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<br />100387 iI 1 ntcsntll prior to its Sue bate the annual mortgage insurance premium in order to provide such holder
<br />86 with funds to pay such premium to the Secretary of Housing and urban lkvelopmew pursuant to the
<br />National Housing Act, as amended, and applicable Regulations therewider; or
<br />(11) ,. If and so long as said note of even date and this instnnnent :are held by the Secretary of housing and
<br />Urban Development, a monthly charge (in lieu of a mo mgage insurance premium) which shall be in an
<br />amount equal to one•twvltih (1112) of one -half (1? -,) 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 Clue and payable on
<br />pcdicies of fire and other hazard insurance covering the mortgaged property. Plus taxes and assessments next due
<br />on the mortgaged property fall as estimated bt, the Alorigagee) 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 />irmums. taxes and special assessments; and
<br />(r) All payments mentioned in the two preceding subsections of this paragraph and all payments to he made under
<br />the note secured hereby shall he 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 U;r an Developmew.,
<br />or monthly charge (in lieu o mon{gage insurance premium), as the case may he.
<br />(11) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(ill) 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 Wit -
<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 tour cents (4g) for each dollar (S 1) of each payment more
<br />than fifteen (15) day s in arrears to cover the extra expense involved in handling, delinquent payments.
<br />3. Tlrat if the total of the payments made by the Mortgagor under tb� of paragraph ? preceding shall exceed
<br />the amount of payments actually made by the Mortgagee for ground rents, taxes and a sessril or insurance pre -
<br />miums, as the case may be, such excess, if the loan is current, at the option of the Mortgagor. shall lx credited t.
<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 Mortgagor under O' J of paragraph ? preceding shall not be sufficient to pav ground
<br />rent, taxes and assessment.- or insurance premiums, as the case may be, when the same :;hall become due and pay-
<br />able. then the Mortgagor shall pay to the Mortgagee any amount neces an to make up the deficiency, on or before
<br />The date Mien payment of such ground rents, taxes. assessment.. or insurance premiums shall be due. If ai am
<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 indebteviness 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 i u) of paragraph '
<br />hersof which the Mortgagee has not become obligated to pay to the � retry
<br />.a of Ifousing and Urban Development
<br />and an% balance remaining in the funds accumulated under the provisions of %i,) of paragraph ° hereof. If there
<br />shall be a default under any of the provisions of this mortgage res:jiting in a public -ale of the premise- covered
<br />hereby, or if the Mortgagee acquires the property otherwise after default_ the 'Mortgagee shall apply. as the time of
<br />thernmmencement of such proceedings, or at the time the property is othentise acquired. the balance then remain-
<br />ing in the funds accumulated under i hi of paragraph " preee +ding. as a credit against t.ha• amount of principal then
<br />remaining unpaid under said note, and shall properh adjust am payments Much -.hall hare been made under (;j'
<br />of paragraph 2.
<br />,
<br />-f. That the Mortgagor will pay ground rents. Taxes, assessment,. water rain. and oihei go%ermnentai or municipal
<br />charges. fines, or impositions- for which pro %iI, ion has not heen made here A n bet of e. and in default thereof ilie Mortgagee mar
<br />pay the .came: and that the Mortgagor trill piornptly delixei the officia? receipt, therefor to the Mortgagee.
<br />5. The Mortgagor will pay ail tares wtncn may he le%ird upon the Mortgagee , interest in said seal estate and inrprotc-
<br />ments, and which may he let ied upon this mortgage or the deht secured herei,y (hut ,nil to the exirni that such is not prohihir-
<br />"mot
<br />ed he law and only to the extent that such will not make this lean usurious;. but exdudint and income tut. State or Federal,
<br />imposed on Mortgagee. and u All file the official receipt showing such pax ment with The Mortgagee. 1 Ipon violation of this under-
<br />taking, or if the Mortgagor is prohibited h} any fait now or hereafter costing from paying the u hole (if portion of the afore-
<br />said taxes, or upon the rendering of any court decree prohibiting the pat men! by the 'Mortgagor tit any such taxes. or it such law
<br />or decree provides that any amount ,n paid by the Mortgagor shall he credited on the mortgage debt, the 'Mortgagee .tali hate
<br />the right to give ninety days wrllcn notice to the owner of the mortgaged premises. requiring the payment of the mortgage
<br />debt. If such notice he given, the said debt shall become due. payable and collectible it the expiration nt said ninety day+
<br />6. 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 sure ou ing an the abo%C note.
