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<br />~ 83-~ac-~~~sLL~,
<br />(l) month prior to its due date the annual morgagt insurance premium in order to provide such holder
<br />with funds to pay -such premium to the Secretary of Housing and Urban Development pursuant to the
<br />National Housing Act, as amended, and applicable Regulations thereunder; or
<br />(11) lf' and so long as said note of even date and this instrument are held by the Secretary of Housing and
<br />Urban Ileveiopment, a monthly charge (fn lieu of a mortgage insurance premium) which shall be in an
<br />amount equal to onr•iwelfth (1/12) of one-half (1/?) per centum of the average outstanding balance
<br />due on the note computed without taking into account delinquencies or prepayments;
<br />(b) A stem equal tea fht ground rents, if any, next due, plus the premiums that will next become due and payable on
<br />policies of flit-and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property tall as estimated by the Mortgagee/ less all sums already paid therefor divided by the
<br />number of months to elapse before one month prior to the date when such ground tents, premiums, taxes and
<br />assESSntents will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rants, pre-
<br />miums; taxes and special as~ssments; sad
<br />(c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under
<br />fhE note secured hereby shall be added together, and the aggregate amount thereof shall be paid by the Mortgagor
<br />each month in a single payment to 6e applied by the Mortgagee to the following items in the order set forth:
<br />(l) premium charges under the contract of insurance with the Secretary of Housing and Urban Development,
<br />ur monthly charge (in lieu of mortgage insurance prerniurni, as the ~asc ti;aj+ Fir;
<br />(IF) ground rents, taxes, assessments, fire and other hazard insurance premiums:
<br />il>I) interest on the notE secured hrre(zy; and
<br />(1V) amortization of the principal of said note.
<br />Any deficiency in the amount of any such aggregate tnonthiy payment shall, unless made good by the Mort-
<br />gagor prior to the due date of the next such payment, ccns[itu[e an event of default under this mortgage. The
<br />Mortgagee may collect a `gate charge" not to exceed four cents (4¢) fur each dollar ($! 1 of each payment more
<br />than fifteen (IS) days in onsets to cover the extra expense involved in handling delhtquent payments.
<br />1. 't'hat if the lute! of the payments made by the 1#ortgagor under i L! of paragraph `' preceding shall exceed
<br />the amount of payments actually made by the ~iurtgagee fnr ground rents, t:::es and as--,esamentr or insuranco pre-
<br />mivm:4, as the cosec may be. such excess, if the loran is current, at the option of the Mortgagor, shalt be credited by
<br />the'4fortgagee nn subsequent pagmenis to be made by the 1fortgagor, ur refunded to the lfocigagor, If, however. the
<br />mtxtth}y payments mode by the lforrgagor uttde'r ~ h! of paragraph _' preceding shall not he sufficient to pay ground
<br />rent, %axes and assessments or insurance premiums. as the cae may he, when the same .hall become duo and pay-
<br />a61e, then. the i#ortgagor shall pay to the ifortgngee env amount. nece~.-an to make up the deficiency, nn or before
<br />the daka when paymeat of such ground rents- raze-, asses.ments or insurance pmmiums shall be due. If at env
<br />time the~fiongaRor shall tender to the 19ortgagee, in urc•ordanre with the proyi?ions u( the note secured hereby,
<br />full payment of the entire iadehtednees represented dtemby, the 1rgagee shall. in comput-ing the amount of such
<br />indelitedtiess, credit to the account of the Mortgagor al! [Moments made under the provisions of r u/ of paragraph
<br />hereof which the Mortgagee ha not become obligated io pay to the 4•crntarv of Hou.sin}; .axt l'rban Development
<br />and any balance remaining in the funds accumulated under the pnrvi.=ion- oC iL of para~rnph 'L hereof. If there
<br />shall he a default under any of the: ptvvision- of this nrorttta{*e resulting in a publit• .sxte of the premises covered
<br />hereby, ar if the'Horlgagce acquires the propene otlaetwise after default. the ifortgagee shalt apply. xt the time of
<br />the commencement of ouch proceedings, or at the time the property i.s +rtherrvise• xcyuired, the balance then remain-
<br />ing in the fund- accumulatxd under (+•i of parttgruph ?preceding, a= a tr vllt against the amount of principal then
<br />remaining unpaid under said note, and shall property adjust :env pavment.s which :hall hove been made under Irl
<br />of paragraph `l.
<br />d. That the Mortgagor wdl pay ground rents, taxes, assessments. water rates. and other governmental or municipal
<br />charges, fines, cx impositions. for which prnyision has not been made hereinbetore, and in defaul[ thereat the Mortgagee may
<br />pay the same: and that the ?+tongagtx wilt promptly deliver the uilieiai receipts therefor to the Mortgagee.
<br />5. The Mongagor will pay aU taxes which mot be levied open the Mortgagee`s interest in said tea! estate and improve-
<br />ments, and which may be levied upon this monttage ur the debt secured hereby (but only to the extent that such is not prohibit-
<br />ed by taw and unly° to the extent that such-will nut make this loan usuriousl, but excluding any income tux. State or f'rderal.
