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<br />0) month prior to its due date the annual mortgage utsur-nice prcnuunl Ira order to provide such holder
<br />with funds m pay such
<br />premium to the Secretary of Housing, and Urban Development pursuant to the
<br />National Housing Act, as amended,
<br />and applicable Regulations thereunder. or
<br />(11) if and sit long as said note of even dare alit] this instrument are held by the Secretary of Housing and
<br />Urban Development, a Monthly charge (itt
<br />lieu of a mortgage insurance prcndunt) which shall he in an QO
<br />amount equal to one - twelfth (I J12) of one-half' 1
<br />( /-) per centum of the
<br />average outstanding balance
<br />due on the note computed without taking into
<br />CA
<br />account 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
<br />Policies of fire and other hazard insurance covering the mortgaged property• plus taxes and assessments next due
<br />nn the mortgaged property (all as estimated be the 11fortgLigee) less
<br />`•
<br />all sums already paid therefor divided by the
<br />number of months to elapse before one month prior to the date when such
<br />O
<br />ground rents, premimns, taxes and
<br />assessments will become delinquent, such sums to be held by Mortgagee in trust to
<br />minus, taxes and specs; assessments: and pay said ground rents, pre-
<br />(c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under
<br />the note secured hereby shall be
<br />.2
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<br />added together, and the aggregate amount thereof shall be paid by the Mortgagor
<br />each Month in a single payment to he applied by the Mortgagee
<br />W
<br />to tfie Gttlowing items in the order set forth:
<br />111 premium ctargcs under the contract of insurance with the Secretary of Housing and I!ritan Development.
<br />or monthly charge (n; Itty
<br />Of morilwKe insurance prcmiutrt/. ;as the case eta I he;
<br />11)1 ground rents, taxes,
<br />assessments. Ilie and other hazard insurance premiums:
<br />(ill) Interest un the note secured hereby: and
<br />([V) anu,rtizartor, of the principal of said note.
<br />Any deficiency It, the amount of any such aggregate nlclnth]v payment shall, unless JIMIC good by the Mort-
<br />gagor prior to the due date of the next such
<br />pavincnt. ; ollstitute an event of default under this mortgage. The
<br />Mortgagee "lay collect a '•late charge" not to exceed f,n;r
<br />cents l4sr) for each dollar (S I ) of cacti payment more
<br />than fifteen ( 15) days In arrears to cover the extra expense involved in handling delinquent payments.
<br />3. That if the total of [he payments made by tit(, Mortgagor under 161 of paragraph 2 preceding :hall exceed
<br />the amount of payments actually made by the llortgagee for
<br />erouncl rents, taxers and assessments or insurance pre -
<br />miums, as the case may he• such excess, if the loan is current. at the option of the Mortgagor, shall lie credited by
<br />the lhrrtgagee on subsequent
<br />payments to be made by the 1lortgagor. or refunded to the• Mortgagor If, however, the
<br />monthly payments made by the :Mortgagor under lhl of '
<br />paragraph preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums, as the case may Ire. when
<br />the .same shall become due and pay-
<br />able.. then the Mortgagor ,hall pay to the Mortgagee
<br />any amount necesssar to make up the deficiency, on or before
<br />the date when payment of such ground rents, taxes,
<br />assessments or insurance• premium.= ;hall be clue- If at any
<br />time the Sbrtgagor hull cancer to the Mortgagee, in
<br />uecordanc•e with the provisions of the note - et•ured hereby,
<br />full payment of the entire indebtedness
<br />represented thereby, the Mortgagee .Ahall, in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor all payments made
<br />under the provisions of oaf) of paragraph
<br />hereof which the 1'lortgagee has not became obligated to
<br />pay to the Secretary of Housing and I!rhan Development
<br />and any balance remaining in the funds accumulated under the
<br />provisions of (0 of paragraph 2 hereof. If there
<br />shall Ire a default under any of the previsions of this mortgatge resulting in a public sale of the promises covered
<br />hereby, or if the Mortgagee
<br />sec quip s the property otherwise after default, the llortgagee shall apply .:11 the time of
<br />the commencement of such
<br />proceedings, or at the time the property is otherwise• acquired, the balance• then remain-
<br />ing in the funds accumulated under tb) of paragraph 3
<br />preceding, as a credit against the amount of principal then
<br />i
<br />remaining unpaid under said note, and shall properly adjust any a am 1101
<br />of paragraph Y. payments which -hall het•" filmic der
<br />4. That the Mortgagor will pay ground rents, taxes. assessment,, water rates. and other governmental or rnumcipid
<br />charges, fines, or impositions. for which provision has opt been made hcreinbefore,
<br />and in default whereof the Mortgagee may
<br />pay the same: and that the Mortgagor will promptly deliver the official receipts therefor
<br />to the Mortgagee.
<br />5, The Mortgagor will pay all taxes which may he levied upon the Mortgagee's ❑
<br />serest in ,aid read estate :Ind impr loe-
<br />ments, and which may he levied upon this mortgage or the debt secured herehv thin
<br />only a, rile extent that ,rich r, not prohibit-
<br />ed by law and only to the extent that such will not make this loan usurious), hilt excluding Inv Income lax. State nr federal.
