|
101583
<br />(t I month prior to Its due date rbe jnnoa ;)!lgag DYoN xi0 slick m,idrr
<br />with fonds ro pay such prelniu n tii, Ghe ietary . Housiny anti i fhyeiopment ptttsuant u, the
<br />National Housing Ac I. pphc.Nr Kegulau;xls :hereurdrr, ur
<br />(11) If and so long as said note of even date and this insirumenl atc held b,, the Secretary of Housing and
<br />Urban Development, a monthly charge fin lieu t,f a nu,r {gage nl :aumice r,renriurtri Nh:ch shall he in an
<br />amount equal to one twellitl (l if I of 1 ,1 h alt t 1 +' f per Ce n i rn tit the average oil 1st n iu,_ hafancc
<br />due on the note computed without taking -into ac.ouni delinquencies or 1 ten yments.
<br />(b) A sum equal to the ground rents, if any, next due, plus the premiums that will text becorne cue and payable on
<br />policies of fire and other hazard insurance covering the mortgaged property. plus taxes aml aswsisnients next due
<br />on the mortgaged property ('all as csrirmaref hY rho "i<•rr aQcrj less all scans already paid Iherefoi divid0d by the
<br />number of months to elapse before one niontll prior io the: date when such ground rents. premiums, taxes and
<br />assessments will become delinquent, such sums to he held by Mortgagee in trust to pay said ground rents. pre -
<br />miunts, taxes and special asscssnienis: anal
<br />(c) All payments mentioned in the two preceding subsecnwls t,f this paragraph and all payments to be made under
<br />the note secured hereby shall he added together, and the . gzregate amount iiicieoi' shall be paid by the Mortgagor
<br />each month in a single payment to be applied by thl: Mortgagee l0 1110 following iienls in 11w oU ?et Sol forth:
<br />(l) premium charges under the kintTact of ttlsul "aniC \t it, the secretary of liuusine atld Uthan fkvelonn;rnt.
<br />or nionlily charge (in heu ill )nortgage insurance prom Iu mi, a5 the case n131, he:
<br />(ll1 y1'< 1111d tents, taxes, a S Scint nisi lire ar:d o?hel eta /-did in Stlrance prerllittnhs;
<br />fill) interest on the nob: Secured hereby. and
<br />(IV) amortisation of the princlpai of said nape.
<br />Any deficiency in tl:e aniouni of any such agglc_'atc monthly payment 'hail, unless made g,;od by the Moll -
<br />gagor prior to Dili- dirt date cif the next such pavrlcI:t, ;un,ll!Lll,' alt ,:vent of default lino,., thi_. ;1 1ar;gage. Till
<br />Mortgagee n a, colicct a "late charge" riot Fo exc_cd Ita.r Tents (-lit) : , each dollar (S t l _,f each f ivi ;wit, prior
<br />thatt fltleelr ( 1 3) .11,s 11, arrears to cover tike extra CSfh'nSC involved in IlaI dlinpt delliIgUelhi Pay111entS.
<br />:3- That if the total of the payments made by' isle Mortgagornnder 0.1; of paragraph -1 pri:Cedinr shall exceed
<br />the amount of payment- .;dually made b \' the "liJrt.gagee fair _:round rents, iaxe:- and asserPmenl., or insurance pre-
<br />miums, as the case mar be. . such excess if the loan its current, at the opium of the Mortgagor- shall fie cl-rditid by
<br />the Mortgagee on sub =eyuehi payments w be tnnde by uif ljortaa2or, or refunded it, the Mortgagor. lf- hovtrver. die
<br />monthly payments made by the Mortgagor under Or,) of paragraph preceding shall not he sufficient to pay- ground
<br />rent. taxes and assessmee,ir or insuraince pt.•miums, is the cast• m:ic be Mien the same -hail become clue and nay -
<br />able. then the Mortgagor shall pap to lire Mortua_eirl aril. amount. neces art to make up the deficiency, on or before
<br />the date \chen payment of such ,rrnmd rents. taxes. as or in,urnice prrrr.ium-� shat[ be doe•. If at am
<br />time the Mortgagor shall tender to the Mortgagee, it,, accordance with the pro%ii,ion.= of the note = etured hereby.
