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<br />(!)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 Mousing and Urban Development pursuant to the
<br />National Housing Act, as amended, and applicable Regulations thereunder, or
<br />(II) tf and sa long as said note of even date and this urstntment are held by the Secretary of Housing and
<br />Urban Development, a monthly charge fln lieu of a mortgage insurance premium) which shall be in an
<br />amount equal to onatwe}fth (1112} of one-half (1/?) per cenmm of the average outstanding balance
<br />dine on the note computed wUhssut taking into account delinquencies or prepayments;
<br />(b} A sum equal to dte ground rents, if any, next due, plus the premiums that will next become due and payable on
<br />pbfities of flee and gthtr hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property /pll as estimated by rite Mortgagee) less ail sums already paid therefor divided by the
<br />number of months to elapse before one month poor to the date when such ground rents, premiums, taxes and
<br />assessments-:will became delinquent, such sums to br held by Mortgagee in trust to pay said ground rents, pre-
<br />- miutns, texts and special assesatrtents; and
<br />(c) All. payments rrtentioned in the two preceding subsections of this•paragraph and all paytt'ients 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 toitowing items in the order set forth:
<br />{I) premiwn charges under [he convect of insurance with the Secretary of Housing and {)than Development,
<br />or monthly charge (in lieu of mortgage insurance i:remiunr), as ttte case may be;
<br />([I) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />((II) interest on the nsste secured hereby: and
<br />(iV} amortization of the principal of said note.
<br />Any deficiency in -the amount of any such aggregate monthly oayment 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. 7Tte
<br />Mortgagee ntay collect a "late charge" not sir exceed four cents (~¢) for each dollar (Sl } of each payment more
<br />than fifteen {15) days in arrears to cover the extra expense involved in handling delinquent payments.
<br />3. That i(the tote! of the payments made by the liortgagor under ! b ~ of paragraph 2 preceding shalt exceed
<br />the amaunt of payment, actually made by t}te ytartganev far eround rents, taxes and assessments or insurance pre-
<br />miums, as the ea.~e may be, such excess, tf the loan is current, at the option of the Mortgagor, shall be credited by
<br />the 5lortgagee on subsequent payments to be made bx the yhrrtgagor, or reloaded to the M1lurtgagor. If, however, the
<br />monthly payments made by the Mortgagor under t b> of paragraph 2 preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premium-, u, the case mac he. when the same shalt become due and pay-
<br />able, then the iRtoetgagor shah pay to the Alortgagee any amaunt necessan sit make up the deficiency, on or before
<br />the date when payment of such ground tents, taxes, asee-sments or insurance premiums shall be due. [f at any
<br />Time the tortgagor shall tender tie the iiortgagee, in accordance with the provisions of the note secured hereby,
<br />full payment of the entire indebtedness represented thereby, the 1lorigu¢ee shall, in computing ilte amount of such
<br />indelxedness, credit to the account of the Mortgagar all payments made under the provisions of (a) at pazagraph -t-
<br />hereof which the Skirtgagee has nut become obligated to pay to the :ret•n:tan' of housing ~ttd Urban Development
<br />and any balance remaining in the Funds accumulated under the provisions of i ru) of paragraph 2 hereof. If there
<br />shalt be a default under any of the provisions of this mrert¢age resulting in a public sale of the premises covered
<br />hereby, ar it the Mortgagee acquires the property otherwise afore default, the tfirtgagee shall apply, at the lime of
<br />the commencement. of :vch proceedings, or at the time the properly is athenvise acquired, the balance then remain-
<br />ing in the funds accumulated under rig. ul paragraph ' oreceding, as a credit .egainst the amount of principal then
<br />remaining unpaid under said note, :utd =hall properly adjust env payments which =haft have been made under (a)
<br />of paragraph '2,
<br />1. 'i-hat the Mortgagor uiit pay ground rent, taxes. as>rssmrnts. water rtte>, and other governmental or municipal
<br />charges. fines. or impositions, fur whtch proytsion ha> not been made hrcernhrtore. and in default thereof the Mortgagee may
<br />pay the same; and that the Mortgagor will promptly deliver the utTicial receipt> therefor to the Mortgagee.