<br />imposed on Mortgagee, ;Ind will file the official receipt showing such payment with
<br />the Mortgagee I poll violation of this under-
<br />taking, or if the .'Mortgagor is prohihited by any law now or hereafter existing from paying the w hole „r :Inc portion of the
<br />said taxes, or upon the rendering of
<br />afore -
<br />;Inv court decree prohibiting the payment by [tie Mortgagor r,r any such I;Ixe,, ur if such law
<br />or decree provides that any amount ,e paid by the Mortgagor shall he credited on the mortgage dchr. the Mortgagee
<br />the right It, give ninety day
<br />,h;ifl halve
<br />s• written notice to the owner of the mortgaged premises. requiring the payment of the mortgage
<br />debt. If such notice he given, the said debt shall become due,
<br />payahle;md cofle:tihlc at the expiration of ,aid unlety d:rv,
<br />fi. That should he fail to pay arty sun or keep anycovenantpro+ ided f,•r in this Mortgage,
<br />tilt",
<br />then the Alortgagee. al its op.
<br />may pav or perform the same, and :111 expenditures so made shall he added n1 the pri ' Ipa! ,loll „ruing on the ahnxe
<br />shaft he secured hereby. and hear interest
<br />eh:Ill note.
<br />;it the rate set forth in the ,aid note, unto] p;tid
<br />'. That he hereto, assigns, transfers and
<br />sets over to the Mortgagee. U, he applied toward the paynteel of file note and all
<br />sums secured hereby in case of a default in the performance of any the
<br />of terms and conditions of this Mortgage or the said
<br />note, all the rents. revenues and income to he derived front the mortgaged
<br />Premises during such time a% the mortgage indchted
<br />mess shall remam unpaid; and the Mortgagee shall have power to
<br />appoint any agent or ;agents it may desire for the purpose of
<br />repairing said premises and of renting the same and collecting the rents.
<br />revenues ;Ind income, and it niav pay out of %;lid ur
<br />comes all expenses of repairing said premises and necessary
<br />comnm,io"s ;Ind expense, Incurred in renting and nnulaging the
<br />same and of collecting rentals therefrom: the h;alance remaining, if
<br />indebtedness. any. 10 be applied towiad the discharge of sold mortgage
<br />S. 'fiat he will keep the improvements now
<br />existing o• hereafter erected on the morlg;,ged ;,ruperly. insured a, mad he
<br />required from time lu time by the Mortgagee against loss by fire
<br />and other hazards. trill allles ;tnd contingent le, in such
<br />amounts and for such periods as may he required by tort Mortgagee and will pav promplfv. w belt due.
<br />insurance
<br />;my pre•nnunr on such
<br />provision for payment of which has not been made herelnfefore ;111 Insurance ,h;dl he tarried in
<br />proved by the Mortgagee
<br />conlpanles ,Ip.
<br />anti Ih: policies and renewals thereof siL,il he held by the 'ifor!gagev and have artached tlleren, loss
<br />payable clauses in favor of and in form acceptable to the Mortgagee. In
<br />event of loss Mortgagor will give fnnuvdulle notice Is%
<br />mail to the Mtlrlgagee. who nlav make proof of loss if not made pronlPUv by Morigagm.
<br />and each nl,urance conlP;un ton
<br />corned I%herehv aulhorized and direcled to make payment for such lass dlrecfly h, the Mortgagee n1,lead of o the 11orrgugor
<br />and the Morlgagee totally. Ind the ins"rutce
<br />proceed,, or any Part thereof. nun ht• apphed by the Mortgagec at its option rllhei
<br />I" the reduction of the indehtedrtes, herehv secured or to the
<br />fella"
<br />tesroration ur ripour „f the pn,pern lounged !n event „t [ uccio
<br />f
<br />,tire elf Ibis mortgage or other transfer of title Nl the "nlrtgaged property f CL it
<br />m of the Intiehtedne„ ,ct un h .
<br />alt light. title and interest oC the Marl gap ur m and Io ally insurance pole le, then it) !oree 01.11!
<br />of 'r ')at
<br />1 "1" I„ tilt- pun h:ISer of hran0.`r
<br />as ndd111Vn ;11 poll] c„118ft r'11 wk 111 iIy for if p Iv mellf of file note dr" obt•d .Ind ;111 ,I"II, In I`et-'Me duos 111de•t 1111,
<br />711"Fogage, the Mortgagor hertf ,, Ils,uttl, to Ill] 't911rrf
<br />:111 plotif,. rv,vnu. n,,;dtlts. nosh!, In,! belt, Ili, .1, tllling In tilt
<br />h9orrg,lgor under ;ury :Intl df ill :,old 6 N base, 01 said prenuse,. ,,oh the of i, 1, Irrt
<br />then]
<br />lvc ,1d •c, cq,I f,a rile �.Illle .old :,pt•I,
<br />to s.od Ia/a)e fire :dne,s 1,'01 before a, atiea de Ludl rn file condnurrl...t 1M, mot If!na•r slid !ht 11„1
<br />fa,r sod rct ov
<br />e.Ititr m.1t dcnLO,J, nr
<br />,„rf ,,nY ,u,.h t -IVnre when due ,unl pa v.Ifile. but •,h ;Jl n„I I,r ;r4nn e,i
<br />ll.w.In.11r
<br />•1111 hiholne 11110 IHlel ,:Id �., J„ Ilse, +n.
<br />.., .1 } ;ru lit n I„
<br />rid' 16 I rleu,a• nl fill, murlit"pe
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