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<br />83-(1U02~'
<br />(1 } month prior to its due date the annual mortgage 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; ur
<br />(II} If 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 /fn lieu of a mortgage insurance premium/ which shall be in an
<br />amount equal to one-twelfth (1%12) of one-half (IJ2) per contain 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 Bound rents, if any, next due, plus the premiums the[ wilt next become due and payable on
<br />policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property fall as esrintated by the hlortgageeJ less all sums already paid therefor divided by the
<br />number of months to elapse faefare one month prior to the date when such ground ren[s, premiums, taxes and
<br />assessments will bet:ome delinquent, such sums to be bald by Mortgagee in trust to pay said ground rents, pre-
<br />miums, taxes and special assessments; and
<br />(c} Ail payments mentioned in the two preceding subset[ions of this paragraph and all payments to be made under
<br />the note secured hereby shall he added together. and the aggregate amount thereof shall he paid by the Mortgagor
<br />each month in s single payment to be applied by the Mortgagee to the following items in the order set forth:
<br />(I} premium charges under the contract of insurance with the Secretary of Mousing and Urban tevelopment,
<br />or monthly charge (.n t;m; ;,r.n~,rt,,,...r - ......-,>, ;. ~, the . ~G, t, y he;
<br />FuE" ,,.,,..,...~
<br />(lt} ground rents, taxes, assessments. tiro and other hazard insurance premiums:
<br />(Ill} interest an the note secured hereby; and
<br />tIV} amortization of the principal of card note.
<br />Any deficiency in the amount of any such aggregate nrnahly payment shalh unless made good by the Mort-
<br />gagor prior to the due date of the next such payment, constitute an event of default under this mortgage. •phe
<br />Mortgagee may collects "tare charge" nut to exceed t.>at cents I t¢1 fix each dollar kS I) of each payment more
<br />retort fifteen t t 5} da} s tr. arrears to cover rite extra expense Involved in handling delinquent payments.
<br />,. That i[ the total of the paymenia made by the Vorteagm' under ri,r of paragraph 'L preceding shall exceed
<br />the amount of payments artuaJl} made by the '!]nrtgagee for ground rents, taxes and assessments or insurance pre-
<br />mium:-. as the case mac be. -uch excess. tf rho loan is current, ac the option of the hfortgagor, shalt be credited b}'
<br />the \{ortgagee an subsequent payments tr. be made b} thc• Mortgagor, nr refnnded to the llortgagor_ IC, however, the
<br />monthly pa}moot= [Wade tr}• the Mor[gagor under r ~-i of paragraph 'preceding shall not be sufficient to pay ground
<br />runt, taxes and u~aessments ar insnrarx•e premium, a- the c:~'e ma} he.:+hen the =ame ;;hall become due and pay-
<br />able. than the Mortgagor -hall pay to the Mnrt,eagee ate} :rmouni note-,air}' to make up [he deficiency, on or before
<br />tfte date when payment of such ground rent<. taxes. ~.-re-~-meet-~ ar insurance premiums shall be due. H at any
<br />time the Mongagar ,hall tender to the Mortgagee, m arcuntance „ith the pnnisions of the note xecured hereby,
<br />Cuii payment of the entim indebtrdnes- repro=cored [booby, the iMrtga2ee .ahall, in retmputing the amount oC such
<br />indebtedness, credit to the account ttf the Mortgagor all pay°ments made under the lxoctsions of ra% of paragraph 2
<br />hereof which the ltortgager ha, not tx~t•ome obligated to pa}~ to the xcretan~ of ^nuning _rtd Urban Deveoopment
<br />and tuts balance remaining in the funds accnmuiated under the, proddons ref ! ~~ r of paragraph ° hereof, If there
<br />=hall he a dtfauii under :Uty of the ps'oxi~ion~ of this mortea;;e resaltin~ to ~ public male rtf the premises cov~erad
<br />hereby, or if the lktngagee acquin•~ the properrv otherwi>e after default, the A{ortt!agce =hall apply, art the time of
<br />the commencement of =uch proceedings, or at the time the propc•rtc +- otherwise acytured, the halaace then mmain-
<br />ing in the fund--::rrumulated under ~' ~ of paragraph ° preredin_t a~ a r'redit agatnat the amount aC principal then
<br />remaining unpaid under =aui note, and -boll prope•riy ad}u~t ant p:n moot- which -halt have been made under rat
<br />of paragraph ".
<br />a. That the 'viurtg;tgur wti! pay cn>und :rot.. t:txrs, :rssessmrnts, water rrtrs. and other governmental ur municipal
<br />charge*, hoe,. ur tmpuauions. for w-htch ,arm+srun has out horn made heretnhetorr. anti in drtault thereof the b1ortgagee may
<br />pay [hc same: and that the Mortgagor .vtl! promptly deliver the o8icial recetpu therefor [o the Mortgagee.
