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<br />86 101556
<br />t 11 rnuntti i,r ;ur to its aue date the alp Iiva; mor:ga e insiear cc premium z -i ri;der to provide arch he�?dcr
<br />with funds t {r pay sue•h premium to the Se - etar} +f ttuusaig anitl t' 1 r, l eveloonrent pursuatlt to the
<br />National 110 ising At:;. as amended, and s;,r,fis,lh+: Rrgeilati,?ns !hereunder; nr
<br />(11> If and I�o long as said note of even dale anti tills irsrtanu J` field !yell by dre Secretary o1 Housing and
<br />Urban fhvetopnren[, a monthly charge ; in lieu n? u rnnrtgagc Brseouncr lrretniunri which shat] he in an
<br />amount equal to one•twcllth (1110 a,t one -half f,J?_) per
<br />it art of the aveeai,e outstandin: baiatncc
<br />due on the note computed without taking into account delinquencies of prepayments
<br />(b) A sum equal to the ground rents. if any, next due, plus the prennums that will next become due and payable on
<br />Policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments ;text dae
<br />on the mortgaged property "all as estimatesl by the Af1r{�aRec1 less all suits already paid tl:eretbr divided by the
<br />number of months to t apse before one month prior to the date when such ground :eels. ore.miunrs, lazes and
<br />assessments will become delinquent, such sums to be held by Mortgagee in trust to par said ground rents. pre-
<br />miums, taxes and special assessments; arid
<br />(c) All payments mentioned in the two preceding subsections 'it' this paragraph and all payments to be made under
<br />the note secured hereby shall be added together, and the Ug gregate ;tltt „ant thereof shatl be paid by the Mortgagor
<br />each month in a single payment to he applied by the Mortgage,, to ,he following items in rite order se[ forth:
<br />(1) premium charges under the conta'act c,f insurance with the Secret: a -y o, ffousing mid l!ri,an I)evefuptncnr,
<br />or monthly charge (in lieu i»rnr,rtpgge insurairer pre•miuor,r, as the case may nc:
<br />t11) ground rents. 'taxes, assessments. Dire arid nthv, hazard insurance premiums;
<br />(It[) interest on the noic secured herehy; and
<br />(1V) amortization of the principal of said note.
<br />Any deficiency in the anjotint ;rf ai1\ SnCh aggregate monthly payrncr!t ;hall. unless [Wade good by the h1ut1-
<br />gagor prior to the due date of Ihe next such payment, ct,nstilute an event ,+ default tinder this mortgage. Ttlr
<br />Mortgagee may rolled a "late charge” not to exceed i.;;;, cents (4/1, im each dollar (S i ) of each pay[nent aisle
<br />:ban fifteen (1 S) iiays m a ;rears to over the extra cxnense involved in handling delinquent payments.
<br />:i. That if the total of the payments made by the Mortgagor [ ndier t'•1 of paragraph 2 preceding -ha.l1 exceed
<br />the amount. of payment, actually made by the Mortgagee for eround rents. tam— see ;utent� or ansurancc pra-
<br />miums, as the case may be, such excess• if the loan is current, at the option of rile Mortgagor, shail he credited by
<br />the Mortgagee. on subsequent payment, to be made by the Morrtragor, or refunded to the 11ortgago)r, if. however. the
<br />monthly payments made by the Mortgagor under 1 of paragraph ' preceding shall not be sufficient to pay ground
<br />rent, taxes arid assessments or insurance premiums, a, the case may be xhen the same ;hall become dire and pay-
<br />able. then the. Mortgagor hall pay to the Mortgagee any amount ntcc s[lry to make up the deficiency, on or before
<br />the date when payment of such ground rc nts. is\e s. as essinents ui insurance premium shall be due. If at an
<br />time the Mortgagor shall tender to the Mortgagee, in accordance With tile proyisinn- of the role secures] hereby.
