|
�
<br />-, � �
<br /> gg- 106�26
<br /> The Morts�;or ia atde�more fully to pratect ihe security �t p�n e nv Ived�iu�h��dling delinqucntf puymtnte�ver the extr�ex-
<br /> � 1619 MOrfR11�0.ititt92
<br /> 1. That he will pay the indebtedness, a�hercinbeforc pro��idcd. 3. That iP the total af the paymonts made by the Martgagor
<br /> Privilcge is reserved to pay the debt in �vholc or i� pa�t on any under(b)af parayraph 2 precedin�shall�fo�ound rent�tuees
<br /> installment due date. payments actually made hy the Mort��
<br /> and assessments or inaurance Dremium�,as the case msy be,auch
<br /> 2. That, together with.and in addition to. the montF�ly excess,iP the loan is current.at the optioa of the Mort��or.
<br /> payments of principal and interest payable under the terms of the �de byctheiMott�a�or ornePunded to theAMoni�e'f to be
<br /> note secured hereby. the Mortgagor will pay to the Mangagee. however� the monthly payments made by the Mortta�or under
<br /> on the first day of each month until the ssdd note Is�ully paid, �b�o�,��,aph 2 precedin�ehall not be sufficient to psy
<br /> the following sums: ground rents,taaes and assossments or insurana premiums, u
<br /> (a) Amount sufficiertt to provide the holder hereof with funds the case may be.when the aune shall become due and payable.
<br /> to psy the neut mortgage insurana premium if thas instrument then the Mortgagor shall psy to the Mort�ee anY amount
<br /> and the note secured hereby are insured,or a monthly charge(in �e�sary to make up the deficieacy,on or before the date when
<br /> lieu of a mongage insurance prtmium)if they are held by the payment of such ground rents, taxes,assessments.or insuraaa
<br /> Secretary of Housing and Urban Development,as follows: prc��s shall be due. lf at any time the Mort;a�or ehnll tender
<br /> p) If and so long as said note of even date and this in- to the Mortgagee.in accordxna with the provlsions of the note
<br /> strum�nt are inswed or are reinsured vnder the provisions of the secwed hereby, full payment of the entire tndebtednas
<br /> National Housing Act,an amuunt sufficient co accumulate ia the represented thereby,the Mortg�ee shall.in computing the
<br /> hands os the holder ono(1)month prior to iu duo date the an- amouat of such indebtedaess.credit to the account of the Mori-
<br /> nual mortgage insurance premium in order to provide such holder sagor all payments made under the provisions of(a)pua�rapb 2
<br /> with tvnds to pay such premium to the Secret,acy of Housing and hereof whieh the Mortgaga has not become oblipted to paY to
<br /> Urban Devetopment pursuant co the Narional Housing Act.as ' the Secretary of Housing and Urban Development and any
<br /> amended.and applicable Regulations thereundor; or balance remaining in the funds accumulated under the provislons
<br /> of(b)of ParagraPb Z hereof. lf there s6all be a default under
<br /> (11) lf and so long as said note of even date and th9s in- �y af the provisions of this mortgage resuiting in a public sale
<br /> strnment are held by the Secretary of Housing and Urban of the premisa covered hereby,or if the Mortgaga acquires the
<br /> Development,a monthly charge(in Jleu of a mongage insurance property otherwise after default,the Mort�aBee shall apply.at
<br /> premium)wh9ch shaq be in an amount equal to one-twelfth the time of the commencemeat of such procadinBs.or at the
<br /> (1/12)of one-half(1/2)per centum of the average outstanding ��me the property is otherwise acquired, the balanoe then rema�n-
<br /> balance due on the note computed without taking into account �ng in the funds accumulated under(b)of paragraph 2 preceding,
<br /> delinquencies or prepayments: as a credlt aoainst the amount of principal then remainia�uapaid �
<br /> (b) A sum equal to the ground rents.if any,next due. plus the under said note.and shall properly adjust any payments which
<br /> premiums that will next become due and payable on policies of shall have been made under(a)of paragraph 2. .
<br /> fire and other haurd insurance covering the mortqaged property, ,
<br /> pius�:i��:;�G�.°�m:ats ae�t�tst L�.^.Lh!'m�rtgaged Qronerty 4. That the Mortgagor wiii pay ground renu, taxes, _
<br /> (all as estimsted by the Morrgaga)less al1 sums already paid assasments.water rates.attd otiter governmrniui ur u�i'u'�iC�'yol
<br /> therefor divided by the number of months to elapse before one charges, �nes, or impositions. for which provision hu not baa
<br /> (1)month prior to the date when such ground rents. premiums. made hereinbefore.and in default thereof the Mortgaga may =
<br /> tiuces and assessments will become delinquent,such sums to be pay the same: and that the Mortgagor will promptly deliver the . :_
<br /> held by Mortgagee in trust to pay said ground rents. premiums. official receipts thetefor to the Mortgaga. :±.�—
<br /> taxes and special assessments; and 5. The Mortgagor will pay all tax�s which may be levied upon ;
<br /> (c) Ail paymenu mentioned in the two preceding subsections the Mortgaga's interest in said real estate and improvements. -
<br /> of this paragraph and all payments to be made under the note and which may be levied upon this mortgage or the dabt secured �
<br /> secwod hereby shall be added together.and the aggre8ate amount hereby(but only to the entent that such is not prohibited by law
<br /> thereof shaU be paid by the Mortgagor each month in a single �d only to the extent that such will not make this loan �
<br /> payment to be applied by the Mongaga to the following items in usurious). but excluding anY income tax,State or Federal,im-
<br /> the order stt forth:
<br /> posed on Mortgaga,and will t"�le the official receipt showing �. .:
<br /> (I) premium charges under the contract of insurance with such payment with the Mortgaga. Upon violation of this under- k�.
<br /> the Secretary of Housing and Urban Development, or monthly taking, or if the Mortgagor is prohibited by any 1aw now or
<br /> charge(in lieu of mortgage insurana premium), as the case may hereafter existing from paying the whole or any portion of the
<br /> �� aforesaid taxes,or upon the rendering of any coun decra pra :�`,,
<br /> hibiting the payment by the Mortgagor of any such taxes. or if �'"�
<br /> (11)ground rents,taxes,assessments. fire and other hazard such law or decra provides that any amount so paid by the
<br /> insurance premiums; Mortgagor shall be credited on the mongage debt, the Mortgagee
<br /> (Ill) interest on the note secured hereby: shall have the right to give ninety days' written notia to the
<br /> owner of thc mortgaged premises. requiring the payment of the
<br /> (IV) amortization of the principal of said note;and mortgage debt. If such notice be given. the said debt shall
<br /> (V) late charges. become due, payable and wllectible at the expiratioa of said
<br /> Any de�ciency in the amount of such aggregato monthly pay-
<br /> ninety days.
<br /> ment shall. anitss sqade good by the Mortgagor ptiar to the due 6. That should the Mortgagor fail to pay any sum or kap any
<br /> date of the next such payment,constitute an event of default covenant provided for in this mongage.then the Mortgaga, at
<br /> under this mortgage. The Mortgagee may collect a "late charge" �ts option, may paY or perform the same, and all expenditures so
<br /> not to exceed four cenu (4�) for each dollar(Sl)of each pay-
<br /> t
<br /> Paqe 2 of 4 ..
<br /> . � ;_--_---
<br /> �
<br /> : � � � J �
<br /> �
<br /> �
<br /> �
<br />_ �
<br />- ,. .�
<br />_ (_. ..�
<br /> �
<br />
|