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<br />(1}month prior ro 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 />(Il) 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 (1112} of ane-half (f (2)' per centtim of the average otitsfanding bafaiiCe
<br />due on the note computed wsthnut taking into account delinquencties 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 nezt,du~,.
<br />on the tno;tgagtd groptriy (alt as estimated by t3te rlfi~rtgugee% less all sums already paid therefor divided=bythe-
<br />number of months to elapse before one month prior to [hr date when such ground rents, premiums, taxes and
<br />assessments will become delinquent, such sums to he held by Mortgagee in trust to pay said ground rents, pre-
<br />miums, taxes and special assessments; and •
<br />(c} A4I payrrtents mentioned fn the two preceding subsections of Lhis•paragraph and all paynreti"tt! to bemade'under
<br />the-note secured hereby shall be added together. and the aggregate amount thereof shalt be paid by the 14tortgagor
<br />each month m a single payment to he applied by the Mortgagee ro the following items in the order set forth:
<br />(1) premium charges under the contract of insurancz wnh the Secretary of Housing and-Urban Development,
<br />or monthly charge /in ;feu ojmortgage insurant•r t,remiuml, as the casernay be,
<br />(tt} ground rents, taxes, assessments, fire and other hazard insurance prernlurtts;
<br />(HI) interest un the Hoke secured hereby; and
<br />{lV} amortizaeion of the pnnctpal of said notr_
<br />Any detlciency in the amoum of any such aggregate monthly payment shaft, unless made good by flee Mort-
<br />gagor prior to the due date of the next such puymer.t.: unsvtute an event of default-under this mortgage. Tfte'
<br />Mongagee may collect a "late charge" not to exceed four rents (~y} tut each dollar (S1 } of each payment mote
<br />than fifteen (I5) days vt arrears to cover the extra expense involved fn handling delinquent payments.
<br />3. That if the total of the pag~ment~ mane by the ilort,gagor under ! h ~ of paragraph '~ preceding shall exceed
<br />the amount n( payment-5 actualh made by the ~lortgx~ee for around rent., taxes and asses:;ments or insurance pre-
<br />miums, as the case maa be, such excess, if the lour! is current, at the option of the Mortgagor, shall be credited by
<br />the Mortgagee on subsequent payments to be made by the Mortgagor, or refunded to the Mortgagor. [f, however, the
<br />monthly payments trntde by the Mortgagor under i b1 0l paragraph :preceding shall oat be sufficient to pay ground
<br />rent, faxes :md a-sessments or insurance prcmium~, a~ the ca.~e may be, ++hen the same shall become due and pay-
<br />able, then Ute 1~rtgagor shall pay to !fie lnrugsgee any amount nerc~~an to make up the deficiency, un or before
<br />the daft when paymen6 of such ground rents, taxes, ase~smenis nr insurance premiums shall be due. ff at ally
<br />time the Monggagor shall tender to the lfortgagee, in sccatdanco with the pm+iaions of the note secured hereby,
<br />fuN payment of the entire indehtednes~ represrmted thereby, the Mangagt~~ -hull, in computing the amount o[ such
<br />indebtedness, credit to the account of the Mortgagor a[) payments made under dte provisiaES of /a) of paragraph 2
<br />hereof which the itartgagee ha.~ nut become obligated to pay to the ~ecretar} of Housintt end Urban Development
<br />and ally balance remaining in the funds accumulated under (he pntvisione of t i,J of paragraph 'l hereof. !f there
<br />:halt be a default under an} of the provilton~ of this- mortxage re~ultinY in a public gale of dke premises covered
<br />hcnre~by°, or if the ilongugee acquires the pruprrt~ outer++i_4e after defxuit, ttte ~lortgagec sit all apply, aL UEe t[me of
<br />the commencement of such proceeding, or at du• itm+• the prupern +- uthen+r.~e acquired, the balance then remain-
<br />ing in the funds accumufatrd under ~ of paragraph '_' p« -cedm~. a- a rn•dit against the amount of principal then
<br />remaining unpaid under .,aid note, and ~hxlt properly adju>t eat pa+ment~ :+hich >hall hive been made under ta)
<br />of pare„raph '?•
<br />d. The! ihr Mortgngor wait pa} g«~und rcnt,. taxes, ,,,rs,tnent,, ~+atrr tales. and other governmenCat ur municipal
<br />charge., tines, or tmposltion., for whtch pro+num has not hren made herrtnbeiore, and m de[auit thereof ihr Mongaget may
<br />pay the saint: and that the Mortgagor wdl promptly det++rr the v$ictxt rrceipta therefor to the Mortgager-
<br />? The Mortgagor wdl pap alt saxes which ma> he trvre+i upon the Morigagee~s interest in said real estate and improve-
<br />ments, and which mat he ievted upon thts mortgage r-•r [he debt srcurrd hrreh} that only ro the extent that ouch is not prohibit-
<br />ed by law and only to the extent ?hat such utll nvt make the, loan usuriuust, but ruluding any income tax, State or Federal,
<br />impusrd on Mortgagee. and will tier the oifiictal rr::etpt .how mg wch pay mrnt +vtth the Mortgager. Upon viula[itm of thin under-
<br />taking, or if the Mortgagor is prohihued by any E;+w now or hereaf ter rxtsnng from payukg the whole ur any portion of the afore-
<br />said texts, ar upon the rrndcrtng of env court drerrr prahthiang the puy mint by the hktttgegar or any such taxes. ur if such law
<br />or dreroe pen idr.+ that any amount ,.~ paid h} the Mortgagor ,hat! hr ~ rrdtird on the mortgage dehL the 4fortgagee shaft have
<br />the right m give ntnety days' written nutirr to the owner of the mortgaged premises, requiring the payment of the mortgage
<br />deist- If such notice be given, the acid debt shall txcumr dot, payable and cullrcUbfe a! the expiration of said ninety days.
