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<br />(1) month priorto 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 Hoasirtg Act, as amended, and applicable Regulations thereunder, or ,
<br />(fI) If and so long as said note of even date and this instmment are held by the Secretary of Housing and
<br />Uifian Developmenf, a monthly charge (fn Tieu oja mortgage insurance premium/ which shall be in an
<br />amounf equal'to one-twelfth (1/12) of one-half (1/2) per cenium of the average outstanding balance
<br />due on the note computed without taking into account delinquencies or prepaymt3nfs;
<br />(b) A sum equal to the ground rents, if any, next due, plus the premiums that wdl next become due and payable on
<br />pitlicics of fife and other hazard insurance covering the mortgaged property, plus taxes and assessments-next due
<br />on the mortgaged property (a1T as estirnated 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 he held by Mortgagee in trust to pay said ground rents, pre-
<br />miums, taxes and special assessments; and '
<br />(e) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made undei
<br />the note secured hereby shall be added together, and the aggregate amount thereof y':all 6e 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 wilt the Secretary of Housing and Urban Development,
<br />or monthly charge (in lieu of mortgage insurance premium), as the case may be;
<br />(II) ground rents, taxes, assessments, foe and other hazard insurance premiums;
<br />([II) interest on the note secured hereby; and
<br />(1V) amortization of the principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly payment sftall, unless made good by the Mort-
<br />gagor prior fo the due date ot= the next such payment, constitute an event of default under Otis mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed titur cents (Ag) for each dollar ($ l) of each payment more
<br />than fifteen (IS} days us arrears to cover the extra expense involved in handbag delinquent payments.
<br />3. That if the total of the payments made by the 1larcgagor under Ib1 of paragraph 2 preceding shall exceed
<br />the amount of paymtents actually made by the Mongagee for eround rents, taxes and assessments or insurance pre-
<br />miums, as the case may be, such excess, if the loan 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. If, however; the
<br />monthly payments made by the Mortgagor under (b) of paragraph Z preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums. as the case may be. when the same shall become due and pay-
<br />a61e, Uten the Mortgagor shall pay to the Mortgagee any amount necessary to make up the deficiency, on or before
<br />the date when payment of such ground rents, taxes, assessments or insurance premiums shall be due.. If at any
<br />time the Mortgagor shall tender to the Mortgagee, in accordance with the provisions of the note secured hore6y, .
<br />toll payment of the entire indebtedness represented thereby, the 1lortgagee shall, in computing the. amount of such
<br />indebtedness, credit to the account of the Mortgagor all payments made uttder the provisions of (a) of paragraph 2
<br />hereof which the Mortgagee has nut become obligated to pay to the ~eeretary• of Housing .,zed urban: Development
<br />and aay balance remaining in rho funds accumulated under the provisions of (b) of paragraph 3 hereof. tf there
<br />shall be a default under any of the provisions of this mortgage resulting in a public gale of the premises covered
<br />hereby, ar if the Mortgagee acyuires the propery otherwise after default, the )lortgagee shall apply, at the time of
<br />the commencement of such proceedings, nr at the time the properfy is otherwise acquired, the balance then remain-
<br />ing in the funds accumulated under /b1 of paragraph 'l preceding. as a cn:dit against the amounf of principal then
<br />remaining unpaid under said note. and shall properly adjust env pox meats whit•h shall have been made under (a/
<br />of paragraph 2,
<br />d. That the Mortgagor will pay ground rent,. tales. assessments. water rates, and other governmental or municipal
<br />charges, fines. or impositions, for which provision has nut peen made hereinbeforr, xnd in default thereof the Mortgagee may
<br />pay the same: and that the "Mortgagor will promptly deliver the official receipts therefor to the Mortgagor.
