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<br />88-.-
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<br />102703
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<br />Thr Morlgligor in ordrr morr full)' to prolrcl Ihr securil)' of
<br />Ihls Mortgagr. agrres:
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<br />I I'hat hc '\III pa} Ihe indebtedness, as hcreinbefore prmided.
<br />Pri'i1egc IS rewr\'cd 10 pay the debl in whole or in part on an,'
<br />mSlallml'1lI due dale.
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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 lhe
<br />nOlI.' ~ecured hereby, the Mongagor will pay to the Mongagee,
<br />un 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 rents, if any, nf."xt due, plus the
<br />premiums thaI will neXl become due and payable on policies of
<br />fire and other hazard insurance covering lhe morlgaged property,
<br />plus laxes and assessments next due: on the mortgaged property
<br />(all as estimated fly tile Mortgagee) less all sums already paid
<br />lherefor divided by the number of months :0 elapse before one
<br />(I) month prior to the dale when such ground rents, premiums,
<br />taxes and assessments will become delinquent, such sums IG be
<br />held by Mortgagee in truSl to pay said ground rellts. premiums,
<br />taxes and special assessments; and
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<br />(b) All payments mentioned 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 lhe Mortgagee to lhe following items in
<br />the order sel forlh:
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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 />(III) amortization of the principal of said nOlI."; and
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<br />(l V) 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 lhe next such payment, conslilute a.n event of default
<br />under lhis mortgage, The Mortgagee may collect a "late charge"
<br />not to exceed four cents (4ct) for each dollar ($1) of each pay.
<br />ment more lhan fifteen (IS) days in arrears to cover the extra ex-
<br />pense involved in handling delinquent payments.
<br />
<br />3, That if the total of the payments made by the Mortgagor
<br />under (a) of paragraph 2 preceding shall exceed the amount of
<br />payments actually made by the Mortgagee for ground rents, taxes
<br />and assessments or insurance premiums, as the case may be, such
<br />er.cess, if the loan is current. al the option of the Mortgagor.
<br />shall be credited by lhe Mortgagee on subsequenl payments to be
<br />made by the Mortgagor, or refunded to the Mortgagor. If,
<br />however, the monthly payments made by lhe Mortgagor under
<br />(a) of paragraph 2 preceding shall not be sufficient to pay
<br />ground rents. taxes and assessments or insurance premiums, as
<br />the case may be. when the same shall become due and payable,
<br />then lhe Mortgagor shall pay to the Mortgagee any amount
<br />necessary 10 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 note
<br />secured hereby. full payment of lhe 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 lhis mortgage resulting in a public
<br />sale of the premises covered hereby, or if the Mortgagee acquires
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<br />the property otherwise afler default, the Mongagee shall apply,
<br />al lhe time of the commencement of such proceedings, or al the
<br />time the property is otherwise acquired. lhe balance then remain.
<br />ing in the funds accumulaled 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, waler rates, and other governmental cr municipal
<br />charges, fines, or impositions, for which provision has nOI been
<br />made hereinbefore, and in default thereof the Mortgagee may
<br />pay the same; and thaI the Mortgagor will promptly deliver the
<br />official receipts therefor to the Mortgagee,
<br />
<br />S, The Mortgagor will pay allta"es whic~ may be levied upon
<br />the Mortgaget"'s interest in said real estale and improvements,
<br />and which may be levied upon this mortgage or the debt secured
<br />hereby (but only to the extent that such is not prohibitt"d by law
<br />and only to the eXlent thaI such will not make this loan
<br />usurious), but excluding any income tax, State or Federal, im-
<br />posed on Morlgagee, and will file the official receipl 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 />hert"after existing from paying the whole or any porlion of the
<br />aforesaid taxes, or upon the rendering of any court decree pro-
<br />hibiting the payment by the Mortgagor of any such taxes. or if
<br />such law or decrct" provides that any amounl so paid by the
<br />Mortgagor shall be credited on the mortgage debt, the Mortgagee
<br />shall have tht" right 10 give ninety days' wrillen notice to the
<br />owner of the mortgaged premises, requiring the payment of the
<br />morlgage deb!. If such notice be given, the said debt shall
<br />become due, payable and collectible at [he 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 lhe same, and all expenditures so
<br />made shall bt" added to the principal sum owing on the above
<br />note, shall be secured hereby, and shall bear interest at the rate
<br />st"t forth in the said nott", until paid.
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<br />7. ThaI the Mortgagor hereby assigns, transfers and sets over
<br />10 tht" Mortgagee, to be applied toward lhe payment. of the note
<br />and all sums secured hereby in case of a default in the perfor-
<br />mance of any of the terms and conditions of this mortgage or lhe
<br />said note, all the rents, revenues and income to be derived from
<br />the mortgaged premises during such time as the mortgage in-
<br />debtedness shall remain unpaid, and lhe 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 it may pay OUl of
<br />said incomes all expenses of repairing said premises and necessary
<br />commissions and expenses incurred in renting and managing the
<br />same and of collecting rentals therefrom; the balance remaining,
<br />if any, to be applied toward the discharge of said mortgage
<br />indebtedness,
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<br />8. ThaI the Mortgagor will keep the improvements now ex-
<br />isting or hereafter erected on the mortgaged properly, insured as
<br />may be required from time 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 />insurance provision for payment of which has not been made
<br />hereinbefore. All insurance shall be carried in companies approv.
<br />ed by the Mortgagee and the policies and renewals thereof shall
<br />be held by the Mortgagee and havt" attached thereto loss payable
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<br />HUD.92143M-1
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