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(1) I lonth prior to its due date the annual mortgage Insurance pramtum in order to provide such h„Idcr
<br />85_00615 1 with funds to pay such premium to the Secretary of Housing and Urh :t1, Development pursuant !u the
<br />--iiV Rational Housing Act, as amended. and applicable Regulations thereuntter, 1,r
<br />(11) If and so long as said note of even date and this instrument are Reid by the Secretary of Housing and
<br />Urban Development, a monthly charge till lieu of a mortgage, insurance premium) which sh:afl he in an
<br />amount equal to one- twelfth (1 /12) of one -hall (1/2) per centutn of the average outstanding balance
<br />due on the note computed without taking into account delinquencies or prepayments:
<br />(b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and pavahle on
<br />Policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next clue
<br />on the mortgaged property (all as estimated hi, tilt- Mortgagee) less all sums already paid therelm divided by tire
<br />number of months to elapse before one month prmr to the date when such ground rents, premiums, taxes and
<br />assessments will become delinquent, such sums to lie held by Mortgagee in trust IO pat said eround rents, pre-
<br />miums, taxes and special assessments; and
<br />(c) Ail payments mentioned in the two preceding subsections of this para_raph and all payments it) be made undo -i
<br />the note secured hereby shall he added to and the aggregate amount thereol shall he paid by the Morigago,
<br />each month in a single payment to he applied in tile Mortgagee to tl e Iollotvfig items $, the (Aide, wi lor-h,
<br />(I) premium charges under the contract of insurance with die Secretary o! flousuic and I mall DvVeloptncrr.
<br />or montidy charge fin lieu tifmortgage insurance prenriueni. ;ti, the ease trial% hc:
<br />(11) ground rents, taxes, assessments, fire and ,Ilier hazard Insurance prcm,trl,7s:
<br />(1111 interest on the mute secured hereby; and
<br />(IV) amortization of the principal of said note.
<br />Any deficiency h, the annoum of any such aggregate raonthh payment shall, unless matte good by the Mort-
<br />gagor prior to the due date of the next such pavnicm. C"llstiTitle an c•,'cn! of default tinder this mortgage The
<br />Mortgagee may collect a ,late charge.. not to exceed t11cl cents (4V) cur each J011:11-61 ) 111 each pavmtent ouae
<br />than fifteen (1 i ) da,.s u; arrears in cover the extra expense involved u, handling delinquent payments.
<br />S. That if the tl)Lal of the payments madt• by flit- Mortgagor under 1.• of paragraph _' precedin,, =hail exc•t
<br />the amount of payment.- actually made by the Mortgagee for --round rent -. taxv- and a- ,e•- sment- or in= urance pre -
<br />miumz, as the case may be, such excess, if the loan is current, al the option of the Mortgagor, shall be crcdhted to
<br />the Mortgagee on subsequent pavirorl to he made by the Mortgagor. ur refunded to the 1ortgageir If. hotveter, flip
<br />monthly payments made by the MorTgagor under /iii of paragraph ? preceding shall not he sufficient to par �Tound
<br />rent. taxes and asse,sment- or insurance premium l a- the case mat be when the same =hall become glue and par-
<br />able then the Mortgagor shall pay to the 1lortgagee any amount nec•e--ury it- make up flit- deficit-nct. on or hefore
<br />the date when payment of such ground rent Iaxv a-- e- -menu or in- urance premium- -hall he doe If at am
<br />lime the Alorigagor shall tender to the Mortgagee. in accordance with the• prm i -ion- of the note -ecure d here,)
<br />full payment of the entire indebtedness repre-enued therchx , the Mortgag-e -hill 1. to computing th!• amount of such
<br />indebtedness, credit to tht account of the Mortgagor all payments made under the prtnisit is of : ,: of paragraph
<br />hereof which the Mortgagee ha not tx,come, obligated to pay It- the *wcreiar% of l ouring and I rhan Do.vclnpment
<br />and any balance remaining in the fund, accumulated under the prtici -ion- of , 1 . of p ;tra_r ph "_ hereof. If the re
<br />shall he a default under am ol'the prod -ion- of Ihi- mart! +age re= uhting in a pull! +r -ale of file premi -e- certerod
<br />hereby, or if the M(Art -age-- acgmre- flip property otherwi -e after defaull. the liortgasev ;hall applt. at Ill(, lime of
<br />the commeneerrleni of such proceeding -, Air at the limo the property i- otherwi -e• acquired. the hal.tnce then remam-
<br />ing in the fund - accumulated under "! ! Art' paragraph 1 pro--. 'I- a credi t aeam -i the amount of principal then
<br />remaining unpaid under -aid note. ;Ind :hall properh adtu -1 any pa)ment- .%hivfi - I,atil have been made under
<br />of paragraph _'.
<br />4. That the Mortgagor will pity ground rent, tax«,. :i „cssrnrms, wafer talc,. and oche, goternmenta; ur mumcipa+
<br />charge,. fine,, or Imposition,. for which provision ha, not hcen made: heicmbeforc. anti In dc•tauit (hereof the Mortgagee• ni;a
<br />Pay the samr. and that the Mortgagor will promptly dchter the Official receipt, iheretor ,the Mortgagor
<br />r The Mortgagor wilt pay all taxe, which may he levied upon the Mortgagee , mfere,t In sand real c•,tale and in,protc-
<br />ments. and which ma% he it:%ied upon this mortgage or tire deft ,ccure•d iterrht thin .mil It- the c•xiCnt that ,rich t, [I'll prohihft
<br />ed by law and ooh to the extent that ,itch will not make tilt, Rini, ustinous). hilt cxcf rdmg am inconic tax. Stine or I rder;l,.
