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<br />1 I ) month prior ur its due date the annual mortgage insurance picnnunt m order In provide such h Idrr
<br />85 _.Q06181.� with fluids to pay such premium to file tiecrctary of ifousrng :ind tlrbau lhvclupntcnt pursuar•,t to ihr
<br />L National I tousing Act, as amended, and applicable Regulations thereunder, or
<br />(Ii) 11 and so long as said note of even (late and this instrument are held by the Secretary of -,lousing and
<br />Urban Ihvelopntent, a monthly charge fin lieu of a morrguge insurance prenruun) which shall he ion :inn
<br />amount equal to one - twelfth (I /12) of one -half (1 f2) per cenunn 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 payable nn
<br />policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next title
<br />on life mortgaged property (all as estimated hr tir(• Moe {gagee) less all suns already paid Iherefor divided by file
<br />number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and
<br />assessments will become delinquent. such suns to he 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 toe made under
<br />the note secured hereby shall he added together, -.III(] the aggrel;_1e amount thereof shall be paid by [tie Mortgagor
<br />each month to a single payment to be applied by the Mortgagee to the following items tit the order set toil)
<br />(1) premium charges under the contract of insutancc with the Secretary of Housing and I :han Ikvetopm tit.
<br />or monthly charge (in lieu of mortgage insurance prentilun), as the cast may he:
<br />(II) ground rents, taxes, assessments. fire and other hazard insurance premiums;
<br />Jill) interest on the note secured hereby; and
<br />(IV) amortization 01 the principal of said note.
<br />Any deficiency in the amount of any such aggregate nwnthly payment shall, unless made good by the Mort-
<br />gagor prior to thedue date of the next such paynteut, ronsutute au event of default oiler thu inorigage. TTfr
<br />Mortgage: may collect a "late charge" not to exceed tom cents t4¢) for each dollar (SI ) tit cacti payment mofc
<br />than fifteen (1 ) Jays in arrears to cover the extra expense involved rn handling delinquent payments.
<br />:r,- That if the total of the payments made by the• Mortgagor under ri•t of paragraph _' preceding shall exceed
<br />the amount of payments actually made by the Mortgagee for around rents, taxes and ii,sessmenLs or insuranuv pre -
<br />miums, as the case may be, such excess, if the loan is current, al the option of the Mortgagor. shall be credtu•ci by
<br />the Mortgagee on subsequent payments to be made by the Mortgagor, or refunded to the klortgagor- IL howevor, flit,
<br />monthly payments; made by the Mortgagor under (h) of paragraph ' preceding shall not he sufficient to tray ground
<br />rent, taxes and assessments or insurance premiums. a., the case may bee. when the same s e hall become du and pay-
<br />able. then the Mortgagor shall p:ty to the Mortgatee any amount necesan• to make up the deficiency, on or before
<br />the date when payment of such ground rents, taxes, a sessments or insur:utc•e premiums .shall be due if at any
<br />time The Mortgagor shall tender to the Mortgagee. in accordance with the provisions of the note secured herein.,
<br />full payment of the entire indebtedness represented thereby, the Mortgagee shall, in computing, the amount of wch
<br />intUxedness, credit to the account of the Mortgagor all payments made under the l,rovisions of ra) of p.aragrapit '
<br />hereof which the Mkrrtgagee has not become obligated to pay to the hecretary of Housing; and 14ban Development
<br />and any balance remaining in the funds accumulated under the provisions of 04 of paragraph 'l hereof. if there
<br />shall Ire a default under any of the provisions of this mortgage resulting in a public sale of the premises covered
<br />hereby, or if the Mongagett acquires the property otherwise after default, the %lortgagee shall apple, :u the time of
<br />the commencement of such proceedings, or at the time the property is otherwise acquired, die balance then remain-
<br />ing in the funds accumulated under (h) of paragraph 2 preceding. as a credit against the amount of principal then
<br />remaining unpaid under said note.: and shall properly adjust sly payments which -hall have been mado in:dcr la,
<br />of paragraph 2.
<br />4. That the Mortgagor will pap ground rents. taxes, assessmerts, water rates. ant other government;il or nfumciped
<br />charges, fines. or imposition.. for which pro) t%ion has not been made hercinheforc. and in defauh iheicof the %lorigagce ma%
<br />pay the same: and that the Mortgagor will promptly deliver the official receipt, therefor ho the Mortgagee
<br />S. The Mortgagor will pay all taxes which may tie levied upon the Mortgagees interest in said real estate and impro%c
<br />menis. and which may he levied upon this mortgage or the debt secured hereby ihut 0111% to the extent that such is not pruhihu-
<br />ed by law and only lac the extent that such will not make this loan usurious!. but excluding inn' income nix. State or fcdef :d.
