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<br />{ l) month prim to its due date the annual mortgage insurance premium in order to provide such holder
<br />with funds ro pap such premium to the Secretary of f{ousing and Urban [levelopment 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 art held by the Secretary of Housing and
<br />Urban Deve}opment, a monthly charge {ia lieu of a mortgage insurance premiurrtJ which shalt be in an
<br />amount egteal to one-twe}ftft {i!12) of one-half {1(2) per contain of the average outstandirg balance
<br />due on the note camputrd without taking into accaunt dotmquencies 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 />pulicits of fire and outer hazard insurance covering the mortgaged property, plus taxes and assessments next due-
<br />an the mortgaged property (all as cstimateri h~• the ;llortgageeJ less all sums already paid theret'or divided by the
<br />number of months to elapse bolero one manth prior to the date when such ground rents, premiums, taxes and
<br />assessments-wilt become delinquent. such sums to he held try Martgagee in trust to pay said ground rents, pre-
<br />miums, taxes and special assessments: and
<br />{c} All payments menrioned m tht two preceding subsections of this-paragraph and a8 payments to be made under
<br />the nate setttred hereby shalt be added together, and the aggregate amaunt thereof shall be paid by the Aortgagor
<br />tech month in a single payment to be :tpphtd by tt:r Mortgagee to t}te following items in the order set forth:
<br />{i} prtmium charges under the contract of msuran~-e wid; the Secretary of Housing and Urban Development,
<br />- ur monthly chaigt tin Batt ref mnrtpage insumnre,~rrmiurni. as the case may he;
<br />{-I) ground rents, taxes, assessments, lire sled other hazard insurance premiums;
<br />(!ll} merest on the note secured hereby; and
<br />f1V1 amnrtfzatlan of the principal of said oats.
<br />Any deficiency in the amount of any such aggregate mot<.thiy payment shall, unless made good by the Mort-
<br />gagor prior to tht due date of the ntxt such payment, wnstttute an event of Default under this mortgage. The
<br />Mortgagee may collect a "late charge" sot to rxeceJ fuse _enrst-iK} fur each dollar (31} d! each payment more
<br />than fifteen t i t} days in arrears to cover the extra expense involved in hattdting delinquent payments.
<br />That if khe rota! of the payments made tzc the itort_aror under ~ r., of par~raph 'l preceding chaff exceed
<br />the amaunt of payments arWaity mado b} the ylongttgee far ground renter, taxe-~ and assessments or insurance pre-
<br />miums, as the ruse may be. ~urh excess, tf tht: lrxttt rs current, .tt die option of the Mortgagor, shall lee credited by
<br />the yMrt~ragce on subsequent payment= io ire made bs the ylnn~arror, or refunded to the iiortgagor- if, however, the
<br />mnntltly payments ensile by the Mortgagor under ; i>r of paragraph 'preceding shalt not be sufficient to par ground
<br />rent, !axes and asses~ment~ or innurttnre premtum~, u~ the case ma\ be. ,+hen the game hail become due and pay-
<br />able, then flee ilurtgagor shall pay to the M1iottgaeee any amount noel--an to make up the deficiency, un err before
<br />the date whwe payment of =urh ground rent., tuxes, axsessment~ nr irsuranre prrmium.~ :half be due. 1f at an}'
<br />time the'iiortgaltor shall tender to the yiortl*agee, in uccordartce with the pro\i~iotrs of the note secured hereby,
<br />full payment of the entire indebtedness repre4ented thereby, the tlortKagee _,hal[, in computing fhe amount of such
<br />indebtedness, credit to the acccwnt of the Lfortgttgor alt payments made under the lxovtstons of iul of paragraph 2
<br />hetoof which the )lortgagee has nut bcetime obligated to pay to the ~rmtan of Housing :nil [~rbtm pevetopment
<br />and any balance remaining in rho funds errۥumu!ated under the provisions of rht of paragraph `3 hereof. if !here
<br />shall 6e a default under ;tin of the provtzton~ .,f tht> mort~aee n•,ultin~ in a public gal€• of the premises covered
<br />hereby, or i[ the ikirigagee acquires thc• property odu°rai<e offer default. the ikrrtYagFe shall apply, at the time uF
<br />the commenrrment of such pmreed!ngs, ,err at the time the property ;, ,atherwi-e xcquiretl, the balance then remain-
<br />ing in 6he funds accumutatctf ender ' i of parat!r:tph " peel ۥdin.:,~ ., + refill <tearn~t the amount of principal then
<br />remaining unpaid umier paid note, and ~haii pnrp€-sla adtu~t ana tra\mc•nt, ,.blebhail hu\-e been mode undor rn!
<br />of paragraph ~.
<br />» That the iiartgagur sell eat gruunJ rent.. gear,. :~.r»mrnr.- aster rotes. a,~d other guveramrntal or municipal
<br />charges, fines. or rntposntons. f,,r which pravisao*: ha± not peen made hrreanf+eforr. ,uxi m defruft thereof the Aiungagee may
<br />Fay the sine. -anti that rho ,4-furtgagar u;!! pron;ptiy <irEttrr the:+~cisi rrrrtpt< th~rrtc,r to flee S9angagee.
<br />- Chr Mortgagor •',di p.a\ ail lases ,+htch era, iY~ le.trJ upon the 1largagee-, n,trrrst in sail real rstsie and improve-
<br />ments, and whrrh may br (tried upon ihi, marig::gr c,t the Jrht se.urrd beech. +hut nniy to the extent that wch is nni prehibit-
<br />rd by law :and only «, rice relent that , tch will eat make the ',,:rn usunotts!. hu[ eariudntg am income taz. State ur Federal.