<br />full payment of the entire indebtedness represented (hereby, the 1lortga<,ee Shall, in computing the amount of such
<br />indebtedness, credit to Elie account of the Mortgagor all payments made tinder the provisions of i a) of paragraph 2
<br />hereof which the Mortgagee has not become obligated to pay to tits' ,�ec•rptan of llousinr and urban l)ct,eloomen[
<br />and amt, balance remaining in the funds accumulated ender the provisions of (i- of paragraph _r hereof. If ;here
<br />shall be a default under any of the proriskins of ti,i.s mortgage resulting in a public• sale cif the premise, covered
<br />hereby, or if the Mortgagee acquire, the property otherwise after default. the Mortgagee .shall apply, at the lime of
<br />the commencement of such proceedings, or xt the time the property is othenyise acquired, the balance then remain-
<br />ing in the funds acc•umulaied ands of pamgrmph _' pree edint�. ,r a crodii e. cirri ho amottrit ;,f principal then
<br />remaining unpaid tinder said note end shall proporfy :rdlu�i am nay Wren[, +hi n ,hllll h•:yc bt c n made et :lie+ ,'a
<br />of paragraph 2. 4 That the Mortgagor „ell pt, punt .cn',. !a\es. .uscssti,ents. \ tc rate,. ,m i o he. ern :rent. er tnunicip,f
<br />charge, tine.. or imposint n, far \shier p:i:, ,tun ha, ur Weer r utc he .Inheforc..uid !r nn therr„f t4 1 ,,r
<br />l I f Igec m,:\
<br />pay the same: and that the Mortgagor ti il! ^t :uuprl•• etch; a ,he ofiti i ;d re :cipt, thcrc or io tile zagce-
<br />�. The Mortgagor will pay tell ta\e, e, hich m;.r he lr\ led upon the 'tor c _ec', interest in raid real estate ;and impro\c-
<br />ments. and which man he le ied upon• this !noit!aage of the debt,: urcei herer.t that onk to the etiem that such is not prohihii-
<br />ed by law ;ind only to the extent rh;i: such ,•.tl' no! make this lour a unonst a isciudmg dre\ income ta\. itatc or Federti.
<br />imposed on Mortgagee. and u ill the lire olf;ual `eceipt shoving u.h p,l\ meter \kith the : : \lortgagee. Upon \iii\. Sla of rill, upend,
<br />taking. or if the Morrgagot prohih , d h\ at \ 1.1„ noa ur heic, livi r \i ;ni fl ,m p icin tilt , hoie iii „In porlio of the ,;, err.
<br />said taxes. ur upon the rendering nt 11;v -our i is erce pn,hihitmg ell- p,ii ale r t v lit-le Milriga"kil nr any such taxes. c,r 1f sac h las.
<br />or decree provides thal am iinoiiar ,lid ;n tit: 11(,T!gagm Shall he :r`1J'IICd ,..r the n) ,rtrii_,e deh1. tilt 1lortc :gcc ,hall nave
<br />the right R, give ce eit days' c +nt'u nu[rre it ,he , \\ncr of lht 1 g;,ceo ! aria _yufring The ,:dement lit the r.init gage
<br />debt. 1f such nor he gi\en tile•. s,d I debt ,hal hccenie due p::y I k an.1 s. I tetihlc .II [tic e\piraitoo of said ninct\ da\,.
<br />6. 'That should tie flit Io p,iy :m urr ,I keep :im o i f t„ Ile, or m !hr Nlor!ga c. then the Motlp; et ;it. it,
<br />lion. ma} pay or perform thi• ,,Ina . end d'r r, pens +.iliac s n .;i, ' ,dl he •ethtrll to th rnncip d sum ou ing Ent :he .ru +e nu4.
