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<br />: 1 'I ,lttfi pruu r its % +: late• tt nnaal m,at ag%- ur uran.e t* ni 11:11 In [der top %v ,le such holdel
<br />100651 rh lurid, T" pay suer: r' nlinn r h secretary of li auttig and t han feel "pnrenu pul,nant to the
<br />is X:au,t. , Hou%inE Act. as a.ne. riled :.I.d applicable Regulations the ;.under. or
<br />It I K ::c.. ,;\ ling as ,aid "ore oa even dare and ,his tustnnaeatt ate held i%y the Secretary If horsing and
<br />t'O ail Development, a monthly charge 'ire lieu .•/ a rrrrrgage fttsrtranc•e pre+nium) which shall be in an
<br />,w,u:a equal ;o one•twelfth (t;l'1 of oak -hail tl �) pnr eenturn of the average outstanding halance
<br />the note ctnnputed without taking u:ti+ account delinquencies or prepayments:
<br />r 1. t :A ,um aerial tl the ground rents- if any- next due - pins the premiums that will next become due and payable on
<br />I` aic ,If hie :end other hazard insurance cover", the mortgaged property. plus taxes and assessments next due
<br />Ins The nlongaged property loll as rstinrarrxl llt the lfortragee? less all sums aheady paid therefor divided by the
<br />"urine; �>f :rlorttlts to elapse before one month prika to the date when such ground rents, premiums, taxes and
<br />ussessnlents will become delinquent, such stuns to be held by Mortgagee in trust to pay said ground rents, pre-
<br />i nuns, taxes and speciai a;sesslocliK and
<br />(,:) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made once'
<br />tiles note secured hereby shall be added together, and :he aggregate amount thereof shall be paid by the Mortgagor
<br />.ach month in a single payment 11) he applied by [i,, Mortgagee to the following items in the order set forth:
<br />Lil ptenliunh charges under the contract of insurance unit the Secretary or Housing and L16mit Development,
<br />or monthly ell arge fill lien raj mortgage insuratu•c,trentium)• as lire case may he:
<br />111 bond tents. taxes. assessments, fire and other hazard insurance premiums;
<br />Elll intrrest on the note secured hereby: and
<br />(IV) anon „ization of the principal ofsaid note.
<br />\n•; deucienck in tlhc :unount ill any such aggregate monthh• payment shall, unless trade good by the Mort -
<br />gar or prior to thy due date of the next such paynhenr. constitute an event of default under this mortgage. The
<br />Morf,:_agee mr—, collect a •'late charge” not to exceed four cents (410 fur each dollar (S I ) of each payment more
<br />than fifteen r 15 I d:: s it arrears to cover the extra expense involved in handling delinquent payments.
<br />That i f the total of the payments made by the Mortgagor under i!:1 of paragraph 2 preceding shall exceed
<br />the amount of pa%'ment_= actually made by file mortgagee for ground rents, taxes and as -es -menu or insurance ore -
<br />miums. as the ca -e may' be, such excess, if the loan is current• at the option of [he Bfortgagor, shall be credo. J by
<br />the• \lortgagee on sub- equent payments . to be made by the mortgagor, or refunded to the Mortgagor. If, however, the
<br />^tonthly payments made by the mortgagor under (b) of paragraph 2 preceding shall nut be sufficient to pay' ground
<br />rent, taxes and as =e- smmnt- or insurance premiums, as the case may bn. when the same -hall become due and pay-
<br />able. then Lite \lurtragor -hall pay to the Mortgagee any amount necessan' to make up the deficient }', on or before
<br />the date when payment of such ,round rents. taxes, assessments or insurance premiums -hall be due. if at am
<br />time the Mortgagor -hall tender to the Mortgagee, in accordance utth the pro\isiom of the note ec•ured 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 hecome obligated to pity to the `,ecretary of Ilou sing and Urban Development
<br />and any balance remaining in the funds accumulated under the provi sions of tb) of paragraph 2 hereof. if there
<br />.shall be a default under am of the provisions of this mortgage resulting in a public sale of the premises cohered
<br />hereby, or if the \lortgagee acquire- the property other%%ise after default. the mortgagee -hall apply, at the time of
<br />the commencement of such proceeding or at the time the property is other%%; -e ac•quited, the balance then remain-
<br />ing in the funds accumulated under' of paragraph 2 preceding.. as a credit against the amount of principal then
<br />remaining unpaid corder -aid note. and -hall properly adjust am payment- %%hic•h -hall {rave been made m; der (a)
<br />of paragraph 2.
