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8- (I ) month prior to its due date the annual mortgage insurance premium in order to provide such holder Q�� with funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the l� V National i {ousing Act, as amended, and applicable Regulations thereunder; or (11) If and so long as said note of even date and this instrument are held by the Secretary of Housing and Urban Development, a nionthly charge (ire lieu oja mortgage insurance premium) which shall be in an amount equal to one - twelfth (1/12) of one -half (1/2) per centurn of the average outstanding balance due on the note computed without taking into account delinquencies or prepayments; (b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property fall as estimated by the Mortgagee) less all sums already paid therefor divided by the number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and assessments will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre- miums, taxes and special assessments; and (c) All payments mentioned in tire two preceding subsections of this paragraph and all payments to be made under the note secured hereby shall be added together, and the aggregate amount thereof shall be paid by the Mortgagor each month in a single payment to be applied by the Mortgagee to the following items in the order set forth: (1) premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly charge (in lieu ofmortgage insurance premiun), as the case may be (1I) ground rents, taxes, assessments, tire and other hazard insurance premiums; (111) interest on the note secured hereby; and (IV) amortization of the principal of said note. Any deficiency in the amount of any such aggregate mont':rly payment shall, unless made good by the Mort- gagor prior to the due date of the next such payment, constitute an event of default under this mortgage. The Mortgagee may collect a "late charge" not to exceed four cents (4y) tier each dollar ($I ) of each payment more than fifteen (1 5) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the payments made by the Mortgagor under (h) of paragraph l preceding shall exceed the amount of payments actually made by the Mortgagee for around rents, taxes and assessments or insurance pre- miums. as the case may be, such excess, if the lcxtn is current, at the option of the Mortgagor, shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagor, or refunded to the Mortgagor. If, however, the monthly payments made by the Mortgagor under (b) of paragraph 2 preceding shall not be sufficient to Dray ground rent, taxes and assessments or insurance premiums, as the case may be. when the same .shall become due and pay- able. then the Mortgagor shall pay to the 'Mortgagee any amount necessary to make up the deficiency, on or before the date when payment of such ground rents, taxes, assessments or insurance premiums shall be due. If at any time the Mortgagor .shall tender to the Mortgagee, in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the Mortgagee shall, in computing the amount of such indebtedness, credit to the account of the Mortgagor all payments made under the provisions of (a) of paragraph 2 hereof which the Mortgagee has not become obligated to pay to the secretary of Housing and Urban Development and any balance remaining in the funds accumulated under the provisions of (bJ of paragraph 2 hereof. If there shall Ire a default under any of the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee acquires the property otherwise after default, the Mortgagee shall apply, at the time of the commencement of .`itch proceedings, or at the time the property is otherwise acquired, the balance then remain- ing in the funds accumulated under fir) of paragraph 2 preceding, its a credit against the amount of principal then remaining unpaid under said t:: ; :e, and shall properly adjust any payments which shall have been made under (a) of paragraph 1. 4. That the Mortgagor will pay ground rents. taxes, assessments, water Titles, and other governmental or municipal charges. fines, or impositions, for which provision has not been made hercinbefore, and in default thereof the Mortgagee may pay the same; and that the Mortgagor will promptly deliver the official receipts therefor era the Mortgagee. S. The Mortgagor will pay all taxes which may be levied upon the Mortgagee's interest in said real estate and improve - ii,ents, and which may he levied upon this mortgage or the debt secured hereby (hilt only to the extent that such is not prohibit- ed by law and only to the extent that such will not make this loan usurious), but excluding any income tax. State or Federal. imposed tin Mortgagee. and will file the official receipt showing such payment with the Mortgagee. Upon violation of this under- taking, or if the Mortgagor is prohibited by any law now or hereafter existing from paying the whole or any portion of the afore- said taxes, or upon the rendering of any court decree prohibiting the payment by the Mortgagor or any such taxes. or if such law or dectee provides that any amount so paid by the Mortgagor shall he credited on the mortgage debt, the Mortgagee shall have the right to give ninety days' written notice to the owner of the mortgaged premises, requiring the payment of the mortgage debt. If such notice he given, the said debt shall become due, payable and collectible at the expiration of said ninety days. h. That should he fail to pay any sum or keep anycove•nant provided for in this Mortgage, then the Mortgagee, at its op- tion, may pay or perform the same. and all expenditures so made shall he added to the principal cum owing on the above note, shall he secured hereby. and shall beat interest at the rate set forth in the said little, until paid. 7 That he hereby assigns. transfers and sets over to the Mortgagee, to he applied toward the payment of the note and all sums secured hereby in case of a default in the performance of any of the terms and conditions of this Mortgage or the said rune, all the rents. revenues and income to he derived from the mortgaged premises during such time uc the mortgage indebted- ness shall remain unpaid: and the Mortgagee shall have power to appoint any agent or agents it may desire for the purpose of repairing said premises and of renting the same and collecting the rents, revenues and income, and it may pay out of said in- comes all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the same and of collecting rentals therefrom: the balance remaining, if any, to he applied toward the discharge of said mortgage indchfednesc. 8, 'Phial he will keep the improvements now existing o, hereafter erected an the mortgaged property. insured as may he required from time to time by rho. Mortgagee agamm toss by fire and other hotards. casuallies and contingencies in such amounts and for such periods as may he required by the Mortgagee and will pay promptly when due, any premiums on such m»ttrance provision for payment of which has t)f been made hereinbefore. All insurance shall be carried in companies ap- proved by the Mortgagee and the Policies and renewals thereof shall he held by the Mortgagee and have altached thereto loss Payabk clauses in favor of and in form acceptable to the Mortgagee. In event of loss Mortgagor will give immediate notice by mail to the Moirtgageir, who may make proof of loss if not mode promptly by Mortgagor, and each insurance company ron- cerned tw hereby authorized and directed to make payment for such loss directly io the Mortgagee instead of to the Mortgagor and the Morlptuce )oiatly, and the insurance proceeds. or any part thereof, may he applied by the Mortgagee at its option either It' the reduction of the indehtedness herehv secured ors to live restoration or repair of fire property damaged. In evrnl of foreclo- wure of this moat or other transfer of title eta the mortgaged property in extinguishment of the indebtedness secured hcrehy, all right. title and interest of the Mortgagor to and to any insurance policies then to force shall pass to the purchaser or grantee. q That raw addilhtnai and collateral security for the payment of the note descrihed, and ;ill sums to became title undo this MtKipp. the Mertgagol. hereby assigns to the Mortgagee ill prohts, revenues. aoyalries. rights ,end brnefifs accruing to the kforlitWil unatci a It and all utl and gay feasrs urn said premises, with the ,ight iii re ccive anti rei CO Ill for the s.unr and apply Them ter said mdefitednes%as well heft tie aw after der, mIto? the korldlIlim, of IhIs it] of I pagv, and Iha' 111ntgagec may dcituotd. sac fair sand recover aaroy such taayfncnls a It ('11 due and payable, but %flat1 11411 Isar requueti so In do I his ,Mss IN tlrnew is la Ica n9lr a:ue ana! betli is anall Matt vd urns +rl relcasc -if this martnacge Ill M f #714 IM 1-3 719!