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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 tv the Secretary of Housing and lhhan llevelvpment 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 are held by the Secretary of Housing and
<br />Urrban [kveltrgment, a monthly charge /fir lieu of a mortgage insurance premium/ which shall be in an
<br />amount equal to one•twelCth (Ill?} of one-half {1/2) pez centum of flee average outstanding balance
<br />due on the note computed withvut 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 />gvlicies ai ere and outer hazard insurance covering the mortgaged property, plus taxes and assessments next due-
<br />. ore the.mortgagtd property-(all as estierrated by the hfortgageeJ Tess all sums already paid therefor divided by the.-
<br />number of months to elapse before one month poor m 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 />rttitmts. taxes and special assessments; and
<br />{c) All-payments mtmtianed in the tsvo preceding subsections at' iltiroaragraph and ail payments to be made under
<br />the note severed hereby shall be added together. and the aggregate amaunt thereof shall be paid by the Mortgagor
<br />each month itt a single payment to be applied by the Mortgagee to the following items in the order set forth:
<br />{1) premium charges under the contract of inswance +vnh the Secretary of Housing and Urban I3rvelopment,
<br />or monthly cltaige (ire lieu ajntartgage irtsuranr•e premiun[j, as the case may be;
<br />{It} ground rents, taxes, assessments, tut and outer hazard insurance pretmums;
<br />(1II) interest vn the note secured hereby; and
<br />{1V) amortization of theprincrpal of said note.
<br />Any deficiency in ihr 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 eunstitute as event of default under this mortgage. 71ie
<br />Mortgagee tnay collect a "late charge" trot tv exceed ti,ur cents (4g) fur each dollar ($I) of each payment more
<br />titan fifteen (151 days ir+ arrears to cover the extra expense invvlved in handling delinyuent payments.
<br />3. That i[ fire rural of the payment.= made by the }lort.;.agar under t6 t of paragraph 'L preceding shall exceed
<br />the amount of payments. actuail}' made by the yitxteagee for eround rents, taxes and assessments or insurance pre-
<br />miums, as the case may be, such excess, if the Ivan is current, at dte vpnon of the Mortgagor, shall be credited by
<br />the Mortgagee nn subsequent payments io be made hp the 9ortgagor, ar refunded to the ylortgagor- If, however, the
<br />monthly payments tnatk by the Mortgagor under r tr; of paragraph ~ preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premium-, a~ the r aye ma} 6c+. »hen the same shalt become due and pay-
<br />a61o, then the lksrtgaRor shaft pay to the Mortgasee any amount noressap to make up the deficiency, un or before
<br />the dater when payment of such greund tents, taxes, assoszmenis or insurance premiums shall be due. If at soy
<br />time the ?ttortgagor shall tender to the 11ortAagee, in accordance with the provi.sivns oI the note secured hereby,
<br />full payment of the entire indebtedness represented thereby, the M1longagee ,hall, in computing the amount of such
<br />indebtedness, credit ca the acevunt of the Mortgagor alt payments made under the provisions of %aJ of paragraph- 2
<br />htxeof which Uto ilortgagee ban not ttt'•:oine abligatad to pay to the Secretary uF Houeinl! ..ltd Urban Development
<br />and any bafanco remaining in the funds accumulated under the provisions aF /bJ of paragraph l het•eaF. If there
<br />shall be a default under any of the provi~wns of ibis mnrtgaKe recuitine in x pu6lie sale of the premises covored
<br />hereby, or iC the 1lvrtnagee acyuirvs the propen} otherwise utter default, rite 5tort~agee .shad apply,. at the time u(
<br />the commencement o[ such proceedings, or at the time the propert}~ is otherwise acquired, the balance then remain-
<br />ing in the tondo accumulated under i i•i of par~raph '' precedin=, as a rrvdii again-t the amount of principal then
<br />remaining unpaid under maid voce. and -hall properl} adjust .urv pavmem.s ++hich shat) have been made under taJ
<br />of paragraph L,
<br />1- Thai the Mortgagor ++ill pay nraund rrnte, rrxe>, a+tic„ments. ++atrr ra[r+. and other eovernmen[aI or municipal
<br />chatges, tines, ur impusnions, for which prtrvisiun has not been nr,rdc herrinbrfure. and in default thereat the Mortgagee may
<br />pay the same, and Ihai the Stur[gagur wilt prurnptly deliver rhr ulheial receipts therefor to the Mortgagee.