<br />full payment of the entire indebtedness represenied thorehr, the Siori agcc =hall. in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor all payments :Wade under tlhc provisions of 'a. of paragraph
<br />hereof which the Mortgagee has nut become obligated to pay to the �',ocretan of llnusing and l than Ue \'cophrcht
<br />and arts balance remaining in the funds accumulated under the pro%i -ion, of '! ; of pars rape ° hereof. if there
<br />shalt be a default under aril of the provisions of this mnrtt±a-ae re- ultint* in a public -aie of the pivmi -c•s covered
<br />hereby, or if the liortgagee acquires the property other\ \i -e after default, the Mort_agee shall appl}- at tit+• time of
<br />the commeneemeni of such 1 ?toccedin ^s, or at the time the property i- other ;tile .acquired. :he balanve Own remain-
<br />ing in the funds accumuiaurd under of paragraph ' pn• ;erlin�. as a credit : in�l :he ,rmauntt,f principal then
<br />remaining unpaid under said note. and -hall nruprrl\ mljll�l inks j\.lyahehs- \•hire -Ilia; 31 :n c, t ;evo nlade l ; :ccr
<br />of paragraph 2.
<br />S. That the %lortgagor \,& pd, _ce,md rents i;ixes. a , an0nt,, •.+ :her rate,, ar.3 other cocemincnt :it try Trinnlcipal
<br />charge,. tines. or imposition,. to . , i :r!; pr, t i,i.at l ips no; he n made hereinhelorr end ; .;e. ;,tiN thereof d ga.:Ce Fr v,
<br />pa} the same: and that the Mortgagor till nr -t1; de!tve- the tAhcial receip!s the e or to ;he : orteagee-
<br />5. The Mortgagor -iil pay all to \e, atlith nim he Ic \ied upon the h1hrtgager s interest in said real estate and impio,e-
<br />meni,, and -which atay he levied upon this mortgage or the d0ht secured hereby (hill oniv to the extent that tich is not prohihit-
<br />ed h\ lath and on!-, it, the e \ten( th;ii ,itch \till not [Mike thl, It,an 1i, 11 rlttll, ), !tit C \Cl-ae!1;1g ;! :It mC<,mC to \. ,Sl ; :te or Federai.
<br />imposed nn Mortgagee, and .tell tilt the othcia! receipt sh. ,, inn ,n.h , :!% i :lent \\ ah the Mortgagee. Upon \i,+!atton df thi- under-
<br />taking. or if the Mortgagor 1,. prohlh!ted he am ldv, not•. or he rc :,f!et evhung from ;use ind the v, hole <u .ui} rllflWn of the xf2re-
<br />,aid taxes. or upon the rendering of an} court decree prohibiting 0:c pay merit TIN the Mot lga,gor ::r aol ,:tell tae,. or it ,rich pa%,
<br />or decree provide, that ;tnt ::mount „+I•:I d I -•. the .MmIgag,•i ,h;tN I•e credited 'It the t ^tutg< :g +_ rich;, the Morig;:ger,hali !late
<br />the right to gire ninety ti;l•.,' voiucu nolice to the o-ne; of the :;IwTp ;ieeJ troll - rcgin,ing the ; ..r mew of the morig.qve
<br />deht. If such ncaice he piton, file ,a:d deht,ha;i he.o,lw line. p:; } ;,I+k trill Cc+I eCl:J uc :tl the , \nirttron of said ninety dal,.
<br />E. 'I'hal should he fail to p:. I air. ,on\ or ke ;;ny :'t,. _,..,,. .,tides for ,.. lf!i, Mori_ . Own the Mo ;agc... at it• ,
<br />\ n-
<br />ton, mar pay or perform the same. and ail! c\.penditere, .,, made ,.ha!l he stilled !u the princtp`d ,Lm) wain,, (,it the ;;ho\ e note.
<br />,hall he +ecaled herehv, and ,halt hear iniere,; ;a the one set lor,h in the ,aid note. Mill! paid.
<br />'. That he lirrel \y assien,. Iransf0r, and ,et, ocrr to the 1lortg;g2U, to he ..t ^pin :\i too and the p,,\ ir,ew of !h, note :end :If!
