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<br />(1) month prior to its due date the e .,s:;d NWr;ga8t 4isur4nce prcni:urtt in order to provide such holder
<br />with funds to pay such:.premium to the Secretary cif blousing ;rri(l urban D_•+,•elopttartt pursuant to the
<br />National dousing Art, as amended, and applicable Regulati,vits !hereueder, or
<br />(11) If,and so long as said note of even date and this instrument are held by the secretary of Housing and
<br />°
<br />Urban Development, a'monthl char fin liar of more
<br />U opm y ` charge �alte insurance premiurrt) which shall be in an
<br />a mount[ equal to one-twelfth )l 2) ore -half (1,f2)
<br />iii ( per centum of the average outstanding balance
<br />due on the note computed without taking into account delinquencies or prepayments:
<br />w.
<br />(b) equal +wad renu if carry, next due, plus the premiums that w8l.next become due and payable on
<br />otic'tes f fife an�eo
<br />p other hazard' insurance s oveting the rnortgat ed prop e y plus lazes and assessments'next due
<br />on the mortgaged property (all as estimated ht the #forigagcef less all su n, aaready paid therefor divided by the
<br />number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and
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<br />assessments will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre -
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<br />.: miums. taxes and special assessments, and
<br />(c) Ali payments mentioned in the two preceding subsections of this-parattraph and all payments to be made under
<br />the note secured hereby shall be added together, and the, 3t ;regaie amount Ihc;.vl stial! b paid by the Mortgagor
<br />each month in a single payment to be applied by tite Mortgagee to the following items in the order set forth:
<br />(f) premium charges under lloe contract (if in urnti,:e with the Secretary o' Housing and Urban lkvelopment,
<br />or monthly charge fin liege ofmortgageinsurdrrrL pr-rntur r! as the case may be;
<br />{ll) ground rents. taxes,'asseasnrents. fire and other rtuard ins% once premiums;
<br />(IJI) interest on the note secured herelry;and
<br />(1V) amortization of the principal: of said note.
<br />Any deficiency in the amount of any such'algTegafe nu- ,rthl:. ,ra'y,neut shall, unless made good by the Mort -
<br />gagor prior ''to' the due date of the next such payruenl. constitute an eve it of default under this mortgage. The
<br />Mortgagee may collect a "late charge- not to • -xceed Nuir cents (40 for each dollar if 0 of each payment more
<br />than ftfteen (1S) days it arrears io cover the extra expense involved to hardlirg delinquent p�lyments.
<br />.,- That if the total of the paymenfe made by the 4lortgaeor under +b, ;if paragraph 2 preceding shall exceed
<br />the amount of payments actually made by the Mortgagee for ground rents.. faxes and a,�sessments or insurance pre-
<br />miums, as the case may be, such excess, if the lotus is current, at the option of the Mortgagor, shall be credited by
<br />the Mortgagee on subsequent payments to lies made by the llortga4t'Ur, (or refunded to the Mortgagor- If, however, the
<br />monthly payments made by the %wtgagor under r5i of para�,raph .'_ preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums, :t_ tile cast- mat be, when the same .shall become due and pay -
<br />able, then the %rtgugor shall par to the Mortgagee any amount. neces=sary to make up the deficienc),, on or before
<br />the date when payment of such gmund rents. taxes. , asyes:ments or insurance premiums shalt ire due If at any
<br />time the Mortgagor shall tender to the Mortgagee. In accordance %,ith the pro%i =ion, of the note - ecured hereby.
<br />full payment of the entire indebtedness represented therekr , the `,karigagee shall, in computing the amount of such
<br />�a
<br />indebtedness, credit to the account of the Mortgagor all payments made under the of !a) of paragraph 2
<br />provisions
<br />hem-of which the Mortgagee has not becorie obligated it) pay to the tiecret,arx of llou =ing .aid l roan Development
<br />and any balance remaining in the funds accumulated under the prYoxi inn- of of paragraph ? hereof. if there
<br />Shall lee a default under any of the provisions of this mortgage resulting in a public sale of the promises covered
<br />hereby. or if the Mortgagee acquire= the property otherwise after default., the Mortgagee shall apple, at the time of
<br />the commencement of such proceedings. or at the time the pruperrt i> othe•rr i r• acquired, the balance then remain-
<br />t
<br />ing in the funds accumulated under : „) of paragraph '_' prered,ng. a- it , car -,ht .ualnst the :amount of principal then
<br />° A
<br />remaining unpaid under said note, and 4tall properk adlu -t cane pin nn•n ;= which ;hall hate been made under f,.-?
<br />of paragraph 2,
<br />4. That the Mortgagor will pay ground rents to c a,sessn,enr. a !et- rate,, and other Loternmentaf or municipal
<br />charges, fine., or impositions. for iA hush pro%il am hal, nor i,cen made herc,rnchxe, and in defatd thereof the Mortgagee may
<br />pay the same and that the .4tortgaag.or a iil prompih dehvu the official rece,pi, theiefor it) the Mortgagee.