<br />imposed on Mongagrr, and wilt file the utFcwt receipt showing such payment with the Mortgagee. ~ Ipon violation of this under-
<br />taking, or if the Mortgagor is pn~hibited by any low now ur hereafter existing from paying the whole ur any portion uF the afore-
<br />said taxes, ur upon the rendtring n[ an} .uun decree prohibiting the payment b} the Mortgagor tx any such taxes, nr ii such law
<br />ur decree provides that any amount su paid 6p the Mortgagor shall be credited un the mortgage debt, the Mortgagee shall have
<br />the right to give ninety days' written ttotK'e to the owner of the mortgaged premises, rtyuiring the paymem of the mortgage
<br />debt. if such notice be green, the said debt shall become due, payablt and ealltctihie at the expiration of said ninety days.
<br />6. 'Ilia! should he fait to pay any sum ur keep anvcovenant provided for in this Mortgage, then the Mortgagee, at its op-
<br />tion. may pay a perform the same. and alt expertditurcs su made shall be added to the principal sum owing on the above note.
<br />shelf bc.stctared herctay, and shalt brat' interest at the rate set forth in the said note, umil paid.
<br />I. That hE hereby assigns, transfer sad sets over to the Murtgaget, to t?e applied toward the payment of the note and all
<br />stuns clouted hereby in case of a dtfauR in the ptrtormsace of any of the [trms and conditions of this Mortgage or the said
<br />ante. the rents; rtvcnt~s and ittcemt to be dtrevrrl fmm the mottgaged premises during such rime as thr mortgage indebted-
<br />ntas shalt ttmaiit unpaid; and the Mortgagee shall have power to appoint any agent ur agen[s it may desire for the purpose of
<br />r+E~aliirtE SBit# ixemi5E5 and of rtntt~ the SamE and Collei`ting 11FE teats. fryrnUCS and iturome, and ii may pay t11a1 of -said in-
<br />COntE6'att GxpEnae$ atf rEpatnng sold prcmr~s and net:CSSaiy COtnmtSStoaS and CxpenSES lneurred in rrnnng and managing tilt
<br />same ate of colketirtg rentals therefttom: tht balance remaining, if any, to be applied toward the discharge of said mortgage
<br />i»del>t~tss.
<br />tS, lltat he will tarp ttte impraremrnu now existing cx htreafter erected on the mortgaged proptrty, insured as may he
<br />requited from-time to tittle by [ha MertgAgec against toss by fire and other hazards, casuahies and tnntingrncies in such
<br />astott>}tstFtttf-far sutltpntitis as ttra} be required by the Mortgagee and w'itl pay promptly, when due, any premiums on such
<br />irtstaanca.pr~visimt for paytttsnt of xvhieh has nut ttettt made htreinbefort. Alf insurance shvlt ire tarried in companies ap•
<br />proved: t)p the ~ asd the pol~its and renewals thereat shall bt held by the Mortgagee and have attached thereto loss
<br />Aatasai Io fnvsrof oral in form aeceptahk to the Mungagte. In evi<nr of kiss Mortgagor wiA give immediate notice by
<br />t to f6e ~=-whe tmty make prttirf cif toss if trot matfE promptly by Mortgagor, and each insurance company con-
<br />t>:.vetd is hereby rtartlaori;~d and directxd ire ttaake payment for such toss directly to the MortgagEe instead of to the Mtxtgagcx
<br />~ ettt Muttgcpcc tuittdty, tam ~e iitsaarttnes pnaxxeds, tx any part thcrtof, may t+c applied try tltE h#ortgagtt at rte option either
<br />to.rhe rgluctiata pf the irtataas ttercttyseetttcd w to the rtstoratian or rcpait of the pmpeny damaged, to evEttt of ivreekt-
<br />~a+_•f tMs mwfftrgrt+at ttMtet etttsafar of title to the mautgatted pratptrty is ExUtigutshmrn2 of the indEhtcdness stcuied hereby.
<br />a9 tyt~t; tale atxt intcmtst tat the-ItdortBptrtptx is alb xo env insururtce ptaticies thta in turn shaA pass to the purcha-+cr or {:rantre_
<br />A; 71fat as tattititml:tnd etatiatet'xt security f<u tAs paytttt:nt cif the ttrHe describt+d. sad alt sums to hccumt due under this
<br />`: the ~ ~xthY asses to the ;,tattga~re tth prtt#ts,, rEa•EUUts, tvyaltits, nghts arn# t+eeetits accruing to the
<br />rN fta~ ~fj~~t xt^.d ~ t~srt: on asW ptrtnises, with Eht right to receive anti racetp! fur rho s:~mc and apple
<br />tlaillt rte AatA'~tt#-tM wCtt taefdtte a4 after iltfAnlt.ia lhE stnxiirittns tti tlaix marigatrc. and iitE nt.xtgtgtE nsay citmarx#, Yuc
<br />for ;rte fSa+o~ rah piytntttfs wt+an doe start paAt. Isar +kltatt ntq tae rctttiirEd .« ro d<t 7`hia assignment is tv terminate
<br />atad tK~ tudt and void aiptut r€katae .,r toes mar#;a~t•.
<br />~., -, acrtta. ta3fii t!s-tp!
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