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<br />88- 104050
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<br />TIte MorIptOf In order mClrr faUy to protect IIIe ItCUfIty of
<br />tllll Monpae. aar-:
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<br />ment more than fifteen (I S) days in arrears to cover the extra ClI-
<br />pensr involved in handling delinquent payments.
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<br />1. Thai he will pay the indebtedness, as hereinbefore provided,
<br />Privilege is rcscrved 10 pay the debt in whole or in part on any
<br />installment due date.
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<br />2. That, together with, and In addillon 10, the monlhly
<br />payments of principal and interest payrmle under the terma of lhe
<br />note secured hereby, the Mortpgor will pay to the Mortgagee,
<br />on the firll day of each monlh unlll the said note is fully paid,
<br />the followl.'lJ sums:
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<br />(a) Amount sufficient to provide the holder hereof with funds
<br />to pay the next mOrlgqe inaurance premium if this instrument
<br />and the note ICCUred hereby are insured, or a monthly charge (in
<br />IiftJ of /I morraqe insurance pmnium) if they are held by the
<br />Secretary of Housing and Urban Development, as follows:
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<br />(I) If and so long as said note of even date and this In-
<br />strument are inaured or arc reinsured under the provisions of the
<br />National Housinl Act, an amount sufficient to accumulate in the
<br />hands of the holder one (I) month prior to its due dale the an.
<br />nual IDOrlJBIC insurance premium in order to provide such holder
<br />with funds to pay such premium 10 the Secretary of Housing and
<br />Urban Development pursuant to the National Housing Aet, as
<br />amended, and applicable Regulations therrundcr; or
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<br />(II) If and so Ion, u said note of even date and this 10'
<br />strument are held by the Secretary of Housing and Urban
<br />Devdopment, a monthly charge (in IinJ of a mon,..e insur/lIlce
<br />premium) which shall be in an amount rqualto one-twelfth
<br />(1/12) of one-half (1/2) per centum of the avcraae outstanding
<br />balance due on the note computed without takina inlo accounl
<br />delinquencies or prepayments;
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<br />(h) A sum rqualto the ground renlS, if any, nnt due, plu. the
<br />premiums thai win next become due and payable on policie. of
<br />fire and other hazard insurance coverinlthe mort,aaed property,
<br />pig) taxes and useumenu IICllt due on the mortaaaed property
<br />(1111 as erdnuurd by the Mon~) less all .ums already paid
<br />therefor divided by the nwuber of month. to dapsr before one
<br />(I) month prior to the date when such Jl'ound rents. premium.,
<br />lUes and assessments will become delinquent, such sums to be
<br />held by MOrlppe in trust 10 pay said lJI'ound rents, premiums,
<br />taxes and special assessments; and
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<br />(c) An payments mentioned in the IWO prCCfdin, sublt.:tion.
<br />of this paragraph and all payments 10 be made under the nak
<br />ICCUfed hereby shall be added tolflher. and the aurepte amount
<br />thereof shall be paid by the MOrlNor each month in a sinaJe
<br />payment to be applied by the Mortlagee to the followin, ilems in
<br />the order Set fOrlh:
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<br />(I) premium char,es under the contract of insurance with
<br />the Secretary of Housina and Urban Development, or monthly
<br />char,e (in Jiev of mortpge insuT7UJCC premium), 81 the casr may
<br />be'
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<br />(II) JrOund rents, lUes, lISseuments, fire and other hazard
<br />insurance premiums;
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<br />(IU) interest on the note secured hereby;
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<br />(IV) amortiullon of the principal of said nOle; and
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<br />(V) late eharges,
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<br />Any deficiency in lhe amOUDl of such aggregale monthly pay_
<br />ment shall, unless made good by the MOrlgagor prior to the due
<br />date of the IICllt such payment, constitute .., event of default
