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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 />fIt) If and so long as said note of even date and this instrument are held by the Secretary of Housing and
<br />Urban Development, a monthly charge (in tieu of a mortgage insurance premium/ which shall be in an
<br />amount equal to one-twelfth (IJ12) of one-half (1/2) per centum 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 ground rents, if any, next due, plus the premiums that will next become due and payable on
<br />policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property (all as estimated by the Mortgagee) less all sums already pain therefor divided by the
<br />number of months to 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 assessments; and
<br />{c} All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under
<br />Ute note secured hereby shalt 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 in the order set forth:
<br />(I) premium charges under the contract of insurance with the Secretary of Housing and Urban Development,
<br />or monthly charge (In lieu of mortgage insurance pren:iuntl, as the case may be;
<br />(11) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(111) interest on the note secured hereby; and
<br />(fV) amortization of the principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly payment shall, wiles made good by the Mort-
<br />gagor prior to the due date of the next such payment. constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "fate charge" not [o zxceed tour cents (4rt) for each dollar (SI) of each payment more
<br />than fifteen (15) days in arrears to cover dre extra expense involved in handling delinquent payments.
<br />3. That i[ the total of the payment- made by the ytottgagor under 1 }~i of paragraph '2 preceding shall exceed
<br />the amount of payments actuaih~ made by dre Siortgagee for eround rents, tuxes and assessments or insurance pre-
<br />miums. as the case may be, ~ueh excess, if the loan is current, at the option of the \lortgagor, shall be credited by
<br />the iiortgagee on subsequent payments u, be made by the tartgagor, or refunded in the 3iortgagoc If, however, tfie
<br />monthly payments: made by the Mortgagor under ; rii of paragraph _' preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums. as the case may be. when the same shall become due and pay-
<br />able, then the \lortgagor shut! pay io the Mortgagee any amount neeessan~ t.o make up the deficiency, on or before
<br />the dale whin payment of such ground rents. loxes, scsessments or insurmce premiums shall be due. If at any
<br />limo the Mortgagor >hall tender to the liartgagec, in arcordanee with the provi=ions of the note secured hereby,
<br />full payment of tfie entire indebtedness represented themby, the 1lortgagee shalh in computing the amount of such
<br />indebtedness, credit to the acctwnt of the Mortgagor all payments made under the provisions of (+r% of paragraph Z
<br />hereof which the 9lortgagee has not become obligated to pay to the :+ecnvarg of Ilmtsing end t!rban Development
<br />and any balance; remaining in the Funds accumulated under the provisions of i i,,~ of paragrnph '~ hereof. If there
<br />shall he a default under any nC the provisions of this mortgage resulting in a public sale aF the premises covered
<br />hereby. ur if the Mortgagee acquires the propurn' otherwise afore default, the ~1lortgagee shall apply, aL the time of
<br />the oommenrement of such proceedings, or at the time the property i= otherwise acquired, the balance then remain-
<br />ing in the Cundn accumulated under r `~l o[ paragraph 3 preceding, a, a credit :teuinst the amount of principal then
<br />remaining unpaid under said note, and shall properh~ adjust xny payments which ;hail hxvo been made under (aJ
<br />of paragraph '?,
<br />J. That the Mortgagor w-ell pay eround rents, mxrs. assessments, water ratzs, and other governmental or municipal
<br />charges, fines, or impositions, for which pmvrsiou has not been made hereintsefore, and in default thereof the Mortgagee may
<br />pay the same and that the Mortgagor will nrtxnptly deliver the official receipts therefor to the Mortgagee.
<br />5. The Mortgagor wit) pay all taxes which may be levied upon the Murtgagee~s interest in said real estate and improve-
<br />ments, and which may be Ie. led upon this mortgage ur the dzbt secured hereby that only to [he extent that such is nut prohibit-
<br />ed by law and only to the extent that such will not make this loan usurieusl, but excluding any income tax, State or Federal,
<br />imtu+sed an Mortgagee, and will file the official receipt showing such payment with the Mortgagee. Upon violation of thisunder-
<br />taking, ar if the Mongagor is prohibited by any law now ur hereafter existing from paying the whole or any portion of the afore-
<br />said tares, or upem the re-ndering of any court decree prohibiting the payment by the Mortgagor or any such taxes, or if such law
<br />or decree provides that any amount sa paid by the Martgagor shall fir credited on the mortgage debt, the Mortgagee shall have
<br />the right w give ninety days' written Hoare to the owner of the mortgaged premiers, requiring the payment of the mortgage
<br />debt. If such notice be given, the said debt shall become doe, payable and callectibir at the expiration of said ninety Jaya.
