|
r
<br />85- �D01890 (1) month prior its due dare the annual nn,rtgagc insurance !,remrunl III ordc, iu provide such holder
<br />with fonds it pay such premium h, the Secretary ill' !lousing and l rban lkvelopnlrnt huruuurr le the
<br />x'arional lluusing Act, as amended. and applicable Kegulauons thcrrundcr: or
<br />([1) If and so Tong as said note of even date and [his instrument :tie held b,, the Secretary of llousing and
<br />Urban Development. a monthly charge (fn lit'() of a mortgage ins'nrance prcntiunr/ which shall he in an
<br />amount equal to one - twelfth (1112) of one -half (1(2) per centurn of the average outstanding balance
<br />due on the note computed without taking into account delinquencies or prepayments;
<br />(b) A sum equal to the ground rents, if any, next clue, plus the premiums that will next become due and payable on
<br />Policies of fire and other Kara «I insurance covering the mortgaged property, Pius taxes and assessments next c!uc
<br />on the mortgaged property tali as e.stinrated br titre• dbtrtgagr•el less all sums already paid therelilr Divided next !tie
<br />aunumber of months to elapse before (Inc month pilot to rile date when such ground rents, premiums, taxes and
<br />torlsrenls will become Delinquent, such runts to he held by Mortgagee in trust to pay said ground rents, pre -
<br />,niums. taxes and special asscSSnumis: and
<br />(c) All Payments mentioned in the two preceding subsections of this paragraph and Idl payments to be made under
<br />the note secured leach)' shall hc gilded tagethcr. and fire aggregate amount Ihereuf shall be Paid by the Mortgagor
<br />each month tit a ,iulJe paynunl to he applied by the Mortgagee to the fitllnwutg items in the order set forth:
<br />(I) premium charges under file contract (itinsuranct, wnh the Secretary ol, Ilousu,_ and Uritan Uevclopnlcnr.
<br />fir nu,nlh!y charge (n, lii•ta o/ rrrnrigaf;e' fusurant't• plc nuunr)• as the case may hr,
<br />1111 gn,un,! ,costs. taxes, assessments, lire and other hacard insurance Premiums;
<br />(111) ultere,l on dle note secured hereby: and
<br />(IV) anx,ruiaftorl of the pnnapal III sauf note.
<br />Any d riot !icy u, the amount of, any such aggregate monthly paynte(,t shall. unless made good by the ,I lot
<br />Mortgagee Prier to the dire dale nt the nest such paynfe„I. r, >nstitu[e an event of (let 11111 under this mortgage. The
<br />Mortgagee racy rollr:t a "late charge" not to exceed h,ur cants (40 11" each dollar (Sl) ()leach Payment (,tore
<br />than 1lfteen (I i). +::.:. ,n arrears to cuve, the extra expense Involved n) handling delinquent payments.
<br />a. T'hat if the• total of the• payments made by the 1lortgagor under /bj of paragraph '? preceding hall exceed
<br />the amount of payment, xotually male by the ilnrtgugee> for ,,round rent.., g
<br />miums, as the ci�•se> may be, such excess. if the loan is current, ar the option of th - lAlort .anent, or in,urance pre -
<br />the Mortgagee on subsc,yuen! payment.. w bf mode• n the Mortgagor. p Mortgagor. shall Ito credited by
<br />monthly payment . made by the Mortgagor under t !:i of paragraph prccedingn hall'nutcttclesufficient tf, ty round
<br />Mortgagor,
<br />If, however, the
<br />rent, tax", and as.,essment� or insurance premium, a� the cae mxy be, when the same t ti ,huff become due and pay
<br />-
<br />the then the %lortgagor .hall pay 1„ the Morf >a , • • ; p R
<br />the date when payment of :uc'h mood cons, ; ? c e tin' amount necc,,ary to make up life deficiency, en or before
<br />time the ANart a, g laxe,. as,e ".ment.- or in.,uranc•e premium., ,hall be due. If at any
<br />a for .:hall tender to the AlertguaeI in ac curl urce with the proxi,iun., of the note sec ()red hereby,
<br />full payment of the entire indehtedne. s represented thereby, the Mortgagee • >
<br />indebtedness, credit to the ,account of the Mortgagor e R e e hall, in computing the amount of such
<br />hereof which file Alorta:tgce ha., nut boe'ume' abl gtuced to payllotlhell e�mhtn�oflH provisionslOf W
<br />and arty balance remaining in the funds xerumutated under the rnvisinns of ih I (frj I) paragraph
<br />-'hall be> a default under : of rho proci.,ions of Ihi, mo,Ig • 1)ry f 1herent
<br />P I of paraRreph Y hereof. If Ihc•re
<br />hereby. or if the Mortgage... artfuire, the Properry otherui.,e age rvdulling I,ho Public
<br />c`�,le of the premi..es covered
<br />tilt• commencement of ouch procoedinf .fir at the lime the property is 0III i,e acejuired. the balance then remain-
<br />ing in the fund, :urumulated under r l.; -if paragraph 2 preceding a, ; f c e hat! apply , at the time of
<br />of remaining a h 2. under ,aid more. and ,hall properly adju.,i any payareerr,Dlrlhi(.fl n alitW amountnfit poi v;palrthen
<br />of paragraph '2.