<br />6. That should he fail to pay any sum yr keep any ruveaant prtvided far in this Mortgage, then the Mortgagee. at its op-
<br />tion, mot pay or perivrm the same. and alt rxprnditurea :v made .hall to added to the principal sum owing on the above note.
<br />shall ere secured hereby, Hint sttalt brat interest xt the talc set forth in the said Hatt. Erntil paid.
<br />7. That he hurhy assigns, transfers and sets a+er to the Mortgagee, to hr applied toward the payment of the note and ;dl
<br />soma secured M;reby in case of a default to chi performansx srf any of [he trans and conditions of this Mortgage ar the said
<br />note. all the rents, revenues sod incumr is be derived from the mortgaged premises during such time ss the mvrtgagr indebted-
<br />ness shall remain unpaid: and the Mongagec shalt ha+r pvwrr to appoint any agent ur agents it may desire for the purpose of
<br />repairing said prttruses and of rr-piing the same and .uliecung the trots. revenues and tnatmr, and it may pay out of said in-
<br />wmes al! expenses of repairing said premises and necessary c+rmmissiuna and expenses incurred in renting and managing the
<br />saint sad taf calteciing rentals therefrom; the balance remaining, if any, to be applied toward the discharge of said mortgage
<br />iadtbtadtaess.
<br />g. That ht wit} keep itte imprveements now exrsting or hereafter erected an the mortgaged property, insured as may fie
<br />reyuirod-from time to time by the bftxtgagee against toss by fire and other hazards. casualties and contingencies in such
<br />amounts and tvt such periods as may ht reyuirtd by the Mortgagee and wilt pa} ,:romptly, when due, any premiums on such
<br />itaswanca pravisian fur payment of which has not txen made hereinbefore. ~I! tttsurarrce shall tie earned in companies ap-
<br />provtd-by the Mortgagee and test poficits acrd rtttrwals thereof shaft he held ny the Mortgagee and ha+~e atta+;hed thereto lose
<br />papabtt clauses to favor of and in form acceptahlr to the llungagee_ t^ event of lugs Mortgagor will gi+e immrdiatr n+nice by
<br />mail ee the tforiguger. who ma}' make prc+uf of lass it Hoc made prompts} bs Mangagor, and etch insurance iompany cun-
<br />::erntd is.htra~i+y° authorized and directtd to mskt payment tut such lose dirr_tiy [u the Mortgxgee instead of to the Mortgagor
<br />:trod tfte Mortgagee jointly, and tilt insurance proceeds. or ant pan thereof, may t+t applied by fhr Mtrtgagee of its option either
<br />i..e r.;duc;iss a''t :; eu;;cbtccsG;;. berth, si'-eureS or N the r -anon ur repair u7 -she property damaged. let rveert of furedo-
<br />vnrs of this mninrtgtptc rte other trarisfer of title to Eht mortgaged property in extinguixhntent of the indebtedness secured htrcby.
<br />a## rty,-titfaatxt icuttresE of theMortgagor In and to airy insurance policies then in toter shall pass to the pu:chasrr or grants
<br />y That as additnmal and colisttrat steunty for the payrnent of fhe note drsenbrd. and all sauna [o hrdomr due under this
<br />traartgattt, t#tt ~1cu2gaytar herthy assigrts to the ifortgagte all pt++hta, rrvenucv.:okxlnes. ti its and htq~s a•pruittfl to the
<br />Mort~ttu under any and elf vie and ga, !rases ar, said premises, wikft the right to receive ems rrt:eipf fur f36t' 3;~m and apply
<br />them fo xa+d Ettdr6ttdnrss as w rfF f+efurc its after drfautt rn the conditions of thin rtartgagr, and tilt Murigat}rr lost demand, sue
<br />fur artd rrxovrt any such pagnttni= wtsrtt dot am! trxvahle. t+ttt shat) ne>t hr req;:3tre~l ±o na dc. This x9signmtn[ is to irrnunatr
<br />attd br..=mc mrfi and : u+d taPt'n rrlr.asc •` tfris ztu>rtr. . ~ (3 f1 ~ f~,~,,~{. t°g
<br />s..t .7 t_/ t G C?
<br />stU~-$3ta3rd-jftJ91
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