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'P'E_'f'~ca~+d~
<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 Kegulations thereunder, nr
<br />(Il) If and so Inng as said note of even date and this instrument are held by the Secretary of Housing and
<br />Urban development, a monthly charge /in (ieu of u mortgage insurance premium) which shall be in an
<br />amount equal to one-twelfth (1112) of one-half (1/21 per eentum of the average outstanding balance
<br />due on [he 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 became due and payable nn
<br />pot:cies of fire and other hazard insurance cavertng the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property (all as estimated by eke hfnrrgagee/ less alt sums already paid therefor divided by the
<br />number of months to elapse belbre one month prior to the date when such ground rents, premiums, taxes and
<br />assessments wilt become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre-
<br />miums, taxes and special assessments; and
<br />(e} 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 be applied by the Mortgagee to dte t`ullowing items in_ the order set forth:
<br />(f) premium charges under the contract of insurance whit the Srcretan~ of llousine and Urban Dc vetopment,
<br />ur monthly charge tin lieu of mortgage insurance ,>rerrtiruu J, as the case may be:
<br />ill) ground rents, taxes, assessments, }ire and other hazard insurance premiums;
<br />(III) interest on the note secured hereby; and
<br />(IV) amortization of [he principal of satd ao[e.
<br />Any deficiency in the mnaunt of any such aggregate monthh~ payment shalt, intless made good by the Mort-
<br />gagar prior to the due date of the next such payment, amstiurte an event of detault under this mortgage. The
<br />Mortgagee may eullert a "late charge" not to escceci t~nu amts t-tyi for each dollar {S i l of each payment more
<br />than t'tfteen (1 57 daps u+ arrears to cover the extra expense involved in handling delinquent payments.
<br />3- That it the [oral of the pa}~ment~ made 6r the Alortsugar under Ib' of paragraph :? preceding =hall exceed
<br />the amount of payments actually made ht the 1lortoaRee for ~*round rent<, taxes rind ease=sment= or insurance pre-
<br />mium., as the e;t~e may be, much excess, if the Icrtm rs current. at :he option of the 1lorteagor, shall Fee credited by
<br />the llortgagee nn subseyuent pavment< to be made be the \iort,:+;;ur, or refunded to the \tartgagor. If, however, the
<br />aont6ly payments made by the :lfortgagor under ; `~; of paragraph _' preceding dtall not be sufficient to pav grcwnd
<br />rent, to-xe:= and as~t+r~ment~ or insurxnie~ premium. a~ [hc~ t:i_ c~ may tee. »he'n the game -halt become. due and pay-
<br />able- then the 1lertgagor shall pa}' to the hfonPa;!ee am amount Were=san~ to make up the deficiency, mt or before
<br />the date when pacmant of <uch ground nrots, [ax+~~.:i--exsments or in-ur:urer premium; shall be due. If at env
<br />time the 11oMgagor -hall lender to the 11orta:tecc, in accordance +tith the pnrsi=iun_: of the note secured henaby,
<br />full payment of the entire indebtedne<- represented Ihcmbv, the \Inn~a~ee shall. in computing the amoum of such
<br />indehtedness, credit to nc~ account of the Mortgagor all payments mule under the lxovisions of ! a' of paragraph Z
<br />hereat which the Vort>;~:ee ha- not become obligated to pay to the ~ei~retan of tlou~inr _nd Urban Ue.elupment
<br />and env baluncc~ remaining iu the funds :+rcumul:tied under the pro, r=ion- of -'- ~ r+f para.+raph ° hereof. !f there
<br />Thal! be a detault under env n('tbe prodaion~ of thi- murts~a!~r resuttinP rn a public -:de of the premise c•m~ered
<br />hereby, or if the yiongagee acyuim~ ttx• properh other++i~c :+Iter detault. the Mort_xgee shall applt, at the time of
<br />the commenceroent ui such proceeding>. or at the ume the pnrpert+ t, uQtorr+ise aryairecl, the balance [hen rem~in-
<br />ing in the tund+ accamulau~ri under; i of paragrtph ? tarecedrn~- a- a re+rlit aratn-t llte amount of principal then
<br />remaininf; unpaid under -aid note, and >ha!! property adju-t wx payme•nt- „hick shall tsxve hcen made under t?!
<br />of par;x~raph '3,
<br />t. 'That the Mortgagor wilt pay gruuml rent.. taxes.::ssessinents. ,cater rtea, and other goventmrntal or municipal
<br />charges, tins. ar impasitions, far which pro,sion has not hren mode here+nt><'iore.:md in detault thereof the ~1urtgagee may
<br />pav ihr same: and that the Mortgagor viii pnxupiiv drhver the official receipts thereoc+r to the Mortgagee.
