|
<br />88-
<br />
<br />103210
<br />
<br />Tbe Mortl..or In order more lully to protect Ibe ~urlly 01
<br />tbls Mort...., apees:
<br />
<br />1. That he will pay the indebtedness, as hereinbefore provided.
<br />Privilege is reserved to pay the debt in whole or in part on any
<br />installment due date.
<br />
<br />2. That, together with, and in addition to, the monthly
<br />payments "f ptincipal and interest payable under the terms of the
<br />note scc::ured hereby, the Mortgqor will pay to the Mortgagee,
<br />on the first day of each month until the said note is fully paid.
<br />the following sums:
<br />
<br />(a) Amount sufficient to provide tbeholder bcreof with funds
<br />to pay the next mortgage insurance premium if this instrument
<br />and the note secured hereby arc insured, or a monthly charge (in
<br />lieu of a mOl1'lI6c ilJlurance premium) if they arc held by the
<br />Secretary of Housing and Urban Development, as follows:
<br />
<br />(I) If and so long as said nole of even date and this in-
<br />suument arc insured or are reinsured under the provisions of the
<br />National HousiD, Act, an amount sufficient to accumulate in the
<br />hands of the holder one (1) month prior to its due date the an-
<br />nual mortlllle insurance premium in order to provide such holder
<br />with funds to pay such premium to the Secretary of Housing and
<br />Urban Development pursuant to the National Housing Act, as .
<br />amended, and applicable Regulations thereunder; or
<br />
<br />(II) If and so long as said note of even date and this in-
<br />strument are held by the Secretary of Housing and Urban
<br />Development, a monthly charge (in Ueu of a monS.,. insurance
<br />premium) which shall be in an amount equal to om~-twelfth
<br />(1/12) of one-half (1/2) per centum of the average outstanding
<br />balance due on the note computed without taking into account
<br />delinquencies or prepayments;
<br />
<br />(b) A sum equal to the around renll, if any, next due, plus the
<br />premiums that will next become due and payable on policics of
<br />fire and olher hazard insurance coverin. lhe mortlllled property,
<br />plus tues and aslftsmenU next due on Ihe mortgapel property
<br />(all .. estimared by rhe Mon,lpC) less all sums already paid
<br />therefor divided by the number of monthl to elapse before one
<br />(I) month prior to the date when luch ground rents. premiums,
<br />tues and assessments will become delinquent, such sums 10 be
<br />held by Mort..,ee in trusl to pay said ground rents, premiums,
<br />taxcs and special ulCSSmenu; and
<br />
<br />(c) AU payments mentioned in the IwO preceding subsections
<br />of this paragraph and all payments to be made under the note
<br />secured hereby shall be added to,ether. and thp- agrepte amount
<br />thereof abalI be paid by the Monaaaor each month in a single
<br />paymenl to be applied by Ihe MortlllSee 10 the following items in
<br />the order set forth:
<br />
<br />(I) premium char.cs under the contract of insurance with
<br />the Secretary of Housing and Urban Dn'elopmenl, or monthly
<br />char,e (in lieu of mort,qe insurance premium), as the caK Olay
<br />be;
<br />
<br />(II) ground rents, UlXCS, assessments, fire and other hazaHI
<br />insurance premiums;
<br />
<br />(III) intercsl on the note secured hereby;
<br />
<br />(IV) amortization of Ihe principal of said nOle; and
<br />
<br />(V) lale charges.
<br />
<br />Any deficiency in the amounl of such au-reeale monlhly pay.
<br />ment shall, unless made .oad by the Mortsaaor prior to Ihe due
<br />dale of the next luch payment. conslitute an evenl of default
<br />under lltil morl..,e. The Mortsa.ee may collect a "late char,e"
<br />not ,10 exceed rour ceRU (lie) for each dollar ($ I) of each pay-
<br />
<br />ment more than fifteen (J S) days in arrears to cover the extra ex-
<br />pense involved in handling delinquent payments.
<br />
<br />3, That if thc total of the payments made by tbe Mortllllor
<br />under (b) of paragraph 2 precedins sball exceed the amount of
<br />payments actually made by the Mortgagee for gound rents, taxes
<br />and assessments or insurance premiums, II the cue may be, such
<br />excess, if the loan is current, at the option of the Mo......or.
