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<br />{t) month prior to its due date the annual mortgage insurance premium in order to provide such holder
<br />wiitt funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the
<br />htational Housing Act, as amended, and applicable Regulations thereunder, or
<br />{ti) ff and so long as said note of even date and this instrument are held by the Secretary of Housing and
<br />Urban Development, a monthly charge (in lieu of a mortgage insurance premium/ which shall be fn an
<br />amount equal to one-twelfth {I/12) of one-half {1/3) per centum of the average outstanding balance
<br />due on the note comguted without taking into account delingaencies or prepayments;
<br />(li) A sum equal to the ground rents, if any, next due, plus the premiums that wdt next become due and payable nn
<br />policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged praptrty (a# as estimated 6y the Mortgagee/ less all sums a}ready paid therefor divided by the
<br />number of months to elapse before one mnnttr poor to the date when such ground rents, prtrtiiums, [axes and
<br />assessments wrill become delinquent, such sums to be held 6y Mortgagee in trust to pay said ground rents, pre-
<br />miums, taxes and sper5al assesstrtents: and
<br />{c) All payments ntentiotted in the two preceding subsections of this paragraph and all payments to be made under
<br />the rote secured hereby shall be added together, and the aggregate amount thereat shall bt paid by the Mortgagor
<br />each month in a single payment to be app}ied by the Mortgagee to the following items in the order set forth:
<br />{l) plc ;itr,s~ c=targes u„dt; the contract cd i n.,,.. W.x yv:th the S^_reta^,, of Hoo~tng ~rtd Urban Develooment,
<br />or monthly chargt (in lieu rJf mortgage insurance prcrnit:m/, as the case may be:
<br />{ll) ground rents, taxes. assessments, lire and outer hazard insurance premiums;
<br />{{!f) interest an the note secured hereby; and
<br />jtV) amortization of the principa} of said note.
<br />Any deficiersry in the amount of any such aggrtgatr monthly payment shall, unless made good by the Mort-
<br />gagor prior to the due date of the next such payntrat, evnstttutr an event of default under this mortgage. The
<br />Mart¢agYx may collect a 'gate charge" tier to exceed boa cents td4) fur rash dollar {$I) of each payment more
<br />than fifteen { 15) days to arrears w cvy'er the extra expense Involved in handling delinquent payments.
<br />3. That if the totes! ai the pa_yment~ made Ly the 1lortgagrrr under tb! of paragraph ~ preceding Khall exceod
<br />the amount of paymcttt5 actually made by the ilortgaKee for eround rent4, taxes and as;esmenf-'; ter insurance pre-
<br />miums, as the ea~e may be, each recess, if the fern to current, at the oprtat of the Morxgagor, shall be credited by
<br />tht Afortgagee on <ubsequvttt paymentr; to he made b} tfie 1lontagor, ur refimc3ed to the 1lartgagoc tf, however, the
<br />monthly payment. matte by the Mortgagor under t'.1 of paragraph ' precctltng shall not be sufficient to fray ground
<br />rent, taxer; and asses~ment.s ar inwrance premium, a= the c :t--.e mess be. whtvt thu game shall become due and pay-
<br />abie, then the SbrtfeaRar ~<hall pay to the Mortgagee env amount na:re~:~un to make up the dPficiene}, on or bei'ore
<br />the date when paymem of tiuch gmund rent. tsxo~, as-e~~ment~ or in<urance pmmium~ shall bt: due. if at any
<br />time the thartgagar ~ttalt tender to the ylnrtRaget•. in arcnrdanre with the prc,vi~:ion~ uF the note Secured hereby,
<br />foil payment of the entire indebteMet~ rrpre~entod therc•b}. the ttnrtgagee <hafl. in campuiing the amount of ouch
<br />iztdtbtednrss, Credit to the accatint of the Mortgagor ail payments nt:uie under cite fxavtsians of (.v of paragraph 2
<br />hereof which the 4htrtgagee ha, nut tmrama oblix;ated Ln pay ur the ~t•rretun of Ilou~ing .ntl t'rb:m pt•vclopment
<br />and any balance remaining in the funds accumulated under the pros i-uaa~ n(t b ~ of p:u•:y,*rxph '? hereof. if there
<br />,-half be a default ender any of th<• provi':ion- of this murtg:t~t• m~uitinat to a public ~ale• of the premisek covered
<br />hereby, or if the'tlttngaKee acyuire~ chx• property ntherwi=e after default, thelhrrt~~aget• .hall apply, at the timt• of
<br />the rommencerttent of Ouch proceeding-, or at the time the propa+ny i~ otherwise acquired, the balance then remain-
<br />ing in tltc funds accumulau•d untfer ; ~ of paragraph :' preceding, a~ a credi t akain~t the amount of principal than
<br />remaining unpaid under paid nuts, and ~hnll pmporly :tdfu-l am payment- which ,hull leave been made under tai
<br />ni par~,raph '?,
<br />a. The[ the SlurtQUgor will. pa}- gre~und rents. tuxe,.:t,aes,mrnts. water tate,.:md rnher guvrmmenta! ur municipal
<br />charge,, fines, or impo,tticm,. Farr whrch presutcm ha. nut been made herrinhrtorr, and in default thereof the Mortgagee may
<br />~vp~ %he some, atxf that the ~turtg:><cor w dl promptly debate the otiicial receipt, therefor to the Mortgagor.
<br />5. The':yftxtgagor oral pay sli [ears which matt Ire leatrd upon the 4io:tgagee~s mtrrr,t to ,aid real estate anJ improve-
<br />mems,and which may hr iryird upon chi, mungagt .rr the dcht,r:urtd hereby thus ooh « r the extent that such i, not pmhibit-
<br />ed by law and onI}~ ev tht extent that ~uah will nut make this loan usunousi, but rxciuding any income tax, State or Federal.
