sufficient to provide the holder hereof with funds to pay the next mortgage insurance premium if this instru- ment and the note secured hereby are insured, or' a monthly charge (in lieu of a mortgage insurance premium) if they are held by the Secretary of Housing and Urban Development, as follows: (I) If and so long,as said note of even -date and this instrument are insured or are reinsured under the provisions of 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 provide such holder with funds to pay such pre- mium to the Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended, and applicable Regulations thereunder; or (I1) If and so long as said note of even date and this instrument are held by the Secretary of Housing and Urban De- velopment, a monthly churge (in lieu of a morlguge'insurance premium) which shall be in an amount equal to one - twelfth (1/12) of one-half (�/,) per centum of the average outstanding balance due on the note computed without taking into account delinquencies of prepayments; (b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on policies of fire and other hazard insurance covering •the mortgaged property, plus taxes and assessments next due 'on the mort- gaged property (all as estimated by the Mortgagee) less all sums already paid therefor divided by the number of months to elapse before one month prior to the date. when such ground rents, premiums, taxes and assessments will become delinquent, such sums to be held by Mortgagee in trust,to pay said ground rents, premiums, taxes and special assess- ments; and (c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under'the note 'secured hereby shall be added together, and the aggregate amount thereof shall be paid by the Mortgagor each month in a single payment to be applied by the Mortgagee to the following items in the order set forth: (1) premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly charge (in lieu of mortgage, insurance premium), as the case may be; (II) ground rents, taxes, assessments, fire and other hazard insurance premiums; (111) interest on the note sec4ued hereby; and (IV) amortization of the principal of said note, Any deficiency -in the amount of any. 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 Mortgagee may collect a "late charge" not to exceed two cents (2q) for each dollar (al) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the payments made by the Mortgagor under (b) of paragraph 2 preceding shall exceed the amount of payments actually made by the. Mortgagee for ground rents, taxes andassessments or insurance premiums, as the case maybe, 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 Mortgagor under (b) of paragraph 2 preceding shall not be sufficient to pay ground rents, taxes and assessments or insurance premiums, as the case may be, when the same shall become "due and payable, then the Mortgagor shall pay to the Mortgagee any amount necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessments or insurance pre- miums shall be due. If at any time the Mortgagor shall tender to the Mortgagee, in accordance with the provisions of the note secured'hereby, full payment of the entire indebtedness represented thereby, the Mortgagee shall, in computing the amount of such indebtedness, credit to the account of the Mortgagor all payments made under the provisions of (a) of paragraph2 hereof -which. the Mortgagee has not become obligated to pay to the Secretary of Housing and Urban Development and any balance remaining -in the funds accumulated under the provisions of (b) of paragraph 21hereof. If there shall be a default under any of the provisions of this mortgage resulting in a public sale of the premises. covered hereby, or if .the Mortgagee acquires the property otherwise after default, the Mortga- gee shall apply, at the time of the commencement of such proceedings, or at the time the property is otherwise ac-. quired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding, as a credit against the amount of principal then remaining unpaid under said note, and shall properly adjust any payments which shall have been made .under (a) of paragraph 2.- 4. That the Mortgagor will pay ground rents, taxes, assessments, water rates, and other governmental or mu- nicipal charges, fines, or'impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may pay the same; and that the Mortgagor will promptly deliver the official receipts therefor to the Mortgagee.