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R~'I\t.';iJRDEO 88- 107037 86- 108910 De Mortallor In on'.r:!' "'I~;!1" fully to prb~fCl the IKOnl)' of Ibis Mort..... ......, I. Th:u he will pay fh~ indebtedness. as hereinbefore provided. Privilege is rC!lcrved to pay the debt in whole or in pan on any installment due dale. 2. That, logether with, and In addition 10, the monthly payments of principal and inlerest pay.ble under the lerm. or the note secured hereby, the Mangagor will pay to the MortgalJee, 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 of a mortgage insurance pr<mium) if they are held by the Secretary of Housing and Urban Development. as follows: (I) [f and so long as said note of even dale 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 (l) 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) If and .0 long as said note of even date and this in- strument are held by the Secretary of Housing and Urban Development, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an amount equal to one-Iwelfth (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 mortgaged propel ty, plus taxes and assessments next due on the mortgaged property (all as estimated by th. Mortgagee) less all .ums already paid therefor divided by the number of months to elapse before one (n month prior to the date when such ground rents, premiums, taxes and assessments will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, premiums, taxes and special assessments; 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 aggregate amount thereof shall be paid by the Mortgagor each month in a single paymen~ to be applied by the Mortgagee to the following items in the order set fonb: (I) premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly charge (in lieu of mOnB1IIJ~ insurance premium). as the case may be; (11) ground rents. taxes, assessments. fire and other hazard insurance premiums; (Ill) interest on the note secured hereby; (IV) amortization of the principal of said note; and (V) late charges. Any deficiency in the amounl of such aggregate monthly pay- ment shall, unless made good by the Mortgagor prior to the due date of the next such payment. constitute an event of default under this mongage. The Mortgagee may collect a "late charge" not to exceed four cents (4C) for each dollar (SI) or eacb pay- mcnt more than rUleen (IS) days in arrears to cover the extra ex- pen,e involved in handling delinquent payments. 3. That ir the lotal or the payments made by the Morlgagor under (b) of paragraph 2 preceding ,han exceed tbe amount of payments actually made by the Mortgagee for ground rents, taxes and il...sessmcnts or insurance premiums, as the case may be, 5uch excess, if the loan is current, at the option of the Monsasor, shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagor. or refunded to the Mortgagor. If, however. the monthly payments made by the Mortgagor under (b) of paragraph 2 preceding shan not be sufficient to pay ground rents. taxes and assessments or insurance premIums, 05 the case may be, when the same shall become due and payable, then the Mortgagor shall pay to the Mortgagee any amount necessary to make up the deficlency, on or before the datoe when payment of such ground rents, taxcs, assessments, or insurance premium. shall be due. If al any time the Mortgagor .hall tender to the Mortgagee, in accordance with the provisions of the note secured hereby. full payment of the entire indebtedncss represented thereby. the Mortgagee shall, in computing the amount of such indebtedness. credit to the account of the Mort- gagnr ali payments made under the provi.lnns of (a) paragraph 2 bereof which the Mortgogee 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 bereof. If there shall be a default under any of the provisions of this mortgage resulting in a public sale of the premises covered hereby. or if the Mortgagee acquires the property otherwise after default, the Mortgagee .hall 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 fund. accumulated under (h) of paragraph 2 preceding. 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 rents. taxes, assessments, water rates. and other governmental or municipal charges. fines. or impositions, for which provision has not been made hereinbefore, and in defaultthereaf the Mortgagee may pay the same; and that the Mortgagor will promptly deliver the official receipts therefor to the Mortgagee. 5. The Mortgagor will pay all taxes which may be levied upon the Mortgagee's interest in said real estate and improvements. and which may be levied upon this mortgage or the debt secured hereby (but only to the extent that such is not prohibited by law and only to the extent that such will not make this loan usurious), but excluding any income tax, State or Federal. im- posed on Mortgagee. and will file the officilI receipt showing such payment with the Mortgagee. Upon violation of this under- taking, or if the Mortgagor is prohibited by any law now or hereafter existing from paying the whole or any portion of the aforesaid taxes. or upon the rendering of any coun decree pro~ hibiting the payment by the Mongagor 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, tbe Mortgagee shall have the right to give ninety days' written notice to the owner of the mortgaged premises, requiring the payment of the mortgage debt. If such nolice be given, the said debt shall become due. payable and collectible at the expiration of said ninety days. 6. That .hould the Mortgagnr fail to pay any sum or keep any covenant provided for in this mortgage. then the Mortgagee. at its option, may payor perform the same, and all expenditures so -- ---1' >~ -...... -....., Page 2 of 4 JJ :i"(IQ~l~ , .: ~.. ,I < ..;!