<br />shalt he secured hereby. and shall bear interest at the rate set forth in the said note, until paid.
<br />7. That he hereby assigns. transfers and sets over to the Mortgagee, to he applied toward the payment of The one 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 he derived from The mortgaged premise, during such time as the mortgage indebted-
<br />ness shall remain unpaid; and the Mortgagee shall have power to appoint any agent cur agents ti ma> desire for the purpose if
<br />repairing said premises and ,af renting the same and collecting the rents. revenues and income. and if may pay out of said in-
<br />coines all expenses of repairing said premises and necessary commissions and expen,es incurred in renting and managing the
<br />same and of collecting rentals therefrom: the balance remaining, if any, ro he applied iott;:rd the discharge of ;aid mortgace
<br />intkbtedness.
<br />8. That be will keep the: imptovements now existing or hereafter erected on the mortgaged property. insured a, may he
<br />required from time to time M the Mortgagee against loss by fire and other hazards. ca,ualiies and contingencies in such
<br />premium, n ,uJi
<br />amounts and for such periods as may he required by the Mortgagee and will pay pionipth . u hen due. am o
<br />insurance provision, for payment of which has not been made hereinhcfore ,111 in,mance shall he carried in companies :Ip-
<br />ptoyed by the Minip ee and the policies and renewals thereof %hail he held by the Mortgagee and hate attached thereto loss
<br />payable clauses in favor of and in torn acceptable to the Mortgagee. In eteni of loss Morigagor %% ill rote immediate nonce by
<br />mail to the Mortgagee, who mazy make proof of loss if not made promptly bt Mortgagor. and each insurance comp;mx om-
<br />"tried is hereby authorized and directed to make payment for such lo,, diiecih to The Mortgagee instead „f To the Morigacor
<br />and the Mortgagee joiatly, and the insurance proceeds. or any part thereof, may he applied he the Mortgagee if it, option either
<br />to the reduCtion of the indetnednes, heieh% secured or to the re,Torafrmt or repair if fire proper!% damaged in e: em of forcL 1-
<br />Bute of this morigalic or other transfer of title to the mortgaged properl% in exnngen,hnicm of the Indehirdtics, secured hwTeh%
<br />(� alt right. title and mleresi rif the Mortgagor in and k+ soy insurance policies then m force ,hail pa„ t,I the pure ha,ei nr eranrvc
<br />ii' 'liras as additional and collateral security for the putmc•ni of the note dc" Turd. ;md .,if ,(Jill, t„ he, roc due llod"I Thl,
<br />morttcage. the Msrigagm frercby a,stgn, to the itlutipagre .III protn,, re,cnuc,. r, +,aloe, righl, .end hrneni, .I,irrung h, the
<br />Morigagor wader Pant and all "At acrd gas leas, on ,.:id ptctm,e, soh tar r!ghf to rc,cl +c :;nd rc,clpf 1,1 Ole . <inic .i red :app+,
<br />them to, '410 1ndeh1cd(je %, a, wet; heforr +ir, offer dcfauh ni file,,,ledmon,,,i lilt, m„rie:,,ei ,nd ;hr Nlwlc,lTc, , ^" dcn-,Ind. ,tic
<br />f4,4 anti rv4o tr ant ,ash pal)nvrnf, whet slut and 1,111 ,11 ;0l Plot hY tc,ilw, 1 ,• 1,+ Jr 11',1,.. i,. ICI,'h.';1! I, L+ ICiill n +arc
<br />Pnf f rl otY1r n.:h aaa/f iii IIp„1i ,rlr.l,,!' I+1 fill, 111oftlave
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