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<br />88-102202
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<br />ne Mortppr .. order I80R full)' Ie protect die IKIIrttJ of
<br />.... M........ .....:
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<br />I. That he will pay the indeb,edneu, as hereinbefore provided.
<br />Privil. is reserved to pay the dettt in whole or in pari on any
<br />installment due dale.
<br />
<br />2. That, toptbel' with, and in addition to, the monthly
<br />pa)'llJCDtl or principal and interest payable under the terms of the
<br />note secured hereby. the Monpaor will pay to the MonBllee,
<br />on the nnt day of each month until the said note is fully paid.
<br />the fol1owiDa sums:
<br />
<br />(a) Amount sufficient to provide the holder hereof with funds
<br />to pay the nellt mortBlle insuranc:c premium if this iRltrument
<br />and the note secured hereby are inJured. or a monthly cbarle (in
<br />lieu of a mort...,e' in,UlIUJC:C premium) ir they are held by the
<br />SecretarY or Housina and Urban Development. as rouows:
<br />
<br />(I) If and 10 lonl as said note of even date and this in-
<br />strument are inJured or are reinJured under the provisioRl of the
<br />National HOUlinl Act, an amount sufficient to ataImu1ate in the
<br />hands of the holder one (1) month prior to its due date the an-
<br />nual monpae insuranc:c premium in order to pfovide such holder
<br />with funds'to pay such premium to the Secretary of Housinl and
<br />Urban Development pursuant to the National Housing Act, as '
<br />amended, and applicable Regulations thereunder; or
<br />
<br />(11) If arul so lonl as said nOle of even date and this in-
<br />strument are held by the Secretary of HousinS and Ufban
<br />Development, a monthly charse (in lieu of a mortlase insurance
<br />premium) which shall be In an amount equal to one-twelfth
<br />(1/12) of one-half (1/2) per centum of the averase outslanding
<br />balance due on the note computed without taking into account
<br />delinquencies or prepayments;
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<br />(b) A sum equal to the ground rents, if any, next due, plus the
<br />premiums that will next become due and payable on policies of
<br />fire and other hazard insurance coverins the mortsased property.
<br />plus taxes and assessments next due on the mortsased property
<br />(all as estimared by rhe 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 uscssments will become delinquent, such sums to be
<br />held by Mortsasee in trust to pay said ground fents, premiums,
<br />taxes and special assessments; and
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<br />(c) All payments mentioned in the two prccedins subsections
<br />of this paragraph and all payments to be made under the note
<br />secured hereby shall be added tosctber, and' the aBBregate amount
<br />thereof shaU be paid by the Monsasor each month in a single
<br />payment to be applied by the MortgaSee to the foUowing items in
<br />the order set forth:
<br />
<br />(I) premium charges under the contract of insurance with
<br />the Secretary of Housins and Urban Development, or monthly
<br />charse (in lieu of mortgase insurance premium), as the case may
<br />be;
<br />
<br />(n) ground rents, taxes, assessments, fire and other hazard
<br />insurance premiums;
<br />
<br />(III) interest on the note secured hereby;
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<br />(JV) amortization of the principal of said note; and
<br />
<br />(V) late charges.
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<br />Any deficiency in the amount of such assregate monthly pay-
<br />ment shall, unlcss made: glXld-'by the Mortgagor prior to the due
<br />date of the next such paymCrtt, constitute an event of default
<br />under this mortgase. The Mortgagee may collect a "late charge"
<br />not to exceed four cents (4$) for each dollar ($ I) of each pay-
<br />
<br />ment more than fifteen (IS) days in arrears to covet the eXlra ex-
<br />pense involved in handlilll delinquent payments.
<br />
<br />3. That if the total of the payments made by the Mortaagor
<br />under (b) of parlllfapb 2 precedina shall exceed the amount of
<br />payments actuaJJy made by the MortallBee for ground rents, taxes
<br />and asseuments or insuranc:c premiums, as the case may be. such
<br />excess, if tbe loan is current, at tbe option of the Monglllor,
<br />shall be c:redited by tbe Mortpaee on subsequent payments to be
<br />made by the Mortaasor, or refunded to the Monglllor. If,
<br />however, the monthly payments made by the MortlBJOr under
<br />(b) of parasrapb 2 premtins shall not be sufficient to pay
<br />ground rents, taxes and assessments or insuranc:c premiums. as
<br />tbe cue may be. when the same shall become du~ and payable.
<br />then the Mortsasor shall pay to tbe Mortpgee any amount
<br />nC'JCCSsary to make up the denciency, on or before the date when
<br />payment of such ground rents, taxes, uscssments, or insuranc:c
<br />premiums shall be due. J( at any time the Mortgagor shall tender
<br />to the Mortsasee, in accordanc:c with the provisions or the note
<br />secured hereby, ruu payment of the entire indebtedness
<br />represented thereby, the Mortsagee sha1l. in computing the
<br />amount of such indebtedncss. credit to the account of the Mort-
<br />psor all payments made under the provisions of (a) parairaph 2
<br />hereof which the Mongagee has not become obligated to pay to
<br />the Secretary of Housing and Urban Development and any
<br />balanc:c remainins in the funds accumulated under the provisions
<br />of (b) of paragraph 2 hereof. If there shall be a default under
<br />any of the provisions of this mortgage resulting in a public sale
<br />of the premises covered hefeby, or if the Mortgagee acquires the
<br />property otherwise after default, the MOrlsagee shall apply, at
<br />the time of the commenc:cment of such proceedings, or at the
<br />time the property is othefwise acquired, the balance then remain-
<br />ins in the funds accumulated under (b) of paragraph 2 preceding,
<br />as a credit against the amount of principal then remaining unpaid
<br />under said note. and shall properly adjust any payments which
<br />shall have been made under (a) of paragraph 2.
<br />
<br />4. That the Mortgagor will pay sround rents, taxes,
<br />assessments, water rates, and other governmental or municipal
<br />charses, 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 deUvef the
<br />official receipts therefor to the Mortgagee.
<br />
<br />S. The Mortgagor will pay all taxes which may be levied upon
<br />the Mortpgec's interest in said real estate and improvements,
<br />and which may be levied upon this mortsase 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 excludinS any income tax, State or Federal, im-
<br />posed on Mortgagee. and will file the official receipt showing
<br />such payment with the MortSasec. 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 />hibitins 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 />Mortsasor shall be credited on the mortsase debt, the Mortgagee
<br />shall have the right to give ninety days' wriuen notice to the
<br />owner of the mortgaged premises, requiring the payment of the
<br />mortgase debt. If such notice be given. the said debt shall
<br />become due, payable and collectible at the expiration of said
<br />ninety days.
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<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 />its option. may payor perform the same, and all expenditures 50
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