<br />4. that the Morlgfgur ,volt P;a, crounJ nnh. Ltxe,. .,,,essmcnts, eater rifle,. and other go,crnmc'rtl:ff or nnnuciP:J
<br />charge., fine,, or mrPositions, tilt x11101 Prov,slon has rout heen made hereinhcforc. •.r,t in default thereof the Mortgagee plat
<br />pay the sarrre::tnd that the .Morig:a go( a ill promptly deliver the official rcleq,h chore L,r t„ Iho Alongagce.
<br />The Mortgagor e l Pay all I this ,v11tt may he levied upon the Mortgagee s uttcrclt tit ,lid real estate acid irnprme-
<br />ntrms, and uhrch ntay he IevreJ upon tilts mortgage fir the dcht scoured hereby rhut onFv I. the "lent that Inch r, not Prohibit-
<br />takined by law and only to the cxlen[ that 1.111 k% ill not make [his loan usurious. hilt evcludms an, rn0eme Ivry. Slate er Federal.
<br />g. it Mortgagee, and uf11 life file official receipt lflowin • s fth
<br />taking, nr d the Mortgagee.
<br />tiger 1s Pr,hrhned by :mt law now or hcreafler c xt.tin • (roll
<br />t• Pas nt0•nt ueh the Mortga>;c'e_ 1. Pon ,n,l:f[ion of this under-
<br />laid taxes. or upon the rendering of unq loom decree pn,hth er , the } f'avrrlk' file u hole ar i,fl% portion of [10 afore -
<br />ur decree Provides that any artuoum ,o uJ h } Pa,nfe•nl by nc� Mortgagor or en
<br />p. y the Mortgagor sh :dl hr lndneJ on file mutt 'a >e debt. y su0h taxes. or if such law
<br />the right to gn'e ntncly days' written notice d, the owner of the nn,rtguged Promise,. rcyulrng the P.funenl of the mortgage
<br />dent. I( such noucr he green, the s,ud dell 'hall he, (,Inc title. , able and 1a+lleanhle of the r� PneUun 'If lts fnl ninety i1 Iyb:f11 have
<br />6. yhst ahetulJ fo fail hr pay any Burn or keep any cuve•rIm,t Prrvvded for in this Monpage. then file Morlgagee.:n its up-
<br />linn. ns,y Pay fir Perform the ,ante. and all expenditures sfi In:fd:' shall h
<br />shall
<br />he secured hereby, and shall hear Interest it the r:,tc set forth in the Lod added to OIV Ito mcipal cunt ou Inte VIII file ahovc note.
