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<br />Tbe Mortplor In order more fally to protect the lIeCl1r1ty of
<br />ttlls Moncaae. ap-ees:
<br />
<br />I. 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 />paymenll of principal and interest payable under the terms of the
<br />note secured hereby, the Mortgagor will pay to the Mortgagee,
<br />on the nrst day of each month until , the said note is fully paid,
<br />the following sums:
<br />
<br />(a) Amount sumcientto provide the holder hereof with funds
<br />to pay the next mortgage insurance premium if this Instrument
<br />and tbe note secured hereby are insured, or a monthly charge (in
<br />lieu of a mortgage insurance premium) if they are held by the
<br />Secretary of Housing and Urban Development, as follows:
<br />
<br />(I) If and so long as said note of even date and this in-
<br />strument are Insured or are reinsured under the provisions of the
<br />National Housing Act, an amount sumcient to accumulate in the
<br />hands of the holder one (1) month prior to its due date the an-
<br />nual mortgaae 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 lieu of a mortgage insurance
<br />premium) which shall be in an amount equal to one-twelfth
<br />(1/12) of one-half (112) per centum of the average outstanding
<br />balance due on the note computed without taking into account
<br />delinquencies or prepayments;
<br />
<br />(bl 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 covering the mortgaged property,
<br />plus taxes and assessments next due on the mOrlgaged property
<br />(Ill as estimaled by the Mortgagee) less all sums already paid
<br />therefor divided by the number of months to elapse before one
<br />(I) monlh prior to the date when such ground rents, premiums,
<br />tllllCS and assessments will become delinquent. such sums 10 be
<br />held by MOrlPlee In trust 10 pay said ground rents, premiums,
<br />taxes and special assessments; and
<br />
<br />(c) All payments mentioned in [he lwO precedinl subsections
<br />of this paraaraph and all payments to be made under the note
<br />secured hereby shall be added tosether, and the aaaregate amount
<br />thereof shall be paid by the MOrllagor each month in a single
<br />payment to be applied by the Mortgagee to the following items in
<br />the order set forth:
<br />
<br />(I) premium charges under the contracl of insurance with
<br />the Secretary of Housing and Urban Development, or monthly
<br />charge (in lieu of mortgage insurance premium), as the case may
<br />be;
<br />
<br />(II) ground rents, taxes, assessmenls, fire and other hazard
<br />insurance premiums:
<br />
<br />(III) Inlerest on the nOle secured hereby:
<br />
<br />(IV) amortization of Ihe principal of said nOle: and
<br />
<br />(VI lale charges.
<br />
<br />Any denciency in the amounl of such aggregate monthly pay-
<br />ment shall, unless made good hy the Mortgagor prior 10 the due
<br />date of the next such paymenl, constitute an evenl of default
<br />under this mortgage. The MOrlgaaee may collect a "'ate charge"
<br />not to exceed four cents (4C) for each dollar ($1) of each pay-
<br />
<br />RE-RECORDED
<br />88-10401B
<br />
<br />88- 103041
<br />
<br />ment more than 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 Mort8ll8or
<br />under (b) of paragraph 2 preceding shall exceed the amount of
<br />payments actually made by the Mort8ll8ee for ground rents, taxes
<br />and assessments or insurance premiums; as the case may be. such
<br />excess, if the loan is current, at the option of the Mort8ll8or,
<br />shall be credited by the Mortgagee on subsequent paymenll to be
<br />made by the Mortgagor, or refunded to the Mortgagor. If,
<br />however, the monthly payments made by the Mortgagor under
<br />(b) of paragraph 2 preceding shall not be sumclent to pay
<br />ground rents, taxes and assessments or'insurance premiums, as
<br />the case may be, when tbe same shall become due and payable,
<br />then the Mortgagor shall pay to the Mort8ll8ee any amount
<br />necessary to make up tbe deficiency, on or before tbe date when
<br />payment of such ground rents, taxes, assessmenll, or insurance
<br />premiums shall be due. If at any time the Mortgagor shall tender
<br />to the Mort8ll8ee, In accordance with the provisions of the note
<br />secured hereby, full payment of the entire indebtedness
<br />represented thereby, the Mortgagee shall, inlXlmputing the
<br />amount of such indebtedness, credit to the account of the Mort-
<br />gagor all payments made under the provisions of (a) paragraph 2
<br />hereof which the Mortgagee has not belXlme obligated to 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 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 hereby, or if the Mort8ll8ee acquires the
<br />property otherwise after default, the Mortgagee shall apply, at
<br />the time of tbe 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 (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 lhe Mortgagor will pay ground rents, taxes,
<br />assessmenlS, 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 Mort8ll8ee may
<br />pay the same; and that the Mortgagor will promptly deliver tbe
<br />official receipts therefor to the Mortgagee.
<br />
<br />5. The Mortgagor will pay all taxes which may be levied upon
<br />the Mortgagee's interest in said real estate and improvements,
<br />and which may be levied upon this mort8ll8e 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 luch wiD not make this loan
<br />usurious), but excluding any income tax, Stale or Federal, im-
<br />posed on Mortgagee, and will me the official receipt showlns
<br />such payment with the Mortsasee. Upon violation of this under-
<br />laking, 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 />hibiting the payment by the Mortgagor of any such taxeS, or ir
<br />such law or decree provides that any amount so paid by the
<br />Mortgagor shall be credited on the mort8ll8e debt, the Mort8ll8c:e
<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 at the expiration of said
<br />ninety days.
<br />
<br />6. That should the Mortgagor rail 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 />
<br />....)
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