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<br />{i}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 />(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 Ilea of a mortgage insurance premium) which shall be in an
<br />amount equal to one•twelfth (1/12) of one-half (1 /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 [he ground rents, if any, next due, plus the premiums that will next became due and payable on
<br />policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />an 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 delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre-
<br />miums, taxes and special assessments; and
<br />(c} All payments mentioned in the fwo 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 fallowing items in the order set forth:
<br />(1} premiwn charges under the contract of insurance with the Secretary of Housing and Urban Development,
<br />or monthly charge (in lfeu of mortgage 6rsurance premiwn:/, as the case may be;
<br />(tI) .ground rants, taxes, assessments, fire and other hazard insurance premiums;
<br />(HI) interest an dte 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 dart of the next such payment, constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" mr, to exceed four cents (3a) for each dollar (SI) of each payment more
<br />than fifteen (I~l days in arrears m cover the extra expense involved in handling delinquent payments.
<br />3. 'That. if the total of the payments made by rho Mortgagor under I h i of paragraph `? preceding shall exceed
<br />the amount of payments actually made by the Mortgagee for around rents. taxes and assessments or insurance pre-
<br />mium, as the case may be, such excess, if the lawn is current, at the option of the Mortgagor, shall be credited b}
<br />the tortgagee on subsequent payments to 6e made by the Mortgagor, or refunded to the Mortgagor. If, however, the
<br />monthly payments made by the Mortgagor under {hJ of paragraph 2 preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums, a= the case ma} be. when the same shall hecomt: due and pay-
<br />able, then the Mortgagor shall pay to the Morgagee any amount necessary to make up the deficiency, on or before
<br />the date when payment of such ground rents, lases, assessments or insurance premiums shall be due. If at any
<br />time the 1lortgagor shall tender to the Mortgagee, in accordance with the provisions of the note secured hereby,
<br />full payment of the enf.ire indebtedness represented themby, the Aorgagee shall, in computing the amount of such
<br />indebtedness, credit to the account ut the Mortgagor all payments made under the provisions of /aJ of paragreph
<br />hereof which the )lorigagee has not became obligated to pay ur the secretary of Housing :nd Orbwt Development
<br />and any balance remaining in the funds accumulated under dtc pnn•isiom of (b; of paragraph 17 hereof. If there
<br />shall be a default under any of the procision~ of this mortgage resulting in a public salt: of the premises covered
<br />hereby, or iC the !Mortgagee acquin~s the propertg otherwise after default, the Mortgagee :;hall apply, at the time of
<br />the commencement of such proceedings, or at the time the property is otherwise acquired, the balance then remain-
<br />ing in the funds accumulated under i %~1 of paragraph '? preceding, a~ a credit against the amvunt of principal then
<br />remaining unpaid under said non, and shall properh adjust any pat ment.~ which shall have been made under (aJ
<br />of paragraph '?.
<br />d. "That the Mortgagor will pay ground rent.,. macs, assessments, water rates, and other governmental or municipal
<br />charges, hoes, or impositions-fur which provision has nut been made hereinhefure, and in default [hereof the Mortgagee may
<br />pay [he same: and that the Mortgagor w iii promptly dtlivrr the official rectipts therefor to [he Mortgagee.
<br />5. "the Mortgagor will pay all taxes which may be Itvied upon the tortgagee's interest in said real estate and impr~ve-
<br />ments, and which may be levied upon this mortgage or the debt secured hereby that only to the extent that such is not prohibit-
<br />ed by law and only to the extent that such will not make this I.utn usurious), but excluding any income tax, State or Federal,
<br />imposed un ittortgagee, and will fill the official receipt showing such payment with the :ttortgagte. L'pon violation u[ [his under-
<br />taking, or if the Mortgagor is prohibited by any law now or hereafter existing [ram paying the whole or any portion of the afore-
<br />said taxes, or upon the rendering of any court decree prohibiting the payment by the ~tor[gagor or any such taxes, ur it such law
<br />ur decree provides that any anwunt su paid by the Mortgagor shall he credited un the murtgagt debt, the Mortgagee shall have
<br />the right to give ninety Jays' written notice to the owner of the mortgaged premises, requiring the payment of the mortgage
<br />debt. !f such notice be given, the said debt shall become dot, payable and collectibtt at the expiration of said ninety days.
<br />6. Thai should he fail to pay any sum or keep any covenant provided for in this Lhvtgage, then the Mortgagee, at its op-
<br />tion, may pay or perform the same, and all expenditures so made sh:dl be added to the principal sum owing on [he above note,
<br />shall be secured hereby, and shall bear interest at the rate set forth in the said note, until paid.
<br />'. 'that he hereby assigns, transfers and sets over to the Mortgagee, m he applied toward the payment of the note and all
<br />sums secured hereby in casr of a default in the performance of any of the terms and conditions of this Mortgage ur the said
<br />note, all the rents, revenues and income to be derived from the mortgaged premises during such time as the mortgage indebted-
<br />ness shall remain unpaid; and the Mortgagee shall have power to appoint any agent or agents it may desire for the 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 all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the
<br />same and of col}ecting rentals therefrom: the balance remaining, if ary, to be applied toward the discharge of said mortgage
<br />indebiedness-
<br />8. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured as may be
<br />required from time to time by the Mortgagee against lass by fire and other hazards, casualties and contingencies in such
<br />amounts and fur such periods as may be required by the Mortgagee and will pay promptly, when due, any premiums un such
<br />insurance provision for payment of which has nut t+etn made hereinbefore..41I insurance shall be curried in companies ap-
<br />proved by the Mortgagee and the policies an3 renewals thereof shaft be held by the 13urtgaget and have attached thereto loss
<br />payable clauses in favor of and in farm act~ptable to the Mortgagee. In event of loss Mortgagor wib' give immediate notice by
<br />matt to the Murtga$et, who may make proof of Toss if not made promptly by Mortgagor, and each imurance company cum
<br />cemtd is hereby authuriztd and dirocteti to make payment for such lass directly to the Mortgagee instead of to the Mortgagor
<br />alai Life 4fottgagte jointfy, amt the insurance pro.:eeds, or any part thereof, may he applied by the Mortgagee at its option either
<br />to rho reduction of the indebtedness htrtby secured or to the restaraticon ur repair of the property damaged. Ire event of foreda•
<br />surd of this mortgage ur other transfer of title to the mortgaged property in txtinguishmcnt of the indebtedness secured hereby,
<br />a#1 right, titke and interest of the Mortgagor in and to any insurance policies then in facet shaft pass tv the purchaser or grantee.
<br />4, That as additianaf and ttdiateral stcutity for the payment of the note described, and all sums to become due under this
<br />martgtgr, the Mottgagcrr htrtby assigns to the t{urtgagee all pru6ts, rtvenue3, ri>yaltits, rigfits and hentfits accruing to the
<br />Murigagw uttdor any and aft nit and gas feasts vn said premises, with the right h+ receive mid rrctipt for the same :,nd apply
<br />them to ?.aid indebtedness az well before an after default in the candiduas of chic mortgage, and the '4fixt$agtt may demand, sue
<br />foe and rttoctr aryy such paptnsnr. wfitn dot and payat+lt, btrt that( net fx reyeuced sr> t+, da This assignmpm ra to terminate
<br />atnd fre~c-rmc nut! and void +rpnnt tekas~• -+f thin mortgage.
<br />r+vtJ ~B?ta7M 19•'791
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