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(1) nulnll prior to its due date the annual m,ut"age insurance premium in order to provide such holder
<br />85--. 002596 with funds to pay such pretnittnl to the Secfetat) of }lousing
<br />+�
<br />and urban Development pursuant to the
<br />National Housing Act, as amended, and applicable Regulations thereunder, or
<br />r / e j ([I If and SO long as said note of even date and this Insif" nieni are field by the Secretary of Housing and
<br />• / �f� !I) e d Urban Development, a monthly charge (fir lieu
<br />of a nrortgage insurance rernium W dull shall be in
<br />85-002979 amount equal to one - twelfth (1112) of one -half (1 12) �'
<br />average outstanding balance
<br />due on the note computed without taking into ce
<br />account delinquencies or prepayments
<br />(b) A sum equal to the ground rents, if any, next due, the
<br />plus 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
<br />property (all as "Witrrated bt, the fortvagec .j less all sums already paid therefor divided by the
<br />number of months to elapse before one month to the date
<br />prior when such ground rents, premiums, taxes and
<br />assessments will become delinquent, such sums to he held by Mortgagee in
<br />("last to pay said ground rents, pre -
<br />rniurns, 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
<br />added together, and the aggiqale
<br />each month in a single payment to be applied by the Mortgagee tf()lll()winglitemeit, order�seetrforth:
<br />toh tile the
<br />(1) prenliunl charges under the contract of insurance with thecretary of Housing and Urban I)cvelopment.
<br />or monthly charge (ten lieu r,l trturtg
<br />9e insurance tlrernitin1j, as the case may he:
<br />(iI) ground tents. taxes, assessments, fire and other hazard insurance premiums;
<br />till) interest
<br />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 !19ort
<br />gigot prior to life due date of flit next such pavnu:nt. c(nlstitute
<br />an event of default under this mortgage. The
<br />Mortgagee may collect it "late charge" not to exceed four cents (41t) for each dollar (S I ) of each payment more
<br />than fifteen (15) dil% s it!
<br />arrears to cover the extra expense involved in handling delinquent
<br />payments.
<br />a. That if the total of the payments made by the Mortgagor under (h..)
<br />of paragraph 2 preceding shall exceed
<br />the amount of payments actually made by the Mortgagee for around
<br />rents, taxes 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 Ile credited by
<br />the Mortgagee on subsequent
<br />payments to he made by the Mortgagor, or refunded to the Mortgagor . if, how( wer, flit
<br />monthly payments made by the Mortgagor under (h) of 2
<br />paragraph preceding shall not he sufficient to pav ground
<br />rent, taxes and assessments or insurance premiums, as the
<br />case may be. when the same shalt become clue and pay-
<br />able. then the Mortgagor shall pay to the Mortgagee any
<br />amount necessary to make up the deficiency, on or before
<br />the date when payment of such ground rents, taxes,
<br />assessments or insurance premiums shall be due. If at anv
<br />time the Mortgagor shall tender to the Mortgagee, in accordance with the
<br />provisions of the note secured hereby',
<br />full payment of the entire indebtedness represented thereby, the Mortgagee shall. in computing tale
<br />indebtedness,
<br />amount of such
<br />credit to the account of the Mortgagor all payments made under the provisions of
<br />hereof which the Mortgagee has not be�c•ome of paragraph 2
<br />oblitiuted to p<ay to the �ccretury of Housing and t'rbaat
<br />and any balance remaining in the funds accumulated under the
<br />provisions of (i,) of paragraph :► hereof.Development
<br />shall be a default under any of the provisions of this mortgage resulting in a public sale of the
<br />hereby, or if the Mortgagee
<br />premises covered
<br />acquires the property ( after default, the Mortgagee shall appl}, at the time of
<br />the commencement of such proceedings, or at the time the
<br />property is otherwise acquired, the balance then remain-
<br />ing in the funds accumulated under (0 of paragraph 2 preceding. as
<br />it remaining unpaid under said note, and shall properly adjust any paymenteslwhir ha'�htaltlll11 awn�ef� e'en ►mated
<br />of paragraph '2.
