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109845
<br />87-- i, -;" � I
<br />IU dft mstpgar is order taws fury as plebes Mils Moo ty of
<br />M_ %W aaeM
<br />1. That be will pay the indebtedness, AS hereinbefom provided.
<br />privilege is Moved to Pay the debt in whole of in pan on say
<br />installment dine date.
<br />7%ft. together with, and In addition to, the monthly
<br />payments of principal and btsrwM payable antler the terms of the
<br />On nru th MongeSm will pay to tits Mortgages,
<br />the following swim: until the said etas b fully paid,
<br />to pay Amount �>nfffdm to provide the holder beraof with fonds
<br />and moss eecMits ine�ce Premium if this instrument
<br />hereby we leaned. of a monthly charge On
<br />Hour of a oorvaer Warancee t'sraaium) if they are held by the
<br />Seaxlary of }ioneiag and Urban Development, re follows:
<br />(I) It and so bbl a said note of even due and this in.
<br />mum= insured or ate Milarsci under the provisions of the
<br />National Housing Act, an &Mount sufficient to accumulate in the
<br />rands of the holder one (1) month Pride to its due dare the an.
<br />with funds pauuy u"Mism Premium in order to provide such holder
<br />Urban �n+ium to the Secretary of Homing and
<br />elopmot PutnuanM to the National Housing Act, a '
<br />aasmded. and applicable Regulations thereunder; or
<br />(11) If and so long as said sae of even date and this in.
<br />strtument are held by the Secretary of Having and Urban
<br />Developeagm. a monthly charys (in lieu of a nsMWW insurance
<br />Premium) which shall be in an amount equal to one twelfth
<br />(1/12) of onrhalf (1/2) per cemum of the average #e
<br />balance dug on the twee computed without taking into account
<br />or prepayments;
<br />(b) A som equal to the ground rents. if my, out due, plus the
<br />Premiums that will next became due and payable on polwm of
<br />fire and other hazard uMWmce covering be mortgaged property,
<br />Phu tam ad &aeumots next due on the mortgaged prey
<br />(off 0 estimated by the Mortgagee) l� all sutras
<br />already p paid
<br />therefor divided by the number of months to elapse before one
<br />(1) month Prior to the doe when such ground rams. premium,
<br />held by Monpan in trust delinquent, pick sums to be
<br />Pay said ground rats, troamuun.
<br />tams and apsdal aims; Maid
<br />(c) All payments nentbmad Is the two Preceding subsection
<br />of this WaVO r and cep Peynents to be made under the note
<br />uvd hereby paid �
<br />the together. and the ate eg&e amount
<br />thereof ha
<br />Payment 10 be applied by theme each mouth is • sites
<br />the order nest forth: Mom to the following items in
<br />(1) Pfeminm dugs under the comrso of insurance with
<br />�g f Housing and Urban Development, o monthly
<br />be; &_was" prestos), me the can may
<br />01) ground terra. taxes, assommem. fire and other hazard
<br />UMUTA- premiwus;
<br />(ltq intaees on the not secured hereby;
<br />(IV) amortis tioo of the principal of said nptr and
<br />M Iwo Chula.
<br />Any deficiency in the amount of such aggregate monthly pay.
<br />Went dog. union made goat by ire Mortgagor prior to the ate
<br />date of
<br />under 0116 mOr4wo. nse the fuss sack by constitute an event of defauuh
<br />act nt MoSed roar ens (4S) f ��d i4rcot(31 a Ise cWT
<br />(3 1) of ach pay.
<br />imam more that nheen (1s) days in "ran to cover the extra IM.
<br />Penn involved In handling delinquent psytunts.
<br />d That
<br />"A if the total en
<br />of the Payments made by the Mortgagor
<br />PSYMMU (b) of Paragraph 2 preceding chap nosed the amonnnt of
<br />Y made by the Mortgyw for ground rents, tams
<br />ieu-- Premiums. as the case may be, suck
<br />shall beif o tJo is meat, at the option of the Mortgyor
<br />nude by the ie by the M on subsequent poyattots to be
<br />however, he monthly , or refunded to the MMVW. If,
<br />(b) of h' payments toads by the Mongapr under
<br />ground 2 pfd snap tux be sufnciat to lay
<br />the sus city be, when the shall or insurance premiums, as
<br />bete due and payable.
<br />am the Mortgagor shay pay to the Mortgagee any amount
<br />ttosaary to make up the dencieslY, on or before the date when
<br />PRYmax of such ground rents, tams, gumnamts, or imnuar
<br />Premiums shop be due. if At say time the MoftS&W " tender
<br />to the M- WM. . in accordan0e with the provklons of the ace
<br />represd ted hereby,
<br />represented payment of the entire indebtedness
<br />a Hereby, the Mortgages shall, in computing Pre
<br />emount of such indebtedness, credit to the accent of the Mon.
<br />SAW all payments merle under the provisions of (a) Paragraph 2
<br />hereof which the Mortgagee has act become
<br />the Secretary of Housing and Urban Mn1 a d a pay to
<br />balance remaining in the funds accumu�laW �t an y
<br />of (b) of paragraph 2 hereof. If there shall be a defauk under
<br />MY of the provisions of this mortgage resulting in a public sale
<br />Of the Promises covered hereby. or if the Mortgagee aeguirs the
<br />Property otherwise after default. the Mortgagee shall apply. at
<br />the time of the commencement of such proceedings, or & the
<br />time the Property is Otherwise acquired, the balanc than rims.
<br />irtg in the funds accumulated under (b) of paragraph 2
<br />& a credit against the amount of Principal then remaining unpai.
<br />under said note, and shall properly adjust any payments which
<br />Shall have been made under (a) of paragraph 2.
<br />4. That the Mortgagor will pay ground rents. Ws.
<br />assssenents, water rain. and other governmental or municipal
<br />charge. noes. o imposkfous. for which provision has not been
<br />m�e rereiabefore. a d in default thereof the MMSMa any
<br />Pay the saute; and that the Mortgagor will promptly deliver the
<br />offical receipts therefor to the Mortgagee.
<br />tAe ' Tha Mortgagor will Pay all Mama which may be levied upon
<br />lNofigyee's interest in sad real came and haPfovemas,
<br />OW whir may be levied upon this mortgage or the debt secured
<br />and o y t o oaly to tits extent that suds is newt prohibited by law
<br />and only to Mrs extent this such will not make this boa
<br />usurious), but excluding any income tax. Stets or Federal, im-
<br />pond on Mortgage. and will nk the official rsplpt showing
<br />such WYmat with the kfottg". Upon violation of trb
<br />u
<br />sehiM, or if the Mortgagor is prohibited by any law now or nisting ho fter taxes, of � paying the whole or any Portion of the
<br />dbiting the payment bey the M-4"_ ' of any court dean Pro.
<br />such law or decree provides that an or of any mar tabs, a if
<br />4otgMo shall be cradled on the curt amount se Paid by on
<br />hail have the right to give N leg• the Mortgagee
<br />�wtuer of tie � °� �_' written °Otis to the
<br />XwIS a debt. If such notice Abe given, the said debt sh&U
<br />eatme die, payable and CoWctible at the expiration of aid
<br />inoty aye.
<br />6. That should the Mortgagor fail to pay any stun or keep any
<br />covenant Provided for in this mortgage, then the Monlegee, at
<br />its option, may pay of perform the same, and all expenditures so
<br />lease 2 of 4
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