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<br />Tk Mortgagor Is order more tally to protect the secerity of
<br />tide Moriytge, ricers:
<br />1- That he will pay the indebtedness, as hereinbefore provided.
<br />Privilege is reserved to pay the debt in whole or in part on any
<br />installment due date.
<br />2. That, together with, and in addition to, the monthly
<br />payments of principal and interest payable trader the terms of the
<br />note secured hereby, the Mortgagor will pay to the Mortgagee,
<br />on the Fast day of each month until the said note is fully paid,
<br />the following sums:
<br />(a) Amount sufficient to provide the holder hereof with funds
<br />to pay the next mortgage insurance premium if this instrument
<br />acd: the note secured hereby are insured, or a monthly charge (in
<br />lieu of a mortgage insurance premium) if they are held by the
<br />Saxetuy of Housing and Urban Development, as follows:
<br />(1) If and so long as said note of even date and this in-
<br />strument are insured or are reinsured under the provisions of the
<br />N&r-na( Housing Act, an amount sufficient to accumulate in the
<br />hand� of the holder one (1) month prior to its due date the an-
<br />nual i2or',., insurance premium in order to provide such holder
<br />witD-, f=d to pay such premium to the Secretary of Housing and
<br />UrL% -jv 0*�-elopment pursuant to the National Housing Act, as
<br />and applicable RegOations thereunder; or
<br />(11) If sni so ions as said note of even date and this in-
<br />strument are Ndd by the Secretary of Housing and Urban
<br />Development, ;E =athly charge (in lieu of a mortgage fnsurance
<br />prr Ium) which shall be in an amount equal to one- twdith
<br />6L "E2) of one-half (1/2) per centum of the average ouwanding
<br />fB4mce due on the note computed without taking into account
<br />d4 nquencies of prepayments;
<br />(to) A sum ezal to the ground rents, if any. next due, plus the
<br />7C Mums that wilt next become due and payable on polities of
<br />fire and other hazard iasurtr_ce covering the mortgaged property,
<br />PLs taxes and �z re:.ts next due on the mortgaged property
<br />(all as mtin:Zai by .he lMortgagee) less all sums already paid
<br />therefor divide & by the number of months to elapse before ono
<br />(1) month prior to the date when such ground rents, premiums,
<br />taxes and assessments will become delinquent, such sans to be
<br />held by Mortgagee in trust to pay said ground rents, premiums,
<br />taxes and special assessments; and
<br />(e) AU paym_entz mentioned in the two preimding subsections
<br />of this paragrayit and azll payments to br: mach under the note
<br />secured hereby sl ab.' 1:9 added together, and the aggregate amount
<br />thereof shall be pod ty lira Mortgagor each month in a single
<br />payment to be e;plled by the Mortgagee to the following items in
<br />the order set fcanh:
<br />(1) premium charges under the contrast of insurance with
<br />tl:e Secretary of Housing and Urban Development. or monthly
<br />charge (in lieu of mortgage insurance premium). as thv case may
<br />h-4.
<br />(11) ground rents. taxes, assessmtnis, fire and other hazard
<br />insurance premiums;
<br />(111) interest on the note secured hereby;
<br />(IV) amortization of Cite principal of said -note. and
<br />(V) late charges.
<br />Any deficiency in the amount of such aggregate monthly pay-
<br />ment shall, unless made good by the Mortgagor prior to the due
<br />date of the next such payment. constitute an event of default
<br />under this mortgage. The Mortgagee may collect a "late charge"
<br />not to exceed four cents (46) for each dollar (fl) of each pay-
<br />t
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<br />ment more than fifteen (M days in arrears to cover the extra ex-
<br />pense involved in handling delinquent payments.
<br />3. That if the total of the payments made by the Mortgagor
<br />under (b) of paragraph 2 preceding shall exceed the amount of
<br />payments actually made by the Mortgagee for "ground rents, taxes
<br />and assessments or insurance premiums, as the case may be. such
<br />excess. if the loan is current, at the option of the Mortgagor,
<br />shall be credited by the Mortgagee on subsequent payments to be
<br />made by the Mortgagor, or refunded to the Mortgagor. if.
<br />however, the monthly payments made by the Mortgagor under
<br />(b) of paragraph 2 preceding shall not be sufficient to pay
<br />ground rents. taxes and assessments or insurance premiums, as
<br />the case may be, when the same shall become due and payable.
<br />then the Mortgagor shall pay to the Mortgagee any amount
<br />necessary to make up the deficiency. on or before titvdate when
<br />payment of such ground rents. taxes, awsasments;._. I#sura=
<br />premiums shall be due. if at any time rise: Mort isr aPAU tender
<br />to the Mortgagee. in accordance with the pi?Juis?ons of the note
<br />secured hereby, full payment of the ecbr iudebtedtiess
<br />represented thereby, the Mortgagee shat!, in computing the
<br />amount of such indebtedness, credit to the account of the Mort-
<br />gagor all payments made under the provisions of (a) paragraph 2
<br />hereof which the Mortgagee has not become obligated to pay to
<br />the Secretary of Housing and Urban Development and any
<br />balance remaining in the funds accumulated under the provid.=
<br />of (b) of paragraph 2 hawf. If there shall be a default nedw.
<br />arty of the provisions of this mortgage re.- toting in 4 puist£c .lie
<br />of the premises covered hereby. or if the MortP6W. a cqq es the
<br />property otherwise after default, the Mortgagee shall ep7iy, at
<br />the time of the commencem -mof rudr.}msoo iii, ae az the
<br />time the property is otherwfw wquirrr3;: rile. balsaae tfscjs remm.
<br />ing in the funds aecumufu kl.dnder (by Qf par,.gmplt Z: pmeding,
<br />as a credit against the amauut of principal then rntg unpaid
<br />under said note, and tlssli prtsperly adjum any payments which
<br />shall have beet made under ta) of parWrpb 2.
<br />4. That the Mortgagor will pay ground rents, mires.
<br />assessments, water rates, and other governmentri at municipal
<br />charges, fines. or impositions, for which provision Inc;; not been
<br />made hereinbefore. and in default thereof the Mortgagee may
<br />pay the same; and that the Mortgagor witl promptly deliver the
<br />official receipts therefor to the 1�`ang;rgee
<br />S. The Mortgagor will pall` all taxes which may be levied upon
<br />the Mortgagee's interest iR eswd real estate and improvements,
<br />and which may be levied upon this tastrtgtge or the debt secured
<br />hereby (but only to the extent that sacch is not prohibited by law
<br />and only to the extent that such will rov make this loan
<br />usurious), but excluding any income tax, State or i%ederal, im-
<br />posed on Mcngagee, and will file the official receipt showing
<br />sux;h payment with the Mortgagee. Upon violation of this under.
<br />taking, or if the Mortgagor is prohibited by any law now or
<br />hereafter existing from paying the whole or any portion of the
<br />aforesaid taxes. or upon the rendering of any court decree pro-
<br />hibiting the payment by the Mortgagor of any such tares. or if
<br />such law or decree provides that any amount so paid by the
<br />Mortgagor shall be credited on the mortgage debt, the Mortgagee
<br />shall have the right to give ninety days' written notice to the
<br />owner of the mortgaged premises, requiring the payment of the
<br />mortgage debt. If such notice be given, the said debt shall
<br />become due, payable and collectible at the expiration of said
<br />ninety days.
<br />6. That should the Mortgagor fail to pay any sum or keep any
<br />covenant provided for in this mortgage, then the Mortgagee. at
<br />its option, may pay or perform the same. and all expenditures so
<br />Papei2g 4 rs
<br />In
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