|
i M
<br />r
<br />RE- RECORD90 (1) nunrth prior to its due 414 to the annual nntrtgage Inslrrance p It: rniurn in order to provide $licit holder
<br />8 �� will) funds to pay such prenliuna to tlae Svcictary of Ilousiny, and (1111411 DevOovincnl pursuant to the
<br />National liolmlig Act, as amended, and applicable Regulalions theicmuler; ill-
<br />(11) If and sit long as said note of river] slate and this instrument fine held by the Secretary Of Ilnusing and
<br />Urban Mvelopment, a monthly charge (let lieu of a mortgage iusuranco, preiniwn) which shall be in tin
<br />amount cyual lu one•twelfilt (1 /1r) of one -half (11) per cein un of the average out »landing balance
<br />due on the mote computed without taking into account delinquencies in prepayments;
<br />(b) A sum equal to the ground rents, if any, next due, plus the piemiunas that will flex( become due and payable on
<br />policies ill' file and Other hazard insurance covering the nwrtgaged property, plus taxes and assessnienls next due
<br />on the mortgaged property (all as estimated be the Mortgagee) less all sums already paid thcrel'or divided by the
<br />number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and
<br />assessments will become delinquent, such aunts to he held by Mortgagee in trust to pay said ground rents, pre•
<br />rumors. taxes and special assessments; and
<br />(c) All payments mentioned in the two preceding subsections of this paragraph and all payments to Ile made under
<br />the note secured hereby shall be added together, and tine aggregate amount thereof shall be paid by the Mortgagor
<br />each month in a single payment to be applied by the Mortgagee to tilt following items in the order set forth:
<br />(1) premium charges under the contract of insurance with the Secretary of tlou,tng, and Ulban Development,
<br />or monthly charge (irr licit u%nkartgage iusorancc premiurai), as the case may bv:
<br />(11) ground rents. taxes, assessments, fire and killer luvaral marrance prenahans:
<br />(ill) interest on the note secured herehy. and
<br />(IV) amortization of the principal of said note.
<br />Any deficiency in the auaouni of any such aggregate monthly payment shall, unless made good by the Mort -
<br />gagor prior to the due date of the next such payment, aaastiuue au went of default miller this mortgage. Tile
<br />Mortgagee may collect a "late charge" not to exceed IIICa cents (4v) lot each dollar i51) of each payment more
<br />than fifteen (15) daa,. s O, ;arrears to cover the extra expense involved in lraodlinc delinquent payments.
<br />:3. That if the total of the payments made If lire Mortgagor under f 1) of paragraph '2 preceding shall exceed
<br />the amount. of payments act.u: ally made by the Mnrigaegpe for vround rents, taxes and assessments or insurance pre-
<br />miums, as the ease may he, Such excess, if the loan is current, at the option of the Mortgagor, shall be credited by
<br />the Mortgagee on subsequent payments to be made by the Mortgagor, or refunded to the Mortgagor. If, however, the
<br />monthly payments made by the Wntgagor under ('o) of paragraph 2 preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums, as the case mar he when the some shall become due and pay-
<br />able, then the lkortgagor -hall pay to the Mortgagee aanv amount necosAary to make up the deficiency. on or before
<br />the date when payment of such gmOnd rent-, taxes, asses - $moors or iu,uranve premiums shall he due. If at any
<br />time the Mortgagor shall tender to the Mortgagee, in accordance t%ith the provisions of the note .secured hereby,
<br />full payment of the entire indebtedness represented lherehy, the Mortgagee Ahall, in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor all payments made under the provisions of (it) of paragraph 2
<br />hereof which the Mortgagee has nut become obligated to pay to the ,,�vvrvlary Of housing and urban Development
<br />and any balance remaining in the funds accumulated under life provisions of (G) of paragraph 2 hereof. if there
<br />.shall be a default under uny of the provisions of this mortgage resulting in a public sale of the premises covered
<br />hereby, or if the 1lortgagee acquires the property otherwise after default. the Mortgagee shall apply, at the time of
<br />the commencement of . -uch proceedings, or at the time the property is otherwise acquired, fhu balance then remain -
<br />ing in the funds accumulated under (b! of paragraph 2 preceding, as it credit again!,l the amount of principal then
<br />remaining unpaid under said note- and -hall properly adju -1 anv pavmenls which shall have been made under (r])
<br />of paragraph 2.
<br />d. That the Mortgagor will pay ground ,enl,. taxes. asst „meat <. water rate.. and other governmental or municipal
<br />charges, fines. Or impositions, for which prti%ision ha, nol been made hercinhefore, and in de Ludt thereof the Mortgagee may
<br />pay the same; and that the Morigagor %%ill prompth deliver the official receipts theretor to the Mortgagee.