<br />S. "Cho Mortgagor will pay all taxes which may ter levied upcm the :Mortgagee's interest in said real estate and improve-
<br />ments, and which may br levied upon this mortgage ur the debt secured hereby tout only to the rztent that such is not prohibit-
<br />ed by law and imly to the extent that such will not make this loan usurioust, but excluding any income tax, State or Federal,
<br />imposed on Mongagee, and will file the oficial receipt showing such payment with the Mortgagor. Upon violation of this under-
<br />taking, or if the Mortgagor is prohibited by any law now or hereafter existing from paying [he whole or any portion of the afore-
<br />said taxes, or upon the rendering of any court dean prohibiting the payment by the Mortgagor ar any such taxes, or if such law
<br />or decree provides that any amount so paid by the Mortgagor shall he credited an the mortgage debt. the bortgagee shall have
<br />the right to give ninety days' written nixice 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 due, payable and collectible at the expiration of said ninety days.
<br />6. That should hr fail to pay any sum or keep any covenant provided (ur in this Mortgage, then the Mortgagor, at its op-
<br />tion, may pay or perform the same, and alt expenditures so made shat! be added to the principal sum owing on the above note,
<br />shall be secured hereby, and shall bear interest at the rate lei forth in the said note, until paid.
<br />7. 'that he hereby assigns, transfers and sets user to the Mortgagee, to he applied toward the payment of the note and all
<br />sums secured hereby in case of a default in the pedorntance of any of the terms and conditions of this Mortgage or the said
<br />note, all [he rents, revenues and income ro be derived from the mortgaged premises during such time as the mortgage indebted-
<br />ness shat! remain unpaid; and the Mortgagee shalt have power to appoint any agent or agents it may desire for the purpose of
<br />repaiiutg said premises and of renting the same xnd collecting the rents, revenues and income, and it may pay out of said in-
<br />cames all expenses-of repauing said premises and necessary commissions and expenses incurred in renting and managing the
<br />Barrie and.of rollecung rentals therefrom; the balance remaining, if any. to be applied toward the discharge of said mortgage
<br />indebtedness.
<br />g. `that he will keep the impmvemrnts now existing or hereafter erected on the mortgaged property, insured as may be
<br />required from time to nme by the Mortgagee against loss by fire and other hazazds, casualties and contingencies in such
<br />amounts and for such periods as may be required by the Mongagee and will pay promptly, when due, any premiums on such
<br />insuraneeprovision forpaymtnt-of which has not been made hercinhefore. All insurance shall be carried in companies ap-
<br />pfovcd by-the Mortgagee sad the policies and renewals thereof shall be held by the Mortgagee and have attached thereto loss
<br />payable clauses in favor of and in form acceptab#c to the Mortgagor. In event of loss Mortgagor will give immediate nntice by
<br />Tall to the Mortgagee, who ma} make prcwf of loss if apt made promptly by Aortgagor. and each insurance compan} con-
<br />cernad is hereby authi+rized aid directed to make payment for snob loss directly to the Mortgagor instead of to the M1luregagw
<br />atid:t3te Mongagee jointly, and [he insurance proceeds. or any part thereof, may be applied by the Mortgagee at its option Tither
<br />to the reduction of the indebtedness hereby secured or to the restoration or repair of the property daataged. In event of foreclo-
<br />sure of this mottRage ter other transfer of title to the mortgaged property in extingttishment of the indebtedness secured hereby,
<br />alt rtgliii;: title sad interest i>f ihr Mortgagor in and to any insurance policies thrain farce shall pass to the pure haler or gra:floc.
<br />4. That as additional and uallatrral szcurity for the payment of the Harr described, and alt ,arm to become due under this
<br />ntortRaRe, the Mortgagor hereby assigns w the Mortgagor alt profits, revenues, loyalties, rights and benefits pccruiaR tit the
<br />Mortgagor undo any and a#1 nil and gas #easrs un said premises. with the right to receive and receipt fur Qtc same and appl}
<br />them [o said indebtednr~s ac well txfore as aherdctault in the condinans tsf this mortgage, and the MurtgaRer may demand, cue
<br />foz apd racovcr am such payments when due oral payubie, but shall scat rte rryuued so u+ da_ This assignment is to terminate
<br />and tt>rrume nut# and void ups+n rete3sc ^t this mort~pr<
<br />1aUb-82103M ta-19i
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