<br />u,Pderthen
<br />4. That the Mortgagor will pav ground rats, ".axes, assessments. water rates. and other governmental or municipal
<br />charges, tines, or imposition,, for which provision has not been made hereinhefore, in default
<br />and
<br />pay the same: and that the Nfortgagor will promptly deliver the official receipts therefor to the Mortgagee. may
<br />thereof the Mortgagee
<br />5. The ,Mortgagor will
<br />merits. and which m av he levied upon this wnortgageyorthe debt securedehMortgagee's reh ut only [to the extent that Such istne�ti
<br />ed by law and only to the extent that
<br />prohibit-
<br />such will not make this loan usurious), but excluding any income tax. State or Federal,
<br />imposed on Mortgagee, and will file the official receipt showing such
<br />payment with the Mortgagee. Upon violation of this under-
<br />taking, or if the Mortgagor is prohibited by any law now or hereafter existing from
<br />paying the whole or any portion of the afore-
<br />said taxes, or upon the rendering of ;any court decree prohibiting the payment by the Mortgagor orally such taxes, or if
<br />or decree provides that any amount
<br />such law
<br />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
<br />premises, requiring the ,.
<br />debt. If such notice he given, the said debt shall become due, payable and collectible at the expiration c flu id ninetyfdays. age
<br />b. That should he fail to pay any ,um ur keep
<br />;any coven ant provided for in this Mortgage, then the Mortgagee. at its op-
<br />tion, may pav or perform the same. and all expenditures so made shall be added to the principal sum owing
<br />shall be, secured herehy,
<br />un the :.thovc note,
<br />and shall hear interest at the rate set for in the said note, until paid.
<br />7. That he hereby assigns, transfers
<br />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
<br />note, all the rents, revenues and income
<br />to he derived from the mortgaged r ` lr the said
<br />p remises during such time as the mortgage indchted-
<br />ties% ,hail remain unpaid; and the Mortgagee shall have lower to a
<br />(
<br />repairing said premises and of renting he same and collecting the rents. re%enlue,land agents icnlet Mid i itlmay for the purpose of
<br />comes all expenses of repairing said premises and neces,ary
<br />conunissiun, and �xllenses incurred in renting ard�nlanaginglthc
<br />name and of collecting rentals therefrom; the balance remising, if
<br />indebtedness. any, to he :applied toward the discharge of said mortgage
<br />K. That he will keep the improvements now existing or hereafter trectrd on the mortgaged property, insured as m:av fit
<br />required froth llrnc to 11ille by (lit �fortgaget
<br />agaltlst lots by lire and other haiards, casli allies and contingencies in silk 11
<br />amoarnts and for such periods ;as mar he required by lilt' Mortgagee and will pav
<br />insurance rllpily, heal
<br />pl %l due, any prcralituns on such
<br />provision for paynlenl of which has not heel' madthereinbefort .1lf insurance shall he Carrick! in colntlanies
<br />by the Mortgagee and the policies and
<br />"it)-
<br />renewals thereof shall he held by the Mortgagee and have attachetl thereto fuss
<br />payable etauses in flavor of and in form aceeplahle to file M(lrlgagee. 111 t%elll If lo"" Mortgagor vi, ill gist Immediate fl rBt1l1(t by
<br />snail to the Mortgagee, who may stake loss
<br />proof of if not made prllnlpth, 11% Mortgagor, and each insurarlee eonlpany con
<br />Ccrned is tlerehv :anthoriled ;and directed to rrrtkl: ravrnenl for such loss directly to the Moltg ;!gee instead
<br />and the Mortgagee'
<br />of 11) tilt Mortgagor
<br />jolatly,;ind the instilarice prt1,CCds, or ;am pall thereof, nl;ay tic applied IIv the Mortgagee al Its tlplion villie't
<br />to the rethiction (1f the inachledne ", hereby c i,'11led Ill ill tilt Ic,tl /f
<br />iltl(In Ile fc't1 :111 llf 1116' 1111 1 r
<br />%tire Of this mortgage or Diller trulstc,r of title hI the nulrigaged in
<br />property txtingllishnlrnl a�fttrhe ind(�hledlrte�ti sc%ine °1(lf (aclahv�.
<br />all right. till€. and interest of the Mortgagor in and to ally ins111MILr policies then In flllcc 01all pass to the plrrchastl
<br />ag. 1 halt as additional ;Intl collaleral
<br />c
<br />1
<br />tlr p ialtrec
<br />secnnty for the paylrlcnl of the Mole described, ;11141 ail "11111, to t1
<br />Inalrtgage, $lie Mmfgilym IWIChti a"sigil, 141 the M(1rlgag,tt ill li,tl'11 rlllo
<br />e,i.I!Ei
<br />pr1/h1,. re,
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<br />lit
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<br />rlr :1814 la'tt9tE,'1 mr, +ens h 11dg11t( Ili`, wll(`t9 fhll.' an%t pay' ;tl�l(' Heil '.h<11l
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