<br />`. 'the Mortgagor a~rll pay all tares uttieh ntay~ br }eyed upon the 'ttortgagre'v interest in said real estate and improve-
<br />ments, aced which tna} t*r levied upon this mer[gagr to the deb[ secured hrzrt } it.ut only [u the extent that such is not prohibit-
<br />ed by law and only to rite extent [hat Bach will not make this loan usuru,usi. but rxc:luding any income tax. Slate ar Federal,
<br />imposed vn Mortgagee, and veil! trio the udtciel ucript showing such pa}mrm with the Mortgagee. Upon violativn of this under-
<br />taking, ur if the Mortgagor i, pruhibi[ed by any lax nave or hereafter rxisung from paying the whore or any portion of the afore-
<br />said taxes, or upon the rendering of any court decree prahibiung the pav nrrnt by the Mortgagor ur any such taxes, ur if such law
<br />or decree provides [hat any amuum nr psi:f h} the Mongagor shall he credited on the mortgage debt, the Mongagee shall have
<br />the right iv give ninety days' +vrittrn notice to the owner ut the nurrtgagrd prrmtsrs, uyuinng [hr payment o{ the mortgage
<br />debt.lf such notice be given, the said debt shall btctmte due, payable and coilrctible at the expirativn of said ninety days.
<br />6. "that should ht fail to pay any sum ur keep any covenant provided fur to this Mortgage, then the Mortgagee, at its op-
<br />tion, may pay or perform ihr same, and elf exprniiiuues w mrdr shall he added m the principal sum owing on the ahoy note,
<br />shall be secured hereby. xnd shall bear intrust at the rate set faith in the said note, umil paid.
<br />". That he hereby assigns, transfers and sets aver to the Ivfortgagee, to br applied toward the payment of the note and all
<br />sums second hereby in t~sse of a default in the ptrfvtmance of any of the terms and conditions of this Mar[gage ar the said
<br />note, al( the rents. revenues and intvme to he derived fmm the mongaged premises during such time as the mortgage indebied-
<br />ness shalt remain unpaid; and the Mortgagee shalt have power ur appoint any agent or agents it may desire fur the purpose of
<br />repairing said prttnises and of renting the same and cuiiecting the rents, revenues and income, and it may pay out of said in-
<br />c»ames all txptnses of repairing said premixs and necessary r+:mmisstons and expenses incurred in renting and managing the
<br />satrie attd of calkctittg rentals therefrom; the balance rtmaitting, if any. to he applied toward the discharge of said mortgage
<br />iridclxtditess.
<br />R. '77tgt he will keep ihr irtprovements nee existing +x tteuefter erected an the mortgaged property, insured as may Ire
<br />required ttturr tint to time- F+y the Mortgagee against toss by fire and other hazards, casualties and contingencies in such
<br />amounts and `ar such ptritvls as may bt required by the 4ivngagee and will pay promptly. whin due, any premiums on such
<br />iitsuraitet provisivn for paytittnP Of which has not been made htreinbefore. Alt insurance shall he carried in companies ap-
<br />proved by the Mortgattet and the pvlicfts arat renewals thereat shalt br held by the Mortgagee and have atutcfted thereto loss
<br />payable clauses in favor of and in form acceptable to the Mortgagor. In r+°ent of tusc_ Mortgagor will give immediate notice by
<br />malt to ihr Afongagtt, whti maY make proof i?t k+s4 if tort made ptarnpily by Mortgxgta, and each insurance company can-
<br />c'ttnd~ Fs l+treb}= satttorizrd acrd directtxi io make payment far such toss dimctl}° tv the Mortgagor instead vF to the Martgagvr
<br />unttthttbfart~gce icrintly:atxi the insurance proceeds. ur any part thoreaf, may 1te applied by ihr Mctrtgagec at its optibn either
<br />ut Iht rcdttction of tEtr indtbttdttrss hereby secured yr-to the rtstvrntian ur reparr tat the property damaged. !n event of foreclu•
<br />star of this zrttrrt;c or other trdnsFtr of title to the mortgaged pro}rerty in extinguishment of the indebtedness socurrtl hereby,
<br />all riirlitl~t# atuf itt~rast v'rf thE•t~fttttfmgor in acrd to any insurance policies then in ftn^eo yha11 pa+a to the purchaser or grxn[te.
<br />4. 7~hat as additic+nal and coltattxal soc.urity for the paytneut of [ht note described. and all stuns to become clue undtr this
<br />nwrtyge, the ?4tgttgajy+rr hereby aasrgns to the Mort art prvtits, rrvrnurs, rayatnta, rights and brnefirs accruing to the
<br />Mort tgtgtx utu#tt any and all oil ante gat ttatts on acid premises, wW#t }he tight to reserve and receipt far the same and appl}
<br />them tct xaiat intfebttttncss xs +. ail t+ef+ue xs after defauh trtihtcotitfh6b4rsp; ti'li3 mtufgage..tntt [ter Morigagat may demand, sue
<br />tot anti r€sorar any such papnttnts when duo and payahk. but shall not t+t required x, to do rhea assignment is to ttrminace
<br />ax}d t+ctaenF null atxt +oid trpctn rNeaso ,.t rhea nsortg;igt. .
<br />Htft~.$7 t d$M In-79i
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