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IN
<br />86- ('1���� 11) ennui r or tai its duc life the arnssar '.neig utsusan 1re;ni m m or lcz to pnnt3e such hol�icr
<br />l0 with funds to pay such 3 refiliun..•, ti,e S"Cician Ot Housine and than Ikut.,pneeni putsaam i,. the
<br />%auonal Housing Act. is amended'. a.id applioahle Re gill atiou Tlwicunder: in
<br />(II) If and so long as said noie of evert date :nit this instrument ate held by the Sccretan' of Housing and
<br />Urban Development, a monthly charge (it'licu <I a nr.,rigage rrrsurancc prernrmw which shall be in an
<br />amount equal to one - twelfth f l %i t of one -Mill f 1 ;?,t per Cell luIII 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 due and payable out
<br />poheies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next duc
<br />on the mortgaged property fall as esrrrrrare;l hc• the Mortgagee) less all sums already paid therefor divided by the
<br />number of months to elapse before one month pri„r Io the date when such ground rents, premmnas. taxes and
<br />assessments will become delinquent, such sums w hr held by Mortgagee in trust to pay said ground rents, pre-
<br />miums, taxes and special assessments; and
<br />(c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under
<br />the note secured hereby shall be added together. atiu !lie aggregate amount thereof sttall be paid by the Mortgage]
<br />each month in a single payment to he applied hr the Mortgagee to rile following items in the order set forth
<br />(I) premium charges under the :intract of hrsu]anrc'lilt the Secretary of liousine and Ulan Ikvclopn:eni.
<br />or monthly charge rill lieu of mortgage insurance prenrrunt). as tile ' -A tray he;
<br />(I1) ground rents, taxes, assessments. etc and other hazard imuiance premiums;
<br />(111) interest on the note secured hereby: and
<br />(iV) amortization of the principal of said note.
<br />Anv deficiency in the amount of any such aggregate monthly payment shall, unless made good by the MOrt-
<br />gagor prior to the due date of the next such pa }'nield. constitute <i in eaent of deleult under this mortgage. The
<br />Mortgagee may Collect a "late charge" not to exceed lour cents (4111 tier each dollar (SI ) of each payment more
<br />than fifteen (f ) d %s in arrears to cover the extra expense involved in handling delinquent payments.
<br />3- Thai if the total of the payments made by the Mortgagor under Ib) of pariz.-aph 2 preceding shall exceed
<br />the amount of payments actually made by the 31ort,agee for s*round rents. tuxes and assessments ar insurance pre-
<br />mium, as the case may he, such excess, if the tam is current. at the option of the Mortgagor, shall he credited by
<br />the %fortgagee on subsequent payments to be made by the Mortgagor. or refunded in the Mortgagor If. however. the
<br />monthly payments made by the Mortgagor under (h) of paragraph 2 preceding shall not he sufficient to pay ground
<br />rent. taxes and assessments or insurance premiums,. as the case may he, when the same shall become due and pay-
<br />able then the Mortgagor .shall pay, to the Mortgagee any amount necessary to make up the deficiency, on or before
<br />the date when payment of such ,round rents, taxes. assessments or insurance premiums shall be due. If at am'
<br />time the NIongagor shall tender to the Mortgagee, in accordance with the provisions of The note secured hereby,
<br />full payment of the entire indebtedness represented thereby, the Mortgagee .shall, in computing the amount of such
<br />ini btedriess. credit to the acctxtnt of the Mortgagor all payments made under the provisions of <ti of paragraph 2
<br />hereof which the Mortgagee has not become obligated to pay to the secretary of Ilousing and Frrban Dcvelopmcni
<br />and any balance, remaining in the funds accumulated under the provisions of i ,) of paragraph 2 heroof. If there
<br />-hall tee a default under am of the provisions of This mortgage resulting in a. public ,ale of the premises covered
<br />hereby, or if the Stnrtgagee acquire= the property otherwise after default. the Mortgagee ,hall apple. at the time of
<br />the commencement of such proceedings, or at the time the properly is otherwise acquired, the balance, then remain-
<br />ing in the funds accumulated under 0-) of paragraph _' preceding. ar if credit against the amount of principal then
<br />remaining unpaid under said note, and shall pmperh' adjust and payments which 4,111 have been made tcrder rc'
<br />of paragraph 2.