<br />imposed on Mortgagee. and will file the official receipt showing such payment with the Mortgagee Upon %udauon of this under
<br />taking. or if the Mortgagor is prohibited by any law flow or hereafter existing from paving the whole or an% voilun of the afore
<br />said taxes. or upon the rendering of any court decree prohibiting the paymcnl by the Mortgagor or am such taxes. or if such law
<br />or decree provides that arty arnuunl mi paid by the Mortgagor shall Ise credited on the mortgage deht. the \Mortgagee shall h ;tic
<br />the right to give ninety dae ' written notice t, the owner of the mortgaged premises, requiring the payment of the mortgage
<br />debt. if such notice he given. the said Licht shall hccome due, pavahle and collectible at the expiration tit % ;flit final\ day's
<br />6. That should he fail 10 pay any sum or keep any vove•nant provided for in this Mortgage. then the Mortgagee, it its op-
<br />tion, may pay or perform the same, and:dl e.vpendtiures sin made shall he added to the principal sum owing on the ahuvc note .
<br />shall he secured herchv, and shall hear interest al the rite %el forth tit the said note. until paid
<br />7. Thal tie hereby assigns. transfers and sets over t, the Mortgagee. a, he applied toward the payment of the note and -Tit
<br />sums secured hereby in car of it default in the performance of :env of [tie terns and conditions of flits Mortgage .,r the s:od
<br />note. all the rent%. revenues and income fir he derived from the norigaged prenuses during such time as the morigagc indef le l
<br />mess shall remain unpaid: and the Mortgagee shall have power to appoint any agent sir agents n may desire for the purpose of
<br />repairing said prermse% and of renting the same and collecling the tents, revenues and income, and it may pay out of said ur
<br />comes all expenses of repairing said prenu %es and necessary curio »+.ions and expenses incurred of renting, and managing the
<br />tame and cif collecting rentids therefrom: the halance remaining, if any, to he applied low ;aril the discharge of said mortgage
<br />indebtedness.
<br />8. That he will keep the improvements now existing or hereafter erected on the mortgaged properiv. insured a% may iV
<br />required from lime: to time by the Mortgagee againsl loss by lire and other hazards, casualties and contingencies Ili such
<br />amounit and for such periods a% fruiv be required by the Mortgagee and will pay pronrptty. when due, any premium, on stwh
<br />insurance provision for payment of which has not been made herembefore All insurance shrill he carried fit curnparrics all-
<br />proved by the Mortgagee and the policies and renewals thereof -,hall he held by the Mortgagee and have atlached thereto loss
<br />payable clauses or favor of and in form acceptable tit the Mortgagee In event of loss Mortgagor will give inmiediatc notice by
<br />mail to the Mortgagee, who may make proof of Cuss if not made promptly by Mortgagor. and each insioalwe comp:"% :on
<br />cerricd is hereby authorized wind directed to make payment for such Ins% ducctiv, w the Mortgagee ntstcad of to file Mortgagor
<br />and the Mortglrgec joint}. and the insurance proceeds, or any pan thereof, nuty be applied by the Mortgagee al ifs option enhcr
<br />roe the reduction of the indchteducss hereby secured or Ili the restoralion or repair if the properiv damaged In c%cnt of foreclo
<br />sure of this mortgage ur olhen transfer if( title to the mortgaged properiv tit etungutshnu•nt of the nnichleJoca secured betel,% .
<br />At right, title and interest al the Mortgagor in and t, anv insurance policies then of force shall pa%s to file pur0m,vt or wmilee
<br />9 Thal as additional and collatetat securely for the pmtne•nt of the noic described• and all snots 10 heroine due undet fill,
<br />mortgage, the Mortgagor herchv assigns to the Murrgagcc all profits, revenues, rovaluek, tight% and benefits accruing to fill,
<br />Mortgagor under anv and all till and ga% IcAUe% till said premises, with the right to rice cove and receipt for the sane ;ind ,tppl,
<br />Iht•m tl, %ald Irldrhiedlies, as viell berore:n aria default in the kondihons of fills 11u11 lgagc and flit, \lortgage" n),,% demand u,
<br />Inc ..flit c, over mi such pay nu•nis when title and pa.ahle. bur shall nol 1w ,",pitch .,, to do I Ill, aignnicnt is to 1c, ,,mil
<br />,,rid he. ""Clio .Hill :,rid void upon felcasc of 0114 moill ";Ipe
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