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<br />(1) month prior to its due date the annual mortgage insurance premium in order [o provide such holder
<br />with funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the
<br />National Noosing Act, as amended, artd applicable Regulations thereunder; or
<br />{II) If and so long as said Holt: of even date and this instrument are held by the Secretary of EEousing and
<br />Urban Devefaptnent: a monthly charge (in Lieu oJa mortgage insuance premium/ which shall be in an
<br />amount equal to one-tweifffi (1 J}2) of one-half (1/2} per contain 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 gcotmd rents, if any, next due, plus the premiums that wilt next become due and payable an
<br />policies of f-ire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />an ttte moftgaa_d property (rril as estimated by the Mortgagee) Tess all sums already paid therefor divided by the
<br />number of months to elapse before one month prior to the date when such ground rents, premimns, taxes and
<br />assessments wilt become delinquent, such sums to be held by Mangagee in trust to pay said ground rents, pre-
<br />mituns. taxes and special assessments; and
<br />(c) All gayments mentioned in the two preceding sub~ctions 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 be applied by the Mortgagee to the following items iq the order set forth:
<br />(I) premium charges under the contract of insurance with the Secretary at [causing and Urban Development,
<br />or monthly charge (in lieu o,f mortgage insurance premium%, as the case may be;
<br />ill) ground rents, taxes, assessments, fire and other hazard insurance premiums:
<br />(11I} interest on the note secured hereby; and
<br />(IV) amortization afthe printipai of said rota.
<br />Any deficiency in the amount of any such aggregate nwnthly payment shall, unless made good by the Mort-
<br />eagor prior to the due date of the next such payntenL a,itstitute an event of default under this mortgage. T'}te
<br />Mortgagee may collect a "late drarge" not to exceed f,~ur a•ats f~¢) for each dollar (SI) of each payment mare
<br />than fifteen (l ~ f days in arreazs to cover the zx[ra expense involved to handling delinquent payments.
<br />:I. 'Choi if the iota( of the payments made by the \Inngugor under r+ % oC paragraph Y preceding shall exceed
<br />the amotmt of payments actuailt' made by the 1lortgagee far ,=round cents, taxes and assesamenu or insurance pre-
<br />miums, its the case mac be, ~ueh excess, if the toari is current, at the option of the Mortgagor, shall be credited by
<br />[he Uorigagee on subsequent payments uu, bo made by the \longagor. ur refunded or the )lon.gagor. If, howc>ver, the
<br />monthly pavmonts made h} the Mortgagor under t bt of paragraph 2 preceding shalt Hat he sufficient to pay ground
<br />rent, rases and sZSessment~ or insurance premium>, as rho rase may be, when the -ume shall become due and pay'
<br />able. then the \iortgagor shaft pay ur the \ioneageo any amount notes..-an to make up the deficiency, on or before
<br />[fie date when paymant of such ground ren6~, tazos, :t-:es=moot= or insurance premiums shall be due. If at any
<br />time the 4fong~ar shall lender to the lbngagee, in accnrdunre with the provf~ions of the note secured hereby,
<br />full payment of the entire: indebtedness repel>>:en[ed thembc. rho \}ortga;*t o -hx1l, in computing Uto amount of such
<br />indebtedness, credir ca [he account of [he Mortgagor all payments made under the pravisians of iu; of paragraph Z
<br />hereof which the )Mrtgagee h:t.~ not become obli_>atcd w pay to the x>cretren of Housim_ .-rid t'rban Dcyetopment
<br />and any balance remaining in the fund= accumulated under the provision- utrt; of paragraph Y henwL (f there
<br />shall be a de#auft under any of the proyision~ of this mortgage msultintt to a pu6fic ~ah> of the premises covered
<br />hereby, or if the lfortgageo acquires the property uthcrwise after default, the \Iortragec shall apple, at the time of
<br />the oommencement of :=uch proceeding-, or at the Limo the property is uthen+Ese acquired, the balance then remain-
<br />ing in the funds accumulated under ~ ~-,' of paragraph _' gmeoding, a- a crodit :[gain<t the amount of principal then
<br />remaining unpaid under :Hid note, and shall pnrprrly udju,t anti payments whicfi ~hatt have boon made under (a;
<br />of paragraph '?-
<br />-f- That tfre yfortgagor will pay ground rents. t~sz±.:c~±z~snarnts. t>3ter tatea. and other gu+ernmrntal or municipaV
<br />charges. tines, ur unpositic>ns. for which pros rsiun has nut hzen made hereinlxfure, and in default thereof the Mortgagee may
<br />pay thz same: and that the Mortgagor welt promptly deli+er the udicia! reczipts therefor n+the Mortgagee.
