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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 />(11) 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 (fn lieu oja mortgage insurance premium) which shall be in an
<br />amount equal to one-twelfth (1)12) of one•half (I/2) per centum of the average outstanding balance
<br />due on the note computed without taking into account delinquencies or prepayments;
<br />(tr) A sum equal to the ground rents, if any, next due, plus the premiums that wdl next become due and payable on
<br />policies of fare and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property (alt as estimated by the Mortgagee) less 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, premiums, taxes and
<br />assessments will become dtlinyuent, such sums to be held by Mortgagee in trust to pay said ground rents, pre-
<br />miums, [axes and spect`al assessments; 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 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 />{t) premium charges under the contract of insurance with the Secretary of Housing and Urban Development,
<br />or monthly charge (in Geu of mortgage insurance premium/, as the case may be:
<br />(h) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(III) interest on the note secured hereby; and
<br />(IV) amortization of the principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly payment shall, unless 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 "late charge" not to exceed tour cents 14u) for each dollar (5i) of each payment more
<br />than i"ifteen (15) days in arrears to cover the extra expense involved in hattdling delntquent payments.
<br />2= That if the total of the payments made by the Mortgagor under th) of paragraph 2 preceding shall exceed
<br />the amount of payments actually made by Ghe. ~tortgat=ee for eround rents, taxes and assessments or insurance pre-
<br />miums, as the case may be, such excess, if the loan is curcent, at the option of the Mortgagor, shall be credited by
<br />the yiortgagee on subsequent payments to he made by the 3lortgagor. or refunded to the 1lortgagor. If, however, the
<br />monthly payments made by the Mortgagor under rLJ of paragraph _' preceding shall not he sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums.:ts the case may be, when the same shall become due and pay-
<br />able. then the \Iartgagor shall pay to the tilorte:tgee anp amount necessan to make up the deficiency, on or before
<br />the dato when payment of such ground rent_~, taxe.~, assessments or insurance premiums shall be due. If at any
<br />time the Mortgagor shalt fender to the iiorigxgee, in accordance with [he provisions of the note secured hereby,
<br />full payment o[ the entire indebtedness represented thereby, the i1ortgagee shall, in computing tho amount of such
<br />indebtedness, credit to the account of she Mortgagor all payments made under the provisions of (u? of paragraph 2
<br />hereof which the tlortgagee has not butane obligated to pap to the ~ecretan of housing ..rid l'rban Development
<br />and any balance remaining in the funds ucc•umulatet) under the provi=ions of ~b= of paragraph 3 hereof, If there
<br />shall be a default. under anv of the provisions of this mnrtuage resulting in a public sale of the premises covert:d
<br />hereby, or i[ lhr 3iortgagee acquires the property otherwise after default. the ilortgagee shall apply, at the time u[
<br />the commencement of such proceedings, or at the time the proper} is otherwise acquired, the balance then remain-
<br />ing in the funds accumulated under (' ~ of paragraph '_' preceding, :t- x credit against the amount of principal then
<br />remaining unpaid under said nuts:, and shall properly adjust any payments which shall have bean mach under iu)
<br />of paragraph 2,
<br />6, That the Mortgagor will pay eround rents, taxes. assessments, water rates, and other guvernmrntal ur municipal
<br />charges, fines. ax impositions, Fur which provision has not been mode hereinbeiore, and in default thereof the Mortgagee may
<br />pay the same; and that the Mortgagor will pea+tgtly deliver the official receipts therefor to the Mortgagee.
<br />5. The Mortgagor widl pay all taxes which may be levied upon the Mortgagee's interest in said real estate and improve-
<br />ntents, and which may be levied ugon thin mortgage or the debt secured hereby that Doty to the extern that such is not prohibit-
<br />ed by law and only to the eaten that such will nut make this loan usurious}, but rsduding any income tax, State or Federal,
<br />imposed on ?viortgagee, and will fill the official receipt shoo=ittg such pay merit with the Mortgagee. Upon violation of this under-
<br />taking, or it the Mortgagor is prohibited by any law now ar hereafter existing from paying the whole or any portion of the afore-
<br />said texts, ur upon the repdering ut any court decree prohibiting the payment by the Aiortgagur of any such taxes. or if such law
<br />or decree provides that any amount su paid by the Mortgagor shall be credited on the mortgage debt, the Mortgagee shall have
<br />the right to give ninety days' written notice to the owner of the mortgaged premises, requiring the paymem of the mortgage
<br />debt. If such notice be given; the laid debt shall become due, payable and collectible at the expirauun of said ninety days.
