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(1 ) month prior to its due date the annual mortgage insurance premium in order to provide such holder
<br />with fiands to pay such premium to the Secretary of dousing and Urbana Development pursuant to the
<br />8�
<br />0024 -1 National dousing Act, as amended, and applicable Regulations thereunder; or
<br />if and so brag as said mite of even date and this instrument are held by the Secretary of Housing
<br />(� Urban Development, a monthly charge (nn lied of a mortgage insurance premium) which shall he Ili an
<br />amount equal to one- twelfth (I /122) of one -half 1
<br />due on the note computed without taking into account dlinquencies or prepayments>utstanditig balance
<br />(b) A sure equal to tite 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 y
<br />on the mortgaged property fall as estimate(! by the Afortgag R) less Property. allready pa and assessments next due
<br />number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and
<br />y paid therefor divided by the
<br />assessments will become delinquent, such sums to be held 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 he made
<br />the note secured hereby shall he added together, and the aggregate amount thereof shall be paid by the Mrtgagor
<br />each month in a single payment to be applied by the Mortgagee to the following items in the order set forth:
<br />�g
<br />(1) premium charges under the contract of insurance with the Secretary of fiousin,:
<br />or monthly charge (rnl lieu of mortgage insurance prenniurr►). as tI c se may he; end Urban Development.
<br />(II) ground rents, taxes, assessments, lire 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 aggregat,; monthly payment shall, unless made good by the Mort -
<br />gagor prior to the due date of tine next such payment, constitute an event of default tinder this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed t(u ;r cents (ply) for each dollar (SI ) of each payment more
<br />than fifteen (1 >) c +;; °; s in 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 (h) of '' preceding s,
<br />the amount of payments actual iv made b the Mortgagee f
<br />p• ! ! y paragraph a P g .hall exceed
<br />mium., as the case may be, such excess, if the loin is current, thetopt option of ftdc Mortgagor, shall be credited by,
<br />the Mortgagee on subse uent moral: or insurance pre -
<br />q payments to be made by the ,!Mortgagor, or refunded to the Mortgagor.
<br />monthly payments made by the ;Mortgagor under (h) of paragraph 2 preceding shall not be sufficient to ay roue
<br />If, however, the
<br />rent, taxes and assessments or insurance premiums, as the c,a_sc may be. when the same
<br />able, then the Mortgagor Shull pay to the Mortgagee any amount nec•essa p ground
<br />the date when payment of such ground rents, taxes assess hall become due and pay
<br />n to make up the deficiency, on or before
<br />time the Mortgagor •hall tender to the :Mortgagee, in accordance with therprovi _ion of shall be
<br />c�u`y If at any
<br />full payment of the entire indebtedness represented thereby, the Mortgagee shall, in computing the ur
<br />Indebtedness, credit to the account of the Mortgagor all payments made under the provisions of (turd hereby,
<br />hereof which the Mortgagee punt of 'such
<br />�.ag e has not become obligated to pay to the -Secretary of tiousin = • • 1) of paragraph
<br />and any balance remaining in the funds accumulated under the provisions of b g and Urban
<br />Development
<br />hall he a default under any of the provisions of this mortgage resulting in a public sale of the premises coy °
<br />p O of paragraph :' hereof. (f there
<br />hereby, or if the 1k►rtgagec° acquires the property otherwise after default, the Mortgagee
<br />the commencement of such proceedings, a fc d
<br />ing in the funds accumulated under it ' °r at the time the property is otherwise accqied,ltthe balitnccitthen rc ;tilt as a g paid under said note, and hall property') djusttan,payrrtent against of principal the n
<br />remaining un
<br />Of paragraph ` . been made u,:der
<br />a. That the Mortgagor will 1v round rents, taxes, assessments, water rates, and other governmental or munici al
<br />charges, fines, or impositions, for which prov
<br />p; _ b
<br />ision has not been made hereinhefore, and in default thereof the Mort ga gee rn.
