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<br />with rttc ►nth ttricrr to its due date the annual mortgage insurance prerniuraa in order to provide such balder
<br />with funds tai pay such premium to the Secretary of Housing and Urban D velopme[nt pursuant to the
<br />l•
<br />85..402745 National Housing Act, as amended, and applicable Regulations thereunder: or
<br />(II) If and so long as said note of even date and this instrument are held by the Secretar y et �' Housing and
<br />Urban Development, a monthly charge fin lieu of a mortgage insurance prerniumj which shall he in an
<br />amount equal to one- twelfth (1112) of one -half (112) per centum of the average outstanding balance
<br />due on the note computed without taking into account delinquencies or pre avments•
<br />(b) A sum equal to the Around rents, if any, next due, plus the premiums that will next ecome due and ltavable 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 bt, the :Nort a ee less all sums already raid tfreref
<br />number of months to elapse before one month prior to i e d• to when such ground rents, premiums, truces and
<br />1 or divided by the
<br />assessments will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre-
<br />rrtiuns, taxes and special assessments; and
<br />(c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be
<br />tine note secured hereby shall be added together, and the .aggregate amount thereof shall be paid by ttte Mort a or
<br />each month in a single wade under
<br />g1 payment to be applied by the Mortgagee to the following !terms in the order set f�gctrlt:
<br />(1} premium charges under the contract of insurance with the Secretary of tiousint, and Urban Develo
<br />or ntcaratllly charge On lieu nj mortgage insurance pretniztrrtj. as the cast may tic; ptnent,
<br />U1) ground rents. taxes, assessments. fire and other hazard insurance premiums;
<br />(ll!) interest on the note secured hereby: and
<br />(IV) amortization of the principal of said note.
<br />Any deficiency it' the amount of any such aggregat, rnonthh
<br />gagor prior to the due date of fire next such pavnlent constitute anrevent SUf, default sunder this ntcbi�t;he Mort -
<br />Mortgagee may collect a "late charge" not to exceed four cents (4;t) for each dollar (S l ) of each paynment metre
<br />than fifteen (I S) ca ;t. s ir, • gage. The
<br />. arrears to cover the extra expense involved in handling delinquent payments.
<br />:3. That if the total of the payments made by the Mortgagor under r f. ? of ara graph '! re,
<br />the amount of payments actually made by the Mortgagee for Lyround rents, P g P preceding shall exceed
<br />rtaiums, as the case may be, such excess, if the loan is current, at the option of (Ile Mortgagor, shall be credits
<br />ments or insurance pre_
<br />the Ifortgagee on subsequent payments to be made by the Mortgagor, or refunded to the Ilortgagor. If, however t e' bv
<br />monthly payments made by the - Mortgagor under (h) of paragrap preceding shall not he sufficient to Pay he
<br />rent, taxes and a• essment� or insurance= premiums, b 1
<br />able. then the Ifortgagor shall pay to the Ifortgagea anv tamountenm,`t`fia v[hemalhe same shall become due and pay -
<br />the date when payment of such ground rents, taxes, .as;.e.•ssments or insurance premiums time the Mortgagor shall tender to the %fort a =e • P ncY• tin or before
<br />P hall be due.. (f at any
<br />full payment of the entire indebtedness g` c. in accard:anc•e with the provisions of the note secured hereby,
<br />indebtedness, represented thereby. the Mortgagee shall, in computing the amount of such
<br />credit to the account by the Mortgagor all pav'tnenis made under the (xovisiorts of (a j of
<br />hereof which the Mortgagee
<br />maini g has not become obligated to pay to the �c•cretat Of Ilousin =
<br />and any balance remaining in the funds it tile
<br />under the pn►vtsions of !r,j fl ara„ • • paragraph Z
<br />t. and (rban Development
<br />shall be a default under any of the provisions of this motet age yes paragraph 2 hereof. If there:
<br />taercby, or if the inns
<br />acquires the property othervvr�e after default. the lifortgagee shall
<br />resulting in a public sale of the premises covered
<br />the commencement of Such proceedinris, or at the. time the property is uthervv►se ac•ruire � . of
<br />ing in the funds accumulated under a'G ` aPPan at the time in
<br />of paragraph 2 trucedin l d, Utc. balance then remain-
<br />'cumulated f g. m a credit ;against the ,amount. of principal then
<br />ks unpaid under said note, and shall propc•rl� adjust ;any payments which -hall have b.•ctt made• !pal e
<br />of paragraph :'.
<br />4 That the Mortgagor uitl av reamed rent.. taxes..uscssrstr,nts. u:ttcr mate.. and ether governmental or' municipal
<br />p . t
<br />Charges. tines, or impusitiunz, fur which provision h.as nut been result herrinhef.rral and anti default thereof the !l
<br />Pay the same, and (hat the Mortgagor will prornptfv' deliver the official receipt, therefor 10 the Mortgagee. Tort =a =
<br />and
<br />a or will psi' all t.rxes vvhiih rnav he Irvfed upon the4urt •, gee may
<br />merits and which ay he levied upon this ►Hurt a car the debt secured hereby ague only r.
