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<br />RE.RECOHDE,0
<br />88-= 100826
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<br />The Mortgagor in order more fully 10 protect the security of
<br />this Mortgage, agrees:
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<br />8:7=4.06276
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<br />I, That he will pay the indebtedness, as hereinbefore prmided,
<br />Privilege is reserved to pay the debt in whole or in pan on am'
<br />installment due date. '
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<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:
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<br />(a) A sum equal to the ground relllS, if any, next due, plus the
<br />p,remiums that will next become due and payable on policies of
<br />fire and other hazard insurance covering the mOrtgaged property,
<br />plus taxes and assessmellls next due on the mortgaged property
<br />(ail as estimated by the Mortgagee) less all sums already paid
<br />therefor divided by the number of months to elapse before one
<br />(I) month prior to the date when such ground rents, premiums,
<br />taxes and assessments will become delinquent, such sums to be
<br />held by Mortgagee in trust to pay said ground rents, premiums,
<br />taxes and special assessmellls; and
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<br />(b) All payments melllioned in the preceding subsection
<br />of this paragraph and all payments to be made under the note
<br />secured hereby shall 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 MortgaRee to the following items in
<br />the order set forth: -
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<br />(I) ground rents, taxes, assessments, fire and other hazard
<br />insurance premiums;
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<br />(II) interest on the note secured hereby;
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<br />(Ill) amortization of the principal of said note; and
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<br />(IV) late charges.
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<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 paymelll. constitute an event of default
<br />under this mortgage. The Mortgagee may collect a "late charge"
<br />not to exceed four cents (4~) for each dollar ($1) of each pay-
<br />ment more than fifteen (15) dllYS in arrears to cover the extra ex-
<br />pense involved in handling delinquent payments,
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<br />3. That if the total of the payments made by the 1\tortgagor
<br />under (a) of paragraph 2 preceding shall exceed the amount of
<br />payments actually made by the Mortgagee for ground rents, ta...es
<br />and assessmellls or insurance premiums, as the case may be. such
<br />excess, if the loan is curren:. 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 />(a) of paragraph 2 preceding shall not be sufficient to pay
<br />ground relllS, 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 amoulll
<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 shall be due, If at any time the Mortgagor shall tender
<br />to the Mortgagee, in accordance with the provisions of the nOle
<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 1I'10rtgagee 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,
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<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 been
<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,
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<br />5, The Mortgagor will pay all taxes which may be levied upon
<br />the Mortgagee's interest in said real estate and improvemellls,
<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 bv law
<br />and only to the extent that such will not make this loan .
<br />usurious), but excluding any income tax. State or Federal, im-
<br />posed on Mortgagee, and will file the official receipt showing
<br />such 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 ta...es, or upon the rendering of any wurt 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 />\10rtgagor 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 al the expiration of said
<br />ninety days,
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<br />6. ThaI should the !\lortgagor fail to pay any sum or keep any
<br />covenant provided for in this mortgage, then the Mortgagee. at
<br />its option, may payor perform the same. and all expenditures so
<br />made shall be added to the principal sum owing on the above
<br />note, shall be secured hereby, and shall bear interest at t he rate
<br />sel forth in the said note, until paid.
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<br />7. Th'lt the Mortgagor hereby assigns, transfers and sets over
<br />to the Mortgagee, to be applied toward the payment- of the note
<br />and all sums secured hereby in case of a default in the perfor-
<br />m~nce of any of the terms and conditions of this mortgage or the
<br />said note, all the rents, revenues and income 10 be deriveJ from
<br />the mortgaged premises during such time as lhe mortgage in-
<br />debtedness shall remain unpaid, and the Mortgagee shall have
<br />power to appoint any agent or agents it may desire for the pur-
<br />pose of repairing said premises and of renting the same and col-
<br />lecting the rents. revenues and income, and il may payout of
<br />said IIlcomes all expenses of repairing said premises and necessarv
<br />commissions and expenses incurred in renting and managing the .
<br />same and of collecting rentals Iherefrom; the balance remaining,
<br />If any. to be applied tow;!rd the discharge of said mortgage
<br />indebtedness.
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<br />8, That the Mortgagor will keep the improvements now ex-
<br />isting or hereafter erected on the mortgaged property. insured as
<br />may be required from lime to time by the Mortgagee 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 />IIlsurance provision for payment of which has not been made
<br />hereinbefore. All insurance shail be carried in companies approv-
<br />ed by the Mortgagee and the policies and renewals thereof shall
<br />be held by Ihe Mortgagee and han> attached thereto loss payable
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<br />Page 2 of 4
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<br />HUD.92143M.1
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