<br />S. The Mortgagor well pay all taxes w bleb maL hr levied upon the '+tortgagre's interest in said era! estate and improve-
<br />ments, and which may he levied upon this mortgage or the debt secured hereby shut only to the extent that such is not prohibit-
<br />ed by Vaw and only to the rxrent that such will nut make ibis loan u>urioust, but excluding any income tax, State or Federal,
<br />imposed on Mortgagee, and will file the odieial receipt showing such payment ss tth the ~tortgager. Upon violation of this under-
<br />taking, or if the Mortgagor is prohibited by any Ixw now or hereafter rvvting from paying the whale or any ptxtion of the afore-
<br />said taxes, or upon the rendering of any coon decree prohibiting the payment by the Mortgagor or any such taxes, or if such !aw
<br />or decree provides ihnt any amount so peed by the Mortgagor shall he ~reditrd on the mortgage debt. the Mortgagee shat) have
<br />the right to give ninety day>' written notice nr the owner of the mortgaged premise>. requiring the payment of the mortgage
<br />debt. It such notice he given, the ,aid debt shall became due, payable and collectible at the expiration of said ninety days.
<br />b. That should he fail to pay any sum ire keep any covenant provided for to this Mortgage, then the Mortgagee, at its up-
<br />tion,may pay ar perform the same, and all expenditures s+> made shall be added to the principal sum owing on the above note.
<br />shalt br secured hereby, and shalt bear ineerest ai the rate set forth in the said note. until paid.
<br />'. That he lurtby' assigns, transfers and sets over to the Mortgagee, to tee applied toward the payment of the note and all
<br />sums secured hereby in case of a default ie. the performance of any of the terms and conditions of this 4ortgage or the said
<br />crate, all the rents, revenues and incssme to br derived from the mortgaged premises during such time as the mortgage indebted-
<br />ness shall remain unpaid: and the Mongagee shat! have power a> appoint any agent or agents it may desire for the purpose of
<br />repaviteg said premises and of renting the sitar and collecting the rents. revenues and income, and it may pay out of said in-
<br />cemts ell txpenses of repairing said premises and necessary commis>iona and expenses incurred in renting and managing the
<br />sonic and at ca#kcting rentals therefrom: the balance remaining. if any, to be applied toward the discharge of-said mortgage
<br />ittdttattdtttss.-
<br />8. Tt,at he will keep the improventtnts new existing or hereafter erec[ed on the mortgaged property, insured as may be
<br />requirtd from- time to time try tits IMortgagee against toss by fm and other hazards, casualties and contingencies in such
<br />amountx and Inc such periods as may be required by the Mortgagee and Witt pay promptly, when due, any premiums sin such
<br />iasuratteepravisian farpayment of which has trot Bern made hereinhefore. All insurance vhall be carried in cumpanita ap-
<br />prov>xl-try the Mtut~gre and the patitits and rcnewais ihereol shalt be held 6y the lv9ortgagee and have attached thtrcto loss
<br />payable clauses in laver at and in form acceptable to the '.4artgagrr. In event of loss ;Mortgagor will give immediate notice by
<br />mail to the Mortgagee, wtw may make proof of loss if not made promptly by Mortgagor, and each insurance company con-
<br />ctvtted is tfer8by autttmiztd amt directed ita make payment for such la>s directly to the Ivtongaf.;er instead oI to the Mortgagor
<br />artd ~c Disc 3e>hitlj , and iht inxttrance proceeds, or any tract thereof, may be applied by the Mortgagee at its optiao either
<br />to the rtductian of the indel+trdnexs hereby secured sir to the resnrtation or repair of the property damaged. to event of ftarerla-
<br />suetmnE tttix mortgage e+r Athtr transfer of tdte to the mortgaged property in extinguishment of the indebtedness secured hereby,
<br />all rifa:#ika~andilr~CrtstofihC Mort~g.'n` in aml fo any insurance I+o#'kties then in farce shall pass ro the purchaser or grantee.
<br />y. That as addit~,nat aatd <trttaterai security for ihr payment of the note da+cribnd, and alt sums to t*ecume due under this
<br />manor, ti+e Mortgagar hs_rrhy u?sigaa to the Atortgagta alt pmflts. revenues. royalties, rights and benefits ;tcc:rning to the
<br />Mortgatmt louder any and all oft anel gax Leases ern said prenuses, with the right to rrcetvr and receipt for the same and apptp
<br />them tar.aid rttdet+fadttess as we1€ hrlarr as after default in tttc.ccatidiiplts }}'~(fthis manr~tge, and leer Atangagee may demand. sue
<br />Ikrr and recavrt any cheer psa-rnent3 when dtrt oral papabir.^i3utshai# tMttksF~~kkgttined ss? t ~ du Tftis a_xsignment is to tennmaro
<br />and t>rtamr earl! attd veal i+pr+n release ~~r this mctrre. ,
<br />rttlt.:a2t43rd t&sq}
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