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<br />83-. 4008~~ .
<br />(t) 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 />QI) 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 f In lieu of a mortgage insurance premium) which stroll be in an
<br />amount equal to one-twelfth (I/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 the ground rents, if any, next due, plus the pretniuins that will next become due and payable on
<br />polkies 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 dfartgagee) 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 delmr(uent, 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 two 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 6e applied by the Mortgagee to the following items in the order set forth:
<br />(t) premium charges under the contract of insurance with the Secretary of Housing and Urban Development,
<br />or monthly charge /rn lieu oJ'mortgage insurance prerniuml, as the case may br,
<br />(Ip giound rents, taxes, assessments, !ire and other hazard insurance premiums;
<br />(11I} interest on the note secured hereby; anJ
<br />(f V} amortization of [he principal of said note.
<br />Any deficiency in the amount of any such aggregate nwn[hly payment shall, unless made good by the Mort-
<br />gagor prior to the due date tit the next such payment, runsnuue au even[ of Default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceeJ tour cents (-i,r) fur each dollar (5l) of each payment more
<br />titan fifteen (153 days m arrears to cover the extra expense mvolved tit handling delinquent payments.
<br />t3. That if the total of the payment, mode by tfm \lurtt;agor under rb~ of paragraph ~ preceding shall exceed
<br />the amount of payments actually malt: by the ih€rtgagee for Around rents, taxes and assessments or insurance pre-
<br />mium, as [he case may be, such excess, if the tom is current, at the opuun of the Mortgagor, shall be credited by
<br />rho M1fortgagec on subseyuenl payments w be made by the \k,nKagor, ur ndunded to the M1lortgagor. If, however, rho
<br />monthly payments innde by the Mortgagor under (L1 of paragrapl+ 2 preceding shall aot be sufficient [o pay ground
<br />rent, taxes and assessments or insurwtce premiumo, as the case may tee, when the some shall bucume due and pay-
<br />aLle, than the Alurlgagor shaft pay to the Blortgagce any amount necessun w make up the deficiency, tin ur befon€
<br />the date when payment of surh ground ants, taxe.~, a.»e,~munts or insurance premiums shall be due. If at any
<br />time the Abrtgngor shall tender to the tifonKnget+, in acconlance with the provisions of the note secured hernhy,
<br />full payment of the entire indebkedness repfesented themby, :he Murtgagva shall, in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor all p,+}meats matte under chr provisions of (a) of paragraph 2
<br />hereof which the M1brtgagee has not become obligatx•d to pay to the ~ecrrtary of Iluusing .a+d 4irban Development
<br />ar€d tu€y balance remaining in the funds accumulated under the pnwisions of (1,) of paragraph 2 hereof. It there
<br />shall be a default under any of the pn+cision~ of this murtt;ayte resulting in a public safe of the prc:misus covered
<br />hereby, ur it the 44M€rtgugue acquires the property otherwise alter default, the M1brtkugee sl+all apply, at the lime of
<br />Lhe commencumenl of such proceedings, nr at the time the pnrprrt} is otherwise acyuired, the balance then remain-
<br />ing in the funds aceumulutc:d under 11.1 of paragraph _' prrceJin; , n, a crrvlit against the amount of principal then
<br />ren:.tining unpaid trader said note, and shall properly adju-t any payments which Shull have been made wrJer (al
<br />of paragraph '?,
<br />i. That the ;vtortgagur wdl pa}' g€uunJ rents, raze,, asars-ntenra, water rues. and other governmenhJ ur municipal
<br />changes, tiara, or impusitiona, fur which prov€sron has nut been uwde herriubrfore, anJ in Jcfault thereof the Mortgagee may
<br />pay the name, and that the Mortgagor will promptly Jehvcr the odiciat receipb thereforto the hlurtgagee.
<br />S. The Mortgagor udl pay oil [axe, which may tx IevirJ upon the Mortgagee', intrrrat in said real estate anJ improve-
<br />ments, and which may be levied upon the, mortgage or the Jrht arcureJ hereby [hut only to the extent that such is not pruhibit-
<br />rd by law and only to [he extent that wch will not make this loan usunoual. but excluding any income tax, State ur Federal,
<br />imposed tin Mongager, anJ will hle the ofliciul rccerpt ,how ing such pay n+ent wrth the Mortgagee. Upon violation of this under-
<br />taking, ur if the Mortgagor is prohihiteJ by any law now or hereafter casting from paying the whole ur any portion of the aforr-
<br />wid taxes, or upon the rendering of any coon decree prruhibiung the pay meat by the Mortgagor or any wch taxes, ur if such law
<br />or Decree providea that any amount w pail by the hfungagur ahal! hr crrdurd tin the n+ortgagr debt, the Murtgager ahull have
<br />the right w give ninety Jays' written nw+ce w the owner of the mortgage) prenusea, reywring the payment of the mortgage
<br />debt. If surh notice be given, the sail Jebt ahall txcomr Jur, payable and collrrtibk at the expuation of sail ninety daya.