<br />d Th.a the Mortgagor \kill p,ty _round rents ra\es. a e. menu., %garter rltrs..md other go\ernmental or municipal
<br />charges, lines. or impose ulrn. f',r which provi -ion has rat been made herernbefore. and in default thereof the \1 I -ages may
<br />pay the same: and th,1t the Mortgagor %rill promptly deliver the official receipts therefor to the Mortgagee.
<br />s. The \ortgagor %kill pal all rate, %khich rn:ly he le\icd upon the Mortgagee's Interest In said real estate and improve-
<br />ments, and %vhich may he levied upon this mortgage or the dcht secured hereb% dint only to the extent that such is not prohihi[-
<br />ed by lave and only to the extent that such will not make this loam tl5nrinll5l, hilt excluding any income ta\. State or Federal.
<br />imposed on Mortgagee. ;and a ill file the official receipt showing such payment %k nh the Mortgagee. Upon violation of this tinder-
<br />imposed
<br />or if the Mortgagor is prohibited by :my lave now or hereafter existing from paying the %% hole 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 provides that am arnuunt so paid by the Mortgagor shall hr credited on the mortgage debt. the Mongagec shall have
<br />the right to give ninety da\ s' k%ritten notice to the owner of the mortgaged premises. requiring the payment of the mortgage
<br />debt. if such notice he Liven. the said tight shall become due. payable and collectible it the expiration of said ninety drys.
<br />6. That should he fail to pa} :any sum or keep :mycoce�mtr.t provided for in this Mortgage, then the- Mortgagee, at its op-
<br />tion, may pity or perforn the seen,:. am%i Al expenditures m.:de hall he added to the principal suns owing on the above note.
<br />shall he secured hereby. and shall hear interest at the rate set forth in the said note, until paid.
<br />7. That he herehv assigns. transfer, and sets over to the '.Mortgagee, it) 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 he 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 halance remaining. if any, to be applied toward the discharge of said mortgage
<br />indebtedness.
<br />8. That he will keep the improvements no%% existing o, hereafter erected on the mortgaged property, insured as may he
<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 mac he required by the Mortgagee and %%ill pay promptly. %yhen due. am premiums on such
<br />insurance provision for payment of which has not been made hereinhefore. All insurance shall he carried in companies ap-
<br />proved by the Mortgagee and the policies and renewals thereof shall he held by the Mortgagee and have attached thereto loss
<br />payable clauses in favor of and in form accepa'hie to the Mortgagee. hi event of loss Mortgagor will give immediate notice by
<br />mail to the Mortgagee. who may make proof of loss if nor made promptly by Mortgagor, and each insurance company con-
<br />cerned is hereby authorized and directed to "rake payment for such loss directly to the Mortgagee instead of to the Mortgagor
<br />and the Mortgagee jointiv.: and the insurance proceeds. or an% parr thereof, may he applied by the Mortgagee at its option either
<br />to the reduction of the indebtedness hercM secured or io the restoration or repair of the property damaged. In event of foreclo-
<br />sure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby.
<br />all right, title and interest of the mortgagor in and n, am insurance policies then in force shall pass to the purchaser or grantee.
<br />4. That as additional and collaleral security for the payment of the note described. and all sun's to become due under this
<br />mortgage. the Mortgagor hereh% +.sign.' to the Morigage' 11 nnofijl. revenues, royalties. rights and,henefits accruing to the
<br />Nlorlgagor under any end all kill n I c ,'n iii p.c^ li . %%iih the. right In rccel%c and receipt for the s trne and .Ippl>.
<br />them to said indehtedne, a %,ell h%ior as;•lrer t, I r-. file " nairi,l Or ills rod the Mortgagee moi%de•nhand. sue•
<br />for and recover an, Hiih p t, 1:1C 1t• '.kh%"D Jtw . +, ' ) dt`;i .1 .hoe lit do T hi, ;, "igrnllent is to te•r'mir :.11,
<br />and hecome I:u;. and
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