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<br />88-104560
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<br />The MortpgOi In order more fully to protect Ihe securl.)' of
<br />Ibl. Mortpao, .gren:
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<br />ment more than fifteen (15) days in arrears [0 cover the extra ex~
<br />pense involved in handling delinquent payments.
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<br />I. That he will pay the indebtedness, as hereinbefore provided.
<br />Privilege is reserved to pay the debt in whole or in pan on any
<br />installment due date.
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<br />2. That. together with, and in addition to, the momhly
<br />payments of principal and interest payable under th( tenns of the
<br />notc secured hereby. the Mortgagor wiD pay to the Mortgagee,
<br />on the first day of each month until the said note is fuUy paid.
<br />the following .ums:
<br />(8) Amount sufficient to provide the holder hereof with funds
<br />(0 pay tht" next mortgage insurance premium if this instrument
<br />and the note secured hereby arc insured. or a monthly charge (in
<br />lieu of a mort,ase insurance premium) if they are held by the
<br />Secretary of HOUling and Urban Development. as follows:
<br />(I) If and .0 long as said note of even date and this in-
<br />strument are insured or are reinsured under the provisions of the
<br />National Housinl Act. an amount sufficient to accumulate in the
<br />hands of the holder one (J) month prior to its due date the an-
<br />nual monille insurance premium in ordrr to provide such holder
<br />with funds to pay such premium to the 5<<r~lary of Housing and
<br />Urban Development pursuant to the National Housing Act, as
<br />amended, and appUcabl", Regulations thereunder; or
<br />(II) If and 1i0 long as said note of even date and this in-
<br />strument arc held by the Secretary of Housing and Urban
<br />De\lelopment I a monthly charge (in lieu of a mONsagc insurance'
<br />premium) which shall be in an amount equal to onc~lwelfth
<br />(1/12) of one-half (112) per coDlum of the averale outstandlDl
<br />balance due on the note computed withoUI laking into account
<br />delinquencies or prepayments;
<br />(b) A sum equlllo the around rents, if any, neltl due. plus the
<br />premiums thai will next become duc and payable on policiei of
<br />nre and olher hazard insurance co\lerinl the:' monllled propen)',
<br />plus taxes and U5Cllments next due on Ihe mOrlgaged propeny
<br />(./1 as ..rim.red by Ihe ....ON'''.,,) I... all .um. .Ire.dy paid
<br />therefor divided by the number of month!. 10 ellpK before one
<br />(I) monlh prior to the dlle when luch around rents. premiums,
<br />IDes and assessments will become:' delinquent, such lumlo 10 be
<br />held by MOrlllace in trust to pay said around rent!.. premiums,
<br />laxes Ind spedll assesliments; and
<br />tc) All payments mentioned m Ihe two prectding liuhsecllons
<br />of thll paragrAph .nd all paymenll to be made under the nolc
<br />secured hereby .h.1I be added lo,ether. and the ."re..t. .mount
<br />tbereof .h.1I be poid by tb. MOrl,',N each month in . .in,le
<br />p.yment 10 be applied by the MOrllag.. 10 Ihe (ollowing Item. in
<br />thc order set forlh:
<br />(I) premium charges under the: conlnct or insurance with
<br />Ihe Secretary of Housina and Urban Development, or monthly
<br />charae (in lieu of morrSlge insurance premium}, as the case may
<br />be.
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<br />(II) ground rents, Ino, l15ses.sments. fire and other ha.z.ard
<br />insurance premiums;
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<br />(Ill) Interest on .he nOle secured hereby;
<br />(IV) amortization of Ihe principal of said note; and
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<br />IV) late char~es.,
<br />Any deficiency in the amount of such aggregale monthly ply~
<br />ment shall. unless made good by the Mongo8or priOl to the due
<br />dale of the nexl such payment, conslllute an e\lent of defaul1
<br />under this mortglae. The Mortgagee may colltct a "lale charge"
<br />not to exc..d (our conts (4C) lor each dolla, (5 I) of eacb pay-
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<br />3. That if the total of the payments made by tbe MONgagor
<br />under (b) of paragrapb 2 preceding shall exceed the amount of
<br />payments actually made hy the Mortgllg.. for ground rents, taxes
<br />and assessments or insurance premiums. as the cue may be. luch
<br />excess, if the loan is current, at the option of the Mortgagor.
