|
<br />g3-t3GU3t;
<br />(1) month prior to its due daze 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, or
<br />QI) If and so long as said note of even data and [his instrument are held by the Secretary of Housing and
<br />Urban Development, a monthly charge l fn lieu of a mortgage insurance premium) which shall be in an
<br />amount equal to one-twelfth (I/12} of one-half (1 j2) per centum 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 renu, if any, next due, plus the premiums that wfll 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 ,felt as cstinrated hp the :bfortgager) less all sums already paid therefor divided by the
<br />number of months to elapse before one month prior ui the date when such ground rents, premiums, taxes and
<br />assessments will become delinquent, such sums to he held by Mortgagee in trust to pay said ground rents, pre-
<br />mitims, taxes and special assessments; and
<br />(c) Ati payments mentioned in the two preceding subsections of this paragraph and a!1 payments to be made under
<br />the note secured hereby shall be added together, and the aggregate amount tltereot'shall be paid by the Mortgagor
<br />each month in a single payment to be applied by the lvfortgagee to the following items in rite order set forth:
<br />(I) premium charges under the contract of insurance with the Secretary of Housing and Uriroan Development,
<br />ur ntunthly charge /in tier of me>rrgage iusurmrc•r prenriunt), as the case may be;
<br />till ground rents, razes, assessments, fire and other itazani insurance pnmmms;
<br />(HI) interest on the note secured hereby; and
<br />(1V) amurtuation of the principal of said rote.
<br />Any deficiency in the amount of any sucft aggregate monthly payment shell, unless rnade good by the Mort-
<br />gagor prior to the due date of the next suet: payment, eunstitute alt event of defau{t under this mortgage. 71te
<br />h5ortgagre may collect a '`late c}targe" nut to exceed tires ~rr.ts tq±t) for each dollar (5l) of esch payment more
<br />than fifteen (15) ++ays u~ arrears u:r cover Ute extra expense involved in handling delinquent payments.
<br />.. "that if Qie total of [fie pavment.~ mode nv the ilottgaeor under f=:i of paragraph ~ preceding shall exceed
<br />the tunount of payments actually° made by the itort¢agee for nmund rents, taxc.~ and assessments or insurance pre-
<br />mium, [ta the ca>e ntav be, such excess, if the lam t, current. at [he option of the Mortgagor. 4haH be credited by
<br />the ltortgttlee nn ~ubscyuent payment- to be made h} rfie ilort.,t;ugur, or refunded to the iiortgagor_ It, however, the
<br />tmtnthly payments made by the ~tor[gagor under : : of paragraph ' preccxiine shall nut he sufficien[ to pay ground
<br />nmt, taxes and a~~e~::ment~ or iti~uranre premium, a: the. ca.,<• mays ht•- when the game shall become due tend pay-
<br />ah1e, then the ilnrr~aKor Khali pay to the ilartgagee :nit= ;[mount netx"=an to make up the deficiency, on or before
<br />the date wfien payment of Ouch ground rents, taae~, its-e•ssment.s or in~urancc pmmiums shall be due. If at any
<br />time tfie ikrngagrtr shall tender to the i}ortt•airc•, in arcordanre with ihr• provi:iuns of the note see•ured hereby,
<br />full pa>ment of the tn[ire indehtednc=s repmsenied themny, the linrt;taree shall. in compuGn;t the amount. of such
<br />indebtedness, credi[ to the account of the Mortgagor all payments made under the Ixovisions of t++i of paragraph 2
<br />hereof which the llorte;t„oe h:i= nut br•rome ohliaated to paJ to the titemtnn of lioushtg ..nd (shoo Development
<br />and arty nalant•e mmaining in the funds art umulaird under the procisiun~ of ~ ;_' of paragraph 2 hereof. If there
<br />shall kre a default under any of the pool-iun> of thi- nu>nyagc~ re~uitine to a public vd<• of the premises covered
<br />hereng- ur if the tTortgagee scquire~ the prapr•rty ntnen.i~e after default, the \lnrtgagee hail app h`. at tho [line of
<br />the commencement rrl' -uch prate-tiding-. or at the time the pmprrn += uthensi~e acyuked, the balance then remain-
<br />ing in the fund. accumulated and<rr r +t of paragraph '' prt•cedina, :r< s rrodit aguinsi [he amount oC principal then
<br />remainint; unpaid tinder said note, and shall trruperty adln5t any payment, whir•It -hall )lave been made raider rni
<br />of paragraph .r,
<br />d. 'That the ?ttcxtgagur wit; pay mound rents, taxes. assessmrms. F<ater rues. and other governmental ur municipal
<br />charges, fines, ur impcrsitiuns, for which prai~~iei<rr, has not kern made nereinbrfurr.::nd in drfauk therref the Mortgagee may
<br />pay [he :ame::+nd that the klortt;agur will promptly defiers the othciai rrceints therefor to the rilortgagee.
<br />+. 'the Mortgagor will pay a!{ taxes u bleb may h levied upon the Mortgagee's aterest in ,:lid real estate and improve-
<br />ments,and u=bleb may he levied up<m [hie murttZage or the debt secured barb. [fiat only to the extent that such is no[ prohibit-
<br />ed by law :md only to the extent th:u such a iN not make this loan usunnust, but exrtuding any income tax. Stste ar Federal.
