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88- 100208 The Mortgagor in order more fully 10 protect the security of this Mortgage, agrees: I I. That he will pay thc indebtedness, as hercinbefore provided. Privilege is reserved to pay the debt in wholc or in part on any installment due date. 2, That, together with, and in addition to, the monthly payments of principal and interest payable under the terms of the note secured hereby, the Mortgagor will pay 10 Ihe Morlgagee, on the first day of each month until the said note is fully paid, the following sums: (a) A sum equal to the ground'rents, if any, next due, plus the premiums that will next become due and payable on policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property (all as estimated by the Mortgagee) less all sums already paid Iherefordivided by the number of months to elapse before one (I) month prior to the date when such ground rents, premiums, taxes and assessments will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, premiums, taxes and special assessments; and (b) All payments mentioned in the preceding subsection of this paragraph and all paymenls to be made under the note secured hereby shall be added together, and the aggregate amOUnl thereof shall be paid by the Mortgagor each month in a single payment to be applied by the Mortgagee to the following items in the order set forth: (I) ground rents, taxes, assessments, fire and other hazard insurance premiums; (II) interest on the note secured hereby; (III) amortization of the principal of said note; and (IV) late charges, Any deficiency in the amounl of such aggregate monthly pay- ment shall, unless made good by the Mortgagor prior 10 the due date of the next such payment, constilute an event of default under this mortgage. The Mortgagee may colleCI a "late charge" not to exceed four cents (411:) for each dollar ($1) of each pay- ment more than fifteen (15) days in arrears 10 cover the extra ex- pense involved in handling delinquent payments, 3, That if the total of the payments made by the Mortgagor under (a) of paragraph 2 preceding shall exceed the amount of payments actually made by the Mortgagee for ground rents, taxes and assessments or insurance premiums, as the case may be, such excess, if the loan is current, at the option of the Mortgagor, shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagor, or refunded to the Mortgagor. If, however, the monthly payments made by the Mortgagor under (a) of paragraph 2 preceding shall not be sufficient to pay ground rents, 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 up the deficiency, on or before the date when payment of such taxes, ground rents, assessmenls, or insurance premiums shall be dlle, If at any time the Mortgagor shall tender to the Mortgagee, in accordance wilh the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the Mortgagee shall, in computing the amount of such indebtedness, credit to the account of Ihe Mort- gagor any balance remaining in the funds accumulated under the provisions of (a) 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 covered hereby, or if the Mortgagee acquires I the property otherwise after default, the Mortgagee shall apply, at the time of the commencement of such proceedings, or at the time the property is otherwise acquired, the balance then remain- ing in the funds accumulated under (a) of paragraph 2 preceding, as a credit against the amount of principal then remaining unpaid under said note. 4. That the Mortgagor will pay ground rents, taxes, assessments, water rates, and other governmental or municipal charges, fines, or imposilions, for which provision 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 10 the Mortgagee. 5. The Mortgagor will pay all taxes which may be levied upon the Mortgagee's interest in said real estate and improvements, and which may be levied upon this mortgage or Ihe debt secured hereby (bul only 10 Ihe extent that such is not prohibited by law and only to the extent that such will not make this loan usurious), but excluding any income tax, State or Federal, im- posed on Mortgagee, and will file the official receipt showing such payment with Ihe Mortgagee. Upon violation of this under- taking, or if the Mortgagor is prohibited by any law now or hereafter exisling from paying the whole or any portion of the aforesaid taxes, or upon the rendering of any court decree pro- hibiting :he payment by the Mortgagor of any such taxes, or if such law or decree provides that any amount so paid by the Mortgagor shall be credited on the mortgage debt, the Mortgagee shall have the right to give ninety days' written notice to the owner of the mortgaged premises, requiring the payment of the mortgage debt. If such notice be given, the said debt shall become due, payable and collectible at the expiration of said ninety days. 6. That should the Mortgagor fail to pay any sum or keep any covenant provided for in this mortgage, then the Mortgagee, at its oplion, may payor perform the same, and all expenditures so made shall be added to the principal sum owing on the above note, shall be secured hereby, and shall bear interest at Ihe rate set forth in the said note, until paid, 7. That the Mortgagor hereby assigns, transfers and sets over to the Mortgagee, to be applied toward the payment. of the nOle and all sums secured hereby in case of a default in the perfor- mance of any of the terms and conditions of this mortgage or the said note, all the rents, revenues and income to be derived from the mortgaged premises during such time as the mortgage in- debtedness shall remain unpaid, and the Mortgagee shall have power to appoint any agenl or agents it may desire for the pur- pose of repairing said premises and of renting the same and col- lecting the rents, revenues and income, and it may payout of said incomes all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the same and of collecting rentals therefrom; the balance remaining, if any, to be applied toward the discharge of said mortgage indebtedness, 8. That the Mortgagor will keep the improvements now ex- isting or hereafter erected on the mortgaged property, insured as may be required from time to time by the Mortgagee againsl loss by fire and other hazards, casualties and contingencies in such amounts and for such periods as may be required by the Mor- tgagee and will pay promptly, when due, any premiums on such insurance provision for payment of which has not been made hereinbefore, All insurance shall be carried in companies approv- ed by the Mortgagee and the policies and renewals thereof shall be held by Ihe Mortgagee'and have altached therelo loss payable .~ Page 2 of 4 ~) il L ~ HUD-92143M-1 L u ,- --.J .- ~.