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The Morllaaor In order morr rully 10 proleet the ReDrll)' or Ibll Mort..... ......, I. That he will pa)' the indebtedness. as hereinbefore provided. Privilege is r!:Served 10 pay the debt in whole or in part on any installment due date. 2. That. together with. and in addition to, the monthly payments of principal Bnd interest payable under the terms of the note secured hereby. tbe Mortgagor will pay to the Mortgagee, on the first day of each month until the said note is fully paid. the following sums: (a) Amount sufficient to provide the holder hereof with funds to pay the next mortgage insurance premium if this instrument and the note secured hereby are insured. or a monthly charge (in lieu af a mortgage insuranc:e premium) if they are held by the Secretary of Housing and Urban Development. as follows: (1) 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 Housing Act. an amount sufficient to accumulate in the hands of the holder one (1) month prior to its due date the an- nual mortgage insurance premium in order to provide such holder with funds' to pay such premium to the Secretary of Housing and Urban Development pursuant to the National Housing Act, as . amended, and applicable Regulations thereunder; or (II) Jf and 50 long as said note of even date and this in- strument arc held by the Secretary of Housing and Urban Development, a monthly charge (in lieu of a morrgage insurance premium) which shell be in an amount equal to one-twelfth (1/12) of one-half (1/2) per centum of the average outstanding balance due on the note computed without taking 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 fire and other hazard insurance covering the mongaged property. plus taxes and BSSCssments next due on the mongaged property (all as esrimared by rhe Morrssgec) less all sums already paid therefor divided by the number of months to elapse before one (I) month prior to the date when such ground rents. premiums. taxes and asscssments will become delinquent, such sums to be held by Mongagcc in trust to pay said ground rents, premiums, taxes and special asscssments; and (c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note secured hereby shall be added together, and the aB8rqate amount thereof shaD be paid by the MortgBior each month in a single payment to be applied by the Mortgagee to the following items in the order set forth: (I) premium charges under the contract of insurance with the Secretary of Housing and Urban Development. or monthly charge (in lieu of mortgage insurance premium). as the case may be; (11) ground rents, taxes. assessments. fire and other hazard insurance premiums; (III) interest on the note secured hcrcbYi (IV) amonization of the principal of said note; and (V) late charges. Any deficiency in the amount of such aggregate monthly pay- ment shall. unless I!l~de goo~~'V8Mo~~r prior to the due dale of the next suCh' paymen~ ~ttr.i an' event of default under this mortgage. The Mortgagee may collect a "late charge" not to exceed four cents (4C) for eacb doUar (SI) or each pay- 88- 108130 ment more than fiftccn (15) days in arrears to cover the extra ex- pense involved in handling delinquent payments. 3. That if the total of the payments made by the Mortaagor under (b) of paragrapb 2 preceding shall exceed Ibe amount of payments actuaUy made by the MOMgagee for ground rents, lalleS and assessments or insurance premiums, as the case may be. such excess. if the loan is current. at the option of the Mortgagor, sball be credited by the MOMgagee on subsequent payments 10 be made by the Mortgagor, or refunded to tbe Mortgagor. If, however. the monthly payments made by the MortSBlor under (b) or paragrapb 2 preceding sbaIl nol be .ufficlentto pay ground rents. taxes and BSSCssments or insurance premiums, DB the case may be. when the same shall. become due and payable. then the Mortgagor shall pay [0 the Mortgagee any amount necessary to make up the deficiency. on or before the date when payment of such ground rents. taxes, assessments. or insurance premium. shall be due. IF at any time Ibe Mortgagor shall tender 10 the Mortgagcc. in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby. the Mortgagee shaD, in computing the amount of such indebtedness, credit to the account of the Mort- gagor all payments made under Ihe provisions of (a) paragraph 2 hereof which the Mortgagee has not become obligated to pay to the Secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the provisions of (b) of paragraph 2 hereof. If there shall be a default under any of the provisions of this mortgage resulting in a public sale of the premises covered hereby, Dr if the Mortgagee acquires the property otherwise after default, the Mortgagcc shall apply, at the time of the commencement of such proceedings, or at the time the property is otherwise acquired. the balance then remain- ing in the funds accumulated under (b) of paragraph 2 precedins. as a credit against the amount of principal then remaining unpaid under said note. and shall properly adjust any payments which shall have been made under (a) of paragraph 2. 4. That the Mortgagor will pay ground rentsl taxes. assessments, water rates. and other governmental or municipal charges. fines. or impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may pay the same; and that the Mortgagor wiU promptly deliver the official receipts therefor 10 the Mortgagee. S. The Mortgagor will pay all taxes which may be levied upon the Mortgagcc's interest in said real estate and improvements. and which may be levied upon this mortgage or the debt secured hereby (buI only 10 the exteD! Ibal such is not probiblled by I.w and only to the extent that such wUl not make this loan usurious), but excluding any income tax, State or Federal. im- posed on Mortgagee. and wiU file the official receipt Showing such paymenl with the Mortgagee. Upon violation of tbis under~ taking, or if the Mortgngor is prohibited by any law now or hereafter existing from paying the whole or Bny portion of the aforesaid tues, or upon the rendering of any court decrcc pro- hibiting the payment by the Mortgagor of any such taxes, or if such law or decree provides that any amount so paid by the Mortgagor shall be credited on the mortgage debt. the Mortgagee shall have the risht to give ninety days' wriutn notiee to the owner of the mortgaged premises, requiring the payment of the mortgage debt. If such notice be given. the said debt shall become due. payable and collectible at the expiration of said ninety days. 6. That should the Mortgagor fail to pay any sum or keep any covenant provided for in Ihis mortgage. then the Mortgagee, at its option, may payor perform the same. and all expenditures so J Page 2 01 4 J