<br />imposed on Mortgagee. and will file the official receipt showing such pay meal with file %f ,l igsgee t poll violatimi of ;hi, untie,
<br />taking. or if the Mortgagor is prohingt!d by am law now at here;dler existing ftom paying the u hole or any portion of flit. afore
<br />Said taxes. or upon the rentlenng of ;d,y court decree prohihrung the payment M the Mortgagor ur am such taxe,. or if such raw
<br />ut dt,'TCe proyide, (hill an', aniifml „, paid by the Mortgagor sh:dl he crcdiled o11 the mortgage dehl. the Mortgagee ,hall ha,r
<br />the right to give ninety day, written nonce In the owner of the mortgaged pfv,t„se,. tvgmring the payrnrnt of Hu• 1lIorng ;rge•
<br />dcht. If such notice he given. the said debt shall hecoinc title. p ;rt:thle and colicciihic at the exptnnwr, of stud omen dal,
<br />6. Thal should he fail In pay any sum or keep any covenant provided form this %Ior!gage, then the Mortgagec. at it, op-
<br />tion, may pay or perform the ,,,Inc. and all expenditure, So made shall he added ft- the prdtclpal ,urn ow ing on the ahotc little.
<br />,half he secured merely, and shall hear imlcrest :d the rate set forth in the sand note. until paid
<br />Thad he herchv assigns. transfer, and sets user to file Mortgagee•. to he applied toward the puvmcnt of the nofc and ;dt
<br />,uttl, secured herehy in case of it default in the performance of ant of the [elm, ,lid :ondilion, of this Mortgage or the ,aid
<br />note. all the rent,. revenue, and income Ili he derived from the mortgaged premise, daring ,itch erne its the nutrigage• iruichled
<br />ness shall remain unpaid: and the Mortgagee Shan have power Ill appnmf any agern of agcnls It flay de,ire for the purpo,c of
<br />repairing said premise, ;still +if renting the saute and collecting the rents, rrve•nut-, ,Ind income. and if may pat out of ,alai im
<br />come, all c%peniieS of repairing said prerni,et, and necessarc t.onunl,siun, and cxpcn,c, mcurted n, tenting and managing the
<br />same and of collecting until, therefrom: the hal:mce remaining. if :nn to he -im- ied r,wiird the dischatrgc of sand m+,rtcngr
<br />indebtedness.
<br />S. That he: will keep rlic improvement, Flow exl,i,ng u, hereafter crcrted on the mortgaged propent. mwred as may he
<br />requncd thin, time lo boor by the Mortgagee against Ills, by fire and other hll/aft,. caI aged and connngenctc, m ill sash
<br />amount, and tof such period, a, ntay he rcyuircd by the Mortgagee and will pay prnrnptlt . when doe. ;Uly pit•n,tum, on such
<br />insurance provision flit payment of which hit, not been made hereinhefore All f,suranct- ,halt he trolled All cinnpaine, at..
<br />proved by the Mortgagee and the pollcie, and renewal, thereof ,hall hr held by flit- Mortgagee :Ind hart- affached !hereto loss
<br />pnyahle clauses to favor of and in farm accepfahle to the Mortgagee• In --tent of his, Murigague will give mlmedltdc nonce ht
<br />mail to the Mortgagee. who flap make proof of Io,S if 11411 made pron,pllt by Mortgagor. and t-au'h mstnanre co111pam cnn-
<br />cerned Is hetehy uuthonzed and difecled to snake payment for ,rich lo„ directiy 1t- the Mortgagee mgtrad of In the Aforleagot
<br />and the Mortgagee imalh .lend the msurince proceeds. or ant part thereof, mat he apphcd M the Morlgapec at If, option. crthcl
<br />ft, the reduction of Ilia indehtrdiie„ herehp secured lit In Its• rc,totahtin or rcp,nt of Hu' prnpcilt damaged h, t-, cot of font N,
<br />L suit of chi, rnortgake or ,file, traosfet of title' u, file morigaved properh m extnlgosslin,em of the ,ndchlccb,es, ,et pled hcleh,
<br />Ulf tight title and Inle.tcst of file MMIgagot r1, and in ant m,urime polde% then m forte 01,+11 I,;o, t„ IJn 1,111, ha,ol or pt;mrcr
<br />ei Thal Ua uldmorial and soli ae r d Nuctiritt fill ii,e !a�, nic•ot .d the note destnhed .mil .dl ,unf, lit ht•um,r dui n11dcf fill,
<br />.
<br />mortgrt)„r. tilt Mortitagrn hetetht asmgrls to flit, Mortgare all pfnht, IV,cnuc, imalnc oils, anti f+cnetit, ,nrnnnu i„ the
<br />M"rtgieg"r $titter am and tilt oil ''11ild gat, Ieir,e, .m s,otf ;ncintsc,. with the Wahl rid r, .,apt (:n the ,amt soil ,q•t,I,
<br />thcrn it, ,a id ntdtl lednrs n H01 htf ,rt ,,, ;rflcr dcLnalt m th, „naluu n,. h1, n.. th is r .nil Ili+ xfol worcc vii, d+ rlolld
<br />fall and rt•cotrcf .m, such p.r, n,cm, ahcn due :u,d pa,;d.lr hit. •!riN trot h. ,t tr.n ,+ .
<br />I� I h, ...,liaun <'nt �, a,• Ie,nu1 „ire.
<br />.,ltd t,crntnc Hall end turd ul,,m ielr,,.r .,I gin; rn,tnta,ar
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