<br />under thiJ mortPle. The MOrlPlee may collect a "Jate charlo"
<br />DOl to ClIe= four cents (4C) for each dollar (51) of each pay-
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<br />3, That if the lotal of the payments made by tbe MOrlPlor
<br />under (b) of parllJraph 2 preceding shall exceed the amount of
<br />paymenll actually made by the Mongagee for ground renu, taxes
<br />and assessments or insurance premiums, as the case may be, such
<br />CllCesS, if the IDBn is current, at the option of the MOrlgagor,
<br />shall be credited by the MOrlgasee Oli subsequent payments to be
<br />made by the MOrlaaaor, or refunded to the MOrlPlor. If,
<br />however, the monthly payments made hy the MOrllllllor under
<br />(b) of para,raph 2 precedin, shall not be suffident to pay
<br />ground rents, taxes and usessments or insurance premiums, as
<br />the cue may be, when the same shall become due and payable,
<br />then the Mort,agor shall pay to the MOrllllJCC any amount
<br />necessary to make up the deficiency, on or before the date wben
<br />paymenl of such ,round rents, lUes, assessments, or insurance
<br />premiums shall be due. If at any time 1Iie MOrlNOr shall tender
<br />10 the MonlBlee, in accordance with the provisions of the note
<br />secured hereby. full payment of the entire indebtedness
<br />repraented thereby. the Mon'Blee shall. in computinl the
<br />amount of .uch indebtedness, credit to tbe BCalunt of the Mon-
<br />glllor all payments made under the provisions of (a) paragraph 2
<br />hereof which the Mortlager has not become obligated to pay to
<br />the Secretary of Housinl and Urban Development and any
<br />balance remaining in tbe funds aeeumulated under the provisions
<br />of (b) of para,raph 2 hcrrof. If there sball be a default under
<br />any of the provisions of this mortgllle resulting in a public sale
<br />of the premises covered hcreby, or if the MOrlPlcc acquires the
<br />property otherwloc after default, the MonPlcc sballllpply. at
<br />lhe lime of the commencement of such proceedinp. or at the
<br />time Ihe property is otherwise acquired, the balance then remain-
<br />ing in the funds accumulated undcr (b) of paralJI'aph 2 precedina,
<br />as a credit againlt the amounl of principal then remainina unpaid
<br />under said note. and shall properly adjust any payments which
<br />shall have been made undcr (a) of paragraph 2.
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<br />4. That the Mortaalor will pay Iround rents. lUes,
<br />assessments, water rales, and other lovernmenlal or municipal
<br />ehar,cs, fines, or impositions, for which provision bas not been
<br />made hereinbefore, and in default tbereof the Morlp&ee may
<br />pay lbe same; and that the MOrlPlor will promptly deliver the
<br />official receipts therefor to the MOrlppe.
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<br />5. The Mortgagor will pay all lUes which may be kvied upon
<br />Ihe Mortlagee's interest in said real C5tate and improvements.
<br />and which may be Irvied upon this mOrlNe or the debt secured
<br />hereby (but only to the elltent that such is nOl prohibited by law
<br />and only to the ment that such will nOl make thiJ loan
<br />usurious), but excludina any income lU, SWe or Federal, im-
<br />posed on MOrlppe. and will file the official receipt showlna
<br />such payment with the MorlpJee. Upon violation of this undcr-
<br />talcing, or if the Mortgagor is prohibited by any law now or
<br />hereafter nistin, from paying the wbole or any portion of the
<br />aforesaid taxes, or upon tbe rendering of any court decree pro-
<br />hibitina the payment by the Mortgagor of any such lUes, or if
<br />such law or decree provides that any amount so paid by the
<br />MortlBlOr shall be credited on the mortp&e debt, the MorlPlcc
<br />sh41l have the right 10 give ninety days' wriuen notice to the
<br />owner of the mortgllled premises. rrquirlng the payment of the
<br />monllllle debt, If such notice be given, the said debt shall
<br />become due, payable and eolkctible at Ihe ClIpiration of said
<br />ninety days,
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<br />6, That should the Mortgagor fail to pay any sum or keep any
<br />eovenllllt provided for in this mortll8le, then the MonlBlcc, at
<br />its option, may payor perform the same, and all npenditures so
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