|
<br />r
<br />
<br />TIle M.......or .. ...... moft ,l1li, to p,Oled I" NnIrtl, or
<br />.... M........ ...-:
<br />
<br />I, That he will pay the indebtedness, as hneinbtfore provided,
<br />Privilqe is rrsnvtd 10 pay Ihe debt in whole or in part on any
<br />illllaUment due date,
<br />
<br />2. nw, topdlcr Wilh, and in addition to, the monthly
<br />pIIymeot1 of priDcipal and intnest payable under the terms of the
<br />nOle secured hereby, tbe MonPlor will pay to the Mor-Plee,
<br />on the lint day of each month until the said note iJ fully paid,
<br />~ foJlowiallWDl:
<br />
<br />(a) Amount sufficient to provide the holder herrof with funds
<br />to pay the nnt mon.. insurance premium if this instrument
<br />and the note secured hertby ue insured, or a monthly ehule (in
<br />Iiev of. mon,. insllT8llce premium) if they ue held by the
<br />Sec:reIary of Holllin, and Urban Development, as follows:
<br />
<br />(I) If and 50 lonl as llIid note of even date and this in.
<br />strument ue insured or ue reinsured undn the "rovisions of the
<br />National Houainl Ac:t, an amount sufficient to accumulate in the
<br />hands of tbe holder one (I) month prior to its due date the an.
<br />nual mon.. insurance premium in o,der to provide sudl holder
<br />with funds 10 pay such premium to the Seartary of Housinl and
<br />Urban Development pursuanl to the National HOUlinl Ac:t, as
<br />amended, and applicable Rraulations thneundn; or
<br />
<br />(II) If and 50 lonl as said note of even dale and this in.
<br />strument ue held by the 5e<:rrtary of HOUlinl and Urban
<br />Development, a monthly ehulr (in lieu of a mon,,,e insurance
<br />premium) whidl shall be in an amount equal to one-twelfth
<br />(1/12) of one-half (1/2) per centum of the avnqe outstandinl
<br />balance due on the note computed without takinl into account
<br />delinquencies or prepayments;
<br />
<br />(b) A sum equal to the around rents, if any, nCllt due, plus the
<br />premiums tlw will nut become due and payable on policies of
<br />nre and other hazard insurance coverinl the monlBled property,
<br />plUl lUes and assessments nnt due on the monPled property
<br />(aU as estimated by 1M Mon,..ee) Icss 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 around rents, premiums,
<br />tua and _ments will bcc:ome delinquent, such sums to bt
<br />hcJd by Mortaqre in trust to pay said around rents, premiums,
<br />lUes and spccial_ments; and
<br />
<br />(eJ All paymenls mentioned in tbe two prrccdilll subsections
<br />of thil parqraph and all payments to bt made under the note
<br />ItCIIred hereby shall be added tOlrlhn, and the aurrpte amount
<br />therrof shall be paid by the Monlllor each month in a sinale
<br />payment 10 be applied by Ihe MortJ8&CiC to lhe followinl items in
<br />the order set fonh:
<br />
<br />(I) premium dllU'Ics under the conlrac:t of insurance with
<br />the Seartary of Housinl and Urban Or\'elopment, or monthly
<br />muse (in lieu of man,. insurance premium), as Ihe case may
<br />be;
<br />
<br />(II) lfOund rents, lUes, _menu, file and other hazard
<br />insurance premiums;
<br />
<br />(III) inltreSt on the note secured hereby:
<br />
<br />(IV) amortization of the principal of said note; and
<br />
<br />(V) late charges,
<br />
<br />Any deficiency in Ihe amount of such aggrrpte monthly pay-
<br />menl shall, unless made sood by the Monglllor prior to the due
<br />dale of the lleatsuch paymenl, constitute an event of defaull
<br />under this mortpac, The Monlllee may collect a "late dlule"
<br />not to ucecd four cents (4C) for eadl dollar (S I) of cadi pay.
<br />
<br />-.
<br />
<br />88- lU2U4-
<br />
<br />ment more than firteen (I~) days in arrean 10 cover the elltra ell.