<br />?. The Mortgagor aril pay all taxes which may lie Icoled upon the Mortgagee's interest in said lea! estate and improve-
<br />ments, and which may he levied upon this mortgage or the dch! secured beige; ihut only 1P the extent that such IN not prohibit-
<br />ed by law and Doty to the extent that such will not make this rosin usunuu,i. but excluding an% income tax. Stale or Federal.
<br />imposed on Mortgagee, and will file the official receipt ,howling such payment %lilt the Mortgagee. Upon violation of this under-
<br />taking, or if the Mortgagor is prohibited by am lau now or hereafter e xrsnng from paving the w% hole or an", portion of the afore-
<br />said taxes, or upon the rendering of -ny court decree piohthiiing the payatert by the . to i lszaeor or any such taxes, or if such law
<br />or decree provides that any amount so paid by the Mortgagor shali he credited or, the morgage debt, the Mortgagee shall have
<br />the right to give ninety days' written notice to the owner of the murtg:tged premises. requiring the payment of the mortgage
<br />debt. if such notice be given, the said debt shalt become due, payable ;and collectihle at the expiration of said nineiy days
<br />6. That should he fail to pay anv sum or keep any covenant provided for in this Mortgage. then the Mortgagee. ;it its op-
<br />lion. may pay or perform the same. and all expenditures co made shall be added to the principal cum owing on the ahotc mote.
<br />shall be secured herehy, and shall bear interest a the rote set forth in the said note, until paid.
<br />I. That he hereby assigns, transfers and set, over to the Mortgagee- to he :applied toward the payment of the note and all
<br />rums secured herehy in case of it default in the performance (if any of the term, and conditions of this Mortgage or the said
<br />mote, all the rents. revenues and income tithe derived Loin the mortgage, piemases during inch tine as *tae mortgage indebted
<br />tress shall remain unpaid; and the Mortgagee shall hate power in appoint am agent or agents it mat desire for the purpose of
<br />repairing said premises and of tenting the same and collecting the rents. r_oenues and income, and it may pa} out of said in-
<br />comes all expenses of repairing said premises and necessary cornmissions and expenses incurred in renting. and managing the
<br />same and of collecting rentals therefrom: the balance remaining, if any, to be applied toward the discharge of said mortgage
<br />indebtedness.
<br />8. That he will firer the improvements now existing or hereafter erected on the mortgaged property, irnured as may be
<br />requited from time ro time by the !Mortgagee against loss ht tire and tither hazards, ca,uiddes and contingencies in such
<br />amounts and for such periods as may, he required by the lclortgagc., and aid) pry promptly. u lien due, ant, premiums on such
<br />insurance proxision for pavment elf which has not been made hereinhefure. 41t insurance shall h2 :wried an companies ap-
<br />proved by the Mortgagee and the pol�ic,es and renewals thereof shall be held Fy'tie Mortgagee ,,nd Fare attached thereto loss
<br />payable clauses in favor of and in form accepiable to the Mortgagee In co eet of los_ Mei tgago a r all 6t% e uninediaie notice by
<br />atail to the Morigpirce, i t may make proof of loss if not made promptly by Mortgagot and each incurincc company con-
<br />cerned is hereby authorized a n4 direl: tc'd 1,� inak.e pi ,neat t(,r such lo— directh to the Mortg tttee instead of to the Mortgagor
<br />Land
<br />the Mortgagee jointly, and the ii oran,.e prize e:a, r in% pa, i ;hereof. i r ,o „r .al Lu , ti x1 erg: < , is cot it , either
<br />lu the rexluciNrn of the irrdelxednesc hereby secured or w the restoration or rc p;ur of !it, pry +p, rt , ., ;m�.pca !n C, s °no „f i, rcci„-
<br />sure of this mortgage to other frtinsferof title to the pror,r.N rn t atvavu,.h +pent of the tndebtednes, tc 'urged he!cbv.
<br />all right, title and iute;cst of ttre 3f, g,ago, in and .o xn% 11110. Mar p ,L,,e, , "I ,11 !07,o t .,'; n't" t,• th, p,,rrhasrr
<br />a: That as xddsriunol it!d celt,ate a: iic tutu for she ir�arrneni of tilt- ntde des,ritYt, .spec : L s,,ro. d,, r <c< . , +`.0 - ,pace rfu,
<br />tnctrtpgr. the Mottgagor herehy assigns to the Mortgagee all profile, retenucc. ro :altiri,- right, gild t,enciu, :i'ktiung n, the
<br />«,
<br />Mottliagor under arty And adl ,tit and gas le on salad prenoses with the rtght ti, it-cc t t, _id , erpt tor ,t r ,;came ioid ^nIr
<br />them to card in,tr.httdncss t +,, wr,tl beisfre a., - � ieC•.eult m the ;.,.u,u.<,i..it tt, -. .,,,n -. .,E, t x4 „rr. ^act :et- •, <. tie � :,. + „d .:et-
<br />for'smit
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<br />crj ', .y,ass `t „rot*
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