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<br />(1 }month prior to its due date the annual mortgage insurance premium in order to provide such holder
<br />with futtds to pay such premium to the Secretary of Housing and Urban Development pursuant to the
<br />National Housing Act, as amended, and applicable Regulations [hereunder; or
<br />(II} If and so tang as said note of coon 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 in an
<br />amount equal to one-twelfth (tt12} of one-half (t~2} per centum of the outrage 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 on
<br />polities of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on Lhe mortgaged property /alt as estimated lav ttte Mcangagee/ Izss all sums already paid therefor divided by the
<br />number of months to elapse before one month prior fo the date when such ground rents, premiums, taxes and
<br />assessmenu will become deFsnquent, such sums to be 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 be made under
<br />the 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 he applied by the Mortgagee to the following stones in the order set forth:
<br />(I) premium charges under the contract of insurance with thz Secretary ai Housing and Urban Development,
<br />or monthly charge tin lieu nj rrt~rlga,Re insurance prernium/, as the case may br.
<br />(ll) ground ants, taxes, assessments. lire and other hazard insurance premiums;
<br />(lei) interest on the note secured hereby; and
<br />(fV} amortization of the principal of said note. ,-
<br />Any deficiency in the smomu of any such aggregate monthly payment shall, unless made good by the Mort-
<br />gagor prior to der due date of the next sut;h payment, ccnstitutz as event of default under this mortgage. The
<br />Mottgagee may coNect a "late charge" not to exezrd ?„ter cents for) fur Tacit dollar {SI) of razh payment more
<br />than fifteen (I51 Jays in arrears to cover the extra expense tnvulved in handline delinquent payments,
<br />3 't'hat if the total of the payments made by the liorteugor under„J of para;=rnph :.' preceding ehall exceed
<br />the :unount of paymenL~ uctuail}~ made by rite ltnrtgaeee for around rent=, iaxe~ and a9aes~menb. ur insurance pre-
<br />miums, a~ the t^a.~e ma}° be. -uch excess, if the lave is current, at the option of [he Morcgagar, shaft tae credited by
<br />the ytnrieaf?er an subsrqurrtt payments to he made 6y the 1longaQor. or refunded to the Mortgagor- If, however, the
<br />tnonthl} payment.~ mark Eay the jtartgagor under r i ,~ of paragraph ' precedint; shat! not he sufficient to pay ground
<br />rent. taxa. and ase~ments or in-urance premium, a~ the case mac ba. ,then the same shall become due and pay-
<br />ctble_ then [1ta YMrtgagor shall pay to the \tnr[a!ugee anv amount nece•s-eery to make- up the de(icienrv, on or before
<br />the date when payment of -uch hmund mnt~, [axe-, a-ors-menu ar in~urtnca premiums shall f>e due_ If at any
<br />time the llongagor =hall render to the 1langagee, in acc,ardanre with the pnavt,itan~ of the note ecurt:d hereby.
<br />full pagmant of ihr entire lode>b[ednr*, represrntrd therrtrt, the Slon;;ager -hall. in computing the amount of such
<br />indebtedness, credit to the acrtwne of the Mortgagor ,ell payments made utuler the pravtsiarrs of ai uF paragraph 2
<br />hrrataf which the linrthager hay not hecoma obliftated w pat to the v^crrtary of llnusinz ..nd I'rban Drvelupmrne
<br />:utd any ba{aner mmainins; fn the fanils act=umofstt-d andor the provision- +,f i:•' of paragraph _' hereoL if there
<br />,h:dl ho a default under :m} of the procisian= of this mor[>sahe tr=uhins< in a public >ale of the premises covered
<br />hereby, or if the Yfartgapee acquires the pmprrtc atheraire sitar default, the ltongagre ~hatl apply, ut the time of
<br />the t°ommencement of such pmceedin~=, ur nt the time the propem i> utherw tie acquired, the balance than mmain-
<br />in2 in the fund- .terumutau•d under ~'- of puratraph ' Itrrcrdtne, a.~ a cmdit aratn>, du^ amount of principal then
<br />remainrnrt unpaid under -aid note- and -hall praperlt adtur[ ant payment- which ,hull hate been made under /a7
<br />of putxgntplt :a,
<br />:. TTtat the 4}orlg;tgtx w-il! pat- gnxmd rents. ;ales. assessments, water rates.:+nd other ~avernmentsl ar municipal
<br />charges, fines, ar impasttiorn, for which pn,wsx+n h:u inn t+ren made hrrcinhrh+rr, sod in defauh thereof the Mortgagee may
<br />pay the same: and that the lortl;:tgor wilt promptlt deliver the otfici;ti receipts therefor to the Martgagrr-
<br />>. ~Ihr ytarteagor u iii ns}' :,ll totes w-bleb [nay ix leveed open the Mortgst;ee s in[errst in said teal estate and improve-
<br />ntrnts, and which may t±e lzctrd upon this mortgage ,+r the debt secured hereby that only «a the tsttm thst such i+ no4 prohibit-
<br />ed by taw and only to the extent that wch will no[ make this loan u,unousi, but rxciudtng any income tax, tit:ue or Federal,
<br />impaled on ?tiartgagte, and will file the otficiai receipt showing such paymem ,tith the Mortgagee. l'pon vinlauun of this under-
<br />taking, ar if the Aiartgagur is prohibited by any Iaa now- ur herttittr existing tram paying the whale or am lxxtion of the afore-
<br />said taws, or upon the rendering of any court decree prohibiting the pay mrnt ht the Mang:tgur ur any .uch taxes, or if such lain
<br />or drrrtt provides that any amount so paid by the Mongagor shat! t*c ~ rrdittd on the tnurtgagr dept, the Mortgagee shall have
<br />the right m give ninety days' w-ritten mnier to the owner of the mortgaged premises. rryuiring the paymem ei the mortgage
<br />debt. If such rouser be giten, the said debt shall become due, tuyahle and eotkcubir at the expiration of .aid ninety days.
