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<br />83....QO 4 2 81
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<br />TO HAVE AND To HOLD the same unto the Mortgagee, as hel'ein provided. Mortgagor represents to,
<br />and covenants with, the Mortgagee, that the Mortgagor has good right to sell and convey said premises;
<br />that they are free from encumbrance, except as hereinotherwise recited; that the Mortgagor will warrant
<br />and defend the same against the lawful claims of all persons whomsoever. Mortgagor hereby relinquishes
<br />all rights of homestead, all marital rights, either in law or in equity, and all other contingent interests of
<br />the Morlgagorin and to the above-described premises.
<br />POOV'IDED ALWAYS, and these presents are executed and delivered upon the following conditions, to
<br />wit:
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<br />Mortgagor agrees to pay to the Mortgagee, or order, the aforesaid principal sum with interest from date
<br />at the rate of THIRTEEN AND ONE HALIj)Cr centum (13. .'j);') per annum on the unpaid balance until paid.
<br />The said principal and interest shall be payable at the office of Rothschild Financial Corporation
<br />in St. Paul, Ramsey County, ~tn. ,or at such other place as the holder of the note may designate in
<br />writing delivered or mailed to the l\Iortgagor, in monthly installments of THREE HUNDRED TI.fENTY 'N.m &03/100
<br />Dollars ($ 322.03 ), commencing on the first day of September , 19 83 , and continuing on
<br />the first day of each month thereafter until said note is fully paid, except that, if not sooner paid, the final
<br />payment of principal and interest shall be due and payable on the tlrst day of August, 2013 ; all
<br />according to the terms of a certain promissory note of even date lwrewith executed by the said Mortgagor,
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<br />The Mortgagor fUl'ther agrees:
<br />1. He will pay the indebtedness, as hereinbefore provided. Privilege is reserved to prepay at any
<br />time, without premium 01' fee, the entire indebtedni>ss 01' any part thereof not less than the amount of one
<br />installment, or one hundred dollars ($100.00), whichever is less, Prepayment in full shall be credited on
<br />the date received. Partial prepayment, other than on an installment due date, need not be credited until
<br />the neA.1; following installment due date or thirty days after such prepayment, whichever is earlier.
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<br />2. Together with, and in addition to, the monthly payments of principal and interest payable under
<br />the terms of the note secured hereby, Mortgagor will pay to Mortgagee, as trustee, (under the terms of this
<br />trust as hereinafter stated) on the first day of eacl1 month until said note is fully paid:
<br />(a) A sum equal to the gt'ound rents, if any, next due, plus the premiums that will next become due
<br />and payable on policies of tlre and other hazard insurance covering the mortgaged property,
<br />plus taxes Hlld assessments next due on the mortgaged property (all as estimated by the Mort-
<br />gagee, and of which the Mortg'.lgor IS notified) less all sums already paid therefor divided by
<br />the number of months to elapse befort' one month prior In the date when such ground rents,
<br />premiums, taxes and assesstlwnts \\.ilJ become ddinqlwnt, such sums to be held by Mortgagee
<br />in trust to pay said ground rents, pn'minms, taxes and special assessments,
<br />(b) The aggreg<lte of th(' amounts payabh' pursuant to subpara!{raph (rt) and those payable on the
<br />note secured hereby, shall be paid iu a singl.. pa)'tJt('nt i.ach month, to be applied to the follow-
<br />ing items in the order stated:
<br />(1) ground rents, taxes, asse&$lll('tlts, tire allll other hazard insurance pt'emiums;
<br />(II) interest (Ill the note secured hereby; and
<br />(1Il) amortization of the principal of said note.
<br />Any detlcit.nc)' in tht' amount pf any such aggn'gale monthly payment shall, unless made good
<br />by the Mortgagor prior to the due date of the lWXt such ~)aymellt. t'tHlstitute an event of default
<br />under this mortgage. At "Iortgage"',, option, :\lortgagor will pay a "late charge" not exceed-
<br />ing foul' per centum (4 ,.;) of any instllllmellt when paid more than tlfteen (15) days after the
<br />due date thert'Of to ('OVer the extra eXlh'IlSe ill\'olved in handling delinquent payments, but such
<br />"late (~harge" shall not be payabl" "ut oj' tht' pnlC('eds of any sale made to satisfy the indebted-
<br />ness secnred Ill'l't'by, unless such pron'eds an' sullkit'ltt to discharge the entire indebtedness and
<br />all proper costs and exj)t'nS<.'S st'curetl thereby.
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<br />3. If the total of the payments made by the Mortgugor under (a) of paragraph 2 preceding shall
<br />exceed the amount of payments actually made by the Mortgagee, as trustee, for ground rents, taxes and
<br />assessments or insurance premiums, as the case may be, such excess shall be credited by the Mortgagee
<br />on subsequent payments to be made by the Mortgagor for such items or, at Mortgagee's option, as trustee,
<br />shall be refunded to Mortgagor. If, however, such monthly payments shall not be sufficient to pay such
<br />items when the same shall become due and payable, then the Mortgagor shall pay to the Mortgagee, as
<br />trustee. any amount necessary to make up the deficiency within thirty (30) days after written notice from
<br />the Mortgagee stating the amount of the deficiency, which notice may be given by mail. If at any time
<br />the Morl.p.gor shall tender to the Mortgagee, in accordance with the provisions of the note secured
<br />hereby, full payment of the entire indebtedness represented thereby, the Mortgagee, as trustee, shall,
<br />in computing the amount of such indebtedness, credit to the account of the Mortgagor any credit balance
<br />accumulated under the provisions of (a) of paragraph 2 hereof. If there shall be a default under any
<br />of the provisions of this mortgage resulting in a public sale of the premises covered IHlreby, or if the
<br />Mortgagee at;quires the properly otherwise after default, t.he Mortgagee, as trush)(!, shall apply, at the
<br />tweof the commencement of such proceedings, or at the time the property is otherwise acquired, the
<br />~nttlien remainin& to credit the Mortgagor under (a) of paragraph 2 preceding, as a credit on the
<br />il1~~ acel1led and unpaid and the balance to the principal then remaining unpaid on said note.
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<br />4. The l~ of this instrument shall remain in full force and effect during any postponement or exten-
<br />sion of the time of payment of the indebtedness or any part thereof secured hereby.
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<br />5. Re will pay all ground rents, taxes. asseSlilllenl$. water. rates, and other governmental 01' munici-
<br />palc~, fines, or impositions, le\'i(~d ulll>n J;aj(l premil!es and that he will pay alltaltes {('vied upon this
<br />lUor~, !)ftbe t.klbt SOCUl'ed thel'eby, togeth'lr with ani' other taxes or assessments whieh may be levied
<br />un~~uwlaW(lofN~ra.ska.agaimt tho MOl'tgag('f', or the legal holder of said principal /\\lte. on account of
<br />~l~~.~1:l1'pt whon payment for all such items haa thenlt"fol"() been made under (<1) of pam-
<br />gr8ph 2 heroo1', and he will promptly deliver the offie.ial receipts therefol' to the M(Jltgag't.,~. In default
<br />thereof the Mortgag('I) mllY pay the !!am".
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