<br />?. The :Mortgagor will pay ail taxes whtch mar- he lesrcti up.at the \tortgager's mtereat in said real estate and impnrve-
<br />ments, and which may hr leveed upon [his mortgage ar the drht .reared hereby tt*ut only- m the extent that such is not prohibit-
<br />ed by law and auto to the extent that such wilt nut mane thin Ir+an usuriouar. but exdudm° any income tax- State ar f=ederal,
<br />imposed on Mortgagee, and w ill tilt the odicia! recerpt show ing x+ch pay nrrnt w ith the Mortg:+gre. Upon violation of this underv
<br />uiking, or if the Mortgagor is prohibited by any law now ur hereafter rxrsting Irom paving the whole or any portion of the afore-
<br />said taxes, ur upon [he rendering of any court decree prohihning the pay mrnt by the Aforlgagur or any such taxes, or if au~h law
<br />ur decree provides that any amoum sa paid by the Mortgagor shall hr credurd on the nux[gagr Jebt, the \furtgagee shall have
<br />the right to give ninety daya• written notice to the owner of the mortgaged premraes, requiring the payment of the mortgage
<br />debt. It such notice he given, the said debt she!! heartnr due, payable and collectihlr at the expir.,tion of said ninety Jays.
<br />t,, 'that should he fail to pay env gain yr keep any c~oveaant pn+vtdeei for in this mortgage, then the Mortgagee, a[ its up-
<br />tian, may pay ue perform the saute, and alt rxprndnurrs xt made ,halt he addeii to the principal sum owing on the above note,
<br />±hall be secured hereby, and shall hear incerest :+i the rate srr firth in the said Wore. unlit paid.
<br />?_ That hr hereby assigtu, transfers and sea user W the Mortgagee, to he applied toward the payment of the note and td!
<br />sums secured hereby in case of a detault in the perturmance uF any ut the terms and conditions of this lortgage ur the said
<br />[tote, alt the rents, rrvrnurs and income to hr drrised tram the mortgaged premises during such time as the mortgage indrbted-
<br />ness shalt remain unpaid: and the Mortgagee chat! hate power to apptmu any agent or agents it may desire lug the purpose ut
<br />rzpairing said premises and of renting the ame and rotl2cting the rents, revrnuma and income, and it may pay= out of said in-
<br />cames all rxpensrc of rrpxirirtg said premises and necessary commissinrts and expemes incurred in senting anJ managing [he
<br />same geld of co[!rc[ing rentals thrrrfrem_ the h:dance rrtuuining, if any, w ttr applied tow-ard Chr discharge of recd mortgage
<br />indelttednra,.
<br />S. -7-ha! hr wilt keep the improvrmenis new rxating cx hrrraftet erected un the mortgaged pruFerty, insured as may he
<br />required from time to time by the Mortgagee against loss by fire and caber hazards, vawulties and comingrncies to suite
<br />amounts and for such periods as may t+z required by the lartgagrr and will pay promptly, when due.:m> premiums on such
<br />irtsirratu-.e pro»sion for payment cd w-hick ha± not ttt_n made hereinttora. till msurancr sha8 he retried in companies ap-
<br />proved by the Mortgagee and the polrlies and renewals thereof sttali far held t+y the ~turtgager and has r anxched thereto lots
<br />lrayabk siitusrs in laver of and in form acceptable to the Mortgagee. }n event of lox, Mortgagor will give smmeehnte notice bt
<br />rtaaif to the Martga8ati, who may make prextf of lox. if nut made promptly by Mortgagor, and each insurance company con-
<br />verrtedts hereby suthariud and directed to make payntrnt iur +uch toga ditectiy to the \9urtgagre instead ut to the Mrrrtgague
<br />ancf the ?+4c+rtgagrc jcuntly. and the insurance prucrrda. cu any part thereof, may hr applied by thr Mortgagee ut its option etcher
<br />to tfre raduaa&ut tsf the indrbttedttras hereby secueed or to the neatoraticxt :+r repair of the property d<un:tged. in event of loteckc-
<br />suse of ilria tncrrtgagrr or ¢athrr han`*fre nt title tea iftr nu?rtgaged property in rxiingwshmeni of the utdrMrdnr.a scoured beret+y ,
<br />ail right. title amt interest t>i tier3.1nrt{tag+x in and to any insurance poliura then in G+rte shalt pass to the pvrcttasrr ue taanree
<br />y. l`ltnt a, additttrnai attt3 ci+lt37eral security for the payment ctf Fhe note drsrrrhed, and a!I glints to hrcruur due under thrs
<br />ttusrtr, itte !vha'#tur hrrcl±y assifltta to tltr !vlortgagee nt! profif3. tevenurs. roy=alties. rrgMs and hrnrf»v a.croatg to the
<br />-..~.~s :F ., ,r .' r.i ~a,a r~ 3ez c ~ iviv trcrni>4x. ---iiii iltt Cr,p{i+t , ~ c,.c . ~ - ;t?: ,.. „R. ,,. . ,. ~, i, r,~„i
<br />iheur tin rsxtltttdeJrtrdrtrss asiweEl br#urr us alto detault in ttte etmdUions of this nzur6ttugr. and tAr`\t+uYg:+ttre may dcnruod. cur
<br />ttrr ;earl tct~v'er drtti such paynir"nt+ when dtzr and payr~tlt, teat shalt tHx he roytttr<vl .++ to d+r 1 hr» asssgntnrrn +, to tc+nunatr
<br />aiicl faex:.ttns nrr#f and a•rriif a#>i>rs rearxsr •=c this m,,tt~agr.
<br />+i=_tr' ~721i 3R: %1-Fit)
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