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t I' month prior to t1i due :Sale the lunu3 n 'rtgage insurance preniturlt r "filet It, prov!tit l ,ch I'. _•I
<br />-•(
<br />Q04'� with funds tit pay such prernain rE the Sac ietam ,,I Housing and U11 ,31t IBC Vei! +prfttnl ('„•,tl all[ t, ilia
<br />�� ltegulanons theicunde,: or
<br />National Housing Act. as arnended, and applicable
<br />(11) If and so long as said tittle of e %col date and 1111S ti7Strioneltt are held by tine Secretary of 11OnS19g and
<br />Urban Development, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an
<br />amount equal to one - twelfth ( 1112) of one -half (112) per centum of the average outstanding balance
<br />due on the note computed without taking into account delinquencies or prepayments:
<br />(b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable I -,n
<br />policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property (all as estimated bl• the ffortgagee f less all sums already paid therefor divided by the
<br />number of months to elapse before one month prior to the date when suds ground rents, premiums, taxes and
<br />assessments will become delinquent, such sums to be held by Mortgagee in trust u, pay said ground rents. pre-
<br />miums, taxes and special assessments; and
<br />(c) All payments mentioned in the two preceding subsections of this paragraph and all payments tit be made under
<br />the note secured hereby shall he added together, and the aggregate amount thereof shall be paid by the Muitgagor
<br />each month in it single payment to be applied by the Mortgagee to the following items in the order set forth:
<br />(1) premium charges under the contract of insurance with the Secretary of Housing and Uthan Ik velopment.
<br />or monthly charge On lieu ref mortgage insurance premium), as the case may be:
<br />(11) ground rents, taxes. assessments, fire and other hazard insurance: premiums:
<br />(1111) interest on the note. secured hereby: and
<br />(IV) amortization of the principal of said note.
<br />Any deficiency in the amount of any stich aggregate monthly payment shall. unless made good by the Mort-
<br />gagor prior to the due date of the next such payntert. constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed tour cents (4;t) for each dollar (Si ) of each payment more
<br />than fifteen (1 5) Jays in arrears to cover the extra expense involved in handling delinquent payments.
<br />:3. That if the total of the payments made by the Mortgagor under i b) of paragraph 2 preceding -hall exceed
<br />the amount of payments actually made by the Mortgagee for around rents. taxes and arsessmeri or insurance pre-
<br />miums, as the ca.-e may be, such excess• if the loan is current. at cite option of the Mortgagor. shall be credited by
<br />the Mortgagee on subsequent payments to be made by the Mortgagor. or refunded to the Morfga ;or If. however, the
<br />monthly payments made by the Mortgagor under rbl of paragraph 2 preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums. as the case may be, when the .same . =hall become clue and pay-
<br />able; then the Mortgagor shall pay to the Mortgagee any amount necessary to make up the deficient•} , on or before
<br />the date when payment of such ground rents, taxes, assessments or insurance premiums shall be due. if at any
<br />time the Mortgagor shall tender to the Mortgagee, in accordance with the provisions of the note secured hereby.
<br />full payment of the entire indebtedness represented thereby. the Mortgagee shall. in computing the amount of such
<br />indebtedness• credit to the account of the Mortgagor all payments made under the provisions of (re.? of paragraph
<br />hereof which the 'Mortgagee has not become obligated to pay to the:ec•retary of Housing and Urban Development
<br />and any balance remaining in the funds accumulated under the provisions of (b) of paragraph 2 hereof. If there
<br />shall be a default under any of the provisions of this mortgage resulting in a public sale of the• premise- covered
<br />�y
<br />hereby, or if the Mortgagee acquires the property otherwise after default. the Nome [gee shall apple. at the time of
<br />the commencement of such proceedings, or at the time the property is othencise ac quired, the balance then remain-
<br />s
<br />ing in the funds accumulated under ( %�) of paragraph "_ prec•eding, as it credit against the amount of principal then
<br />i
<br />remaining unpaid under said note. and -hall properly adjusl any payment= which -hall have been made ceder
<br />of paragraph 2.
<br />4. That the Mortgagor will pay ground rents. taxes, assessment,. waiter rate. and ether governmental or municipal
<br />a
<br />charges. fines, or impositions- for which provision has not been made hervinhefore. and in default thereof the Mortgagee may
<br />pay the same: and that the Mortgagor will prompd% deliver the official receipt, therefor it, the Mortgagee.
<br />S. The ' Mortgagor will pay all to \es which nlay he levied upon the Mortgagee', interest in said real estate and inlproye-
<br />ments. and w hich may he levied upon this mortgage or the dehl secured hereby 'hut onl% to the extent that such is not prohibit-
<br />ed by law and only to the c \tent that such g ill not stake tits Juan usurious';. but C %C111ding ant income lax. State or Federal.