<br />imptasrd on Mortgagor, and wilt Fite the utficuil r rcrtpt ,h,rw,ng,uch paymem with the Mortgagee. Upon violation of this under-
<br />taking, cv if the \f ortgngor n prohibittd by any !aw now yr hereafter txtsting farm paying the whale or any portion of the afore-
<br />.aid taxes, x upon the rtndrring of any roan dtcrte prohihiung the payment by the Mortgagor or ang wch taxes, or if such law
<br />or drt:rec pm,idrs that :tn} amount ,o patd by the Mtutgagor ,hat} be credntd un the mortgage debt, the Mortgagee shall have
<br />the right to plot Wintry days' wntten notice tv the owner of the mong:tged premtscs, requiring the payment of the mortgage
<br />debt. ii such rxatice begixYn, the wid debt shall txcame due, paya~leund ctdlectibie at the expiration of said ninny day,.
<br />6. 71tat shtxrld hr tai! to pay any sum ar keep any covenant panvided for in this hfurtgage. then the Mong~agee, at it, op-
<br />tiutt,may pay to prrfarm the wme, and a!I txpenditurrs sa made shat) hr added «r the principaf sum owing an the above note.
<br />shall he secured hereby, and shaft tzar interest at the rate set forth in the xatd pate. until paid.
<br />?. 71st he hereby assigtts. transfers and set, ova to the Mortgagee, to hr applied toward the paymem of the note and at!
<br />sums ses:urtd hartby in case of a default in the performance of any of the terms and txatdiUUns of this Mortgage or the ,aid
<br />note. alt tht trots, revrnuts stud income io he derived from [he mortgaged premises during such timr as the mortgage indehted-
<br />~_ a t..... .wcr to ,., .. ..r r7 «r. ,t ^t „ M
<br />Rtt33 Xrxatt rcmatn arlpald: anti tilt 1NaitCt i. a- c' j.n' apptxr.,t Sn art... ape ..., .... ay d"Stfr for fhr frpost i1f
<br />repairing said premises and of renting the same andacalltrting the rents, revenues and incame, and it may gay out of said in-
<br />totnts aft txptnsa^s at repairitgt sold premises and ntctssary ccammissinns and expenses ttrcttrred in renting and managing the
<br />saint and of tnikCring rentals therefn+m: tht t+alanre remaining, if any, to bt applted toward the discharge of said murtgagt
<br />ittsir6tcss.
<br />g. That he wiN kelp the improvemtnts now existing or hereafter erected on the mangaged property, insured as may he
<br />rugttit^td-from tithe to tittle by tlx Mtxtgaget against Loss by fnt and ether hazards, cawalties and contingencies in such
<br />amaleMS anti floe sueA periods as may t,r required by the b{ortgagrt and will pug promptly-. when dot, any premiums vn such
<br />insurartcr ~uvision for payment of which has rtut recce made hrreinbeforr- Aft insurance ,hall ho carritd in compantr, ap-
<br />provtd by the Mort~gse and the lattfircits and rrtttwals therrpf shall he held by the Mortgagee and have attached thereto loss
<br />fmga#k t-!€tugrs in fever td aruf is form acreptat t to the Mortgagee. fn event of loss !Mortgagor will give immediate notix by
<br />ttattt~-to tftt A~~ wha tuay make protxf of loss if mat made promptly by Mtutgagnr. and each insurance company cnn-
<br />r~rned is txttby aulhtzriztd axe dint tcd to make paymtnt tot such k>s, directly to the 4fongagee insttad of to the Mortgagor
<br />sritf ~ jttitaiiy. artd the attwrancc ptac:eeds, car anp part tltemmxf, may tx applied by the Murtgagtt at its apttan totter
<br />to tht t~not thv ittdtt~dness hertftY+tc-urtd ur W the restoration cx repai€ of the propcriy damaged. in rvtnt of forecln-
<br />ture of tfds ~ tv athtr tratxaftr of title to the mtvigttgtd prr7ptrty in extinguishment of tht indehtedncss ,reared herthy .
<br />eft tom, ti€fls end interest of the Mortgagor in attd tar ant: rnatxrantr palicits tftrn in fleet shall pass to the purchaser or grantee
<br />~ Iisst ttx a+hlitiott»k attd dalh~tttal stcurity for the payrutnt of iht elate dtx:;ribrd. and aH sum. €o bra+tmr dot under chi,
<br />~= tftt #t}t+tttt htttbg axsiyrrt< in tfic Mtuitpyttt ati pa;?dia, rtvttturn„ reyalties. ritihts and hcnctit, accraing to the
<br />~tll't't<1a~tvf tit4trr ttng' anti Sit tttf and grtri frrarx Ott ikid premises, wlaft tier rrgftt itx rrrtiYr anti rrlri{rt fi.*r i4r ,+."'tr avid app: ;
<br />t9xGln tct +atd nxi«htttlntt:t~ as welt i+tftute ax after defauh in the t;xntduuuts of iht+ m,.,rtttage, and the Mx,rtgxtFtc marl dtmand, rtxr
<br />f€at antt {g~a4#r anty weft ytrstnts tyEma x{tte attd pages, t±ut shelf uctt t,r rrgtrutd ,~~ t,r t1=r 'fhr. asagn+ttznt is to tttxninatt
<br />bsac tnrU aatd vxrxf uptatt teitas+r of tfti,<mnrtttagt.
<br />stt}t? ~'~t4att t?t~ F9€
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