<br />t3. 'that should hr tad h, pay any sum or keep any covenant prottded far in this Mortgage, then [he Martg:ogee, at its op-
<br />tian, may pay ar perform the same, and all exprnditurta ao made shall be added to the principal sum awing on the ataote note.
<br />sha1F tae secured hereby, and shalt bear interest at the rate art birth in the said Dote. omit paid.
<br />?. 't'hat hr hereby assigns. transfers and sets over to the y9ongagee, to f+e appfied toward the payment of the note and aH
<br />sums secured hereby in Nasr ai a default in the preformana~r of any rf the ternts and conditions of this Mortgage or the said
<br />note, aN ttta rents, revenues sins inctmte «> br derived tram the mortgaged premises during such time as the mortgxgt indthtrd-
<br />ertss shall amain tartlraid: and the Morteagee shall hate putt rr to appoint any agent or agents ii may desire for the purpose of
<br />repairing said premises and of reining the same and eollerting the rents. revrnuts and income, and it may pay out of said in-
<br />zomon altexpagstscrf repairittg said premises and ntressary eommissiam and expenses incurred in rentirm and managjng the
<br />saint and of catlectiag rtnta{s thrrefrtxn; the b:dartie remaining, if any, to be applied [award the discharge of said martgage
<br />ttfdCt)tC+dtits8:
<br />S. 71tat ire tvitl keep ttte improvements now existing cx hereafter erected on the mortgaged property, insured as may Em
<br />rtgttired scum rime to titnt f,y the Mortgagee against lass by> fire and other hazards, casualties and i;nnttngens;irs in :uch
<br />amauttts and fts such periods as may bt required by the Marrgagrr and wilt pav prampiiy. when due.:m}• premiums on such
<br />rnsuraru:t pravi~iat far payment of which has no[ been made hertinhefore. All insurance shall hr carried in campanics up-
<br />pnavrd let the kiurippgnc and the pttlicits end renewals thrteot shell he ht#d by the Mortgagor sad leave rttachrd thereto lass
<br />pttytook ciauscx in tascwr of and in farm ueceptablt to the Aiorigagte. to ovrnt of ksss Mortgagor wilt give tmmediatt notice by
<br />matt to tlar MorFga(ttt, who may' matte proof iaf lass if not made promptly by Mortgagor, and each insurance compan}• con-
<br />c~rrtctl +s hereby auahorixed and directed to make payment for such loss directly to the Mortgagee instead of to the Mangagur
<br />and3lx .Nc>rtgsgce j~tly, turd it~insurunrc pro4teda. or any part thereof, Wray hr applied by the ifetragaget at its nptw.n cutlet
<br />tit tita_stedt,cttxe of the iaiehtad+nrss-hcrshy srrurtxl tx to the rrstoratian err repair of the propon}• damaged. In rvrm of tureclo-
<br />~tiire attMs nnxr,~r au sstfMtr transftu of [itfe to the mortgaged property in e?:tinguishtnrm of the indrbtodttess secured hereby,
<br />ail nytirt, tole and mirreat aF the ft4urig~et in scut to any instuamt pcalieies then in tacit shall pass tts the pun: baser or granter.
<br />y That a, ..ddittwtal and t:tttuf urity far the 1*aymottt of the note desent+ed, :,ltd alt cunt. to !*reonte der under rhts
<br />r;w>rtrwgc. tier M:arit~G'r+r- tu~e#+y att~ [c the Mtutatt tell praiit , rrvrnue4. rngaltitc- rights and t+tnehts accruing «., the
<br />;tsiert~ystr under nog :ertd all ail and gas leases tut y~itf p€anascs, ..tYh the rtgftr to rr+.eive tmnd rrs`ttpt feu the saaatt atad annlt
<br />tht+a ~+«+d uwsot~dut:asrrfivt3rT4 t+~sttare as afttrdeFault dtt thesuml,tittnstaf tfiis tu+artp~r, dtxt the ~iartgagar ma} demunit. gut
<br />test anr3 ssr,s rr a+ty~ ws~lt ~trssa wh~ur and ,pages. het; xhaiJ nv, Ysr restored s+a t.= tf+, Thts aa„gnmm~t r. to trrmros[r
<br />mat he~.u+w r>alt+:etgt vc+~# Ott t~eaye ~f [#tis rtwu~,
<br />a~t,ir3 pr.ti3M tg-T~i
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