<br />ti. That should ht tai} to pay any sum or keep any covenant provided for in this Mortgage, then the Mortgagee. at its op-
<br />tion, may pay or ptrform the same, and all expenditures so made shall be added to the principal sum owing on the above note,
<br />steal! be secured hereby, and shall bear imerest at the rats set forth in the Said note, until paid.
<br />7. That ht hereby assigns, transfers and sets over to the Mortgagee, ro tee applied toward the payment of the note and all
<br />sums secured hereby in case of a default in [he performance of any of the terms and cundhions of this Mortgage ar the said
<br />note, :dlthe rents, revenues and income to he derived from the mortgaged premises during such time as the mortgage indebted-
<br />rttss.chall.retaain unpaid; and the Mortgagee shall have power to appoint any agent or agents it may desire fur the purpose of
<br />repaiiing;said premises and at renting the same and collecting the rents. revenues and income, and it may' pay out of said in-
<br />cotntsallexptnsts of repairing said prtmists and necessary commissions-and expenses incurred in renting and managing the
<br />carat apd ot.cvl[tetita$ rentals therefrom; the balance remaining, if any, to bt applied roward iht discharge of said mortgage
<br />ittdtbttdistss<
<br />g: That let wilt ketg the imgrarvtmtnis now existing yr hereafter erected un the mortgaged property, insured as may bt
<br />rtquirid from time to tune by the ttiortgagta against loss Ny fire and other hazards. casualties and contingencies in such
<br />atriotin€s:and fo€ such periods as may bt required by the Mortgagee and wilt pay promptly, whin due, any premiums on such
<br />insur~ner provision for payment of wfiich has not been made hereinbefore. All insurance shall he carried in :ompanies ap-
<br />prtaved by iht hfuttgagee and the policies and renewals thereof shall be held by the Mortgagee and have attached thereto loss
<br />payabitz cfau3cs in favur_ot sled itrfoctn acctptablt to fhe MgrtgaRtt. In event of loss Mortgagor will give immediate notice by
<br />mail to the Ki~i~+Ket. wtiu mrty make grout of loss 1t nut made pramgtly by Mortgagor; and each insuramt cumgany con-
<br />cerned is herihy authorized ant! directed ttiraake-payment fur such loss directly to the Maurtgagte instead ut to the hfurtgagar
<br />cttad the Martg:tYtee iuintiy , :ittvi the insurance prorxeds. tx any part thereof, may be applied by the Mortgagee at its option tither
<br />to the raductiun ut ifte itidebrettntss hereby secured or to the restoration ax repair of the property damaged. !n event ut torei:lo-
<br />sure of teas mongaKrur o€hertiansftr of ttfe to the mortgaged property in extinguishmrm of the indebtedittss ses:urtd hereby.
<br />aft : fight. titer :~txl inkrrsct rxt the Mor3gagcsr in anal to any insurance palicits then in farce shalt pass to the putthaser ur gramtt.
<br />w. That a, :~ditiattainnd colhaiera! stcayit'r for the payment of the,ttute described. and aFl sums to lxcumt due urrder flits
<br />nx,rtgagc, the \i tsX€g;,yttr_iatreity astigns[u the Mortgage bti}#ro~ia, rtvtartts, royalties, rights and benefits accruing to the
<br />'wicKtaagvu under aaa}~ :ttttf alt eril_.and gas lasses un said grtmists, with the tight to receive end rte-tpi fur the utmr and apply
<br />learn tc sold indcMtalntas as welt txtfurttts otter dt#ault io: the coudiiiunsa+t this morttiagt, :and alit Mi,rtttaKte may demand, vac
<br />fus sad :r,:.,•:.cr any aux:h payment~a when dot and_.payabtt, tntt_shall mat ht-required yu tt> du. Tfits ass+gtanttttt is tat ttrntintite
<br />arks t+e<"me +Nal# att~ vc~l ^pttn r+ele~~se ut this sm~€tgnge,
<br />aFtxyttzt•:ts+ tti-oat
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