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(1) month prior to it, aue jate tae amtua gnu, e, a v ,, , _
<br />+ with funds to pat such prenream to fh _sesre.ary o Housing and Urban Development pursuit to the
<br />7ltlational Housing Act. as amc.tt,.d, and applicable Regulations thereunder. or
<br />(f1) If and so long as said note ,. even ds e and this instrultient are held by ttte Secretary of Fiousmg and
<br />Urban Development. a monthly Charge iris aeli •t a i,tortgagc• insurance premium) which shall he in an
<br />amount equal io of e- we :h (f 1 _) >l «nc -l1' u1 ( I;'_) per centum of the average ctutstanding balance
<br />due (,if this note urn} ac: W111 tut taut_ nuo a otft t delinquencies or prepayments;
<br />(b) A sum equal to Gee ground art n Tit y r f ; f,lu 111c tnnums that will next become due and payable on
<br />policies of fire and n lser n u :; , tan r.0y m tit r eed property. plus taxes and assessments next due
<br />on the mortgaged propc:n 'a' a? s,intutcN .• l4 ageer leas all sums already paidtherefm divided by the
<br />number of, months t0 elapse beii,re one month i}n n .c e daatc when such ground rents, premiums, razes and
<br />assessments will become dchnqucnt. Such sums to i e ! +cl i h} Mortgagee in trust to pay said ground rents, pre -
<br />miums, taxes and special assessments. and
<br />(c) All payments mentioned ill the two preceding subsections of the par � r ph and all payments to be made ender
<br />the note secured hereby shad be added togethu r, ant: MC aggregate am cunt thereof shall be paid by the Mortgagor
<br />each month ill a single payment to be applied b', 01'1' Mortgagee it) the following items to the eder set forth
<br />(1) premium charges under the contract of insurance v :ith t}te Secretay tit Housing and Urban Development.
<br />ur monthly charge /in lieu ,q mortgage irrsuranc•e pre"ai nt 1. as the case may hr:
<br />11:1) around rents, taxes. assessments. fire and otter hazard insurance pretriiums:
<br />('II1) 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 shalt. unless made good by the 'M nt-
<br />gagor prior to the due date of the next such payment, :,institute an event of default under 'his mortgage. The
<br />Mortgagee may collect a "late charge not to exceed 101,1' cents t4¢) for each dollar (S I ) of each payment more
<br />than fifteen (1 5) days tit arrears to cover tite extra expense involved in handling delinquent payments.
<br />S. That if tile total of the payments made by the Mortgagor under f'); of paragraph ' preceding -hall exceed
<br />the amount of payments actually made 'by the NlarWat!" For
<br />,round rents. taxes and a. se ssment . or insurance- e
<br />miums, as the case may be, such excess, if the loan is current, at the option of the Mortgagor, shall he credited t,t
<br />the Mortgagee on subsequent payments to be. made by the rllortgagor, or refunded to the Mortgagor if, however. he
<br />monthly payments trade by the ?Mortgagor under t b1 of paragraph '_ preceding shall not be sufficient w pat ground
<br />rent, taxes and assessments or insurance premiums_ as the case may be, when the game ;hall become due area pa�-
<br />able. then the Mortgagor shall pay to the Mortgagett any amount nec a -an to make up the clefic•ienc•It, on or before•
<br />the date wizen payment of such ground rents, taxes. assessments or in:iuranee premiums shall be due_ if at any
<br />time the Mortgagor shalt tender to the Mortgagee,
<br />in accordance with the provisions (PC the note secursd 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 (ai of paragraph _'
<br />hereof which the Mortgagee has not become obligated to pay t.o the 1,ecretary of Housing; and 1'rban 1 teveloprnent
<br />and any balance remaining in the funds accumulated under the provisions of !G) of paragraph 2 henx,f. if there
<br />shall'be a default under any of the provision- of this mortgage resulting in a public ale of the premises covered
<br />hereby, or if the Mortgagee acquire- 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 (b) of paragraph "I preceding. a' a credit against the amount of principal then
<br />remaining unpaid tinder said note. and shall properly adjust any payments which .shall have been made under ;
<br />of paragraph 2.
<br />4. That the Mortgagor will pay ground rents. taxes, assessments, water rates. and other Governmental or mumctpal
<br />charges. fines. or impositions. for which provision has not been made hereinhefore, 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 />i. The Mortgagor will pay all taxes which ma} be levied upon the Mortgagee's interest to said real estate and improve-
<br />ments. and which may be levied upon this mortgage or the debt secured herehy (hut only ui the extent that such is not prohibit-
<br />ed by law find 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 anv court decree prohibiting the payment by the Mortgagor or any such taxes. or if such )aw
<br />or decree provides that any amount so paid by the Mortgagor shall he credited on the mortgage debt, the Mortgagee shall have
<br />the right to give ninety days' written 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 at the expiration of said ninety days.
<br />fi. 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 :urn owing on the above note.
<br />shall be secured hereby, and shall hear 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 note and all
<br />sums secured hereby in case of a default in the performance of arry 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 ant 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 am. to he applied toward the discharge of said mortgage
<br />indebtedness.
<br />8. That he will keep the improvements now 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 lor 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 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 acceptable to the Mortgagee In event of loss Mortgagor will give immediate notice M
<br />mail to the 'Mortgagee, who may make proof of loss if not made prompth by 4ortgagor. and each insurance company con -
<br />certted.is.hereby authorized and directed to make payment for such loss directly to the Mortgagee instead of to the Mortgagor
<br />and the Mortgagee jointly. and the insurance proceeds. IT any part thereof. ma} he applied by the Mortgagee at its option either
<br />L to the reduction of the indebtedness hereby secured or to the rt torah(), repay ,d the property damaged In event of foreclo-
<br />sure of this mortgage or other transfer of title to the mortgaged property in etnnguishment of the indebtedness secured herehy.
<br />all right, title and interest of the Mortgagor to and to arc insurance pohcae, then in t o•ce shall r us to the purchaser or granter.
<br />9. That as additional and collateral security for the pa c ❑ient of the nett_ ili Sums to become clue under this
<br />mortgage. the Mortgagor herehy assigns to 'tie Mortgagee .ill profits. rryemn right, and henrfit, accruing to rile
<br />Mortgagor tinder anti and all oif and gds It-cu t,n 1i0d r- mi t V 11.h h+ ,vt,, e c. nu !c cjpi fc i the , me and appt,
<br />them tosaidindebtednessa swell before it, i+fterdel.1111n the !tw 1nrleteccmay terirod. site•
<br />—icrtmcnt I, .c'tormnlale
<br />for and reco,er anti sloth pi; *,tn tit• u her do r :i
<br />and become ml! and void uid4�� , of phi r �i 1'r_ .•
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