|
(3 }month prior to its due date the annual mortgage insurance premium in'e~er~to provide such holder
<br />with funds to pay such premium tt> the Secretary of Housing and urban Development pursuant to the
<br />National Housing Act, as amtnded, and applirabre Regulations thereunder; or
<br />{fl) If and so long as said note of even date and this instnunent are httd by the Secretary of Housing and
<br />Urban Development, a monthly charge !in lieu of a mortgage insumnce premium) which shall be in an
<br />amount equal to one twelfth {1/12) of one-half (1)2) per cenium of the average outstanding ba[adce
<br />dtie on the note computed without taking into accwint delinquencies or prepayments;
<br />(b) A sum equal to the ground rents, rf any, next due, plus the premiums that wilt next become due and payable on
<br />policies of ire and other hazard inswanCe covertng the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property (ad1 as estimated by tfre etfortgagee/ Less-all sums aready paid therefor divided by the
<br />number of months to elapst before one month poor to the date when such ground rents, premiums, taxes and
<br />assessments will become delinquent, such sums w he held by Mortgagee m trust to pay said ground rents, pre•
<br />miurns, taxes and special assessrrtents; and
<br />{c) All payments mentioned in the two preceding subsections of this•paragranh and alt payments to be made under
<br />the note secured hereby shaft he added together. and the aggregate amount thereof shall be paid by the Mortgagor
<br />eac}t month in a single payme-nt to he applied by tfse Mortgagee tr. the following items is the order set forth:
<br />(I) premium charges under the contract of insurance w)th the Secretary of }rousing and Urban Development,
<br />or monthly Cttaige (in. Ilea of mortgage irrsuranee ;;reneium 1, as the cast may br;
<br />([I) ground rents, taxes, assessments, t`ur and other hazard insurance premiums;
<br />(rIl) interest an the note stcured hereby: and
<br />(IV) amortization of the principal of said Here.
<br />Any deficiency in dte amount of any such aggregate monthly payment shall, unless made good by the Mort-
<br />gagor prim to the due data of the next such pat~mrnt. constitute an zvcnt of defauh under this mortgage.-The
<br />Mortgagee may Coilecr a "late charge' nw to cxcreu t~_x:r ;:cots f4it) for each dollar ($!) of each payment more
<br />than fifteen (l Si days in arrears to cover the txra expense utvo}vrd in ItandIIng delinquent payments.
<br />3. That if the tots! of the pas~men[= made be the 4tortgugor under +d ~ of paragraph '2 preceding shall exceed
<br />the amount of payments actually made by tttc ilartgut;ee for ¢round rents, .axes and assessments or insurance pre-
<br />miums, a._ the case may be, such excess, rf the Loan is current, at the option of the Mortgagor: shall be credited by
<br />the 4iortgagce on =ub=equant payments to be made by the 1lorteagor, nr refunded to the Mortgagor. lI. however, the
<br />monthly payments made by the Mortgagor under r re, of paragraph Z preceding shall not be sufficient to pay ground
<br />rent, taxes and assessment. nr insurartce pmmium~, .rte the ca~a mac be, )+hen the same shall become due and pay-
<br />able. then the ~iot•sgagor shall pay to the hinrtttagae any amonnt nacas,~ar} to makt> up the deficiency, on or before
<br />tfie date when payment of such gmund rents, taxes, assessments or imurance premiums shall be due. If at. any
<br />lime the lNangagor shall tender to the Mortgagee, in aceunranca with the provisions of the Hate secured-hereby,
<br />full payment of the entire indebtednes= represented theretrc, the .1lortgagee shall, in computing the amount of suc,}t
<br />indebtedness, credit to the account of the Mortgagor all paytnruts made under tt:e provisions of !a) of paragraph 2
<br />hereof which the llortkakea ham nut become obtikaicd to pay to the ,ccretxry of Housing ~rtd Urban Developttrent
<br />and any balance remaining in the funds arcumutated under the provrsiona of fbl of paragraph S hereof If there
<br />shall ba a default under arty al the pnrvistan~ aF this mort>ratge• rasultinit in a public sale of the premises t•overed
<br />hereby, or if the MortgaKee acquire:- the property otherwrsa attar d<^faui[, dta lhtttgagee shall apply, a4 the time of
<br />the commencement of such proceeding-•, or at the amt the propem rs othen+ise acquired, the balance then remain-
<br />inK in the fund. accumuiatad umdcr ~ i-' of paragraph ' praa~edints, u~ a cn~dit a>;aimst the amount of principal then
<br />remaininK unpaid under -.aid n.rta, and -hail pruper!+ adtust am pati memo which shaft have been made under (a)
<br />of paragraph ~?.
<br />+. That lhr Mortg:+gor ++rtl pay gnsuuJ rent.. .:,tr+. ,t.+e+,mznt.. w;+trr rute+, anJ of h.r governmental or municipal
<br />Charges. floes. or imposruuns. for whtrh pn+ar,ron he, not peen r)tadr herrmhetore.:md in default thereof the Mortgagee may
<br />pa}~ Ihr same, anti that the Morgagor w ril promptly d-there the otiiaa! recetlxs therefor ar thz Mortgagee.