<br />pay the same; and that the Mortgagor will promptiv deliver the official receipts therefor to the Mortgagee. p
<br />5. The Mortgagor will b t>
<br />p<ay all taxes which may he levied upon the Mortgagee's interest in said real estate and improve•
<br />menu, and which m;ay tee levied upon this Mortgage
<br />ed by law, and only to the extent that such will nt make ethi hlo n ursi usurious), hutttetxclud excluding income�ttax�a State not on f prohibit
<br />imposed on Mortgagee, and will file the official receipt showin =such
<br />taking, or if the Mortgagor is prohibited by any law now or hereafter is � tent with the Mortgagee. °I
<br />said taxes, or upon the rendering of any court decree w o er the b gee Upon y violation of this under-
<br />said from paying the whole ur any portion of the :if(�rc °-
<br />or decree provides that any amount so paid by the Mortgagor shall be credited on the mortgage debt, the Mort
<br />prohibiting payment by the Mortgagor or any such taxes, or if such law
<br />the right to give ninety days' written notice to the owner of the mortgaged
<br />debt. If such notice he given. the said debt shall become due, gaged premises, repairing the Mortgagee Shag! ha +c
<br />6. That should he fail to payable and collectible at the expiration c f�s id nineiv d�ae s('rtgas� =c
<br />tion, may Pay any sum ur keep any covenant provided for in this Mortgage, then the Mortgage
<br />Pay or perform the same, and all expenditures so made shall he added to the principal sum owing on the ;at,ca t i ieote.
<br />shaft be secured hereby, :and shall hear interest at the rate set forth in the said note, watil paid. t c• at its oh_
<br />7. That he hereby assigns, transfers and sets over to the Mortgagee.
<br />sums secured hereby in ease of a default in the Performance M : ee• to h
<br />k' g c applied toward the Payment of the Wore and al!
<br />note, all the rents, revenue, and income to he derived from the forty of the terms and conditions of this Mortgage
<br />ties% shall remain unpaid; and the Mortgagee hall have power to appoint an } arc or ttte %diet
<br />fe�uf premises during such time as the mortgage Indebted_
<br />repairing said premises and of renting the sane and collecting the rents, revenues income, and it nriy hay out of said In_
<br />agents it naay desire for file purpose c,t
<br />comes all expenses of repairing saki' premises and necessary commissions and expenses incurred in renting and ml (if said the
<br />Same and of collecting rentals therefrom; the balance remaining, if any, to he applied toward the discharge of said morig.igt.
<br />indebtedness.
<br />8. That he will keep the improvements now existing o=
<br />required from time to time by the Mortgagee a,� h hereafter erected on the mortgaged property, insured as rnav lie
<br />against loss by fire and other hazards, casualties and cY. insured
<br />sin such
<br />amounts and for such periods a.s may he required by the Mortgagee and will
<br />insurance provision for payment of which has not been made hereinhefore• ;111 Insurance shall he carried in cum,anies
<br />Pity pr(,ntptly, when due, ;Illy premiums on such
<br />proved by the Mortgagee and the policies and renewals thereof hall he held by the Mortgagee
<br />payable clauses in favor of and in form acceptable to the Mort t ap-
<br />proved
<br />ages and have attached rhrr'eto loss
<br />mail to the Mortgagee. who may make proof of loss if not made promptly by Mortgagor. <utel each itisur:ute'c conch ;ant con.
<br />fa�cc. In cyent of loss Mortgagor will [live inunedi ;ltc' notice by
<br />corned is hereby authorized and directed to Wedge
<br />and the Mortgagee joi,ttl P+avnacnt for such loss directly to the Mortgagee instead of to the Mortgagor
<br />y, and the irrsur:uu:e Proceeds, or any hart thereof, may he applied by the Moirigagcc at its option Cliff., agor
<br />to the reduction of the indebtedness hereby secured or to the rc °sturation or rc °h :air of the hruherty d;un:agcd. In fits o ti fnrr( lo-
<br />sure of this mortgage g� l,e or ether transfer of title to the mortgaged 7-4r
<br />all right. title and ditto st of the Mt,rtgagor in and to any rnsur•ance policies then in force shall hiss lu the purchaser u
<br />gaged property in extingurshntent of the indebtedness secure(! he :re °hs.
<br />(�. That e additional and by ilsc g s to Ifl1v fur the r rnc•nt of file• note described. and rill sales to bucume' d e under this
<br />mortgage. the Mortgagor hereby asai;�ns to the Mort a cc•y;111 hrufits rc e(:ruacs. I'll);Ilta('4, Plght\ :and hc�t r).,t;urle :e (
<br />ti1ort)z:agoi under arty •111(1 all oil and s g
<br />tfii.rn to said indeblc.dness as well gas le;ascs nn s;ud hrenises• with the r7)tht to rc.civc :Intl re °ceiht h f+ sue iingl',t,Ihc
<br />{vre Ma aftcrr default in file conditions of this moor tg,,pe • ,, ►td the Mot f :1 tl
<br />for and reeve, ;toy such payments H h(n due :old p;Iyahlr.: ,but sh ;all nut be zee lairr.,f ao n• ,(1�
<br />:attcf beco►rae 111111 .arid naiad ut)ort rcic asc of this mort g: R c rn;av ,fenrind. ,tic ,
<br />at�c t Ilus ;,ssip.:nlncnt is Io Irrruinatc
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