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(I)'nionth ;prier to its due date the annual ntottgagr :insurance prentiunl in corder io Provide such holdei
<br />0050#17 with funds It,, pay such plemium to the Secretary of Housing and Urban Developmem pursuant !It, tit(
<br />d 'National Housing Act, as amendctl. and applicable Regtdations thrrr under. or
<br />(II) if and so :long as said note of even date and this :instrument are held by the SeLletary of ]lousing and
<br />Ill :than Development, a mcvnthiy charge (in lkw (T4 murrgger ins imor premium) which shall he :in an
<br />amcium equal to one- twelfth (1;;1?) of me-hall' (1/_) per centum cif the average outstanding balance
<br />due onthetiote.computed without taking urn oacc :oust delinquencies • or prepayments.
<br />(61 A sum equal its the ground rents, if any, next due. Plus the %Premiums that will next become due and payable on
<br />pcihcles of fire and usher hazard insurance covering the mortgaged ,property. plus taxes and assessments next disc
<br />Cm the illortgapit prop" (all as ivi-ared hiV the Mortgagee) less all sums already paid there for divided by the
<br />number -of monabs to elapse before one month prior to the date when such ground rents. PTConums. taxes :and
<br />assessments will become delinquent, such sums to he held bj Mortgagee in trust to pas said ground rants. Prr-
<br />miums, taxes and special assessments; and
<br />(c) :111 payments. mentioned in the two preceding iuhse-ctions of 'ttus paragraph and all paymems to be made under
<br />the note secured :hereh), shall be added Ingethe;, and the aggregate amount tlleteol shall he paid by the Moritagor
<br />each month in a single payment to he applied bl, the Mortgagee to the following items to The order set forth:
<br />(1) premium charges under the contract of insurance With the Secretary of Housing and Urban Development -
<br />or anot}t )y charge /in lieu t!fmorrgage i}iSarane•r• 11remiurn1, as the use may ne:
<br />I111 ground rents, taxes, assessments- fire and other'harard insurance Premiums:
<br />(111) interest an the note secured hercby: and
<br />(1V) amortization of the principal of said note.
<br />Am' de't'tcicnc3 m the amount of any such aregair monthly payment shall, unless made good by the Mort-
<br />gagor prior to -the-due :bate of the next such payment. constitute an ,vent of default under this mortgage. The
<br />mortgagee risky coned .a "late cttarge" not te, exceed brit cents 44v1 for each doliar fSI ) of cacti payment more
<br />than fifteen (1 S) On "s ip arrears io cover the extra expense involved in handling delinquent payments.
<br />r. That if the Wall of the paNvienl made by h,(- Mortgagor under 0.) oil paragraph 2 preceding = bail exi -e0d
<br />the stmotnt of _pa�.miemts u<%u lly made try tare• 't9oit£agee for wound :rent -. raxe- and a- ie.smeini- or insurance pis
<br />mdinns. a tl+e •ca=r may 'bet such exec-, if the loan is current. at the option of the fMortgageir. 4W] he credited to
<br />the Alorsgagee tin pub- ie+quem pm ticmts to the made by albs. MorLawsr, or refunded to the Wirtgagor. If. howvveir- th
<br />rrnmtttl% purrrrein4: made to the !Mortgagor under 04 of paragraph ? preceding shall Trot be sufficient to pay ground
<br />remL uveec mid as.�essmemi- or in urwice pmmittm-. a= the• case max tie. when the -carne -4hall bet disc and pas
<br />able. *m the•'Morigagor ,hall pal- 141 the i,&r'tgagee anL amount ne•c'e... su? to make up the deficit -orl r. tin or tlefeore-
<br />the date whom psymerst of ac i - ground rant -- %axe- .:I:4_e.4memt- or in�uranre premium= ,hall he due- If ii arts
<br />time tare Mongagor -ilia%] urrideir is Ole, !Mortgagee,, in accordance w-ith the pros -den- of the noie . ecured berteby.
<br />full p"uen't of the.1�eintirre inek bipdness roprv-e ±need theqcb%_ the ? longagrr .hall- in computinf! the amount of -web
<br />indebtedness, credit to the account of the Mortgagor all payments made under the provisions Of /u,' cif paragraph
<br />her+t+f whicrh the Alongagee ha = not trecome obltgateid to pay to the �,Pvrvt.ary of flou -in_ and Urban Devclornmeit
<br />and ani, balance nimainirir in the funds accumulated under the provi =ion- cif t ' of para:'rafih =t hereof. If there
<br />-hall } e a default under any of the pntvi- ,iced- of thi= mortgage resulting in a public =alt, of the prenrr.t•- rnse•rtvd
<br />ht+reby, it if the 1Mortgagee• acquire- the .propene otht—mi- - after default. the Mort _ agev - ;}tall apply- at the time of
<br />the celmmemceiment of such pro( edings. or at the time the propeeriv t- othem i.r acquired, the balanre them roinst rs-
<br />ing: in the fund- accumulated under (I,i cif paragraph 2 pr <ce ';ng. a- a credit again -t the- amount of principal then
<br />remaining unpaid under -aid note, and -shall perperiy adju -t an% payment- which shall Have I1een made under : t,'
<br />of paragraph 2.
<br />.r. That the Mortgagor will pay ground rents. taxes. as4eisment %. water ratcs, and other t_overnmrntal or municipal
<br />charge,,, fine%. or impositions, for which provision has not peen made herembeforc. and in default thereof the Mortgagee man
<br />pat the same: and that the Mortgagor will promptly dell ,cT the official receipts therrf or in the Mongagec.
