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86—.a 105345
<br />The Mother is wAer more fully to protfct the security of item more than fifteen (15) days in arrears to cover the extra ex-
<br />"Mortgage, agrers: pensc involved in handling delinquent payments.
<br />1. That he will pay the mdehtedness, a herentbefore piosided
<br />Privilege is reserved to pay the debt to whole or in part on any
<br />installment due date.
<br />2. That, together with, and in addition In, the monthly
<br />payments of principal and interest payable under the terms of the
<br />note 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) Atnoun( suffrctent 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 ten
<br />lieu of A mortgage insurance premium) if they are held by the
<br />Secretary of Housing and Urban Development, as follows-
<br />11) if and so long as said note of even date and this in.
<br />strument are insured or are reinsured under the provisions of the
<br />National Housing Act, an amount sufficient to accumulate in the
<br />hands of the holder one (1) month prior to its due dale the an-
<br />nual mortgage insurance premturn in order to provide such holder
<br />with funds to pay such pretmum to the Secretary of Housing and
<br />Urban Development pursuant it) the National Housing •ice, as
<br />amended, and applicable Regulations thereunder: of
<br />(11) If and so long as said note of even date and this in
<br />strument art held by the Secretary of Housing and Urban
<br />Development, a monthly charge tin lieu of a mortgage msuranec
<br />premium) which shall be in an amount equal to one- twelfth
<br />(1112) of one -half (1.2) per centum of the average outstanding
<br />balance due on the note computed wuhout taking into account
<br />delinquencies or prepayments,
<br />(b) :A sum equal to the ground rents, if any, next duc, plus the
<br />premiums that will next become due and payable on pohaco of
<br />fire and other hazard insurance covering the mortgaged propert•,.
<br />plus taxes and assessments next due on the mortgaged property
<br />(all as estimated by the .Mortgagee) less all sums already paid
<br />therefor divided by the number of months to elapse before one
<br />(1) month prior to the date when such ground rents. premiums.
<br />taxes and assessments will become delinquent. such sums to he
<br />held by -'Mortgagee in trust to pay said ground rents, premium•.,
<br />taxes and special assessments; and
<br />(c) All payments mentioned in the :%o preceding subsections
<br />of this paragraph and all payments to be made tinder the note
<br />secured hereby shall be added together, and the aggregate amount
<br />thereof shall be paid by the Mortgagor each month in a angle
<br />payment to be applied by the Mortgagee to the following !terns in
<br />the order set forth.
<br />(1) premium charges under the caniract of insurance with
<br />(ht Secretary of Housing and Urban Development, or molutily
<br />charge sin lieu of mortgage rnsurancr prerrtunN, as the case may
<br />be,
<br />ill) ground rents. lairs, assessments, *!re grid other hazad
<br />insurance premiums.
<br />ilhl) :ntrtrst on the mne secured herrm,
<br />OV) amortization of ;he principal yid r:oie, and
<br />:v'! :ate ,harwc,
<br />Any deticienc, in the am( tin: ,4 >uch aggregate mtun!hti pa\
<br />rnerit shard, unless madr it-, f I,s the tlettgagot prior !t, the Ji;c
<br />daie of the next sash pavmcw. :i,n :oorte an eticn4 ,:efault
<br />under ;tits mortgage. the 4lorgagec rna, .mice*. a "!air ;)iatgc
<br />ro t it' exceed foe: tents 14Ct tot each 110 11At IS! i tit cash pas
<br />1. 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 rents, taxes
<br />and assessments or insurance premiums, as the cast may be, such
<br />excess, if the loan is current, at the option of the Mortgagor,
<br />shall be credited by the Mortgagee on subsequent payments to he
<br />made by the Mortgagor, or refunded to the Mortgagor. !f,
<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 he, when the same shall become due and payable,
<br />then the Mortgagor shall pay to d,c slur :g :gee any amount
<br />necessary to make up the deficiency, on or before the date when
<br />payment of such ground rents, taxes, assessments, or insurance
<br />premiums shall be due. if at any time the Mortgagor shall tender
<br />to the Mortgagee, in accordance with the provisions of the note
<br />secured hereby, full payment of the entire indebtedness
<br />represented thereby, the Mortgagee shall. in computing the
<br />amount of such .adebtednesis, credit to the account of the Mort-
<br />gagor all payments made under the provisions of (a) paragraph 2
<br />hereof which the Mongager has not become obligated to pay to
<br />the Secretary of Housing and Urban Development and any
<br />balance remaining in the funds accumulated under the provisions
<br />of (b) of paragraph ' hereof if there shall he a default under
<br />any it the provisions of this mortgage resulting in a public sale
<br />of the premises covered hereby, or if the Mortgagee acquires the
<br />property otherwise after default, the Mortgagee shall apply, at
<br />the time of the commencement of such proceedings, or at the
<br />time the proper} is otherwise acquired, the balance then remain-
<br />ing to the funds accumulated under (b) of paragraph 2 preceding,
<br />as a .redit against the amount of principal then remaining unpaid
<br />under ail: ;tole, And shall properly adjust any payments which
<br />shall hasc tscen made under (a) of paragraph 2.
<br />ihai the Moitgago- will pay ground rents, taxes,
<br />assessmen". water rates, and other governmental or municipal
<br />charges, fines, or impositions, for which provision has not been
<br />made hrrcmbefore, and to default thereof the Mortgagee may
<br />pay the same; and that the Mortgagor will promptly deliver the
<br />Official receipts therefor to the Morgagee
<br />i he Mortgagor will pay 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 debt secured
<br />hereby (but only to the e%ieni that such is not prohibited by law
<br />and only to :ht extent that such will not make this loan
<br />usurious), but excluding any income tat, State or Federal, im-
<br />posed <)n Moftgagee, and will file the official receipt showing
<br />such pavntent with the Nlorigagee 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 portion of the
<br />aforesaid taxes, or upon the renderini, of any court decrye pro -
<br />hibning the payment by the Mortgagor of any such taxes, or if
<br />such law of decree provides that any amount so paid by the
<br />4J;114agoi shall tic :redited on the mortgage debt, the %torigagec
<br />shali hale the rght To give ninety days' written notice to the
<br />-wrier of the - no-,tgageJ prernnes, requiring the payment of the
<br />rnor(gage Jehi 11 su <Ii notice Iw given, the said debt shah;
<br />become due, payahic and ollcoible al the etp!ranon of said
<br />.uric!% JiliE
<br />I, That <hould the Alortgagiu !ad to pay an', suin or keep arts
<br />coaenani ,tos,ded !.,: ;n ;hi, nwrtgage. then the Mortgagee. at
<br />its option, may pal of , -•tvrn thr same. and all cxprnd!ture% .�
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