<br />shall be credited by the Mortgascc on subsequent payments to be
<br />made by the Mortpsor, or refunded to the Mortp&or. If,
<br />however, the monthly payments made by tbe Monpgor under
<br />(b) of paragraph 2 precedin, shall not be sufficient to pay
<br />ground rents, taxes and assessments or insurance premiums, II
<br />the case may be, when tbe same shalt become due and payable.
<br />then the Mortgasor shall pay to tbe MortJqee any amount
<br />necessary to make up the deficiency. on or before the date wbcn
<br />payment of such ground rents, taxes, aueuments, or insurance
<br />premiums shall be due. If at any time the Mol1plOr sbaU lender
<br />to the Mortllllee, in aa:ordance witb the provisions of the DOte
<br />secured bereby, full payment of the entire indebtedDess
<br />represented thereby, the Mortllllee shall, in computing the
<br />amount of such indebtedness, credit to the account of the Mort-
<br />gqor all payments made under the provisions of (a) parqraph 2
<br />hereof which the Mortllllcc has not become obtiptecl to pay to
<br />the Secretary of Housins and Urban Development aud aD}'
<br />balance remaining in the funds accumulatcd under the provisioas
<br />of (b) of paragraph 2 bereof, If tbere sball be a default IIDder
<br />any of the provisions of this mol1pJe RSUJting in a public sale
<br />of the premises covered hereby, or if the Mortppe KqWres tbe
<br />property otberwise after default, the Monaasee sbaD apply, at
<br />the time of the commencement of such proceedinp. or at the
<br />time the property is otherwise acquired. the balaDce tbea remaiD-
<br />ing in the funds ac:c:wnulated under (b) of parqrapb 2 preceddla.
<br />as a credit against the amount of principal then f"WIdin;q, unpaid
<br />under said note, and shall properly adjust any paymeali wbic:b
<br />shall have been made under (a) of parqraph 2.
<br />
<br />4. That the Mortgqor will pay ground rents. tueI,
<br />assessments, water rates, and other aovcmmental or mUDic:ipal
<br />char.es. fines, or impositions, for which provisioa bas DOl beea
<br />made hereinbefore. and in default tbercof tbe Morqqee may
<br />pay the same: and that the MortJqor will promptly deliver the
<br />official receipts therefor to the Monppe.
<br />
<br />S. The Mortlaaor will pay all lUes which may be levied upon
<br />lhe Mortaaaee's interest in laid real estate and improvements.
<br />and which may be levied upon this mortpIC or the debt secured
<br />hereby (bul only to the extent that such is not prohibited by law
<br />and only to the extent that such will not make thilloaD
<br />usurious), but exdudina any iDc:ome lU, State or Federal, im-
<br />posed on Mortaaaee. and will file the ofrlCial receipt showioa
<br />such payment with the Monpaee. Upon violation of this under-
<br />lakins. or if the Mort.aaor is prohibited by any law now or
<br />hereafter existing from payina the whole or any ponion of tbe
<br />aforesaid lUes, or upon the renderina of any court decree pro-
<br />hibitina the payment by the MortaalOr of any such lUes, or if
<br />such law or decree provides that any amount 10 paid by the
<br />Monaaaor shan be credited on the mol1l8lC debt. tlM: Mort....
<br />shall have the right to live ninety days. written notice to tbe
<br />owner of the mortpacd premises, requirina the payment of the
<br />mort.age debt. If such notic:e be liven. the said debt shall
<br />become due, payable and coUectible at the expiration or said
<br />ninety days.
<br />
<br />,.
<br />
<br />6. Thai should Ihe Monlaaor rail'to pay any s\lm Of '-eer'l an}'
<br />covcnant provided for in this mortsaae. Ihen tl\e MortPlft. a,
<br />its option. may payor perform Ihe same. and all npendilurft 50
<br />
<br />.j
<br />
<br />Page 2 ot .
<br />
<br />I
<br />(
<br />.j
<br />
|