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88- 104860 De MOrllQOl la ardff' mol'!' fully to prolK'1 the ltCurUy or tllll Mort..... ......, ment more than fifteen (15) day. in arrears to cover the extra ex- pense involved in handling delinquent payments. J. Thill he will pay the indeblcdness. as hereinbefore provided. Privih:ll:' is reserved 10 pay the debl in whole or in pan on Ilny installment due date. 1. That. lo,ether with. and in addition 10, the monthly payments of principal and interest payable under the terms of the note secured hereby. the Mona&gor will pay to the MonpSte. on the rust day of each month uutil the said note is fully paid. the followinl sums: (a) Amount sufficient to provide the holder hereof with funds [0 p.y the next mOUlage insurance premium if this instrument and the note secured bereby are insured. or a monthly charge (in lieu of. mon...e insul'llDCt premium) if they ate held by the Secretary of Howln. and Urban Development, as follows: (I) If and so long as said note of even date and this in- strument are insured or are reinsured under the provisions of the National Housina Act. an amount sufficient to accumulate in the hands of the holder one (I) month prior to its due date the an- nual monaaae insurance premium in order to provide such holder with funds to pay 5uch premium to the Secretary of Housing and Urban Development pursuant 10 the Nalional Hawing Act. 2S . amended. and applicabJe ReauIations thereunder; or (ll) If and .so Jon& as said note of even date and this in- strument arc held by die Secretary of Housinl and Urban Development, I monthly chUJe (in lieu of I mortpge insurancr premium) which sball be in an amount equal to one-twelfth (1/12) of one-half (1/2) per centum of Ihe average outstanding balance due on the note compured without takina into account delinquencies or prepayments; (b) A sum equal to the ground rents, if any, next due. plus the premiums that will next become due and payable on policies of fm: and other hazard insurance covennl the monpled propcny, plus taxcs and as.sessmenUi next due on the mongaged propcny (1111 as estim.red by rb. MoTt61111") les. 011 51ltIl.l oIteody paid therefor divided by the number of months to elapse before one (I) month prior to the date when such pound rents, premiums. rues and 8Sie5.5ments wiD become delinquent, 5uch sums to be held by Monp&cc in trust to pay said ground rents. premiums, I&Xcs and spcciaJ uscs.smcnts; and (c) All payments mentioned in the two prcccdina subsections of this parqrapb and aU payments 10 be made under the note 5<e11red bereby sbo1l be odded togetber, ond the ......... omount lhereof shall be paid by the Monlllor each mondl in II single payment 10 be applied b)' the Mongagee to the foUowin. items in the order set fonh: (I) pmnium char&c:s under the conuaa of insurance with the Sccrctary of Housing and Urban Development. or monthly charge (m lieu of mortpgr jnsuran~ premium). as the case may be; (II) ground rents, taXes. assessments, rue and other hazard insurance premiums; (no inleR:sl on the note secured hereby; (IV) amonization of the principal of said note: and (V) late charges. Any deficiency in the amounl of such aggregate monthJy pay- ment shall. unless made Sood b)' the MortPBor prior (0 the due dale or lhe next such payment. constitute an event of default under this monJI&C. The Mongagee may collect a "late charl..e" not 10. exceed four =U (~) lor each dollat (SH 01 each PlY- 3. That if th. 'otol of ,h. p.ym<nU mod. by the MonBlllor under (hI of porIBr.ph 2 pr=dlnB .holJ ..eeed the omount of payments actually made by Ihe Monaagee for ground renU, taxes and assessments or insurance premiuDll. as the cue may be. such excess, if the loan is current. at the option of tbe Mortpgor, shall be credited by the Mortpgee on subsequent payments to be made by the Monpgor, or refunded to the Mortaaaor. If, however. the monthly payments made by the Monsasor under (b) of porogr.ph 2 pr=din. .holl not be sufficimt to pay ground renu. taXes and assessments or insurance premiums. as the case may be, when the same shall become due and payable, then the Mongagor shall pay to tbe Mortgagee any amount necessary to make up the deficiency, on or before the date when payment of 5uch ground rents, taxes. BlScumenu. or insurance premiums shall be due. If at any time the Mortlagor shall tender to the Mortl88cc, in accordance with the provisiom of the note secured hereby. full payment of the entire indebtedness represenled Ihereby, the Mongagee ShaUl in computing the amount of such indebtedness, credit to the account of the Mort- gagor all payments made under the provisions of (a) paragraph 2 hereof which the Monsasee has not become obUsatcd to pay 10 the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the provisions of (b) of patIBIlIph 2 berenf. If there sholl be a dc:f.ult under any of Ihe provisions of this monsase resuJlina in a pUblic laIe of die premises covered hereby. or if the Monsascc acquires the property otberwise after default. the Monaascc shall apply. at the time of the commencemenl of 5uch proceedinp, or at the time the property is otherwise acquired. the balance then remain- ing in the funds accumulated under (b) of paragraph 2 preccdina. as a credit against the amount of principal then remaining unpaid under said note, and shall properly adjust any payment! which shall have been made under (a) of paragraph 2. 4. Thai the Monplor will pay ground rents, taxes. assessmenU. water rales, and other lovemmmtal or municipal charges, fines. or impositions, for which provision has not been made hereinbefore. and in defauh thereof the Monsascc may pay the same; and that the MOI;CIBlor will promptly deliver the official receipts therefor to the Monpgee. 5. The MortPlor will pay all taxes which may be levied upon the Mortgagee's interest in said real estate and improvements. and which may be Jevied upon Ihis mortsase or the debt secured hereby (but only to the extent that such is not prohibited by law and only 10 the extent that 5uch will not make this loan usurious). but excluding any income tax. Slate or Federal, im- posed on Monlll&". ODd will iii. the officio) n,ceipt .howinll such payment with the Mortlllcc. Upon violation of this undcr- takiOJ. or if the Mon~or is prohibited. by any law now or hereafter existing from payinl the whole or an)' ponion of the aforesaid tnes, or upon the renderinl of any court decree pro- hibitina: the paymenl b)' the Mongagor of any such taxes, or if 5uch law or decree provides dun any amount 50 paid by the MonPlor shalJ be credited on the monwe debt, the Monsaaee shan have the right to give ninety days' written notice to the owner of the mortgaged premises. requirina the payment of the mOrlPBe debt. If liuch notice be given. the said debt shall become due, payable and collectible at the expiration of said ninety days. 6. That should Ihe Mortgagor fail to pa)' any sum or keep any covenant provided for in this mortgage, then the Mongaaee. at i~ option. may pa)' or perform the same, and all..cxpenditures so ...) J Page 2 of'"