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86- 107389
<br />not Marlppr to order more tally to protect the ens 10 of
<br />"Martpp. asessee
<br />1. That he will pay the indebtedness, as hereinbefore provided
<br />irrivikse is reserved to pay the debt in whole or in part on any
<br />installment due date.
<br />2. That, together with. and to addition to, the monthly
<br />payments of priaci* and interest payal'le under the terns of the
<br />am ncisred herby, the Mortgagor will pay to the Mortgagee,
<br />on the fins day of each month until the said note is tally paid,
<br />the following sums:
<br />W Amount ntf icomt to provide the bolda hereof with funds
<br />to pay the am moryage insurance premium if this instrument
<br />and the Ina secured hereby area inured, or a monthly charge (in
<br />bur of a mo:Wp mourance premium) if they are held by the
<br />Secretary of Housing and Urban Development, as follows:
<br />(1) if and so ions a sold note of even date and this in-
<br />Owument are insured or are reinsured under the provisions of the
<br />Nadooa) H&A is Act, an amount snffldent to accumulan in the
<br />hands of the holder one (1) month prior to Its date date the an-
<br />UWLmongw itwtraace ptcesium 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 />(11) If and so long a said note of even date and this in-
<br />strument an held by the Secretary of Housing and Urban
<br />Development. a monthly charge (fn You of a mortpse Insurance
<br />pro nlum) which shall be in an amount equal to owtwelfth
<br />(1/12) of one-half (1/2) per amtum of the average outstanding
<br />balance due on the note computed without taking into account
<br />delinquencies or prepayments;
<br />(b) A sum equal to the ground rents, if any, next due, plus the
<br />premiums that will next become due and payable on policies of
<br />fate and other hat and iasuramce covering the mortgaged property,
<br />plus taxes and assessments next due on the mortgaged property
<br />(ail are estimated by the Mortgagee) lea all ruts already paid
<br />therefor divided by the number of months to a)apss before one
<br />(1) mouth prior to the date when such ground rents, premiums,
<br />taxes and assessments will become delinquent, such soma to be
<br />W by Mortgagee in met to pay said ground rents, premiums.
<br />tax" aad special assessmenu., and
<br />(c) Ail payments mentioned in the two preceding subsections
<br />of this paragraph and all payments to be made under the now
<br />secured hereby shall be added together, and the aggregate amount
<br />46neur stun be Pam by lac Mutt POw seen n+uush to • slttgk
<br />payment to be applied by the Mortgages to the following items in
<br />the order set forth:
<br />(1) premium charges under the contract of insurance with
<br />the Secretary of Housing and Urban Development, or monthly
<br />charge (in lieu of mongW insurance premium), as the case may
<br />be;
<br />(gel) ground rents, taxes, assessments, fire and other her,
<br />insurance premiums;
<br />(11I) interest on the note secured hereby;
<br />(IV) amortization of the principal of said note; and
<br />(V) late charges.
<br />Any deficiency in the amount of such aggregate monthly pay -
<br />rent shall, unless made good by the Mortgagor prior to the due
<br />dam of the next such payment, constitute am event of default
<br />under this mortgage. The Mortgagee may collect a "late charge"
<br />not to excised four cents (40) for each dollar (SI) of cash pay-
<br />meat more than fiftem (15) days in arrears to cover the extra ex-
<br />pow involved to 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 Mortdape for =round rents. taxes
<br />and soomements or Insurance premiums, as the use may be, such
<br />now, it the town 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 reftinded to the Mortgagor. If,
<br />however, the monthly payments merle by the Mortppr under
<br />(b) of paragraph 2 preceding shall not be sufficient to pay
<br />ground rants. taxes and assessment or mutrance premiums, as
<br />the are may be, when the tame shall become duo and payable,
<br />then the Mortgagor shall pay to the Mortgagee any amount
<br />necessary to make up the deflelatcy, on or before the due when
<br />payment of such ground rtarts, taxes, assoutnanu, or insurance
<br />premiums shall be due. If at any timejUMortgagor 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 Indabt�gggss credit to the account of the Mort-
<br />gagor all payments der the provisions of (a) paragraph 2
<br />hereof which the Mortgagee ha not become obligated to pay to
<br />the Secretary of Housing and Urban Development and any
<br />balance retraining in the funds accumulated under the provisions
<br />of (b) of paragraph 2 hereof. If then shall be a default under
<br />any of the provisions of this mortgage resulting in it public sak
<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 property is otherwise acquired. the balance then remain-
<br />ing in the funds accumulated under (b) of paragraph 2 preceding,
<br />a a credit against the amount of principal then remaining unpaid
<br />under said note, and shall properly adjust any payments which
<br />stall have been made under (a) of paragraph 2.
<br />4. That the Mortgagor will pay ground rents, taxes,
<br />aswsments, water rates, and other governmental or municipal
<br />charges, fines, or impositions, for which provision has not been
<br />made hercinbeforo, and in default thereof the Mortgages may
<br />pay the same; and that the Mortgagor will promptly deliver the
<br />official receipts therefor to the Mortgagee.
<br />5' The 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 extant rhet a„rh is not rrnhlhlt.A by low
<br />and only to the extent that such will not snake this loan
<br />usurious), but excluding any income tax, State or Federal, im-
<br />oofed on Mort"ese. and will file the official rater thnwin=
<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 portion of the
<br />aforesaid taxes, or upon the rendering of any court decree pro -
<br />hiblting the payment by the Mortgagor of any such taxes, or if
<br />such law or decree provides that any amount so paid by the
<br />Mortgagor shall be credited on the mortgage debt, the Mortppe
<br />shall have the right to give ninety days' written notice to the
<br />owner of the mortgaged promises, requiring tits payment of the
<br />mortgage debt. if such notice be given, the said debt shall
<br />become due. payable and collectible at the expiration of said
<br />ninety days.
<br />6. That should the Mortgagor fail to pay any sum or keep any
<br />covenant provided for in this mortgage, then the Mortgagee, a:
<br />Its option, may pay or perform the same. and all expenditures sc
<br />Pape 2 of 4
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