<br />impustd on 11t,rtgagrr. ;mJ a i!i file the ++fhaul ; rreipt .h,+,s mg arch pa\-tnrnt w nh [hr Mortgagee. Cpun va\l:tuon of this under-
<br />taking- s,r d~ ihr Mottgrtgor t, prohtbttrd by eny law nuu ur hrrraRer rusting f roan raying the whole or any lxxtion of the afore-
<br />said taxes, or up€m the trndenng of an\ cowl decree Pn+hai,turtrt the pa\ mein bt the ~fungagur err any such taxe+. ur tf such law
<br />or decree pn,\idcs that any amount st+patJ h\ the 4fuugagu! .hall hr . rediteJ on the mortgage debt, the Mongager ,hull hu\e
<br />[hr right «+girr rttnety Jay.' wntten noose [o !hc .+tinor ,+t the nnstgagrd pretnnes. requiring the p:rimom of the mortgage
<br />debt. If such noose he gluon, the said Jebt ,trill become Jur. , :,\ahfr:tnd .uile.tihir at the c.apirauun of said ninrtt day..
<br />F. That should hr fad to pay any suns or keep any n,v~enant FruvdeJ for en ihts Mortgage, then the Mortgagee, ut its op-
<br />tion, may pay ur perform the .saner, and all eaprndrtetre, w made shah hr added t., the pnncipal sum n,\ tog un the shove note.
<br />shalt br ucurrd hereby. and shall btar intrust alt the rate set forth rn ihr sued note, until paid.
<br />'. That he hereby assigns, mansfers and sets over to the Mcmtmger, to he applied toward the payment of the note and :dl
<br />wins secured hereby in case of a default m flee f+rriarmancr of any of the terms and conditions of this Mortgage ur the said
<br />note, ail the rents. revtnucs and income to he derive) tram ihr mortgaged premiss During such time as the mortgage indebted-
<br />rress .hall remain unpaid: and the Mortgagee .hall ha\e power to appoint env agem err agents it nosy desire for the purFuse of
<br />repatririgsaid Fretrtists aitd of renting tht cams anJ rul!erung the rents. revenues and sesame, and tt may put out of said in-
<br />a'ttmts alt exitrnses of repairing said prrmists and necessat} rommissiuns anJ cvprnsrs inrurrcd in rrnnog and managing ihr
<br />saint affil of evflecfing rrnta!s #hercfresm; the hdantx remamirtg. if any, to he applied toward the discharge of said mortgage
<br />i~bttdness.
<br />ft. The! hr will keep the improvrmtnis amw txtshng err hereafter erected on tMe mortgaged property, insured as may t,r
<br />requited fttimrt three- to time h}> the Mortgagee against loss by fire and other beards, casaalties and eontingencirs in such
<br />amount, and ter such periods eta may he requited t,y tht Mongagre acrd will pay promptly, when due, any premiums ,+n wch
<br />ittstrtance Frovixiott for paymtnt a~f which has rart [ern made herrmbefcrc. 31i tsurance shalS he carttrd rn ctmepuntes ap-
<br />t~ i+y the Mor#~gee and ihr Fcriieirs amt renewals thereat shall f+e held fay the Mortgagor and ha\ e uttanc~J thereto loss
<br />oaysbk daunts m tavskr of and in form a,t:eptable to the Mortgagee tit even[ al loss Mortgagee w iiI glue tmmrdtate Wooer by
<br />mail to tht Murtgagte. wire rttap tttnke proof of fuss if cwt made prumptl} !,\ Mortgagor. and each insurance curnpnny : on-
<br />c~ereteati is htreisv autiturtztd and ditxcted to make payment for such k,s+ directly to the M.,rtgattrr mates) of to the Murtgtt}lor
<br />aatitlHe Mortg~ger f.,iatly. asnf the in+uraner prvicerds, ur ,toy part thereof. may f+e applied by the Mortgagee stets option either
<br />to ihr fcd~uetiaan of tht mdebtrdnts hrrtby secured to to the rrsttxumm or repair of the ptaperty damaged. !n earn[ of forma
<br />sort of-the, rinrtyrtx mhtr transtrt arf dtk to ihr mortgaged propose in rxtinguishrrent of the inJehtnlness secure) hereby,
<br />xti rigbtt t~rraud itttrraat of #ht Ithrttgagax in and ice,tny iesutunct Fobrrrs then in force shall pass u, the ptuchasrr ur gnmtee
<br />v 'I'lttrt as aJdnrt+nai and c°+.Nixtetal steotit) tear the pay~metu of the note drscrrf±rd, and act! +atms t<+ htc€mtr due wtder ihts
<br />mort, t~ Mnrtgc# htrer5y assa~±e to the Mnrt{~et al! Frohts. rrvrnuey, ropafurs, rt4bts atxt Fxnrkifc aec°tuing to the
<br />Moitp~tot ursdrr-any arhi uik iul ardi gas traces on said prtmt+es, u~ath ihr right «: rrerisr anti receipt fair the +atnt see. apply
<br />ahem ttr saitt tatdahirdrnse a. well before ere atttr efrfauh at tltr.ondinrjns:,t ihr: raartgagc and the liortgager may demand, sue
<br />ivy affil rekovct any +ttrh pucnteaty svhtn dos acrd pay+tbk. leaf +iattt not tee rrqurreJ et„ it,is asigmntnt is «, trrnonate
<br />ur4d fr~tssrmt nul? areal e,~tsi uiarrv rrtea.,r •,t this mottgtl~e.. _ - '. f ~ ~•) ~~ r [[~~''~}~}~:~:
<br />. ~ rrtrti; tease ltd ~'8f
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