<br />sums secured herehv in case of a dc•f:,uii in the performance of :tr,) of the terms ahu clrndition, .0 Ibis Af Ill lgaec of Ilie ,aid
<br />note. all the rents. re I. en ties and income I,+ he derived limn Ifie moreaged pre Ili he, daring ,uch Ume :, the nua'iep <ge indebted -
<br />ness shall remain unpaid; and the Mortgagec ,hall hate pot\el to appoint ail\ ;,Feiil 11 ;tgerll, II w.c. dcaire for the purpose of
<br />repairing said premises and of renting the ,:one and col!etivi the rcni" rc\c•nitc, :Inc iacilrn::. ;rid it rr,:n ;ray nut of ,aid in-
<br />comes all expenses of repairing ,;;id premises and nrec,sar\ ;,,mmi,•ion, ;ind c \nc!iw- ;,.curled in remiig :and : ;l ;t!!a`_t!1_ the
<br />same and of collecting rents(, therefrom: the halancc tent. nlin if ;inl . to he :tpplleli .r.ter,rJ the di,e hltrve of ,nod rnortgoge
<br />indebtedness.
<br />S. That he -ill keep the impro,emcnts note e\i,ting o, hrre;ifter erecled Lm the mortgaged r.. pert%. inured :.t, mar he
<br />required from time to lime br the %lortgagee against loss 1,y tire and other hvI ird,, ca,u :uhe, and oniingveneie, in ,uch
<br />amounts and for such periods as ma} tie required hp the Mon1!age0 and will p;t\ prornpO, . n hen due, m\ preoi unis on such
<br />imurance provision for payment of which has not heeo made hereinhefore. All n;,urimce shall he carried in companies ap-
<br />proved by the Morigagee and the policies and renr\,:d, thereof ,hail he held h% the ',to!tgagec -1n,! flat C :W;!; hed li viclo io„
<br />payable clauses in fa,or o1 and in form ,,cceplabie to the !ylortgaeee In etent of loss Morlpaso, vt ill !I, e immedi: lc mxicc h)
<br />mail to the Mortgagee. who may make proof of los•. if not nrade promp!l} ht 11t,rgagrt. anvi catch nrM.1nl0 r11nil'Allk con-
<br />cerned is hcerhy' authorard and directed I+, mekc rev mint for ,uch 6,., direC11% L, the V •r1c:,gie in,le;ad of It' fhe pf, s ^gagor
<br />and the Mortgagee loiaih.. ;ind t1 c :,ui,,rnc pr... Js. ,I anti pail there,1f, ml ik 1,C ,,pia :1 h\ the 11 alt• ::get of ir, 11"n :!Iher
<br />to the reduction of the indCMcdnt h, rF colcd of to the r t .I dl l v l ep ;,n 'l 1he J.1 t t e Ii C, t nt rl l eeh+-
<br />L. use of this mortgage or oche! tom i, r -, ! w lhtr morle :utt) p ntpctt% in c \tin} ui, nuent of tier Ino. hIC011e, . ,Ccuteil t crrh\
<br />all right. litL ;Ind interest nt pelt rni I„ am 1r nr ,n_r t , sire, thr+l in Tor: c ,h I r;,„ i" the outeh :r; r \, el.Ini"
<br />If That I, additional anti co!I ltertli s uriir for the r:,% n. n1 of tf1 ,wt: dr,eril c t an �dl •11n1 tretare 611C nr v` t•l,
<br />the Morigagor i,creh\ a„ign, to tike 91.1rle,ICet. 1 ,,t,tf.'', a cnoc,. t n,,.1- 'I.hf..ulti Pt el!t ,.: inm ,,, ter
<br />art rtit ii :f 6r: )1 I:r {dt'f : }. :I :ld :ill -ail ;'no i'. t. on ,silo r� ;ell. \V'ii ICI, , glo � ., t' :\ t' c• d +, -i 1p! !,�I. ill, �.., :'111' ,
<br />them :o,,od tndc-h!t,driv ..,, wc,l he lot,- 1. ,7','r ,!ciar.it tit lit. oonoihn,u, or ;Ili, .1 : ur,. : ; :.:In; 'hr •' r.!e;.. I :t .r, .•I „! ,
<br />f +V a...! r,•,ltte -. "n, .t.ch .;w_,w, v. ht n tlae .lull p.tt: Ilic f`llt .SIIJI 110 Fee t
<br />I +i t,('l.i' ;nl” t! .._ cad la'.`❑ .p,C r': -.! intrt lg,l Cl:
<br />
|