<br />6. That should he fail to pay any sum or keep an_v covenant provided fur in this Mortgage, then the Mortgagee, at its op-
<br />tion, may' pay or perform ihr same, and ail expenditures so made shall be added to the principal sum owing on the above note,
<br />shalt be secured hereby, and shall bear interest a[ the rate set Forth in the said note, until paid.
<br />?. That he hereby assigns, tmns[ers and sets aver to the Mortgagee, to be applied toward the payment of the Hate and a!I
<br />sums secured hereby is cast of a default in the perFarmance of any of the terms and conditions of this Mortgage ur the said
<br />oats, all the rents, revenues and income to fie derived friim the mortgaged premises during such time as the mortgage indebted-
<br />ness shall remain unpaid; and the Mortgagee shall have power to appoint any agent or agents it may desire for the purpose of
<br />repairing said premises and of renting the same and collecting the rents, revenues and income, and it may pay out of said in-
<br />comes ail expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the
<br />same and of cut}ecting rentals therefrom. the bahmce remaining, iF any, to be applied toward the discharge of said mortgage
<br />indebtrafgess-
<br />g. That hr will keep the improvements now existing or hereafter erected tin the mortgaged property, msured as may be
<br />required-from time to time by the Mortgagee against toss fiy fire and other hazards, casualties and contingencies in such
<br />amounts anti far such periods as may be rrquved t+y the Mortgagee and will pay promptly, when due. any premiums on such
<br />insurance provision far payment of which has nut been made hrrrinbefare. Ali insurance shalt be earned in companies ap-
<br />proved by the Mortgagee and the poheirs and renewals thereof shall fir held by the Mortgagee and have attached thereto fuss
<br />pr+Yatik cruses in favor t+f oral in form acceptable to the Mortgagee. In event of tars Mortgagor wiU give immediate notice by
<br />mail to-the Mot~tgagrr, who may make proof of lass if not made prcsmptly by Mortgagor, and each insurance company can-
<br />cerncd is ltrreb}~ authorized and.direcied to make payment for such loss directly to the Martgagor instead of to the Mortgagor
<br />attilthe MtarCgugct)oiniiy, and the insurance proceeds, or any` part thereat, may be applied by the Martgagor at its option either
<br />to the ruction vf-thrittdet+tedttrss hrteh}. secured ar to the rrstaration ar trpau of the property damaged. )n event a€ h>recto-
<br />sutr of this mortgage urc+thrr transfer of title to the murtgagetf property in extinguishment of the indrbtrdnrss socwcd hereby,
<br />a~lrigllrt, title and imrrsst of the Martgagarrn and to any insurance pt)IiCirs than in Force hall pass to the purchaser or granter.
<br />7_ That as aridittpnatand cotlatrratse~trrity far the payment of the Hatt described. and all some to bremnr due under thin
<br />tttortgngr, the 4forttar tartehy assigns t+3 fife Morlgultrr aft profits, revcnrrea. rsayatues. rights and tunrfits accruing to ihr
<br />itartgagar uruier arty artd>ili uit and gas teases tin said premises. with rise right to receive and rr.s:eipt for the same attd apps}
<br />tF~tn to sand utdahtetinest as well t+aftxrr.9 after default in the cernditr~ris of dais miertgagr, crud the Mortgrger n:ay denttrnd, sue
<br />F€xr arzif rc~s+vrr nny w:h }+aYmettts when due noel payable, but shaft nut t+s required s+s [r+ d,~ I~tis a..yrttntrnt is tx? [ermrnrtr
<br />a#yd i+cceussr rtuil artsf ve:-tit upon relettsr eft this rnorigagr.
<br />+tut~ ~a e acct ra-7t~t
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