<br />imposed on btortgager, and will life the official receipt show-ing such pacateni w nh the ylurigagee. l'pon violation of this under-
<br />taking, or if the Mungagur is prohibited tiv any law now or hereafter existing from paying the whole nr any portion of the afore-
<br />said taxes. ur upon the rendering of any court Jeerer prohibiting the payment M the Mortgagor ur any such taxes, or if u+ch law
<br />ur Jeerer provides that any arnuunt su paid by ttte ~fortgagur sh:dl tie ctrclned on the mortgage debt. the Mortgagee shall have
<br />the right ur give ninety days' written nailer to the owner of the mortgaged premise., requiring the payment of ihr mortgage
<br />debt. If such notice ne given, the said debt sh:dl become due, payable and cnllectibfe at the expiration of said ninety days.
<br />h. That yhould fit fail to pay any sum or keep any ::ovenant provided fur in this Mortgage, then the Mortgagee, at its op-
<br />tion. may pay <x perform the vtmr. and all rxprrtditutrs sa made shalt tee added to the principal sum owing on the above note.
<br />shall E+e srrtued hereby, and shall bear interest at [he rate set forth in the said no[e, until paid.
<br />?. That hr hereby sssigns, transfers :md efts over ui the Mortgagee. to tx applied toward the payment of the note and all
<br />arms secured hereby in case of a default in the performance of ;toy of the terms and ceinditions of this 'vlortgage ur the said
<br />note, all the rents, revenues and irrcomr to nr drrhed from the mortgaged premises during such time as the mortgage indebted-
<br />ness shall remain unpaid: and the Mortgagee shat! note pause to appuim any agent or agents it may desire for the purpose of
<br />repairing said premises and of rentirtg the sane and collecting the reins, revenues and income, and it may pay out of said in-
<br />cdmes alt expenses of repairing said premises and necessary tYimmissions and expenses incurred in renting and managing the
<br />came aiul of cotteetittg rrnials therefrom: the balance remaining, if any, nr t+e agplird tau°ard the discharge of said mortgage
<br />indrntetlarss.
<br />R. 7ha! fie will keep the impnn•emen[s now existing tx hereafter erected wit the mortgaged property. insured :ts may hr
<br />rrqu~ed $om time to time by int Mortgagee against loss by fire :end tither hazards, c:isuaities and cuniingencrra +n such
<br />atnxutntsandirtr such periods as may hr required t+y the 4fortgager and wit) pay promptly. when due, .tiny prrmmms un such
<br />irisur~ant'e pravisitxt f<>t pagmtnt of which has that been made hrtrinftrfore. A11 insurance shall z+e earned in .ompanics up-
<br />provrd #.+y tlrr ?.lrurgatRee ant the policies and rrneu-ale thueul shall br held by the Mortgagee and It.t+'r attached Eherrtc+ Irxa
<br />ty#Yr e#auses, trt favtx of tend in form accrptahlr to !fie '.turtgrtgee. to event of loss Mortgagee will give immrdiatr notirr f+y
<br />malt in zits M:~e, wtw nwy make pnwf of h+ss if [tut made promptly by ktortgagnr. and each insurance company ain-
<br />cet~ttrd is nerrny. auttxttixrd and directed to make payment for such kits directly zo the Mortgagee instead of its the Murigagar
<br />and flee ~fxttrE)n joinilY. and t$ie itrsuratw~r pnuzrds. tK any- part thereof .may t+e applied by the Murigagee at its option rrthrr
<br />to ttM tcduCiitx! tyi the-irgfcntrdnea,a herelrY ucttted ur to the rtsurttirtr, or repair «t the;+ruprrty damatrzd. In evrni of frn~eri+r-
<br />±umc:f #his tnurigaigt ur other transfer td title is+ the matrgaltrd property m rxtingtiishmrrtt of the indrhtrdnrss arcure<f 3ierrbi ,
<br />all tt~ltt, tiY1r artd rntetru' ofi the 41tNtysttK[tr in atxt to anp rnsuraoce politico lnrn in force stsaft prix to tttr purcMsrr ur gramce-
<br /><3- Tftat Sy tadd$[to+tai and ~t#Ialrral secttritY fur the pavtrtrnt of tftr note drscrihed. and aI1 anms to txromr due wader this
<br />murt>~ye, tX+r i#rtcx tretebir asaiprts to [nr MtxtgagCr a1f protilt<, revenue*, rovalnes, rights .tied f+e€triits a<rn:me to the
<br />?~ortgtt~rr utrdrr artg amt-alt tti# and gra keels xt xtxd prtmtyrs, with the ngnt t+, receive altci rerrtpt for rttr seine :,+nd upph
<br />thritr its irtdebtedrtrsc xis wt-e1t i±rforc as after drfatd[ in tftr c<mditi<sns ut tni. m<+rtt.:+nd the xtratgagrr may dertran<!. sue
<br />fE~ and eecc'+<rt ~y aeta~i ~yntc[xi w=iscn out a,r~ paganic. vui snail ncre ~ rrctunevi s+, t,+ air +~ai+ u.++gnmen[ +s [., termtr,urr~
<br />artd tai' tttttt coat vuxf np«it trtra<r ,.r )hit msbrr>t.
<br />
<br />
|