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( I ) month prior to its due date the annual mortgage insurance premium in order to provide such holder
<br />� with funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the
<br />V 00203 a: National Housing Act, as amended, and applicable Regulations thereunder; or
<br />v (1i) If and so long as said note of even date and this instrument are held by the Secretary of Housing and
<br />Urban Development, a monthly charge (in lieu of a mortgage insumnce premium) which shall be in an
<br />amount equal to one- twelfth (1/12) of the -half (1/2) per centum 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 due, plus the 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 />on the mortgaged property (all as estimated by the Mortgagee) less all sums already paid therefor divided by the
<br />number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and
<br />assessments will become delinquent, such sums to be field by Mortgagee in trust to pay said ground rents, pre-
<br />miums, taxes and special assessments; and
<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 added together, and the aggregate amount thereof shall be paid by the Mortgagor
<br />each month in a single payment to be applied by the Mortgagee to the following items in the order set forth:
<br />(1) premium charges under the contract of insurance with the Secretary of Housing and Urban Development,
<br />or monthly charge (in lieu of mortgage insurance premium), as the case may be:
<br />(11) ground tents, taxes, assessments, fire and other hazard insurance premiums;
<br />(111) interest on the note secured hereby; and
<br />(IV) amortization of the principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly payment shall, unless made good by the Mort-
<br />gagor prior to the due date of the next such payment, constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed Blur cents (opt) for each dollar ($I ) of each payment more
<br />than fifteen (1 S) 04%'S fn arrears to cover the extra expense involved in handling delinquent payments.
<br />:1. That if the total of the payments made by the Mortgagor under (h) of paragraph 2 preceding shall exceed
<br />the amount of paymetlL-- actually made by the Mortgagee for eround rents, taxes and assessment.~ or insurance pre-
<br />miums, as the ease may be, such excess, if the lout is current. at the option of the Mortgagor, shall be credited by
<br />the Mortgagee on subsequent payments to be made by the Mortgagor, or refunded as the Mortgagor, If, however, the
<br />mtmthly payments made by the Mortgagor under (W of paragraph 2 preceding shall not be sufficient to pity ground
<br />rent, taxes and assessments or insurance premiums, as the case may be. when the same shall become due and pay-
<br />able. then the Mortgagor shall pay to the Mortgagee anv amount neeessary to make up the deficiency, on or before
<br />the date when payment of such ground rents, taxes, assessments or insurance premiums shall be due- If at any
<br />time the Mortgagor shall tender to the Mortgagee, in accordance with the pro%i. -ions of the note secured hereby,
<br />full pavmemt of the entire indebtedness represented thereby, the Mortgagee shall, in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor all payments made under the provisions of (ar) cif paragraph 2
<br />hereof which the Mortgagee has not Income obligated to pay to the secretary of (lousing and Urban Development
<br />and any balance remaining in the funds accumulated under the provisions of 0 ) of paragraph _' hertrlf. If there
<br />shall be a default under any of the provisions of this mortgage resulting in a public sale of the premises covered
<br />hetebv, or if the Mortgagee acquires the property otherwise after default, the Mortgagee shall apply, at the lime of
<br />the commencement of such proceedings, or at the time the property is otherwise acquired, the balance then remain-
<br />ing in the funds accumulated under 00 of paragraph 2 preceding, as a credit against die amount of principal then
<br />remaining unpaid tinder .aid note, and shall properly adjust any payments which shall have been made under (al
<br />of paragraph 2.
<br />4. That the Mortgagor will pay ground rent,, taxes. assessment%, water rate,, and other governmental or municipal
<br />charge,. fines, or impocilion,, for which provision has not been made hereinbefore. and in default thereof the Mortgagee may
<br />pay the same: and that the Mortgagor will promptly deliver the official receipts therefor to the Mortgagee.
