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<br />The Mortgagor Is order Mori fttny to protect the WVrity of
<br />11th Mortgage, agrm:
<br />1. That he will pay the indebtedness, as hercinbefore prtnided.
<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 under the terms of the
<br />note secured hereby, the Mortgagor will pay to the Mortgagee,
<br />on the first day of each month until the said note is fully paid,
<br />the following sums:
<br />(a) A sum equal to the ground rents, if any. next due, plus the
<br />i premiums that will next become due and payable on policies of
<br />fire aced. other hazard insurance cowering the mortgaged property.
<br />plus taxes and assessments next due on the mortgaged property
<br />(all as estimated by the yfortgagW less all sums already paid
<br />therefor divided by the number of months tar elapse before one
<br />(1) month prior to the date when such ground rents. premiums,
<br />taxes and assessments will become delinquent. such sums to be
<br />het.d by Mortgagee- in trust to pay said ground rents, premiums.
<br />taxes and special,'az iessments; and
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<br />(b) All payrrerrm mentioned in the preceding subsection
<br />of this paragraph urtd all payments to be made under the note
<br />secured hereby shat(!~ be added together, and the aggregate amount
<br />thereof shall be paid by the Mortgagor each month in a single
<br />payment to be applied by the Mortgagee to the following items in
<br />the order set forth::
<br />(1) ground rertts, taxes. assessments, fire. and other hazard
<br />insurance premiurcm.
<br />(II) interest on the note secured hereby;
<br />(1111). unortizatiQn•of the principal of said note; and
<br />(IV) late charg= .
<br />Any deficiency in the amount of such aggregate monthly pay -
<br />mtert stall, un!—s mnsd- good bi lac s120agago. piivi iv iz:c bur
<br />date of the next such payment. constitute an event of default
<br />undet ibis mortgage. The Mongagee may collect a "late charge"
<br />not to exceed four cuts (K) for each dollar (SI) of each pay-
<br />ment more than iifoeen (IS) 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 fal gf 'paragraph 2 preceding shall exceed the amount of
<br />payments actually made by the Mortgagee for ground rents, taxes
<br />and assessments cc insurance premiums, as the case may be, such
<br />excess, if the loan is current, at the option of the Mortgagor,
<br />shad lee 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 />(a) 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 payahie.
<br />then the Mortgagor shall pay to the Mortgagee any amount
<br />necessary to make up the deficiency, on or before the date when
<br />payment of such taxes, ground rents. assessments, or insurance
<br />premiums shalt be due. If at any time the Mortgagor shall tender
<br />to the Mortgagee, in accordance with the provisions of the note
<br />secured hereby, full payment of the entire indebtedness
<br />represented thereby, the Mortgagee shall. in computing the
<br />amount of such indebtedness, credit to the account of the Mort-
<br />gagor any balance remaining in the funds accumulated under the
<br />provisions of (a) paragraph 2 hereof. If there shall be a default
<br />under any of the provisions of this mortgage resulting in a public
<br />sale of the premises covered hereby. or if the Mortgagee acquires
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<br />the property otherwise after default. the Mortgagee shall apply,
<br />at the time of the commencement of such proceedings, or at the
<br />time the property is otherwise acquired. the balance then remain-
<br />ing in the funds accumulated under (a) of paragraph 2 preceding,
<br />as a credit against the amount of principal then remaining unpaid
<br />under said note.
<br />4. That the Mortgagor will pay ground rents, taxes.
<br />assessments, water rates. and other governmental or municipal
<br />charges, fines, or impositions, for which provision has not ken
<br />made hereinbefore, and in default thereof the Mortgagee may
<br />pay the same; and that the Mortgagor will promptly deliver the
<br />official receipts therefor to the Mortgagee.
<br />S. The Mortgagor will pay all taxes which may be levied upon
<br />the Mortgagee's interest in said real estate and improvements,
<br />and which may be levied upon this mortgage or the debt secured
<br />hereby (but only to the extent that such is not prohibited by• law
<br />and only to the extent that such will not make this loan
<br />usurious), but excluding any irtc=e tax. State or Federal, im-
<br />posed on Mortgagee. and wilt file the official receipt showing
<br />such payment with the Mongagee. 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 taxes, or if
<br />such law or decree provides that any amount so paid by the
<br />Mortgagor shall •lie 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 premlat:s. requiting the payment of the
<br />mortgage debt. If such notice be given. the said debt shall
<br />become due, payable and cellmtible at the expiration of said
<br />ninety days.
<br />fi.. That chnidti the Mnrtanunr fail to nay any c,iff& ,+r keen any
<br />cok,esaant provided for in this mortgage, then the Mortgagee. at
<br />irs option, may pay or perform the same. and all expenditures so
<br />made shall be added to the principal sum owing on the above
<br />note. shall be katted hereby. and shall bear interest at the rate
<br />set forth in the said note. until paid.
<br />T_ That the Mortgagor hereby assigns. transfers and sets over
<br />to _Ott Mortgagee. to be applied toward the payment- of the note
<br />and all sums secured hereby La case of a default in the perfor-
<br />mance of any of the terms and conditions. of. this mortgage or the
<br />said note. all the rents, reversyes and iowme to be derived from
<br />the.tnortgaged premises during s�s{i Orr as'the mortgage in-
<br />debri -dness shall remain unpafti;. ae4 tile Mdrigagee shall have
<br />povst:r to appoint any agent gr;agints fi. inay desire for the pur-
<br />pose of repairing said premises and ok renting the same and col-
<br />lecting the rents, revenues and income, and it may pay out of
<br />said incomes all expenses of repairing said premises and necessary
<br />commissions and expenses invarred in renting and managing the
<br />same and of collecting rentals therefrom; the balance remaining,
<br />if any, to be applied toward the discharge of said mortgage
<br />indebtedness.
<br />S.. That the Mortgagor will keep the improvements now ex-
<br />isting or hereafter erected on•tiire mortgaged property. insured as
<br />may be required from time ro..time by the Mongagee against loss
<br />by fire and other hazards, casualties and contingencies in such
<br />amounts and for such periods as may be required by the Mor-
<br />tgagee and will pay promptly. when due, any premiums on such
<br />insurance provision for payment of which has not been made
<br />hereinbefore. All insurance shall be carried in companies approv.
<br />ed by the Mortgagee and the policies and renewals thereof shall
<br />be held by the Mortgagee and have attached thereto toss payable
<br />Paps 2 of a
<br />HUD- 92143W1
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