<br />and
<br />s. The will pay all taxc% which mar he levied upon the Mortgagee• ltnerrst in said real estate and Impro-e-
<br />ments. and which miry he irvied upon this mortgage OT the debt scarred beret"% shut onl% u, the extent that such as not prohibit-
<br />ed by law and only to list, extent that such will not m:lkr Intl loan usurious!. but cx:ludmc am income tax. State or Federal.
<br />imposed on Mortgagee. and will file the official receipt +hawing such pavment with tfic Mortgagee t'pnn viofatian of this under -
<br />taking. or if the Mortgagor IN prohibited by an% law nou or hereafter existing from paving the whole or any portion of the afore-
<br />said raar4, or dip, +n the rendcriny of am court decree rirohibilow the pavmeirt by the Mongagtor tit 4M %uctr tuxes. of it sucti law
<br />TIT decree provides that any amount so paid by the Mortgagor ,hall he credited nn the mortgage debt. the Mortgagee shall hate
<br />the right to give ninety days written notice ro the owner of the mortgaged prrmt %es. reitluring. the raymem of the mortg ::-
<br />debt. If such notice he gtiven.'the said debt shall tiecome due. Pavahle and collet lihic At the expiration of said nmcn Jays.
<br />h. That should tit fail to Pay any sum or keep an} ant pro %vtded for m this Mortgage. then the Mortgagee. it its op-
<br />tion. may pay or perform the same. and all cxpendlturrs so made shall hr added it, the principal sum owing: on the ahme note.
<br />shall he !secured hereby . and shall hear imere%t at the rate set forth in the ,aid note. until paid
<br />?. That he herch% ussrgns- transfers and sets user to the Mortgagee. to he applied ti,war :l the pa} merit of the note end all
<br />sums secured heretl% in case of a default m 'thr performance of am of the terms and conditions of ibis Mortgage or the ,,aid
<br />note. all the rents. revenues and Income in he derived from the mortgaged prrmrscs during such time as the mortgage indehted-
<br />ness %hall remain unpaid. and the Mortgagee shall have rower to appoint any agent or agents it ma% desire for the purpose of
<br />rcpatrttgt said premises and of renting the same and collecting the rents. revenue% and income. and it may pia nut of said m-
<br />Coates all expen%es of repairing said premises and necessary commissions and ekpensry incurred in renting and managing the
<br />same and of colleoint; rentals therefrom. the hulunce remaining. if any, u, he applied iowiud the dischaipr Tit said mortgage
<br />mdt+tedness.
<br />K. That he will keep the tmrovemenl,, nou exrxling rn hereafter erected on the mortgaged piopem , insured its may he
<br />squired from time 14, time by the Mortgagee against iose hN fire and other hiwaids, casualties and contl ilicri te4 in such
<br />amounts and for such periods, as mac he rryuired h f the Mortgagee and will pat prompl It . u hen due. air% premium% 1,a such
<br />imurance provisiem for paytrwol of which twi, not been made Inrrmhrfoic All Insurance shall he curried in Compames ap-
<br />proved by the M(HVA#er and ibe:pulicies and irncw'sll4 thercol shaft he held h% the Mortgagee• and hose attached thereto ioss
<br />payable ctauscs in favor of and an form acceptable to the Mortgagee hi event of loss Mortgagoi will gt%r immediate nonce t +v
<br />mall to thr Morippee. who may make proof of loss if not made prompih b% Mortgagor. and each insurance eompanx con -
<br />cerfttl its hereby authorized and directed to make payment for such loss clirrt•tl% u, the Mortgagee instead of let the Mortgagor
<br />WW!lie• Meort jWc foililt . and the imuranCC Pr(1ieed4. or an% part thereof. mitt% ew applied t"% the Misri.gager al 11' option Volkt
<br />to-the taifuetnm of the tvdchIv dnc4,, hcrch% tirctitrd or lit the to Uotation 111 repair of the rropet'r% dainag3ed in e%rni cut foiech,
<br />sure cif this n onplic or other tranvfal of tittle io the mortgaged properly in extmcut%hmcnt ,,I the mdebtedn ss %ct: used helrrbi .
<br />all right. title and inerre%f of t!he'Mnngalsor in and tc, am insurance policies then in torLe shall pa— to the pturha%el or latanire
<br />y. Tina Its additional and cxlllutxtal WCUrns for the sac mint ii! the Time dceLnbc i. and all atoms to hrCUme due undet thr,
<br />rrisortgtaKr. the StMcat,gagnr hrrchv assign% it, lfir Mortg.Agee all pndita. rr%rnur, nt%ahrra. right' and hernefr!s accrtrll I+ rho
<br />Melrttvgnm under an% and all r,il and gds Ira4e•% fin %alit prvinl%r %, walff tht' r,Fhr 1 Itlt r,e ,t'�('Ij 1 1t,1 ',lit' 'imt ttntj dj,r,I •,
<br />tfiem let %aid indehiedce4s it, well firloir it, tifirl delo.1111 in the, ondio"11 ,tt Phil'„ IL.avt, .en I Itti %fit r gaLCC rIi+tV dvm:,Ild ttt'
<br />few And limb -twh ruitivilt,. %the'n dot' and palobit rill tinilli n,ll 14 ,t'l; tt lit i� � .' Li:' f tits .'111'Atmt -ill t`. It•'t %'•Sit rtt:tll
<br />,,l,d }1e. � :tlrl +t' 111111 MITI , tt,d !�rlt to l['l L':1 Vt' ill t1,1,'. trlitr11i1iir
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