<br />pense involved in handlinl delinquent payments,
<br />
<br />J. That if the total of Ule paymenU made by the MortlBlor
<br />under (b) of parasraph 2 prrccdinlshpll ellceed Ihe amoum of
<br />payments ac:tually made by the MOrlPlee for around rents, tues
<br />and assessmenls or Insurance premiums, as the cur may be, such
<br />eacess, if the loan iI currenl. at the option of the Mortllllor,
<br />shall be credited by the Mortgllee on subsequent payments to be
<br />made by the MortPlor, or refunded to the Mortlllor. If,
<br />however, the monthly payments made by the Mortllllor under
<br />(b) of pualraph 2 prcccdilllsball not be sufficient 10 pay
<br />around rents, tues and assessments or insurance premiums, as
<br />the case may be, when the same shall bcc:orrae dUl: and payable,
<br />then the Mortgllor shall pay 10 the MonPl~ any amounl
<br />necessary to make up the deficiency, on or before the date when
<br />paymenl of such Iround rents, tues, assessments, or insurance
<br />premiums shall be due, If at any time the Mortlllor shall lender
<br />to the MOrllllee, in accordance with the provisions of !he note
<br />RCurtd hereby. l'U1I payment of the entire indebtedness
<br />represented thereby, the Monlllrr shall, in computing the
<br />amount of such indebtedness, credil 10 the account of the Mort-
<br />lIIor all payments made under the provisions of (a) puqraph 2
<br />herrof which the Mongagee has not bcc:ome oblipted 10 pay to
<br />the Secretary of Housing and Urban Development and any
<br />balance remaining in the funds accumulated under the provisions
<br />of (b) of paragraph 2 herrof. If there shall be a default under
<br />any of the provisions of this mortllle resulting in a public sale
<br />of the premises covered hereby, or if the Mortgagee acquires the
<br />property otherwisr after default, Ihe Mortgagee shall apply, at
<br />the time of the commenc:ement of such proceedings, or at the
<br />time the property is otherwise acquired. the balance tben remain-
<br />illl in the funds acc:umulated under (b) of puagraph 2 preceding,
<br />as a credit apinst the amount of principal then remaining unpaid
<br />under said nOle, and shall properly adjUlt any payments which
<br />shall have been made under (a) of par....aph 2,
<br />
<br />4. That the MOrlplor will pay around rents, lUes,
<br />assessments, waler ratcs, and other governmental or municipal
<br />dlarges, fines, or impositions, for which provision has not been
<br />made herelnbefo,e, and In default the,rof the Mortsaaee may
<br />pay the same; and that the Morllagor will promptly deliver the
<br />official receipts therefor to the Mortgllee,
<br />
<br />~, The MOrllBlOr will pay alltlllcs which may be levied UJ;l)n
<br />the MortPlee's inlerest in said real estate and improvements,
<br />and whidl may be levied upon Ihis mortllle or the debt secured
<br />hereby (but only to the atent that such is not prohibited by law
<br />and only to the ntmt Ihat such will not make this loan
<br />UlurioUl), but ucluding any income tu, Stale or Federal, im.
<br />posed on MonPlee, and will file the official receipt showing
<br />such payment with the Mortpgee. Upon violation of this under-
<br />takinl, or if the Mortlllor is prohibited by any law now or
<br />hereafter existing from paying the whole or any portion of the
<br />aforesaid tilles, or upon the render11ll of any court decree pro-
<br />hibitina Ihe payment by the MonPlor of any such lucs, or if
<br />such law or decree provides that any amount 50 paid by the
<br />Mortgagor shall be credited on the monllle debt, Ibe Monlllee
<br />shall have the rilht to Jive ninrty days' wriuen notice to the
<br />owner of the mortllllled premises, requiring the payment of the
<br />mortllle debt. If such notice be given, the said debt shall
<br />become due, payable and collrc:tible at the expiration of said
<br />ninrty days.
<br />
<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 />ilS option, may payor perform the same, and all expenditures 50
<br />
<br />Page 2 ot 4
<br />
<br />...
<br />
|