<br />'. -fhr Mortgagor will pay ail taxes which mat i?e te+ird upc=n the \fortgagee~s sntrrzst in s:dd real estate and improve-
<br />ments, and which may hz Iryied ufxm this mortgage or the debt secured hereby that on!}' tx? the rxtznt that such is not t,rohibit-
<br />ed by law and only ro the extent that ,uch will nut :nuke chi. loan usuriouv. Mtt excluding any income tax. State or Fedet'al,
<br />impaszd on Mortgagoz, and w-ill file the otficiui receipt +howrng such payment with the Mortgagee. l'pon violation of this under-
<br />taking, or if the Mortgagor is pre+hibued by an> taw now ur hrrzaker rv,ting from paying the whole ur any portion of the afore-
<br />wid taxes, or upon the rendering ut any court decree pn?hiMUng the pay mrnt by the Mortgagor or any- such taxes, or if wch law
<br />or decree provides that any amount so paid by the ~fortga}roe .halt t+r credited on the mortgage debt, the Mortgagee shall have
<br />the right to give ninety days written notice to the owner uY the mortgaged premises, requiring the payment of the mortgage
<br />debt. If such rnatiee be given, the said debt shat{ brtiome due, payable and cottectible at the expiration of said ninety days.
<br />h. That should he fail to pay any sum or keep anycavenantprovtded for in this Mortgage, then the Mortgnger, xt its op-
<br />tion, may pay or perform the same. and ail expenditures sa made shalt he added [o the principal sum owing un the above note,
<br />s!talf be secured hereby, and shall trear interest at the Hate set forth in the said Here, until paid.
<br />?. That hr hereby assigns- transfers and sets over to the Afartgagee, to he applied toward [hr payment of the note and all
<br />sums secured htrcby in case of a default in the prrformancr of any of the tunas and conditions of this Mortgage or the said
<br />ante, off the rents, revenues and cocaine to be drrivecl from the tnangaged premises during such time as the mortgage indeMed-
<br />necs shall remain unpaid: and tht hitxtgagee shad hay-r power to appoint any agent ar agents it may desire for the purpose of
<br />repafrin$ said premises and of renting the same and coffecting the rents, revenues end income, and it may pay out of said in-
<br />,atrtrs a!l expenses of rrpairirgt ssid premises and necessary ttsmmissions and expenses incurred in renting and managing the
<br />same and of cofkctirtg rentals therefrom: the t+alance remaining, if any, to br applied toward the discharge of said mortgage
<br />indebtedness.
<br />k. That.tx wikk keep the improvements now existing or hrrrat[er erected on the mortgaged property, insured as may be
<br />requkxd-from time a* titnt by tIx Mcvtgager against foss by tier and other hazards, casualties and contittgrncies in such
<br />amounts and far such periods as may br required t?y ihr Mangagra and wilt pay promptly, when due. any premiums un such
<br />insuratrcc provision for paytnent at which has not been made hrreinfxlare. Alf insurance shall he cxrcied in rompanizs ap-
<br />provrd by tfte Mattgagee arnf the pofiries and reaewafs cheroot shall be held by the Mortgagor and have attanc~d thrrrw loss
<br />payabfs::fauses to fovea of and in form acceptatale tc the Mcxtgager. in evem of fox, Mortgagor wit! give immediate notice by
<br />tn$if to tftc Alter, who may make prcwt of lass if not made promptly by Mortletigar, and rash insurance company can-
<br />errrtai is herrbp suthcxixed and directed to make payment fix such fuss directly to the Alongngre instead of fir the Mungagor
<br />attd flit M+rstr t~ndy- araf3Ex instttance prrac+:eds, rx any part theertrf. may he applied 6y the Mortgattrz at its arptiem richer
<br />to the redtfriiiatt~f the ira~bt~edu~4s herabycectut~f ur to the rrshxatnm or repair of the property damaged. in event of furecto-
<br />strre ttf this tltcfitie ur csiM~r trattsftt of iitit to tfre mcrtgnitrd properly in extingaishment of the indrhiedneas set ured hrrrt+y.
<br />self-tight, titEe andittrcrest t+t the Mnrtgagcar ir. and to any imuranc-r policies than in fexce shalt pass to Iftr purchaser or trranttr.
<br />4, `f~fidi a addiFixursrf and coffatrrat srt'utit}~ for the payment of thr~nutr drscrihttd._ a+td off sums to become due under this
<br />tu€artgxge. the Mttttg~{ru fttteht azsiynrr tc tfx fFf*xt~gce aft profits, revenues, rc+yalties, right attd l+rnctits acvvumg u+ the
<br />Mss ttrtcbet an}.and Aff 3aif and ga?r frsessa up acid tutmi±;c+, with the right te, rczrtur and rtrrrpt [or tfrr same and appi+
<br />theta to itxrkehttedrtu+cg as ssrfl l+cfturt n, nfttr drtauft itt the cttrxtirintts at tf[is mzutgagr- acrd the atxut}tagoc rnav demand. sae
<br />feu tttnt err€xver t#ty wtcit snents avhendur arwt Rayatsfe, halt sha#f taN tse rrgaued u= t>r d>; 3his ax~igrxmrttt is to rrrmrnatr
<br />aaad tt~'ott+r and void upon refetavr of fifti±c ntungaftc.
<br />r<trCx.~xraatt sa-79?
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