<br />~. The :4lurtgagw- urtl pa+ al? taxe+ Niu.h mey he leered upon the \Irangagrr's uurrest in said real estate and imprvve-
<br />ntents, and w-bleb may bz leh red upon tht. mongagr ,>r the dent ,r, ured hereby tout only to the extent that such is not prohibit-
<br />ed by law and only to ihr rxtem that s~cn wdi not mai.e thts loan a+unuu.+t, but esduding any income tax, State or (~ederal,
<br />impustd on Mvngagre„u)o wdi file the oNirtal recript +hawtng such pay ntrnt wnh the Mortgagee. Upon viola[ivn o(this under-
<br />taking, or rf the Mortgagor r, prvhihitrd by any law noes or here:+ftrr exrettng from paying the whole or any portion of the afare-
<br />said taxe., ar upon the rzndering of any ewer decree pn)hrbtung Ihr pay mrnt l?y the Mortgagor or any such taxes, or if such law
<br />or decree prostdeh that nny amaum ++> patd by the Mortgagor shalt t+r ardard on the morgage debt, the Mortgagee shalt have
<br />the right la grvr ninety days' wntten nuUCr n+ the ownri of the mortgaged pcenuses, rryuiring tote payment of the mortgagt
<br />debt. If such notice he gisen, the +atd dent shalt become due, pay obis aad colloctihle at the espiraiion of sold ninety days.
<br />h. That should hr fail to pay ang sum or keep any cocenaut pruvtdrd for m this Mortgage, then the Mortgagee, at its op-
<br />non, may pay or perform the same.:md aU rxp<ndtmrrs +o made snail be added m the principal sum owing on the above note,
<br />shalt be secured hereby. and shalt hear imtereat at the r.,te +zt forth to the sold note, until paid.
<br />That hr hereby assigm, transfers and sets over tv the 4fartgagat, to hr applied toward the payment of the note and all
<br />sums securtd hereby in Wsc' of a default ie tht prrformanx of an: of tht terns and Conditions of this Mortgage or the said
<br />note, x1I the tenth, revenues and income to hr dewed from the mortgaged premises during such time as tht mortgage indebted-
<br />ness shall remain unpaid; and the ~1ort~.ptee .hall ha)r power to appoint any agent ur agents it may desire for the purpose of
<br />repairing said premises and at renting tht same .,nd coileaing Ihr remh. ere tours and income, and it may pey out of said in-
<br />comes elf txptnsts of repairing .aid premise. an:l necrs~ary Cuntmtssionh and expenses incurred in renting and managing the
<br />sortie and of cviltrting rentals therelrtmt; the haranre remaining, ii arty. to br applied toward the discharge of said mortgage
<br />indebtedness.
<br />8. That he will keep the rmprovrmenih Haw existing +=.r hereafter zrzcted on the mortgaged property. insurtd as may be
<br />required from timt to time by tht hiortgaa~e against lass by fire and other hazards, casualties and Contingencies in such
<br />amounts and far such l~ra>ds a. may hr rryuired by the Murtga_ger and wtll pay promptly, when due, any premiums un such
<br />insuranct provision fur payment of whi.:h has Hat htn made hcreinbefvrc 411 mwranCe shalt be Carried in Cumpanizs ap-
<br />pmvtd by tht Mortgagee sod the pi.!isles xntf renewal, thereat shall hr herd by the Mortgagee and have attached thereto lash
<br />payabk Ctausrs itt facer of and in form acceptable [o the Rtortg~ee. In r+rnt o"f less Mortgagor urll gist rmmediutr notice by
<br />mail to ittc Mortgagee, who may mans pt~af of toss if not made promptly by Mortgagor. and ta+,h tmwaace aunpetty cun-
<br />rtrned is herthy authorized and directed to make payment fat such lose dirraly to the ;4tvrtgager instead of to the ~lurtgagvr
<br />artd the Mortgagee jEintl}', <tnd the )nsurtnCe procezJz. at one part ihtrttat. may- F?r upplitd by Ihr Mortgagtt at its option either
<br />to the reductive of the tmdrhtednrss hereby- arcutcd or tv ihr rcetoranan ur repair o3 dte proprrt} damaged- In rcfnt at furechr-
<br />sttrt of this mvrtgagt or ether transfer at tittrto the mvrtgagtd property tnextinguishmtnt of the indebtedness ucured htrrhy.
<br />alt nghk, title and inteitst of tht Mortgagor in and to any insurance poGCies thin in forct stroll pa+h t: the purchaser w gr;nurr.
<br />U. Thai as additional and ealiatcra3 >ecutity fur the pn#mrnt aF the note drsCrrbed. and alisturu tae hevarge due under rho
<br />mvrtk>c. the Mortgagor rrrtelg assigms tv the Ms>rtgal;rr all pa>lits. rreruuz+, tr.paints. rigEty bed bedefMS aCerui~; to tht
<br />Mortgaytns tinder am> and all =+ol ,end gan !rases on paid premises, with the right to rrcen-r and receipt for ihz same .md apply
<br />tFtern ii: said irxtrbtrdrrrs, a, w clt tsrfurg a, :after detaurt in the a=:rdtuons of this mortgage. and the ".tartgagre may demand. utr
<br />fur and Keaaet any auctt payrments wttea derv and payart,ir. but shat? naa he ~cquareu ;r- t.+ .Ia Thts assignment is [o terruuu+tt
<br />once hceuute uelf aarod , s>iu upon rrtecse. ••! rtJs m..+rtl;~r_
<br />sayeLe92t4]M (@-T#t7
<br />
|