<br />5. The Mortgagor will pay all lase, wImh milt he levied upon the Mortgagee s interest in said real esia le and improve-
<br />ments- and which may he levied upon this montage or rile debt ,ecured herehy Ihut only to the extent that such is not prohibit-
<br />ed by law and only to the extent chat such will not make this loan u,uriou,l, hilt excluding any income tax. State or f=ederal,
<br />imposed On Mortgagee. and will Pile the otticial receipt Showing,uch payment with the Mortgagee. Upon violation of this under -
<br />taking, or if the Mortgagor i, prohibited h� ails la”. not or hereafter c%i,tinj: from hating the %, hole or any portion of the afore -
<br />said taxes. or upon the rondo uag of :any coos: decree prohibiting tae p;aymcnl by the Mortgagor of any such taxes. or if such law
<br />or decree provides that an', amount ,o p:rcf h> the :Mortgagor shawl he credited on the mortgage debt, the Mortgagee shall have
<br />the right to give ninety daa} ' %melee notice to the ,%% net of the mortgaged premi,e,. requiring the payment of the mortgage
<br />debt. If such notice he gi%en. rile said dcht ,hail hecome duc. Jim aahle and collectible :,t the expiration of said ninety clays.
<br />h. 'That should he fail to pay :env ,nm of keep :my c „veil rro pravuted for irf Ihi, Montage. then the Mortgagee, at its op-
<br />tion. may par or perform the $tame. and all expendita :re, ,r made ,hall he added to the principal sum owing on the ahove note.
<br />shall he secured herehy. and ,hall hear inlere,t of the rate set `or Ill irr] the Saud note. until paid.
<br />7. That he herehy assigns. imn,fer, .,no ,ei, finer to tire %lurteagee. to he :applied toward the pa }vnent of the note and all
<br />sums secured herehy in case of a deLtilr sea ;he perlkrr;,oce of arty -.d the terra, and condition, of this Mortgage or the said
<br />note, all the rents, reveruae, and income to he derived from the mortgaged premises during such time a, the mortgage indebted-
<br />ness shall remain unpaid: nand the Morigacee ,hat; have prlwer to ;appoint auy ,cent or agent, it may desire for the purpose of
<br />repairing said premises and of renting file same :old cofle,unt the icnls. rcveouc, and income, and it may pay out of said in-
<br />comes all expenses of repairing said prep :i,r, and nece,sar% ra,r:ami,ions and expense, incurred in renting and managing the
<br />same and Of collecting rcpt ::,' rherefr:nr, the hs':mir lanai hung, it one. to he :tpithed tarw:ird the discharge Of said mortgage
<br />indebtedness.
<br />R. 'That he will keep the improvements now exiting of hereafter erected on the mortgaged property, insured as may lie
<br />required from time to time b% the Mortgagee :acain %I loss h% fire and other hazards. casualties and contingencies in such
<br />amounts and for such periods as may he required I,y the %lortgagve :and w ill par prompih , when due, ant premiums tilt sorb
<br />insurance provision for payment of which liar], not Leen made hereinhefmc all insurance ,hall he carried in ckmp;mir, ap-
<br />proved by the Mortgagee and the: policies and rene%%ar:, thereof shall he held h% ill,' Mortgsgce ;and h :ace attached thereto IONS
<br />payable clauses in favor of and lit form acceptable to the Mortgagee. In e%cnt (it loss Mortgagor will give immediate notice by
<br />mail to the Mortgagee, who may make proof of haS, if not made promptly h% Morigegoi. and catch insurance company run -
<br />ecrned is herehy authorized avid direcied to make pia% menu for ,uch los, directly to the ktottb4agve instead of to rite Mortgagor
<br />and the MaTtgagce jaoilttI%- and the insurance proceed,. or ;Oi% part thereof, maw he .applied by the Motgagee all its option either
<br />to the reduction of the ineichtednc.ss hoicks Scoured ur io the ra siormion ur repair of the 1'roperf y dam fled In c%enl el folcclo-
<br />We Of this mortgage or Other transfr. r of title to the rrrortitaeetl properly nt extinvoi0nfent of the indchtedne,s secured hereby
<br />all right. (hie° :and intcre %t of the Mortgagor in and io any insurance policie, thou in f orec shall pa„ tk the pure ha,er ar a'.ranlcc.
<br />9 That a% iOldownal and collateral security Inn t!, payment Of the little descrahed- ;and all ,11111, to bo, -onae due under tilt,
<br />toort Ve. the MoitgagOt herehy aaNSign, to file Morlit;Iree ;ail I,rofit,. rr ,noes. loos +Ines. right•, .,lilt henctit, itcnnngt :o the
<br />Morlparifor urmfe.r any Foll ail kol,Otd Pit, heave, ou ,aid prevni "", %:Irh the right to lore( %r and r,crrpi tea nc�- ,.unr and ;rppr%
<br />them eta Said ioalebrcdneaS as we>I before n, ,rlterr defeaall ill file conditions of fill, arts rt%.n:,t and Ow \ltia sec
<br />for rand r 4.ovcf anv such payments when d11c anti pa% ;Ili C fatal ,turd neat he rcglOr , a • I, to do Iln, t ,wllnwol to I; 1miu:or
<br />:wait iicc,rrne null mid %arid npoo frlc:ase of fhas a =antra ;afar
<br />1 {1 if': ,.'I I;%9.” -Pal
<br />Y ..
<br />,Aif
<br />0
<br />
|