<br />�, e p' ill s interest th in said read estate and impnn'e-
<br />ed by law and only to the extent 111.11 such mill not make this loan usurious ►, hilt ex Ill' • :
<br />t the extent that such is not Prohibit-
<br />imposed on Mortgagee, and %% ill the the official receipt slurwin =such g any income tax, State or Federal,
<br />taking, or if the Mortgagor is prohibited by an% law now or hereafter existingtfrum the Murt • a
<br />g: gce. Upon 001,1tion of this under-
<br />laid taxes, iO upon the rendering an amount n any court decree prohihitirn9 the p;tti nncnt by tfle Mortgagor or any such fasts, Or if such law
<br />g the whole or any portion of the afore-
<br />or decree provides that y arnuunt so paid by the vfo rtg:agor shall he credited un the murtg or debt, the Mortgagee's f such brave
<br />the right to grvc ninety day s written notice to the owner of the yearn a = • ,
<br />debt. If such lit "ice he • ven, the said debt shall become due• g' gcat I remise,• requiring the payment of the mart
<br />given, mortgage
<br />�. `(hat should he frail to pay :any .urn or keep p:ayahle nand cullcctihle at the ex,niratiun of said ninety days.
<br />lion, may pay or perform the sates, ad all expen laurel so made halt healadded to Mortgage. stem Quin 1
<br />then the Mortgagee, at its ape
<br />shall he secured herehy, and shall hear intere.t at (he rate set forth in the said note:, un(ij paid.
<br />principal g c n the above note.
<br />That he hereby assigns. transfers and sets over to the %fort to , • •
<br />SUMS secured herchx in c.tsc of .a default in the t ge`. to he ,applied toward the
<br />pve(] from th of ittty of the terms and condition. of tthti.c'tlort to ►error the said
<br />nuts, ant the rents, revenue, ,and rncerme to he derived from the murtga cd rerraiscs
<br />Hess Shall remain Unpaid: and the Mortgagee ' g p during such little its the mortgage indehted-
<br />shall have power (.) appoint .any .agent or agents it may desire for the purpose of
<br />comerepairing said premises and of renting the same and collecting the: rent., rei.cnaac. and anaonre. and i1 eta)
<br />comes all expenses of repairing said premises and necessary cormmissiuns sand expt rises incurred in rennin • ,
<br />earns and of coNceting rental ttaerefrctmt, the balance remainin 'pay otrt of said in-
<br />indebtedness, g and nrtnagntg tltc
<br />g if any. to he applied towrrd the discharge of said ntorigaa;e
<br />tt. That he will keep the improvements no" xi.tin • n
<br />required from time to trine ht, tIle %fort , existing g ° hereafter e:rectcd on the ntort .a end ru
<br />amounts and for such pertcxis as map bc reytt red gry�lhecM, r��x fire and other hataids. casu Uic% Mid contingencies n such
<br />insurance pretvision fur Mortgagee and 'Rill pay pr +raptly, v +lac n dose, an_v; prcnuurrts art such
<br />preavd by the Mortgagee andrthe pc,! cie�sfand renatw elsrtf rrrt•i,•f shall be held by the Mor(•a gee a
<br />%II resat. +tree' •hall he carried in comp,jilics apz
<br />payah$c clauses rn favor of and in fur €st .ace eptagle low the• Mort a cc In event of long Mort a ur "ill •ivc inn
<br />g g and have aattachec! thereto Suss
<br />wail d the Mortgagee, wfla rmay make pruc,f ttif loss it not ,little promptly by !!fort a for gnu d each insurance coatlp.1ny c,,,,.
<br />cerned is fterehy auth <rtireci :cnc! cfirecrec, to f of g madiatr iifl i . by
<br />and the tMorl a pat mete for �iwh loss directly to she Morl t: ,
<br />wee line, ly< arid the irt.urancc prttceeat.. da arty part thereof. maa% Ile.apirlicrd h� Ihc�!� 4,119.igve ataiisluptl�rn v rthrr
<br />III tttl; redu6tican of tt� indrgte °cfnt g: gc tilt, f v0401,111orl of rep ilil of tilt" Sure of this mortgage or other iranst avtr:f !title it) 11ty morcigaged props 11%it) cxin�teushmcntcof the in l
<br />l e t tv daattragrd, !n eve nt of fore ctca
<br />elf light, title and rntereMt cat the �lcartgagur err artd to airy irr.tr.aracc hulictie'• then in fcfrc'a^ .hail pas. lu tlth1e1lrrc hasa,r Of eef hcrclt� .
<br />`Ebel as additional arts! cntla6s rat •ecurrt} for the t;avment „
<br />rnerrt , l' f the note da .erihed, a;rd :elf .oral tt?lgctcctrnc' due urrderra tPtis
<br />. tl llctrtga cct herchv assigns to the N1,41pagct:.ell pa<ttits revenue.. t,fv;tltsr,. rar�ht• .and henr,tit• otccriling to floc
<br />Mort allow and r any and eel oll and R,o lr °,a.e�� ,err aitl tyre ttrfgr. M ttfr Ehe n , �
<br />tYirm la, aic,t araeiri�t &a.1ne a� ad Merl i f +trs .f� �hr tat re ct. avc .sect tc'c <. ^f t6 fat €
<br />tffc r cd� aatote art the° „fr , t r the %anise .fail ;ipplE
<br />f4tr r'&el C$°{, aty'a` ,a rtti x #at. fr r +.sF Yea �'rrf. �u Est llon� §te thl's Irtt ti rk°;1 2'. ;lust flit.' Mo
<br />d he'ra rtna sync! peri;tl lr. tuff "hall clot It tdgial;c'c' m,il ik- lil;ritff, oi`
<br />t1et f' ,'E. ar$rt f: tint ,,r1d � udy lipor'f telt`..4w tat fhi. ftft,rt ° ;e=ca Rtfr( tc .•tt fit i " Oil', ,¢aai4: i4 trfE'4td !ti eft 7 r„
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