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<br />(1) month prior to iu 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 Ac[, 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 />Urban Development, a monthly charge /in lieu oja mortgage lnsumnce premium/ which shall be in an
<br />amount equal to one-twelfth {IJ12) 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 />~~ (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 paid therefor divided by the
<br />0 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 />y miums, taxes and special assessments; and
<br />{c) All payments mentioned in the two preceding substctians of thirparagraph and aIl payments to be made under
<br />M 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 />(I) premium charges under the contract of insurance with the Secretary of Housing and Urban Development,
<br />or monthly charge lit[ lieu ojmortgage insurance premium/, as the case may be;
<br />(It) ground rents, taxes, assessments, lire and other hazard insurance premiums;
<br />(Ill) 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 even[ oC default under this mortgage. The
<br />Mortgagee may Collett a "late charge" not to exceed four cents (~?) for each dollar (S 1) of each payment more
<br />than fifteen (15) days in aneazs to cover the extra expense involved in handling delinquent payments.
<br />3. That if rite Total of the payments made by the 1lortgagor under r ~~? of paragraph 2 preceding shalt exceed
<br />fire amount of payments actually made 6y file hiortgaeee for ground rents, taxes and assessments or insurance pre-
<br />miums, as the case mac be, such excess, i[ the loan is current, at the option of the Mortgagor, shall be credited by
<br />the 4lortgagee on subsequent payments to be made by the Mortgagor, or refunded to the Mortgagor, If, however, the
<br />rrmnthly payments made by the Mortgagor under J„/ of paragraph 2 preceding shall not be sufficient to pay ground
<br />tent, tatter and assessments or insurance premiums, as the c~•e may be. when the same shall become due and pay-
<br />able. then the 3lortgagor shall pay to the ylorteagee an}' amount necessan to make up the deficiency, on or before
<br />the date when payment of such ground rents, taxes, tusessments or insurance premiums shall be due. IC at any
<br />time the Mortgagor shall tender to the 1lortgagee, in accordance with the provisions of the note secured hereb}',
<br />full payment of the entire indebtedness reprnsented thereby, the ~longaree shall. in computing the amount o[ such
<br />indebtedness, credit to the account ai the Mortgagor all payments made under the provisions of la) of paragraph 2
<br />hereof which the 3tortgagee has not became obligated to pap to the ~cretan of housing :nd urban Development
<br />and any balance remaining in the funds accumulated under the provisions of i~1 of paragraph 2 hereof. If there
<br />shall be a default under env of the procisions uE this mortgage resulting in a public sale of the premises covered
<br />hereby, or if the liortgagee at•yuires the propert} otherwise after defuuit, the M1lortgagee shall apply, at the time of
<br />the commencement of such proceedings, ar ut the time the propene is otherwise acquired, the balance then remain-
<br />ing in the funds accumulated under I bi of paragraph Y preceding, a- a credit against the amount of principal then
<br />remaining unpaid under said Hate, and shall propert} adjust an} pa}-menu which sha{I have been made under fa!
<br />of paragraph 2.
<br />4. That the Mortgagor will pay ground rents. :axes, assessments, water rates, and other governmental or municipal
<br />charges, fines, or impositions. for which provision has not been made hereinbefore, and in default thereof the Mortgagee may
<br />pay the same: and that the Mortgagor will promptly deliver the official receipts therefor to the Mortgagee.
<br />i, The Mortgagor will pay all taxes which mac he levied upon the Mortgagee's interest in said real estate and improve-
<br />ments, and which ma} be levied upon this mortgage or the debt secured herehy [but oNy [a the extent that such is not prohibit-
<br />ed by law and oNp to the extent that such will not make this loan usurious/. but excluding any income tax, Stale or Federal,
<br />imposed on Mortgagee, and will file the official receipt showing such payment with the Mortgagee. Upon violation of [his under-
<br />taking, or if the Mortgagor is prohibited by am law now or hereafter existing from paying the whole or any portion of the afore-
<br />said taxes, or upon the rendering of any coon decree prohihiting the payment by the Mortgagor or any such taxes, or if such law
<br />or decree provides that any amount so paid M' the Mortgagor shall be credited on the mortgage debt, the Mortgagee shall have
<br />[he tight to give ninety days' written notice to the owner of the mortgaged premises, requiring the payment of the mortgage
<br />debt. If such notice be given, the said debt shall become due, payable and Collectible at the expiration of said ninety days.
<br />6. That should he fail to pay any sum or keep any covenant provided for in this Mortgage, then the Mortgagee, at iu op-
<br />tion, may pap or perform the same, and all expenditures so made shall be added to tht principal sum owing on the above note,
<br />shall he secured hereby. and shall beat interest at the raft sat forth in the said note, until paid.
<br />?. That he hereby assigns. twnsters and sets over to thaMortgaga, to be applied reward the payment of the note and all
<br />sums secured hereby in cast of a default ir. the performance of any of the terms and condRions of this Mortgage or the said
<br />nett. all the rents, revenues and income to he derived from the mortgaged premises during such time as the mortgage indebted-
<br />ness shat{ remain unpaid; and the Mortgagee shall have paver to appoint any agent or agents it may desire for [he 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 aR expenses of ropairing said premises and necessary commissions and expenses incurred in renting and managing [he
<br />same and of callce[ing rentals therefrom; the balance remaining, it any, to be applied toward the discharge of said mortgage
<br />indebtedness.
<br />R: That he wilt keep the improvements now existing ar hereafter erected on the mortgaged property, insured as may be
<br />required from rime to time by the Martgagee against lass by fire and other hazards, casualties and contingencies in such
<br />amounts and far such periods as may be required by the Mortgagee and will pay promptl}•, when due, any premiums on such
<br />insurance prevision for payment of which has not been made hereinbefare. AlI insurance shall be carried in companies ap-
<br />prutrcd.by fhe Aortgagee and the policies and renewals thtrtof shall be held by the Mortgagee and have attached thereto loss
<br />payabtc clauses in favor of and in form acceptable to the Martgagee. In event of loss Mortgagor will give immediate notice by
<br />mail to the Mtutgaget. who may maAc proof of loss if Hat made promptly by Aiartgagor. and each insurance company con-
<br />etrntst is htreby authorized and directed to make payment far such loss directly to the ~fortgagte instead of to the Mortgagor
<br />attd tAe Mortgagee ioimly, and else insurance procteds, ar any part [hereof. may be applied by the Mortgagee at its option either
<br />to file rtdui:titut of the indebtedness hereby secured ar to the restoration of tcpair of the property damaged. In event of forecla-
<br />surr of this mnrtgagc or other transfer at title try the mortgaged property in extinguishment of the indebttdncss secured hereby.
<br />atf right, tiife waif o(tfest ai the Mortgagor in and to anj insurance policies then in torCt shall pass to the purchaser or grantee.
<br />9. Thai acadditlonal aad callatcral security tar the paymtnt of the note dtsCrilxd, and all sums to became due under this
<br />nwrtgage, the Mat•igslor,htrtby assigns to the Mtutyuagrt all praftts, revenues. rryahiu, rights and 4tne61s accruing kt the
<br />Mortar under any and alt ail and gas ]tests on said premisos, with the riglti to rectivc and receipt tar the same and apply
<br />them to said ittdet+ttdtttss as well btfurt as after default in the.¢gtty3itions.tst this mortgage, and the Martgagee may demand. sue
<br />far soul rtcover any <uch payments when due and payatrk, but t+hadi nos bt repaired s.`~ uT do. This assignment is to ttrrninate
<br />and betarttt null and void uptus rekat't w[ this mortgage.
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