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PROVIDED ALWAYS, and these presents are executed and delivered upon the following conditions,, to wit: <br />The Mortgagor agrees to'pay to the Mortgagee; or order, the principal sum of Twenty—nine Thousand One <br />Hundred Fifty and.no/100 — — — — — — — — — Dollars ($29,150.00 ), with inte►est from <br />date at the rate of Seven and three—fourths per centum ( 7-3/4 %) per annum on <br />the unpaid balance until paid. The said principal and interest shall be payable at the office of . First National <br />Bank of Council Bluffs <br />in Council Bluffs, Iowa , or at such other place as the holderof <br />the note may designate in writing, in monthly installments of Two Hundred Nine and 01/100- .— — • — — — <br />_ _ _ _ _ _ _ -Dollars ($ 209.01 ), commencing on the first day of <br />JULY 19 75and on the first day of each month thereafter until the principal and in- <br />terest are fully paid, except that the final payment of principal and interest, if not sooner -paid, shall be due.and <br />payable on the first day of ,JUNE 2005 all according to the terms of a certain promis- <br />sory note of even date herewith executed by the said Mortgagor. <br />The Mortgagor in order more fully to protect the security of this -Mortgage, agrees: <br />•1. That he will pay the indebtedness, as'hereinbefore provided. Privilege is reserved to pay the debt in whole, <br />or in an amount equal to one or more monthly payments on the principal that are next due on the note; on the first ' <br />day of any month prior to maturity: Provided, however, That written notice of an intention to exercise suchprivi- <br />lege is given at least thirty (30) days prior to prepayment; and provided further, That in the, event this.debt is paid <br />in full prior to maturity and at that time it is insured under the provisions of the National Housing Act, all parties <br />liable for the payment of same, whether principal, surety', guarantor or endorser, agree to be jointly and severally <br />bound to pay to the holder. of the note secured hereby an adjusted premium charge of one per centum (1%) of the <br />original principal amount thereof, except that in no event shall ;the adjusted premium exceed the aggregate amount <br />of premium charges which would have been payable if this mortgage and the note secured hereby had continued to <br />be insured until maturity; such payment to be applied by the holder thereof upon its obligation to the Secretary of <br />Housing and Urban Development on account'of mortgage insurance. <br />2. That, together with, and in additiop' to; the monthly payments of principal and interest payable under the <br />terms of the note secured hereby, the Mortgagor will pay to the Mortgagee, on the first day of each month; until the <br />said note is fully paid, the following sums: <br />(a) An amount sufficient to provide the holder hereof with funds to pay the next mortgage insurance premium if this instru- <br />ment and the note secured hereby are insured, or a monthly charge (in lieu of a mortgage insurance premium) if they <br />are held by the Secretary of Housing and Urban Development, as follows: <br />(I) If and so long as said note of even date and this instrument are insured or are reinsured under the provisions of <br />the National Housing Act, an amount sufficient tQ accumulate in the hands of the holder one (1) month prior to <br />its due date the 'annual mortgage insurance premium in order to provide such holder with funds to pay'such pre- <br />mium to the Secretary of Housing and Urban Development pursuant to the National Housing Act, as amended, and <br />applicable Regulations thereunder; or <br />(II) If and so long as said note of even date and this instrument are held by the Secretary of Housing and Urban De- <br />velopment, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one - <br />twelfth (1/12) of one-half (tA) per centum of the average outstanding balance due on the note computed without <br />taking into account delinquencies or prepayments; <br />(b) A sum equal to the ground rents, if any, next due; plus the premiums that ill next become due and payable on policies <br />w <br />of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mort- <br />gaged property (all as estimated by the Mortgagee) less all sums already paid therefor, divided by the number of months <br />to elapse before one month prior to the date when such -ground rents, premiums, taxs and assessments will become <br />delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, premiums, taxes and special assess- <br />ments; and <br />(c) All paymehts mentioned in the two preceding subsections of this paragraph and all payments to be made under the note <br />secured hereby shall be added together, and the aggregate amount thereof shall be paid by the Mortgagor each month'in ' <br />a single payment to bes applied by the Mortgagee to the following items in the order set forth: <br />(I) premium charges' under the contract of insurance with the Secretary of Housing and Urban Development, or monthly <br />.charge (in lieu of mortgage insurance premium), as the case may be; <br />(II) ground rents, taxes, assessments, .fire and other hazard insurance premiums; <br />(11I) interest on the note secured hereby; and <br />(IV) amortization of the'prrncipal of said note. <br />%Any deficiency in the amount of any such aggregate monthly payment shall, unless made good by the Mortgagor prior to <br />the due date of the next such payment, constitute an event of default under this inbrtgage. The Mortgagee may collect <br />a "late charge" not to exceed two cents (2q) for each dollar ($I) of each payment more than fifteen (15) days in arrears <br />to cover the extra expense involved in handling delinquent payments. <br />3. That if the total of the payments made -by the Mortgagor under (b) of paragraph 2 preceding shall exceed the <br />amount of payments actuall-I made by the Mortgagee for ground rents, taxes and assessments or insurance premiums, <br />as the case may be, such -excess shall be credited by the Mortgagee on subsequent payments to be made by the <br />Mortgagor. If, however, the monthly payments made by the Mortgagor under (b) of paragraph 2 preceding shall not <br />be sufficient to pay ground rents, taxes and assessments or insurance premiums, as the case may. be, when, the <br />same shall become due and payable, then the Mortgagor shall pay to the Mortgagee any amount necessary to make <br />up the deficiency; on or before the date when payment of such ground rents, taxes, assessments or insurance pre- <br />miums shall be due. If at any time the Mortgagor shall tender to the Mortgagee, in accordance with the provisions <br />of the dote secured hereby, full payment'of the entire indebtedness reprtsented thereby, the Mortgagee shall, in <br />computing, the amount of such indebtedness; credit to the account of the Mortgagor.. all payments made under the <br />provisions of (a) of paragraph 2 hereof which the Mortgagee has not become obligated to pay to the Secretary of <br />Housing and Urban Development and any balance remaining -in the funds accumulated under the provisions of (b) <br />of paragraph 2 hereof, If: there shall be a default under any of the provisions of this mortgage resulting in a public <br />sale of the premises covered hereby, or if the Mortgagee acquires. the property otherwise after default, .the Mortga- <br />gee shall apply, at the time of the commencement of such proceedings, or* at the time the property is otherwise ac-. <br />quired, the balance' then. remaining in the funds accumulated under (b).of paragraph 2 preceding, as a credit against <br />the amount of•principal then remaining unpaid under said note,: and shall properly adjust any payments which shall <br />have -been made and@r (a), of paragraph 2. <br />4: That the Mortgagor will, pay ground rents, taxes, assessments, water rates, and other governmental or mu-• <br />nicipal charges, fines, or .impositions, for which provision hes not -been made hereinbefore, and in'defoult thereof <br />the Mortgegee,tney pay the.same; and that the.Mortgagor will'prontptly deliver -the official receipts "therefor to the <br />Mortgagee <br />