<br />s. Thr Mortgagor uitl pay alt taxra which may M Irvtrd upam the Mortgagees mtercst in raid real estate and improve-
<br />ntents, and which may he let-red upon the .^.uarigagr ,n the debt secured hereby [hut ant} to the extent that wch is no[ prohibit-
<br />ed by law and onix to rite extent that such tali nut make rhea loan usutu?ust, but rxciudrng any income tax. State or Federal,
<br />impstsed on Mortgagee, ;end wfli 41e the odirral rrcetpt ~howiug Hoch pity meet u tth the l{ortgagee. Upon violation of this under
<br />taking, or rf the i{ortgagur is prohibited h} am law aow or hercaftrr exrsung tram paying the whole ur =ray portion of the afore-
<br />said taxes. or upon the rendering of any court decree prohibuing [hr payment M the Murigttgur or any such [axes, ur if such law
<br />or decree Prot ides that any antouot sn paid h} the Mortgagvr hail be rredued un the mortgage debt, the Mortgagee shad( have
<br />the right to gtvr ninety days' written notice to the t+wnrr of the mortgaged prenuaes, repairing the payment of the mortgage
<br />dept. [f such notice hr given, the :aid debt shall heroine due, pa}abir and cailectible at the expiration at said ninety days.
<br />6. That aboard he fail to pay any sum or keep anycovrnant provided for m this Mortgage, then the Mortgagee, at its op-
<br />tion. nrav pay or perform the samr.:tnd call expenditures ,o made shall he added [o the principal sum owing on the above note,
<br />shalt hr accrued beech} ,and abet! heat interest at the rate set forth to the said note. omit paid.
<br />~. That he hereby asaigns, translrrs and sets over to the '4{arigager, to he applied toward the payment of the note and all
<br />;ums ,reared hereby in case of a default in the prrfarmance of any of the terms and conditions ut [his kiorigage rte the said
<br />twtr, all the rents, revenues and income to he derived from the mortgaged premises during ,uch time as the mortgage ittdebtrd-
<br />ness shad remain anpaid; and the Mortgagee she!! have power to appoint any agent ur agents it may desire for the purpose of
<br />repairing said premises amf of renting the acme and cailrcting the rents, reverturs and inc:atme, and it may pay out of acid in-
<br />comes all expenses of repairing said premises and necessary cnmmtssions and expenses incurred m renting attd managing the
<br />same and of col}ectin$ remain therefrom; the balance remaining, if any, to he :tppiied toward rite discharge of said mortgage
<br />ntdrtttedness.
<br />H_ "Chat fee will keep the improvements now existing ar hereafter erected on the mortgaged property, insured as may he
<br />eei{uitad from time to time by ih< \{oNgagtr against lose by fire :and other hatards, casualur-s and runtingrncies in ouch
<br />amoun{r.=ltd for-such peritxts as may be requtrrd by the Mortgagee and will pay promptly, when due, any prerniurns an such
<br />insu[a[n:e provision for payment of which has not horn made ttereirttteforr. ;lit insurance ahxll he carrtrd in companies :rp-
<br />prt?ved by the Mxxigagre anti the pttticies and renewal. thereat shall hr held h5 the Mortgagor and have attached thereat lass
<br />paaYah~ e[auses in €avar ttf Arid in form atrptxtzle to the Mortgagor. In event at teas Mortgagor tali! give rnunediatr notice by
<br />nntii-kxr t{te A~ertgrsgee. whts map' make pre?ot of loss tf oat made pruntp[iy h} Marigagae. and each utsurartce cumparty ron-
<br />~rrtet{ is hereby authwiud amf directed to make pa}ntrnt Ear such loss diresaly° to the Mortgagee instead ,?f to the Mortgagor
<br />ate [rte l+ft~t{iaai;ee }crier{y, and the ittvurartcr prtxcrtls, or ens part thereof, may he :tpplird by the Mortgagee at ns uptiau crthrr
<br />to the reduction of the ttriiehtadneas-hereby secured nr to the rrstaration or repair at the pnrpeny damaged. In event of tot ecttz-
<br />~xxirc of this sq~»tga$e eu .itf}cr transfer of tidy ra t)tr mtutg;tgcd property m rxunguuhmeru oC the tudebirainesa secured beech[.
<br />.t#t riglxt. title and interesr nt the t{cuYpxifrart in and to gap nsttrancr policies then in f,+rcr vharil pass tq the etnrch:tsrt ar grantee.
<br />q- '[tsar as ndttitfixrul and €atlateral sr.urnp for the paymem of the mar dracnhrtd, .tad all sums to t>rcaunr due cinder this
<br />mottg. t MtxYx ~rrby ;assil[ns to the Mdrtgagee all profit,, rreroues, co}aittts, rtgbts uruf i+rnettts ai~crutng to [he
<br />'+{txtu ttttdet anF attd,ii tsif tttttf {tins lean. t>n said frtrmisc>, wort the rrgbt ta, teertte .md recce[?[ (err the same au,l appit
<br />rhCtlt fxt :uui tn[ttlrEEttn>E:sa ai uefi t>8#,v.. u4 .., [Et -•_r_..:_ .-.,_., t.f t.,.. .... ~ - ,. ,. ...«~.:,. 6
<br />_- -~. -F x¢re it lies iii2sdi.uv>., :ip:,~.,~ '•a`~ig.:~re '°
<br />fur sot{ ri;.-~rvez xny xat~h pr}moot:' t+nc~n a#ue a+ttt trtetrubit. $ut xirarft ncrt 4*r arqu~rrrd v=> try da ~~Ck;t< a<.irar.n,ent r> tt, n=rrotrt;ttc
<br />~n#f t>eirxuc twlt auk i cud upnu rrtra' `this ut<trtgatiRe_
<br />Nit13-~lt+i 3i4t I$-?aJF
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