<br />h. That shook! he fail w pay any cam or keep any covenant proviJrJ for in this Mortgage, then the Mortgagee, at its op-
<br />tion. may pay ur perform the same, anJ all rxpend+tures ao made shall br aJJrd to the principal cam owing on the above Hutt,
<br />shall br secure) hereby, and shalt bear unerest at the rate set forth in the aaiJ note, unfit pail.
<br />7. 'Chat hr hereb} asaigna, transte+ ~a ,eta user w the Mortgagee, w br applirJ towurJ the payment of the note anJ alt
<br />aurae aeeured hereby in case of a Jrfar.,: ~ .the performance tit any of the term, anJ cunduiuns of this Mortgage or the aaiJ
<br />note, alt the rents, revenues and income r.. be JenvrJ from the mortgage) premrsrs During wch time as the nwrtgagr inJrbtrd-
<br />ness shall remain unpaid; anJ the Murtgager shat! have puwei to appoint any agent ur agents it may Jrsue fur the purpose of
<br />rrpuiring said premises and of tenting the carne anJ cuUrcung the renu, revenues anJ income, anJ it may pay uw of aaiJ in-
<br />come> alt expenses of rrpairitrg salt prcnrrsra anJ necessary comnnsatuns anJ expenses incurred is renting anJ managing the
<br />aamt and of cullectittg rrnlala therefrom. the balance remaining, +f anp, to br applieJ Wward the discharge of aa+d nwrtgage
<br />iiukbtedncss.
<br />g. That he will keep the impruvemrut, now rxuung w hrrca(tei rtectrJ an the mortgaged property, insured as may hr
<br />required from timt to time by the MuuH.+ger against lus, by fire anJ other hatarJa, casualtira anJ e, mtingrnctra m ouch
<br />amounts aitd fur such periods as tray Ix requite) by the ~I.utg:+ger and will pay promptly, when Jue, any premiuma tin such
<br />insurat€rt provision fur paynieat of wM. h has nut beer, aaJr hrrrtnbrfore..4I1 ittsurancc shall 6r carne) in companies ap-
<br />pruvrd by the Murtgager and the pulieie, and rentwals rrrruf shall be held by the Mortgagee anJ hour attached thereto Iws
<br />payahk creases in favor of anJ in form a_crptablr to +l Murtgager. !n evrnt of lose Mortgagor will give rmmrdiatr Hauer t+y
<br />mail to the Mortgagee, who may make proof of toss r' got n€aJr prumpUy by Mortgagor, and rash inw€unce company cun-
<br />eernetf is hereby authuriud anJ directed to make pav ,cat for ouch leas )treaty to the Murtgager inatead of w the Mortgagor
<br />and the Murtgager jointly, art) the inwrance prurerJ., or any part thereof, may ht applied by the Muttyagee at its upuun either
<br />to the redu:tton of t!x indebtedttrss herchy xraueJ ,u to the rcatwatiun ur repair of tl+e property damaged- In corm of farrcln
<br />cart of thin matgaga of other transfer t,i €iik to flee tnurtg;ryrJ property in extinguiahntrnt of the indebtrdue,a secmeJ hrrvhy .
<br />alt ry(ht. title anti iatrrtst of the Mxut~µ.a in aoJ to any insurance (n,l€.its then in toter >hatl pass to the p,,:: haae+ ur };€:,mrc
<br />4. `that as aJdii~nat ,end adtatrr.a -,-unty tau the paymmnt u[ the note Jea.nt>tiJ. anJ alt aunu to br. on+r Jac unucr flu,
<br />murigayc, the Mixigagtu ttrreby asa+F.. „~ the Mcu€gagrr art pr.rlita, revenues, tuyalnrs, nghta anJ frruetil, av.ruu€y; to the
<br />Mutt~s~x ursdrr aoy ~tJ uN oil and Ra ::,,,es on ,aid prrmrara. w uh the r+ytht u, re:rrvr ai+J rrcetpt Lu chr auac snJ apply
<br />them [>,~ vard €r~ehicd ~+J :, .,tree default in the etmdnr.m, of this noartgayr, anJ the MurtytaKrr niay drnrand, ,tic
<br />tau aAJ tua:ov:r#-~,p,#~- ,}A;tbls~n J#+r ~utd pa}•ahk, but sfr,aSl mH fsc r: erurrvJ ~,,, 1,~ d.- Tans :,utgomrnt r. sn tcsmtuatr
<br />:mat hecx;rm¢nuTt anvl void ap.+n retrasr of t#as rotxrtgape.
<br />ru ~U 9; t;t ;~ lY ;..
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