(I) month prior to its due date the annual mortgage insurance premiun , der to i
<br />87F♦ 026Q6►wtth funds to pay such premium to the Secretary of Housing and Urban Development pursuan
<br />1 V tG L7 National Housing Act, as amended, and applicable Regulations thereunder; or
<br />(11) If and so long as said note of even date and this instrument are held by the Secretary of Housing and
<br />Urban Development, a monthly charge (in lieu of mortgage insurance premium) which shall be in an
<br />Iamount equal to one•tweifth (1/12) of one -half (1 /2) 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 p,c...:_....:._: will next become due and payable on
<br />policies cif fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property (all as estimated by the Mortgagee) less all sums already paid therefor 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 sums to be held by Mortgagee in trust to pay said ground rents, pre -
<br />miums, taxes and special assessments; and
<br />i c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under
<br />the note secured hereby shall be added together, and the aggregate amount thereof shall be paid by the Mortgagor
<br />each month in a 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 Urban Development,
<br />or monthly charge (in lieu of mortgage insurance premium), as the case may be;
<br />(I1) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(111) interest on the note secured hereby: and
<br />(IV) amortization of the principal of said note.
<br />Any deficiency in the amount 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, constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed four cents (4tt) for each dollar (S 1) of each payment more
<br />than fifteen (15) tlays in arrears to cover the extra expense involved in handling delinquent payments.
<br />a. That if the total of the payments made by the Mortgagor under (hl of paragraph 2 preceding shall exceed
<br />the amount of payments actually made by the Mortgagee for ground rents, taxes and assessments or insurance pm-
<br />miums, as the case may be, 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 />^ronthly payments made by the Mortgagor under (b) 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 shall become due and pay-
<br />able, then the Mortgagor shall pay to the Mortgagee any amount necessary to make up the deficiency, 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 (a) of paragraph 2
<br />hereof which the Mortgagee has not become obligated to pay to the Secretary of Housing and urban Development
<br />and any balance mmzatinp in the funds accumulated under the provisions of (b) of paragraph 2 hereof. If there
<br />=hall be a default under any of the provisions of this mortgage resulting in a public sale of the premises covered
<br />hereby, or if the lfortgagee acquires the property otherwise after default, the Mortgagee shall apply, at the time of
<br />the commencement of such proceedings, or at the time the property is otherwise acquired, the balance then remain-
<br />ing in the funds accumulated under (�l of paragraph 2 preceding, as a credit against the amount of principal then
<br />remaining unpaid under said note, and shall properly adjunt any payments which shall have been made under (a)
<br />of paragraph 2.
<br />d That the Mortgagor will pay ground rents. taxes. assessments. water rates, and other governmental or municipal
<br />charges. fines. or impoations. for which provision has not been made hereinbefore, and in default thereof the Mortgagee may
<br />pay the same: and that the Mortgagor will promptly deliver the official receipts therefor to the Mortgagee.
<br />5. The Mortgagor will pay all taxes which may he levied upon the Mortgagee's interest in said real estate and improve-
<br />ments, and which may be levied upon this mortgage or the debt secured hereby (but only to the extent that such is not prohibit-
<br />ed by law and only to the extent that such will not make this loan usurious). but excluding any income tax. State or Federal.
<br />imposed on Mortgagee. and will file the official receipt showing such payment with the Mortgagee. Upon violation of this under-
<br />taking, or if the Mortgagor is prohibited by any law now or hereafter existing from paying the whole or any portion of the afore-
<br />said taxes, or upon the rendering of any court decree prohibiting the payment by the Mortgagor or any such taxes. or if such law
<br />or decree pro% ides that any amount so paid by the Mortgagor shall be credited on the mortgage debt, the Mortgagee shall have
<br />the right to Rive nmcty days' written notice to the owner of the mortgaged premises. requiring the payment of the mortgage
<br />debt if such notice he Riven. the said debt shall become due. payable and collectible at the expiration of said ninety days.
<br />h. That should he fail to pay any sum or keep any covenant provided for in this Mortgage. then the Mortgagee, at its op-
<br />tion, may pay or perform the same, and all expenditures so made shall he added to the principal sum owing on the above note.
<br />shall he secured hereby, and shall bear interest at the rate set forth in the said note. until paid.
<br />That he hereby assigns, transfers and sets over to the Mortgagee. to he applied toward the payment of the note and all
<br />sums secured hereby in case of a default in the performance of any of the terms and conditions of this Mortgage or the said
<br />note. all the rents. revenues and income to be derived from the mortgaged premises during such time as the mortgage indebted-
<br />ness shall remain unpaid. and the Mortgagee shall have power to appoint any agent or agents it may desire for the purpose of
<br />repairing said premises and of renting the same and collecting the rents, revenues and income, and it may pay out of said in-
<br />comes all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the
<br />same and of collecting rentals therefrom; the balance remaining, if any, to be applied toward the discharge of said mortgage
<br />indebtedness.
<br />R. That he will keep the improvements now existing o, hereafter erected on the mortgaged property, insured as may be
<br />required from time to time by the Mortgagee against loss by fire and other hazards. casualties and contingencies in such
<br />amounts and for such periods as may he required by the Mortgagee and will pay promptly, when due, any premiums on such
<br />insurance provision for payment of which has not been made hereinbefore. All insurance shall he carried in companies ap-
<br />prised by the Mortgagee and the policies and renewals thereof shall he held by the Mortgagee and have attached thereto loss
<br />pasaMe clauses in favor of and in form aiceptabfe to the Mortgagee. In event of loss Mortgagor will give immediate notice by
<br />mail to the Mortgagee, oho may make proof of loss it not made promptly by Mortgagor, and each insurance company con-
<br />cerned is herehs authorized and directed to make payment for such loss directly to the Mortgagee instead of to the Mortgagor
<br />L and the Mortgagee loioth . and the insurance proceeds. or any part thereof, may he applied by the Mortgagee at its option either
<br />n, the reduction of the indebtedness herehy secured or to the restoration or repair of the property damaged. In event of foreclo-
<br />.ure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby.
<br />title end interest of the Morigapor in and to any insurance policies then in force shall pass to the purchaser or grantee.
<br />v That .,v „idownal and collateral secunty for the payment of the note described, and all sums to become due under this
<br />•n, ripige the Mortgagor herehy assigns to the Mortgagee all profits revenues. royalties, rights and benefits accruing to the
<br />st rt ,Rc r under ins end .ill oil and cgs leasrs on said premises. ,. - Rht to receive and receipt for the same and apply
<br />rhr, ,, ;nail ndchtrdncs; n well hefore as after default in the .one ' pis mortgage. and the Mortgagee may uemand, site
<br />•rr ens .�; h ;.tvments when due and pas able. l-,tt quired so to do This assignment is to terminate
<br />n;,ll m„ —id uv„n -eleaer of this mortgage
<br />HuD92t43M (9 ?9)
<br />, na:
<br />Ito
<br />
|