<br />shall he secured herehy, and shall heat interest :d the rete ;et t •rti in the s:od note until I% " . That he herehy assign., tnmsfer, Ilnd sets aver to the 11oog : :gcc. ill I,e ill It cd too ;irci lily pad -n,eot of the adti' and ;ill
<br />sums secured herehy in ca,e of a default in the performance of an\ of the lernls ;end _renditions of this Mortgage or the said
<br />note, all the rent~. revenues ;ind income I„ he deri,ed front the morgaged premises durnrg ,uch time is the mortgage Indebted-
<br />ness shall remain unpaid: -ind the Nforigaecr -h,dl have power to appwnt any ,gent ni igrnls it ta;n ,testes fur nc� purpose al
<br />repairing said premises dad of renting the ,an e iuui colleetine tilt rents. revuuu', and ;-,,tome. mill it m:ty pas out of s. ;id in-
<br />comes all e\penscs of repining said pn:nusc, ind ncce nary COMM11-4n111 ride \pensr, incurred ;n renting ,.•lei rt n iptm, the
<br />same and of Collecting rente,s therefrom. the I .tlancc run:•ining. if any, to I : pplie'l tl,rc ;,t d the dos
<br />eh.iree of ,;lid xrrteacc
<br />indcMcdness. .
<br />S. 'Thal he will keep the improvement, Was,• existing o, hereafter erecred on the ntmi:age,f properly, inured a, near he
<br />required from time to time hp the Mol-Irivee against Joss by lire ;ind other harurds c;,,italtie, :end - ontingencie, nr ,uch
<br />amounts and for such periods as rn;i} he required by the Morq:agee caret Hill pin• prumplh. %t hen lac. ant premium, on wr•h
<br />insurance provision for payment of which hit not fkxn made hereIrlheforer All in,uraticc shall he carried in c lmpsnies ap-
<br />proved by the Mortgagee ;n:d Elie pelf it's and relic” id, thereof ,half he held by tits Mm .Ind h:r\c ;otachcd themlo Ins,
<br />payable clause,, in N%or of find ill form ;iccrp4ihle• to the anrlg;lpecc In remit Of Io— Mortgagnr,,iii gigs intmcdr,ne nutter by
<br />retail to the Mortgagee• who miry nr ike 1 root of lo,, d nn[ made pientpti. !, \tont.ag„r. end r;,eh !ilC Mr1cr lIdic ar., e h%
<br />Crrhed is herehy authurited end dirtetzd rake pxpment tut
<br />it, 11 ins -, direr Ili to Ihe '\lonc.lecr 171,k:td of To the ^,I krrc :rvnt
<br />and the Mortgagee toinlly..ued Ilse n , n.r p r t ti,. ; u } r ;1rr tit . t d m,\ hr tips he l I'\ the \1 rt_�nttrc it It, opuon either
<br />to the reduction of the rode htednc,s hu,: ht .r i :rr tl tilt I<,lu.: :r 1, 1 r,1 1e i, ;, •.f the ,true: t,. u, cu; lu-
<br />sure of this mortgage of nlhe It •c,tr I f lit!:° 11 root t to d prl peel: in rxnni:ui,crinurl of •hr lndvil(,"I , ,rrnri•d ht'N h\ .
<br />all right. title ;ind irgcresl cal tit \lnr'sat car area to any n ,ur,uicr , land then n :nest gilt;]] r::,, 1u tilt pt,rrh.l,c 1 In t:rantcr
<br />9. Thal as additwoal ant en!Lilcr 1t e unlr ?or The p;,vr-ienr of the no!, dr.eril, cif - ,ind :ill wn, , , heron,t• •ins under this
<br />mortgage. the Mortgagor htrehv ;,s tn, I,• 114, \t„rrea,_e< ,until, re.e:;uc•. n cn'It< . a.. mf la
<br />Mar 1 not t h
<br />Ig;•c rr under i p -ltd if >t! �nJ i ! .I -,did , tc nt , ,. 1,1 1h:' I u t, ,,i . - I I 11tj h :;, I gist;
<br />them it, dd indcf feelne „, v 1 h !,c'lo., d r defauA , ht indrtc rl ,:1f ihlsi+u rte !Ili, 1 t 11;:., e
<br />n
<br />car
<br />for Nod rte ver cal, ,dt. t1 [ I � •, n Ill n I i, = 1n I :1 1-. , �,' v'i .:h r: fie r .� r1;, i ..:.•. ,!.. ,..1rn,,e :y le,
<br />mid lw nc nnli :- . , .•, ,iu• : ts'..cc
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