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009921 'following conditions, to wit: PROVIDED ALWAYS, and these presents are executed and delivered upon the The Mortgagor agrees to pay to I the Mortgagee, or order, the principal sum of Thirty Thousand 'and no/100 - - - - --- Dollars ($ 30.,000.00 with, ititetest from on date at the rate of Eight per centum 8 .%). per, annum the unpaid balance until paid, The said, principal a nd interest shall be payable at the office of First National Bank of*Council Bluffs: in Council Bluffs, Iowa or at �such -other place as the: holderof the note ma' desighate in writing, in monthly installments of Two Hundred Twenty 4nd-.20/100�,�- y - - --- --- - - - - - - - - - Dollars ($ 220.20 commencing on the first day of NOVEMBE'R 19 75 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, shali be due and payable on the first day of OCTOBiR 2005; all according.to the�terms of a cer.tain promis- sory note of even date herewith. execut�d by the said Mortgagor. The Mortgagor in order more fu' -,)y tp protect the security of this -Mortgage, agrees: 1. That he will pay the indebteeness, as hereinbefore provided. Privilege is reserved to pay thedebt in whole, -or in an amount equal Ao one or mora� monthly payments on the principal that are next due on the, note,; on the first ''Provided, however, That written notice of an intention to day of any month prior to maturit!��i,; exercise such privi- lege is given at least thirty " (30) dags' 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 centurn (1%) of the original principal amount thereof, e�cep! 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 ppyment to be applied by the holder thereof upon its obligation to the'Secretary of Housing and Urban Development on account of mor,tgage insurance. 2. That, together with, and in addition to, the monthly payments of principal and interest payable underthe terms of the n'ote, 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 insuranc.e premium) if they ate held by the Secretary of Housing and Urban Development, as follows: (1) If and so long as said n-ote 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- 'iopment 'pursuant to the National Housing Act, as amended, and miurn to the Secretary of Housing and Urban Deve applicable Regulations thereunder; or (11) If and so long as sold note of even date and this instrument are held by the Secretary o ' f Housing and Urban De- velopment, a monthly charge (in lieu of a mortgage insurance premium) which shall be in -an amount equal to one - twelfth (1/12) of one-half (1/2) per centum of the av ' erage outstanding balance due on the note computed without taking into account delinquencies or prepayments; (b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payoli,le on policies of fire and other hazard insurance covering the moi-igaged property, plus taxes and assessments next due on the mort- viticed property (all us estimated by the Mortgagee) Icon till sums already paid therefor Oivided by the number of months to elapse before one month prior to the date when ouch ground rents, premiums, taxes and assessm"is will becorpe delinquent, such sums to be held by Mortgagee in trust to pay said grgund rents, premiums, tax,es'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 pLaid 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.Urbon Development, or monthly charge (in lieu of mortgage insurance premium), as the case may be; (11) ground rents, taxes, assessments, fire and other hazard insurance premiums; (111) interest on the note sec -.,red hereby; , and (IV) amortization of the principal of said note. Any deficiency in the amount of any such aggregate monihly 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 F "late chargei' not to exceed two cents (24r) for each dollar ($I) of each payment more than fifteen (15)-days.in arrears to cover.the extra expense involved in handling delinquent payments. 3. Thot 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 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 Mortgagor under (b) of paragraph 2 preceding shall not be sufficient to pay ground reitts, 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 .�p the deficiency, on or before the date when payment of such ground rents, taxes,' assessments or insurance pre- miums sh all be due. If at any time the Mortgagor shall tender to the r Mortgagee, in acc I ordance with the provisions of the note secured hereby, full payment of the entire indebtedness represent . ed thereby, the Mortgagee shall, in, computing the amount of such indebtedness ., credit to the account of the Mortgagor aU payments made under the provisions � of (a) of paragraph 2 hereof which the Mortgagee has not become obligated. to pay to the Secretary of Housing 'and Urban Devel6pmeni and any balance remaining- in the funds accumulated under the provisions of (b) of paragraph 2 hereof. If there shall be a default under any of the provisions of this mortgage resulting in a public. sale of the premises covere'd-.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, ofat the time the property is otherwise ac- .quired,'the balance then remaining in the funds accumulated under (b) of,paragraph 2 preceding, as a' credkt 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. That the M . ortgagor'will pay ground rents, taxes, iissessments, water rates, and other governmental or mu- nicipal charges, fines., or impositions, for which provis.ion 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. r