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87-• 103078
<br />MAte were fegy to protect the stacurity of
<br />I. That he will pay the indebtedness, as hereinbefore provided.
<br />Privilege is reserved to pay the debt in whole or in pan on any
<br />installment due date.
<br />2. That, together with, and in addition to, the monthly
<br />paymems of principal and interest payable under the terms of the
<br />note secured hereby, the Mortgage will pay to the Mortgagee,
<br />on the first day of each month until the said note is fully paid,
<br />the following sums:
<br />(a) Amount sufficient to provide the holder hereof with funds
<br />to PAY the next mortgage insurance premium if this instrument
<br />and the Me secured hereby are insured, or a monthly charge (in
<br />lieu c`a mortgage insurance premium) if they are held by the
<br />Secretary of Housing and Urban Development, as follows:
<br />(1) If and so long as said note of even date and this in-
<br />strument are insured or are reinsured under the provisions of the
<br />NatkmW Housing Act, an amount sufficient to accumulate in the
<br />hands of the holder one (1) month prior to its due date the an-
<br />nual mortgage insurance premium in order to provide such holder
<br />with funds pay such premium to the Secretary of Housing and
<br />Urban Devell opment pursuant to the National Housing An, as
<br />Amended, and applicable Regulations thereunder; or
<br />(11) If and so long as said note of even date and this in-
<br />strument are held by the Secretary of Housing and Urban
<br />Development, a monthly c;Iarge (in lieu of a morto4ge, insurance
<br />Premium) which shall be in an amount equal to one - twelfth
<br />(1 /12) of one -half (lit) per centum of the average outstanding
<br />balance due on the note computed without taking into account
<br />delinquencies or prepayments;
<br />(b) A sum equal to the ground rents, if any, next due, plus the
<br />premiums that will next become due and payable on policies of
<br />fire and other hazard insurance covering the mortgaged property,
<br />Plus taxes and assessments next due on the mortgaged property 4. That the Mortgagor will Pay
<br />(all as r diva recd by the ,lumber Of less all sums already paid assessments, water rates, and other ggovenmentalt or municipal therefor divided by the number of months to elapse before one charges, fines, or impositions, for which provision has not been
<br />(1) month prior to the date when such ground rents, premiums, made herembefore, and in default thereof the Mortgagee may
<br />taxes and assessments will become delinquent, such sums to be pay the same; and that the Mortgagor will promptly deliver the
<br />held by Mortgagee in trust to pay said ground rents, premiums, official receipts therefor to the Mortgagee.
<br />taxes and special assessments; and
<br />(c) All payments mentioned in the two preceding subsections 5. The Mortgagor will pay all taxes which may be levied upon
<br />of this paragraph and all payments to be made under the note the Mortgagee's interest in said real estate and improvements,
<br />secured hereby shall be added together, and the aggregate amount And which may be levied upon this more
<br />thereof shall be y gage or the debt by law
<br />Paid by the Mortgagor each month in a single hereby @set only to the extent that such is not prohibited by law
<br />payment to be applied by the Mortgagee to the following items in and only to the extent that such will not make this loan
<br />the order set forth: usurious), but excluding any income tax, State or Federal, im-
<br />posed on Mortgagee, and will file the official receipt showing
<br />such payment with the Mortgagee. Upon violation of this under-
<br />taking, or if the Mortgagor is prohibited by any law now or
<br />hereafter existing from paying the whole or any Portion of the
<br />aforesaid taxes, or upon the rendering of any court decree pro.
<br />hibiting the payment by the Mortgagor of any such taxes, or if
<br />such law or decree provides that any amount so Paid by the
<br />shall ha shall be o give ninety days' written neice eto Mortgagee h
<br />owner of the mortgaged premises, requiring the payment of the
<br />mortgage debt. If such notice be given, the said debt shall
<br />become due, payable and collectible at the expiration of said
<br />ninety days.
<br />ment more than fifteen (15) days in arrears to cover the extra ex-
<br />pense involved in handling delinquent payments.
<br />3. That if the total of the payments made by the Mortgagor
<br />under (b) of paragraph 2 preceding shall exceed the amount of
<br />Payments actually made by the Mortgagee for ground rents, taxes
<br />and assessments or insurance premiums, as the case may be, such
<br />excess, if the loan is current, at the option of the Mortgagor,
<br />shall be credited by the Mortgagee on subsequent payments to be
<br />made by the Mortgagor, or refunded to the Mortgagor. if,
<br />however, the monthly payments made by the Mortgagor, under
<br />(b) of paragraph 2 preceding shall not be sufficient to pay
<br />ground rents, taxes and assessments or insurance premiums, as
<br />the case may be, when the same shall become due and payable,
<br />then the Mongagor shall pay to the Mortgagee any amount
<br />necessary to make up the deficiency, on or before the date when
<br />Payment of such ground rents, taxes, Assessments, or insurance
<br />premiums shall be due. If at any time the Mortgagor shall tender
<br />to the Mortgagee, in accordance with the provisions of the note
<br />secured hereby, full payment of the entire indebtedness
<br />represented thereby, the Mortgages shall, in computing the
<br />amount of such indebtedness, credit to the account of the Mort-
<br />gagor all payments made under the provisions of (a) paragraph 2
<br />hereof which the Mortgagee has not become obligated to pay to
<br />the Secretary of Housing and Urban Development and any
<br />balance remaining in the funds accumulated under the provisions
<br />of (b) of paragraph 2 hereof. If there shall be a default under
<br />any of the provisions of this mortgage resulting in a public sale
<br />of the Premises covered hereby, or if the Mortgagee acquires the
<br />property otherwise after default, the Mortgagee shall apply, at
<br />the time of the commencement of such proceedings, or at the
<br />time the property is otherwise acquired, the balance then remain-
<br />ing in the funds accumulated under (b) of paragraph 2 preceding,
<br />as a credit against the amount of principal then remaining unpaid
<br />under said note, and shall properly adjust any payments which
<br />shall have been made under (a) of paragraph 2.
<br />(1) Premium charges under the contract of insurance with
<br />the Secretary of Housing and Urban Development, or monthly
<br />charge (in lieu of mortgage insurance
<br />be: premium!, as the case may
<br />(11) ground rents, taxes, assessments, fire and other hazard
<br />insurance premiums;
<br />(111) interest on the note secured hereby;
<br />(IV) amotization of the principal of said note; and
<br />(V) late charges.
<br />Any deficiency in the amount of such aggregate monthly pay.
<br />men[ shall, unless made good by the Mongagor prior to the due
<br />date of the text such Payment. constitute an event of default
<br />under this mortgage. The Mortgagee may collect a "late charge"
<br />not to exceed four cents (4g) for each dollar M) of each pay-
<br />6. That should the Mortgagor fail to pay any sum or keep any
<br />covenant provided for in this mortgage, then the Mortgagee, at
<br />its option, may pay or Perform the same, and all expenditures so
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