<br />a. That the Mortgagor "ill pay ground rents, taxes. assessments, ykilter rates. and other curerIT IT Il or it
<br />charges. fines, or impositions, for "hich provision has not been made hereinhefore. and in default thereof the'.io,tgasee mac
<br />pay the same; and that the Mortgagor "x11 promptly deliver the official receipts therefor to the Mortgagee.
<br />5. The Mortgagor will pay all lases which may he levied upon the Mortgagee", interest in said real estate and improse-
<br />ments, and which may he levied upon this mortgage or the debt secured hereby (hut ooh to the extent That such is not prohibit-
<br />ed by law and only to the extent that such "ill rijt make this loan usurious). but excluding any income tax. State or Federaal.
<br />imposed on Mortgagee. and will file the official receipt showing such payment with the Mfortgagee. Upon violation of this under-
<br />taking, or if the Mortgagor is prohibited h% any Lt" now or hereafter existing from paving the "hole or any portion of the afore-
<br />said taxes. it upon the rendering of any court decree prohibiting the payment by the Mortgagor or any such taxes, or if >uch la"
<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' "ritten notice h, the owner of the mortgaged premises, requiring the payment of the mortgage
<br />debt. If such notice be given. the said debt shall become due. payable and collectible at the expiration of said nines days.
<br />6. That should he fail to pay arty sum or keep anv 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 sum owing on the above note.
<br />shall be secured hereby, and shall bear interest at the rate set forth in the said note, until paid.
<br />?. That he hereby assigns. transfers and set 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 any of the terms and conditions of this Mortgage or the said
<br />note. all the rents, revenues and income To be 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 paN 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 any. It, he applied lo%Lad the discharge of said mortgage
<br />indebtedness,
<br />S. That he will keep the it now existing or hereafter erected on The mortgaged property, insured as may lie
<br />required from time it) time by the Mortgagee against loss by fire and other hazards, casualties and contingencies in such
<br />amounts and for such period,, as may he required by the Mortgagee and will par prompih, when flue, any premiums on such
<br />insurance provision for payment of which has ;tot been made hereinbefore. 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 ioss
<br />Payable clauses in favor of and in form acceptable to the Mortgagee. In event of loss Mortgagor "ell give immediate notice M
<br />mail It, the Mortgagee, who may make proof of loss if not made piompth h% Morigagor, and each insurancr company con-
<br />cerned is hereby authorized and directed to make payment for such loss directit to the Mortgagee instead of to the Mortgagor
<br />and the !Mortgagee joiatly, and the insurance proceeds. or arc part thereof, ma} t e applied hw the Mortgagee at its option richer
<br />It! The reduction of the indebtedness hereby set tired or to the restoration or repair of the property damaged. In event of foicclo-
<br />sure of this mortgage or oche. transfer of title u, the mortgaged propeMr in extinguishment of the indebtedness secured beret,_% .
<br />all right, title and interest of the Mortgagor in and in any insurance policies then in force shall pass to the purchaser or grantee.
<br />9. That gas additional and co ll dct A %ccuritt for the p ;iiroent of the note descrihed. and all sums to become Jue• unde•t lilts
<br />morlga,pe. the Mortgagor hcreh} -a_ igns ti, fire sloe [.ogee all profits. rcvcnucs, To%1:1ties. rights gold benefit•. ;i finlig I" the
<br />Mortgagor under arlv lnid all «,it and gas icau 'In si d remises. with ilia titCbi t .e se •ect•ipt for the .Jntt nd
<br />ileum to s,nJ indeHed Tic— a, well hef a as after 4ci,wit of the condition f ,his n nt ,ce..!PLI the M. I?X:,pee rr:;.e ai r :slut very
<br />felt nn' c;.,., Cl im sulh pmt. nt, •.• lien it,ic Arid pas rbti'. lv,i ;11,1! Tel he rc ,U III r.1 , inn. e,• IU"it!'.!tr
<br />::ucr rod! and .a act kipim f t lcaat of Un mortgarc-
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