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A
<br />86-- 104878
<br />The Mortgagor in order more fully to protect the security of
<br />this Mortgage, agrees:
<br />I _ That he will pay the indebtedness, as herctnbcfore provided.
<br />Prntiege is reserved to pas' the debt in whole or in part on any
<br />installment due date.
<br />2. That, together with, and in addition to, the monthly
<br />payments of principal and interest payable under the terms of the
<br />time secured hereby, the Mortgagor will pay to the Mortgagee.
<br />on the first day of each month until the said note is fully paid.
<br />the following sums:
<br />(a) Amount sufficient to provide the holder hereof with funds
<br />to pay the next mortgage insurance premium if this instrument
<br />and the note secured hereby are insured, or a monthly charge fin
<br />Am of a mortgage insurance p=dum) if they are held by the
<br />Secretary of Housing and Urban Development, as follows:
<br />(1) If and so long as said note of even date and this m-
<br />strvment are insured or are reinsured under the provisions of the
<br />National Housing Act, an amount sufficient to attvmu#are in the
<br />hands of the holder one (1) month prior to its due date the an-
<br />nual mortgage insurance premium in order to provide such holder
<br />with funds to pay such premium to the Secretary of Housing and
<br />Urban Development pursuant to the National Housing Act, as
<br />amended, and applicable Regulations thereunder, or
<br />(f I) If and so long as said note of even date and this m-
<br />strumrnt are held by the Secretary of Housing and Urban
<br />Development. a monthly charge fin lieu of a mortgage insurance
<br />premium) which shall be in an amount equal to one- twelfth
<br />(1+`12) of one -half ().2) per cxnnn tt of the avffw outstanding
<br />balance due on the note computed without taking into account
<br />delinquenc'.es or prep tyments:
<br />(b) A sum equal to the ground rents, if any. next due. plus the
<br />premiums that will next become due and p ayabk on policies of
<br />fire and other hazard instuarice covering the mortgaged property.
<br />plus taxes and assessments nett due on the mortgaged property
<br />tali as estimated by the Mortgagee) loss all sums already ;said
<br />therefor divided by the number of months to elapse before one,
<br />{1) month prior to the date when such ground :eats, premiums,
<br />taxes xnd assessments will become delinquent, such sums to be
<br />held by Mortgagee in trust to pay said ground reris. premiums,
<br />taxes and special assessments, and
<br />(c) All payments mentioned in the two preceding subsections
<br />of this paragraph and all payments to be made under the note
<br />secured hereby shall be added together, and the aggregate amount
<br />thereof shall be paid by the Mortgagor each month is a single
<br />payment to be applied by the Mortgagee to the following items to
<br />the order set forth:
<br />(t) premium chatges under the conirai, of insurance with
<br />the Secretary of Housing and Urban Development. or monthly
<br />charge fin )voce of mortitage nutrrance premium}, as the case may
<br />be:
<br />(11) ground rents, taxes, assessments, fire and other hazard
<br />insurance premiums, -
<br />1111) interest on the note secured hereby,
<br />(IV) amortization of the principal of said note. and
<br />(VI late charges
<br />Any deficiency in the amount of sw.h aggregaic mcnthiy pay-
<br />ment shall, unless made good by the Mortgagor prior to :ht due
<br />date of the next such paym m, constitute an coenr of default
<br />under this mortgage. The Mortgagee may cohort a "late charge-.
<br />not 11 exceed four cats (4e) for each dollar 41) of each pay-
<br />merit more than fifteen (15) days in arrears to cover the extra ex-
<br />pensc involved in handling delinquent payments.
<br />3. That if the total of the payments made by the Mortgagor
<br />under (b) of paragraph 2 preceding shall exceed the amount of
<br />payments actually made by the Mortgagee for ground rem, tam.
<br />and assessments or insurance premiums, as the case may be, retch
<br />excess, if the loan is current, at the option of the Mortgagor,
<br />shall be credited by the Mortgagee on subsequent payments to be '
<br />made by the Mortgagor, or refunded to the Mortgagor. If,
<br />however, the monthly payments made by the Mortgagor under
<br />(b) of paragraph 2 preceding shall not be sufficient to pay
<br />ground rents, taxes and assessments or insurance premiums, as
<br />the case may be, when the same shall become due and payable,
<br />then the Mortgagor shall pay to the Mortgagee any amount
<br />necessary to make up the deficiency, on or before the date when
<br />Payment of such ground rents, taxes. assessments, of insurance
<br />premiums shall be due. if at any time the Mortgagor shall tends
<br />to the !Mortgagee, in accordance with the provisions of the mote
<br />secured hereby, full payment of the entire indebtedness
<br />represented thereby, the Mortgagee shall, in computing the
<br />amount of such indebtedness, credit to the account of the Mort-
<br />gagor all payments made under the provisions of (a) paragraph 2
<br />hereof which the Mortgagee has not become obligated to pay to
<br />the Secretary of )lousing and Urban Development and any
<br />balance remaining in the funds accirmu)ated under the provisions
<br />of (bi of paragraph 2 hereof. If there shall be a default' under
<br />any of the provisions of this mortgage resulting in a public sate
<br />of the premises covered hereby. or if the Mortgagee acquires the
<br />property otherwise after defruh. the Mortgagee shall apply, at
<br />the time of the rmmencratent of such proceedings, or at the
<br />s.ime the property is otherwise acquired. the batamr then remain-
<br />ing to the funds accumulated v..de: (b) of paragraph 2 preceding,
<br />as a credit against the amount of principal then retraining unpaid
<br />under said note, and shall properly adjust any payments which
<br />shalt have been made under (a) of paragrapph 2,
<br />-i_ That the Mortgagor will pay ground rents, taxes.
<br />assessments. water rates, and other governmental or municipal
<br />charges, fines, or unposnums, for which provision has not been
<br />made he.embeforc, and in fault hereof tht Mortgagee essay
<br />pay the same; and that the Mortgagor will promptly deliver the
<br />official recespts therefor to the Mortgagee.
<br />5_ The Mortgagor will pav all taxes which may be levied upon
<br />the Mortgagee's interest in said real estate and improvements.
<br />and which may, be levied upon this mortgage or the dean secured
<br />hereby (but only to the extent that such is not prohibited by Saw
<br />and only to the extent that such will rot make this loan
<br />:usurious), but excluding any income tax. State or Federal, im-
<br />posed on Mortgagee, and will file the official receipt showing
<br />such payment with the Mortgagee_ Upon violation of this under-
<br />taking, or if the Mortgagor is prohibited by any law now or
<br />hereafter existing from paying the whole or any xraon of the
<br />aforesaid tarts, or upon the rendering of any ;Avert dear pro -
<br />hibiting the payment by the Mortgagor of any su•_tt has_,, or sf
<br />such taw or decree provides that any amount so paid by the
<br />%forigagor shall be credited on the mortgage debt, the Mortgagee
<br />shall have the right to give ninety days' written notice to the
<br />c'rwttr of the rwtgagtd premises. requiring the payment of the
<br />mortgage debt. If such notice be given, the said debit shall
<br />become due. payabte and collectible at *.he expirat,on of sau3
<br />ninety days.
<br />6, That should she Mortgagor fail to pay any sum or i.eep any
<br />venant provided for in this mortgage, ther. the %torrgagee, at
<br />its option, may pay of perform the same, ,nd all cxpendaures so
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