<br />shall be credited by tbe Mortgllgee on subsequent payments to be
<br />made by the Mortgagor, or refunded to the Mon8Bior~ If,
<br />however, the montbly payments made by the MONgllllor under
<br />(b) of paragr.ph 2 precediog sball not be suffidentto pay
<br />ground rcnts, laxes and assessments or insurance premiums. as
<br />the case may be, when the same .ball become due and payable,
<br />then the Mongagor shall pay to the MortB81ee any amount
<br />necessary to make up the deficiency, on or before the date when
<br />payment of such ground rents, taxes, usessments. or insurance
<br />premiums shall be due. If at any time tbe MONgqor .boIl tender
<br />10 the Mortgag.., in ac:cordanco with the provisions of tbe note
<br />.ecured hereby, full payment of the entire indebtedness
<br />,epresented thereby, the Mortgagee shall, in computinl the
<br />amount of such indebtedness, credit to (he account of the Mon~
<br />gagor all payments made uodor tbe provisions of (.) porogropb 2
<br />hereof which the Morlg.."" has not become ohlipted to p.y to
<br />the Secretary of Housing and Urb.n Development and any
<br />balance remaining in the funds accumulated under the provisions
<br />of (bl of paragraph 2 hereof. If tbere shall be . def.ull under
<br />any of the provisions of this monglge resultinl in a public sale
<br />of the premises covered hereby, or if the Mongq;et: acquires the
<br />properlY otherwi.e .ftor def.ult, the MONgllgee sboll .pply, .t
<br />the lime of the comnlencement of such proceedinp, or II the
<br />time the property is otherwise acquired. the balana: then remain-
<br />IDg in Ihe fund. accumulated under (h) of p.roarapb 2 preccdin,.
<br />Il!. 11 c:redil Ilgainst Ihe amount of principal then rem.inin. unpaid
<br />under said nOle, and shall properly adjust any payments which
<br />shill have been made under (I) of plraaraph 2.
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<br />4. Thai the MOrlgllor will pay Iround rents, laxes.
<br />lLueumenlS, water rites, and olher lovemmenlal or municipal
<br />chargn, fines, or lmpositionsw ror which provision has nol been
<br />made hereinbefore, and in ddau1t thereof the MortPlee mlY
<br />pay Ihe same; and Ihat the Monpaor will promplly deliver the
<br />offiCial receipts Iherdor to the Monl..ee.
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<br />I. The MOrl.a,or will pay .1I1.xes which may be levied upon
<br />the Mon~l.ce's lnterest in iaid real eslale and improvements,
<br />and whi<h may be levied upon this morl...e 0' the <leht lOCU,ed
<br />hneby (but only to the atent that luch is not r"rohlbiled by law
<br />and only to the cw:leR1 lhal luch will nOI make thb loan
<br />usurious), bUI excludinl any income tu. Stile or Federal. im~
<br />po.ed on MON,a,.., and will me lb. offici.1 ,eceipt Ibowin,
<br />such payment wilh the Mona'aee. Upon 1fiolllion of this under-
<br />t.aluns, or if the MortlllOf II prohibilN by any law now or
<br />hereafter e"'15I1n. from paymllhe whole or Iny ponion of the
<br />aforesaid '."ca, or upon the rendenn. of In)' coun decree pro-
<br />hibilin,the p.ymenl hy the MON,a,o, of any .uch tuos, or if
<br />such law or decree provido that any Imount 10 paid by the
<br />MOrlg.go, sban be credited on the mOrl,.,e debt. the MON'....
<br />shall have the right to give ninelY diY" wrinen notice to the
<br />owner of Ihe martialed premisclo, requuinl the payment of (he
<br />mongaKe debl. If such notice be ai\lcn. the 'lid debt shill
<br />become due, payable and collectible al the explrltion of said
<br />ninelY days.
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<br />6. That should Ihe Monplor fail 10 PlY any lum or keep any
<br />covenanl provided for in Ihis mong_ge, then the MonPiee, al
<br />i15 option, may payor perform the same, and all expendituro so
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