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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 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 />(II} if and so long as said note of even date and this instrument are held 6y the Secretary of Housing and
<br />Urban Development, a monthly charge (in lieu of a mortgage insumnce premium/ which shall be in an
<br />amount equal io one-twelfth (1/12) of one-half (1/?) per centum of the average outstanding balance
<br />due on the note computed without taking Ltto account delinquencies or prepayments;
<br />(Irj A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on
<br />policies of foe and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property (al[ as estirnateri by the Mortgagee) less all sums already paid therefor divided by the
<br />number of months [o elapse before one month prior to the date when such ground rents, premiums, taxes and
<br />assessments will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre•
<br />miums, taxes and special assessmems; 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 6e paid by the Mortgagor
<br />each month in a single payment to br applied by the Mortgagee to the following items in olio order set forth:
<br />(I) aremium charges under the contract of insurance with the Secretary of Housing and Urban Development,
<br />or monthly charge (in flea of ruortgage insurance prenriunr{, as the case may be;
<br />(11) ground rents, taxes, assessments, [ire and other hazard insurance premiums;
<br />ftII) interest on the note secured hereby; and
<br />(IV) amortrxation of the principal of said note.
<br />Any detlciency in the amount of any such aggregate monthly payment shalt. unless made good by the Mora
<br />gagor prior to the due date of the next such payment, constitute an even[ i>i default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed four cents l+~t) for each dollar (5l) of each payment more
<br />than fifteen (I S) days in arrears to cover the extra expense invohred in handling delinquent payments.
<br />:3. That if dte Wtal of the payments made by the tlortgagor under ti,1 of paragraph I preceding shall exceed
<br />the amount of payments actualt}• made 6y the lkrrtgagee for ground rents, taxes and assessments or insurance pre-
<br />miums, as the case may be, such excess, if the loan is current, at the option of the ytortgagor, shall be credited by
<br />the )lortgagee on subsequent payments to be made by the 1lortgagor, ur refunded to the \lurtgagar. IF, however, the
<br />monthly paymeMS made by the Mortgagor under / b! of paragraph 'preceding shall not he sufficient to pay ground
<br />rent, taxes and assessments or insur:vtce premiums, :iS the case may be. when the same shall become Elue and pay-
<br />able, than the 9lorlgagor shall pap to the \tortgagce any amount nt cessan to make up the deficiency, on or before
<br />the date when payment of such gmund rents, tuxes, asseesments or insuramce premiums shall be due. If at any
<br />time the Mortgagor shall tender to the 1lortgagce, in at•cnrdance with the pnr+isions of the note secured hereby,
<br />full payment of the entire indebtedness represented thereby- the lrgagee shall. in computing the amount of such
<br />indebtedness, credit to the acerxtnt of the Mortgagor all pa}-ments made under the provisitrns of (u) of paragraph 2
<br />hereof which the 1lortgagee has no! become obligated to pap to the rnE•reriq of llousine ..nd Urban Development
<br />and any balsncc remaining in the (ands accumulated under the provisions of r'~' of paragraph '? hereof. If there
<br />:=hall 6e a dnfault under any of the provisions of this mortgage msuldng in a public sale of the premiees t•ovemd
<br />hereby, or if the lktrtgagee acquires the property otherwise after default, the llortt;agec shall apply, at the time of
<br />the commencement of such proceedings, ur at the time the properh~ is otherwise acquired, the bsltmce then remain-
<br />ing in the funds accumulated under %i•I of paragraph ? preceding, as a credit against the amount of principal then
<br />remainint; unpaid under said note, and shall properly adjust am payments whit•h shat! hnce been made under (,rl
<br />of paragraph _?.
<br />-0. That the Mortgagor Witt pay ground rent>. faces. assessments, water rates. and other governmental ur municipal
<br />charges, tines, or impositions, for which provision hsa nut been made hereinhrfare. and in default thereof the Mortgagee may
<br />pay the same; and that the Mortgagor w ill promptly deliver the othci:i! receipts therefor m the Mortgagee.
<br />~. The Mortgagor wilt pay :dI taxes v. bleb may t+r levied upon the Mortgagee's interest in said real estate and impnrve-
<br />:nents, and which may he levied upon thin rnortg:tge or the debt secured herrhy that only to the extent that such ii nut pmhibit-
<br />ed by law and only to the extent that wch wilt nut make this loan usurioust, but excluding :rev income tax. State or Federal.