<br />imposed on Mortgagee. and will file the official receipt sho\\in g rich payntenl w ith the Mortgagee ('poll violation of this under-
<br />taking. or if the Mortgagor is prohibited by ;in% Jav, now or hereafter timsring front pay ing the \t hole or any portion of the afore-
<br />said lase,. or upon the rendering of ant, court decree prohibiting the p.t\nlenl Iv the Mortgagor ortny such taxes. or if surh law
<br />or decree provides that any .iniount so paid hq the Mortgagor ,hall he credited on the mortgage deh[. the Mortgagee shall have
<br />the right it) give ninety d.iy, written notice to the owner „f the mortgaged ,,remit <. requiring the pitsntent of the mortgage
<br />debt. if such notice he g \cn, the said debt shall heconle clue. p :aahle and collcnNi. at the e \piralion of said nine[% Jays.
<br />b. That should he fail ht pat any sum or keep anv co, gnat, provided for in this Mortgage. then the Mortgagee. at it, op-
<br />tion. may pay or perform the ,annc, and all c \pendifure, ,e made +hall I,c added io the principal ,uni ow ing on the• above note.
<br />shall he secured herch\ . and shall hear intere,t of the rate set forth in the said note. until paid.
<br />,. That he hereby assigns. transfers and sets over to the :1forteagee. to be applied lowald the pay anent of file note and all
<br />sums secured herehy in ca,c tit it default in the performance of any of the term, and condition, of the, %lorig;tge or the said
<br />note. all the rents. revenue, and income to he derived fn+m the riortgaged premise, during such time n, the along, ge indc hled-
<br />ness shall remain unpaid: and the Mortgagee shall have power to i,ppolnt and agent or agent, it Friar\ de,ire for the purpo,e of
<br />repairing said premises and of renting the same and collevting the rent,. rt\er ues :+nd inconlc . and it rrmv par\ out of said in-
<br />comes all expenses of repairing said premises and nece,san connmi,lon, a,nu c\pen,e, incurred in tenting.1nd managing the
<br />same and of collecting rental, therefrom. the balance rem,riling, it any. to he applied tow ;.rd the di,,h ; :rgc of ,aid mortgage
<br />indebtedness.
<br />S. That he will keep the lmpro\emenl, now e \,sting o, hcreefter cre \Ic,l on the nwiigaged property, insured a, moat he
<br />required from time to tirne h\ the Mortgagee agalo,l iO„ i,y fire and ,uhc! harard,. :il,ua;uc, and ;onUn-wrije, in such
<br />amount, and for such periods as niay he required by the Mortgagee .Ind \\ Ill ;'.ly llronlpili . Mien due. alt\ prtnliunl, un such
<br />insurance provision for payment of which ha, not been made heremhefoic \it Insurance ,hall he carried in vornp:uue, ap
<br />proved by the Mortgagee and the policies and renewah thereof ,hal! he hrl\i h\ the Mortgagee ;Ind h:,ve anached thcl,lo In„
<br />payable clau,es in fil%or of and in form aireptal,le to the Mortg;:gcc In c\rnt of lo" Mortgagor t% ]it gtvr Inuncdiatc nolrcc h\
<br />mail to the Mortgagee, who may make proof of loss it not made promptly by Mortgagor :md each in,urutet comp ant\ C011-
<br />cerned is hereby authorized and directed to ntatkc payment tot +rich nos, tiredly to the Mortgagee m,lead of h, Iht Mortgagor
<br />and the Mortgagee jointly . and the insurance proceed,, or ;nn pall therenL m;u he .lpphed h\ the \tortcapee at it, option "-iffier
<br />Io the reduction tit the indehtedne„ hcichh ,vcured it to the re. lorauon ,,r rep. :r ,'I •he ;,r p lt damn Iced In e\ enl of foie, 1,
<br />sure of this mortgage ar other Iran,fet of title to the rnortgaev [if 1perrit Ill e\tnleul,nrletit of tic• indehiconc , sei urcd ho 0,,,
<br />all right. title and interest of tilt Mortgagor tit and it w :,n\ nr,uclnvc poht le, !hen In Lit„ ,h,,h ;'a„ ;e the I'n1, hit 1nl, r
<br />q "fiat a, addhlooal Ald ,ollalct -ill ,ecunly fol lie I' !n nlerlI ,,f Illy n"nt Ik•,c rlhell..:n,; _IU 1„ l'c, gnu ,In, undc•1 till,
<br />m,rigrge. tic• Morlgn r tcrc•f•\ ill I lit,. TLICT11111 v 1:111 .1 ul I I ct,. :T.nn, ;he.
<br />Mortgagor uruict ant Ind II nl Ind g," , - I ;,,:it, 1 tl :h, III I 11'1,
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<br />lit Ill th, "indlilo ,'I III” I �, 1', 0 h, \a 1 ,Ie : ii l ll,'
<br />Ilien to ;Ind m1rhiedne„ „ II hefwc - ,i., N-1 WC',
<br />I'll .,nd TC, Wit .inn ";I,h I. to \:111` t, he' 1 lilt !n,l .a \,t t'le ('Ili vh l l 1 1,'I I`,
<br />,,nd hecurlte nil! .ln,1 'n; wo I, ... , •1 the °I, 1eL1er
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