<br />'. The Mortgagor will pay all taxes which may he levied upon the Mortgagee's merest in said real estate and improve-
<br />lnenis, and which may be levied upon this mortgage or the debt secured hereby (but only to the extent that such is not prohibit-
<br />ed by law and only ice the extent that such will not snake this loan Ilsllricluo. hilt excluding any inctime lax, State or Federal,
<br />impo%cd on Mortgagee. and will life the official receipt showing such payment with the Mortgagee. [.'pill) violation of this under-
<br />taking, tor if the Mortgagor is prohibited by any Law now or hereafter existing from paving the whole or any portion of the afore -
<br />said taxes. it upon the rendering of any court decree prohibiting the payment by the Mortgagor or any such taxes, or if such law
<br />or decree provides that any amount so paid by the Mortgagor shall he credited on the mortgage debt. the Mortgagee shall have
<br />the right to give ninety days' written notice to the owner of the mortgaged premises. requiring the payment of the mortgage
<br />dent. It such malice he given. the said debt shall become due, payable and collectible at the c xpiration of said ninety days.
<br />h. That shouhl he fail fit pay ;any sum of keep any covenant provided for in this Mortgage, then the Mortgagee, at its op-
<br />ium, may pay or perform the carne, and all expenditures so made shall he added Ina the principal sum owing on the abiwe note.
<br />shall he secured hereby, and shall bear interest al the rate set forth lit the said note. until paid.
<br />That he hereby assigns, transfers and sets over to the Mortgagee, to he applied toward the payment of the note and all
<br />sums secured hereby in case of a default in the performance of any of the terms and conditions of this Mortgage or the said
<br />toile, all the rents, revenues and income to he derived from the mortgaged premises during such time as the fnorlgage Indehted-
<br />ties% shall reniam unpaid: and the Mortgagee shall have power to appoint any agent or agents it may desire for the purpose of
<br />repairing said p fermw% and of renting the same and collecting the rents, reveries and income, and it may pay out of said ill-
<br />comes all expenses of repairing said premises and necessary commissions and expenses incurred fn renting and managing the
<br />same and of collecting rentals therefrom: the balance remaining, if any, to lie applied toward the discharge of said mortgage:
<br />indebtedness.
<br />K. 'float he will keep the fnlpto%ements now existing u• hereafter erected on the mortgaged property, insured as may lie
<br />required from time to time by the Mortgagec against loss by fire and other hazards. casualties and contingencies fn such
<br />amoelni% and ftif such periods as may he required by the Mortgagee and will pay promptly, when due, ally premiums on such
<br />insurance p foviskm for payment of which has mat been made herefnhefore. All fn arance shall be carried in comparues ap-
<br />proved by the Moftpgcc and the Policies anti renewal% thereof shall lie field by the Mortgagee arid have attached thereto loss
<br />payable clauses in favor of and in form acceplahle to the Mortgagee. In event of loss Mortgagor will give ittimedfate notice by
<br />mail to the Mortgagee. who may make proof of loss if not made promptly by Mortgagor, and each insurance company con-
<br />cefpcJ is hereby aulhtriecd and directed to make paynirm for such loss directly to the Mortgagee instead of to the Mortgagor
<br />the MMI C jointly, and the imuratice proceeds, or arty part thereof, may lie applied by the Mltftgagec at is optmtl either " .*
<br />to the reduction of the indebtedness he.rebv secured or to the leOltation or repair cif the property damaged. In even) of foreclo-
<br />sure. of this ntorl c of other Iran +der of title to the mortgaged properly in extinguishment of the indebtedness secured hereby.
<br />all right• title arid interest M the Mililitapoer in and litany inurante policies then in force shall pass tai the pulrchaser or prarllce
<br />�. that a'h alfdillonal and t ollalerat ,eclirity for the payment of the (,ale dC,cribcd, atld till ,tolls its fvconne d c cinder this
<br />nulrlgajfc, the Mottistatgor hereby a i"0% tit the Moftgd#gee all profits, revenues, lovaltie %, ligith rend livowhis gc6o"ig lit till'
<br />Mcstippm tinder !troy 4114J all all acid gn% Irises ill, said pielillwt, with the right to rt•ccil, ;find teccipt list the '.,Dille and apply
<br />fh,Efn to said fnkhlcdtaysa as well helore ils !trier default m the conolturrls of this nntingagc. and the Mortgagee mat demand, sic
<br />for and lecovet anfy such payments %hra drlc and payable. 1,111 ,hall not he aeyuoed .,, tat do I fits ,tssagnnaeat 1, to lefrltmale
<br />arid bet i =tor null :,till clad nr oil release of lhfs flimInitev
<br />tit 1i„i ?14 3M P. .41
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