<br />imposed on Mortgagee, and w ill fife the official receipt .how ing .ash payment with the Mortgagee. Upon v iolation of this under-
<br />taking, or if the Mortgagor is pn+hihitrd by any law now or hrrratter rviaing f mm paying the w hole or any portion of the afore-
<br />said lases, or atom the rendering of any .curt decree prohibiting the pat moot by the Mortgagor or any such taxes, or if such law
<br />or decree provides that any amount sa paid by the \tortgagur shall hr credited on the mortgage debt, the Mortg;iger shall have
<br />the right to give ninety days' wrinrn notice to the owner of the mortgaged premises, reyuiring the payment of the mortgage
<br />debt. ff such notice br given, 2hr said debt shall became due, payable and collectible at the expiration of said ninety days.
<br />6. That should he fait to pay any sum ar keep any covenant provided for in this liortgagr. then the Aiortgagrr. at its op-
<br />tion, may pay or perform the name, and all expenditures so made shall br added to the principal sum owing on the above Hate,
<br />shall 6e secured hereby. and shall bear interest et the rate set Earth in the acid note, until paid.
<br />', That he hereby assigns, transfers and sets over to the Mortgagee, to he applied toward the payment of thr note and all
<br />sums secured hereby in case of a default in the perfarmsnce of any of the terms and conditions of [his Mortgage or the said
<br />Hate, aq the rents, revenues anJ income to be derived from the ntongagrd premises during such time as the mortgage indebted-
<br />ness shaft remain unpaid; and the Mortgagee shall }rave power [o appoint any agent ar agents it may desire fur the purpose of
<br />repairing raid premises and of renting the same and ci~lkcting the rents, revenues and income, and it may pay out of said ire
<br />comes al! sxpenses of repairing said premises artd necessary commissions and expenses incurced in renting and managing the
<br />sores aed c.` calleetirtgren[aIs therefrom; the balance remaining, if any, u+ br applied toward the discharge of said mortgage
<br />itulrbtedness.
<br />g. Thai he will keep the improvements now existing or hereafter erected on the mortgaged properly, insurtd as may t+e
<br />rsgoirrd from time to time by the Mortgagee against foss by fire and other hazards, casualties and contingrncirs in such
<br />amounts sort far such periods as may he required by the Aturtgagee and will pay promptly, when due, any premiums an such
<br />insurance provision far paymrn! of whteh has trot been made hrrrinbstarr..~ll insurance sha{I hr carried in compawira ap-
<br />proved b} ihs 1ltartgaget and iho policies oral renewals thsrrof shall be held by the Mongagre and have attached thereto loss
<br />paya4rle c~u~s in Isvcr of and in €arm acceptable [a the Aior[gager. !n even) of k+ss Mortgagor wit! gtve rmmrdiate notice by
<br />mart to ohs A€rartgager. who may make proof of lass if mn made promptly by A4artgagor, and tech insurance company can-
<br />esrnad is hereby autharircd and directed to make payment for such loss directly n+ the Mortgagee instead of w the Mortgagor
<br />amt tttp iKtcuYe jE+inily. and the inrsurattc< proceeds, Ex any part thereof, may he applied by the htortgager at its spline, Tither
<br />.ta the redurtien of iF-s inEkbtrdnsss hereby secured nr [o the rrstoratitrn or tepatr of the property damaged. to ey rot of (arrrlo-
<br />wrs at thtt~ mvrigage ur atlter iranster at title to the mortgaged property in ratinguishmrnt of the tndebtedness secured herrhy.
<br />nit right. tills and imsrssr at the Aitxtgagaye in and to any insurance pEE#icies then in force shall pass to the par. hasrt ar grantee.
<br />TIKai as adr#tts'ortal amt eoliaieraf security tar the paymsm of the Harr desuibrd, and all suana to brcntnr due audrr this
<br />utort, !hs Mturgagcx ftsrrhy assigns Ta the ?4tEacttut~e a0 prattle revenues, royalums, rights and berufits accruing to the
<br />~„"`,_ urr~° °°y a.~.:lt ..', asd i~a ~.°'a an ezd `v .'nu;ra. .tit t~ ~.tr,t,,t ,. rrcr... nd receipt fu. thesantr ,,,td .s
<br />.e „pp.Ey
<br />thertt to Q~1~#otltxas ttx weft i+rfetre as afar detntah in the cotxlitrans td.ihia mE.rtgat€e, an.! the 5fixtgager tnry Eirntanct, cur
<br />tar ynd recover ~»y st3c:h pny-menta v:~hen dos arol pa:y±aNa,-bttt shalt clot bs reyutzr~# ,,. [E, d,+- This ussig;nmsnt is t.+ tenninstr
<br />oust txcx*ms melt attd void upon release ` t4ti'= ntartipa;{ts-
<br />°'. ~ ~. ,ytlpi'a3 N]M !!379}
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