<br />That he hereby asset ns. tr;uutrrl and son over to the Mortgagee. to ho applied I Pat(,
<br />file pavmcrrt of Ihi' Hole •utJ ;flit
<br />sums ucurel hereby in case of a default in the Performance of any of the coons and conditions of [his 1lortgagc or the wall
<br />matte. all the reels. revenues and Income lu he derived front the mortgaged Prenuses during '11, nine as the mongagc' uldrhteJ-
<br />ncu shall rem:mt unpaid: arid file :Mortgagee shall have power nr appoint :,fly agcnl fir agerul it may Dclirc for the purpose of
<br />repairing sale( premises and of renting the same and .„(leering the rents, revenues ;Ind income, and n nt:ft 1, fi
<br />tomes all exPrnses of repairing said prrnttscs end necessary remrnrssferfrs and expenses inuure.i nt , f it;,% and managing nc�
<br />sarnc and of cedlecling rcnt:ls therefrom. the halance remaoung. if any. r, h • . „ P' at of sand in
<br />indehrotincss a II I Ifetf the 4frs0hargc of sand murry!ag,•
<br />N That t will it P the unPnrvemonls nun existing ,b hc•rcaftc•r erected fill the mont<;rgcJ proprr[v• inured as ern he
<br />;amurcytuRD (runt tmle rn little , nc� Mortgagee' ag:uml loss by tire and other hat Ile f' w1P-'We rs :utJ 0ontingenlra's ,n such
<br />far and (nr such Period+. it may he reyuued by the Mortgagee and "Ill pay promptly, a hen due. any prenu,,,tls on such
<br />nsurancc provrsturt for ptyrneul of ultllh has not twee made he•renrhefure ,\lit Ill,( /t.m1c ,hall I,• r.
<br />Proved by the Murtgagcc and the potterer and renew: h thereof shill he held by file Mortgagcr and base .utxhrd thereto Io•,s
<br />payslh' chooses in four of and in form a0lepfable to [tic Mortgagee In dent of loss Mortgagor u,ll gl,cr.nnic'llaretnotitc I1,
<br />(,ratl n the Mortgagee. wile may rmfke Proof If It,,, if not made ptonrprly tat Murf ., •fir.
<br />cerued ,s ttcrehy aulhuriled .Ind dire tred h, make payrtrent tot ,ugh loss drre0tly r.. rl .111' , I,nsteedf amt Ibf1 /1.11 „r; con
<br />end .- r Moatg,igee IoroNv.,md the nfluraocc roILIkds. nr en, p.frt thefeof. eta, he ,yy,hcd h, the MoII y
<br />lu the;• redid bon of rife Indrhtedncss hcmhy s • a, ,gfn
<br />,lift: o f fins rmrrt t e fir u u ureJ or to the ae,f oraron ..r r F ,r ce .fl n. „Phoo ru1r,
<br />g•fd fltet4ansf, rffbfitc lolhemortpagedprupe 'rf,fnecruy;uf�hn +uf l rfncu !dthlcJn,ul«nlhr,ICM
<br />t! right tq!e .fed Inlcrc,r of Ihi Mortgagor on toil Io any 11tsur „f a' Pula +c, then
<br />of h,r, e 0, , if 1, rift! r.:,dd,tmn.f! ,tilt c Matmif sV, nnfy lot file per meet of the nol, Jc,, tda,1 and ,II
<br />Mortgog,e the "Gott a • ,t her by :, s Ihr I'm, m,v� o, mldc l
<br />g, �� 1 rgnr to Ihi. blurt - ”' „n, �,� Pc, lane dot undcl Ihi♦
<br />M „rtgaa , , n lc a tin, ,ud "II + 1 "fill gegte ill I,rolir r „ -ore
<br />ga•� (rare, on,rid „eu,..,. ..fir. .nil hen0hr,
<br />�i�a.zq Y, ai ,fff bit cue, >, I „toil l! "'l if , „ -ei . , f
<br />fit he f, le ,, .rffu .1, ( ,nit I, the nJ;r , , ,'u , r flit . nnc Ind , .h'•
<br />( an, v,e•.u,hr rtnl,khtn,III, �nu1 „ )I a " yl
<br />„afS Fw x I' < hill •h.i ,c -I I„ , 1, n:f I
<br />sf is n +J „,d
<br />'w ,n icle.r_e d Ihr, m.„r 1151 .,�;n" ,,,1 ,. I•� ,
<br />R.aPC �
<br />• a, ,
<br />
|