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86- 105072
<br />The Moriliagor in order more fully to protect the security of
<br />mem more than fifteen (15) days in arrears to cover the extra ex -,
<br />involved in handling delinquent paymcnts
<br />this Mortgage, agrees:
<br />pense
<br />1. That he will pay the indebtedness, as hereinbefore provided.
<br />3. That if the total of the payments made by the Mortgagor
<br />of
<br />Privilege is reserved to pay the debt in whole or in part on any
<br />ppaar menus actually made by the Mortgagee for grand rents, taxes
<br />installment due date.
<br />and assessments or insurance premiums, as the case may be, Sochi.
<br />2. That, together with, and in addition to, the monthly
<br />excess, if the loan is current, at the option of the Mortgagor,
<br />be credited by bs to be
<br />of
<br />payments of principal and interest payable under the terms of the
<br />note secured hereby, the Mortgagor will pay to the Mortgagee,
<br />shall
<br />Mortgagoyment
<br />o° tgagee
<br />made by the Mortgagor. to the
<br />however, the monthly payments made by the Mortgagor under
<br />on the first day of each month until the said note is fully paid,
<br />(b) of paragraph 2 preceding shall not be sufficient to pay
<br />the following sums:
<br />Amount sufficient to provide the bolder hereof with funds
<br />ground rents, tares and assessments or insurance premiums, as
<br />the rase may be, when the same shall become due and payable,
<br />(a)
<br />to pay the next mortgage insurance premium if this instrument
<br />and the note secured hereby are insured, or a monthly charge (in
<br />then the Mortgagor shall pay to the Mortgagee any amount
<br />necessary to male up the deficiency, on or before the date when
<br />lieu of a mortgage insurance premium) if they are held by the
<br />Urban Development, as follows:
<br />payment of such ground rents, taxes, assessments, or insurance
<br />shall be due. If at any time the Mortgagor shall tender
<br />Secretary of Housing and
<br />If and so long as said note of even date and this in-
<br />premiums
<br />to the Mortgagee, in accordance with the Provisions of the note
<br />of indebtedness
<br />(1)
<br />strument are insured or are reinsured under the provisions of the
<br />secured hereby, fatal payment the entire
<br />thereby, the Mortgagee shall. in computing the
<br />National Housing Act, an amount sufficient to accumulate in the
<br />hands of the holder one (1) month prior to its due date the an-
<br />represented
<br />amount of such indebtedness, credit to the account of the Mott-
<br />all made under the provisions of (a) paragraph 2.
<br />W�al mortgage insurance premium in order to provide such holder
<br />with funds to pay such premium to. the Secretary of Housing and
<br />gagor payments
<br />to
<br />theHo Mortgagee drhan Develop and any
<br />Urban Development pursuant to the National Housing Act, as
<br />or
<br />amended, and applicable Regulations thereunder: or
<br />thieireof Secretary
<br />balance remaining in the funds. accumulated tinder the provisions
<br />of (b) Of paragraph_ hereof. If there shall be a default tender
<br />(II) If and so long as said note of even date and this in-
<br />any of the provisions of this mortgage resulting in a public sak
<br />the
<br />strument are held by the Secretary of Housing and Urban
<br />of the premises covered hereby, or if the Mortgagee acquires .
<br />Development, a monthly charge (in lieu of a mortgage insurance
<br />be in an:amount equal to one - twelfth
<br />prosy, otherwise after default, the Mortgagee shall apply, at
<br />of the commencement of such proceedings, or at the.
<br />Premium) which shall
<br />(1/12) of one -half (1/2) per centum of the average outstanding
<br />(1/12) -h
<br />the time
<br />time the property is otherwise acquired, the balance then remain-
<br />2
<br />due the note computed without taking into account
<br />ing in the funds accumulated under ib) of paragraph Pr�tnlr
<br />delinquencies or prepayments;
<br />as a credit against the amount of principal then remaining unpaid
<br />shall property adjust any payments which
<br />(b) A sum equal to the ground rents, if any, next due, plus the
<br />that will neat become due and payable on polices of
<br />under said note, and
<br />shall have been made under (at of paragraph 2-
<br />,,zmiums
<br />fire and other hazard insurance covering the mortgaged Property,
<br />plus taxes and assessments neat due on the mortgaged property
<br />z. That the Mortgagor will pay ground rents, taxes.
<br />rates, and other governmental or municipal
<br />(all as estimated by the Morigagee) less all sums a)ready paid
<br />therefor divided by the number of months to elapse before one
<br />assessments, water
<br />charges, fines, or impositions. for which provision has not been
<br />made itetembefore, and in defau)t thereof the Mortgagee may
<br />(1) month prior to the date when such grouted rents, premiums,
<br />become delinquent, such sums to be
<br />pay the same; and that the Mortgagor w77i ptompdy deliver the
<br />taxes and assessments will
<br />held by lvtortgagce in trust to pay said ground rents. premiums,
<br />official receipts therefor to the ?tlortgagec,
<br />taxes and special assessments: and
<br />S_ The Mortgagor will pay all taxes which tray be ievtied upon
<br />(c) All payments mentioned in the two preceding subsections
<br />of tier6 paragraph and all payments to be made under the note
<br />the Mortgagee's interest in said real estate and improvemews,
<br />and which may be levied upon this mortgage or the debt soared
<br />secured hereby shall be added together, and the aggregate amunx
<br />hereby (but only to the extent that such is not prohibited by taw
<br />thereof shall be paid by the Mortgagor each mouth in a singe
<br />and only to the extent that such will not make rhis.loan
<br />payment to be applied by the Mortgagee to the foftowing'it= in
<br />usurious), but excluding any income tax„ -State or Federall im-
<br />the order set forth:
<br />charges under the contract of insurance with
<br />posed on Mortgagee, .and will file the official receipt showing
<br />such payment with the Mortgagee- Upon violation of this under-
<br />(1) premium
<br />the Secretary of Housing grid Urban Development or monthly
<br />taking, °r if the Mortgagor is prohibited by any law rave f t
<br />hereafter existing from paying the whole or any #roil` -'n cr? rite
<br />. charge (in lieu of mortgage iasurancr pmnuhua), as the case may
<br />aforesaid taxes, or upon the rendering of any court decree pro-
<br />be;
<br />hibuing the payment by the Mortgagot of any such taxes to if
<br />(II) ground rents, taxes, assessments. fire and other hazard
<br />such law or decree provides Char aav amount -s— ;.aid by the
<br />insurance premiums;
<br />Mortgagor shall be credited u t$age the mot debt, Z c Mtart$s$er
<br />shall have the right to give ninety days` written notice to the
<br />interest on the note eetired hereby-
<br />(liI) i `
<br />Oa ter of the mortgaged premises, requiring the payment of the
<br />(IV) amortization of the principal of said note; and
<br />mortgage debt. if such notice be given, the said dcbt.shail
<br />become due, payable and collectible at the expiration of said
<br />(V) late charges.
<br />Winery days.
<br />te oMbly Pay-
<br />Any deficiency in the amount of such aggrega tn
<br />ment shall, unless made good by the Mortgagor Prior to the due
<br />That should the Mortgagor fail to pay any sum or keep any
<br />date of the next such payment, constitute an event of default
<br />under this mortgage. The Mortgagee may collect a "late ciaar8e„
<br />covenant provided for in this mortgage, then the MW-gagee. at
<br />its option. may pay or perform the same, arts: ail cxpenditutes sera
<br />not to exceed four cents (AC) for each dollar tS0 of each Pay-
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