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83'U008u'3
<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 Housirtg Att, as amended, and applicable Regulations [hereunder; 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 Develdpment, a monthly charge (in'tieu of a mortgage insurance premium) which shall be in an
<br />amount equal to one twelfth {1/12} of one-half (l)2) per centum of the aver9ge outstariding 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 Gee and other hazard insurance coveting the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property /a// as estimated by the ltrfnrtgageeJ less alt sums already paid. therefor divided by the
<br />number of months to elapse before one monde prior to the dare 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, p~e-
<br />miums, taxes and special assessments; and
<br />{e) All payments mentioned in the two preceding subsections of this paragraph and all paymentsto be made under
<br />the note secured hereby shall be added together, and the aggregate amounf 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 wrth the Secretary of Housing and. Urban Development,
<br />or monthly charge (in lieu njmortgage insurance t,remiumt. as the case may be;
<br />(II) ground rents, taxes, assessments, fire and other hoard insurance premiums;
<br />(III) interest on the note secured hereby; and
<br />(N) amortvation of the principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly payment shall, unless made good by the Moft-
<br />gagor prior to the due date of the next such, payment. cunsntute ao event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed four cents (4yG) fur each dollar (SI) of each payment more
<br />than fifteen (15) days in arrears to cover the extra expense invoh~ed in handling delinquent payments.
<br />.1. That if the total of the payments made be the ilortgagor under t:~! ui' paragraph 2 preceding shall exceed
<br />the amount of payment; actually made by the ilor[.gakee for eround rent=, razes and assessments or insurance pre-
<br />miums, as the rase may be, such excess, if the laatt is current, at the option of the Mottgagor, shall be credited by
<br />[he Mortgagee on subsequent payments to be made by the Mortvagor, nr refunded to the 1lortgagor. If, however, the
<br />monthly payments made by the bfortgagor under tbl al paragraph 1 precedrnr; shall not be sufficient [o pay ground
<br />rent, taxes and assessment, or insurance premiums, a., the r a-.c> may be. +~hen the same shall become due and pay-
<br />able, then the :1lortgagor shall pay [o the :Mortgagee am amtrunt 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 prod.=ions of the note secured hereby,
<br />full payment of the entire indebtedness represented thereby, the lkartgagee ;hail, in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor vl[ payments made under the provisions of fa) of paragraph 2
<br />hereof which the .lbrtgagee has not become obligated to pay to the secretary of housing ,ttd Urban Development
<br />and any 6alanee remaining in the funds accumulated under the pnavisians of Ibl of paragraph ~ hereaG If there
<br />shall be a default under any of the provisions of this mortgage resultinh in a public ;ale of the premises covered
<br />hereby, or if the Mortgagee acquires the property uthenaise alter default, the 1lorigagee shall apply, at the time of
<br />the commencement of such proceedings, ur at the time the property is othenxise acquired, the balance then remain-
<br />ing in the funds accumulated under rE i ut paragraph Y preceding, a> a credit :tgninst the amount of principal then
<br />remaining unpaid under said note, and :hall pruperk adjust any payments which shall have been made under jnl
<br />of paragraph _~.
<br />:. That the Mortgagor wilt nay ground rents, c+xr~.:r:,rsments. water r.;trx. and other governmental or municipal
<br />charges, fines, or impositions, for whrch provuxan hat not hero made hrreinbrfore. and in default thereof the Mortgagee may
<br />pay [he same; and that the \tartgagur w d! nnampUv dehvrr the official recriptx therefor to [hr ;•tor[gagee.
<br />S. The Mortgagor will pay ail taxrx w high may !+e levied upx+r, the 'slurgager', interest in .aid real estate and improve-
<br />ments, and whrch may hr levied upon the; mortgage ur the debt ae vred hereby that only 0.+ the eaten[ that such is nu[ prohibit-
<br />ed by law and only to the extent that such will not make this loan u,uriotrxl. but excluding anp income tax, Slate or Federal.
<br />imposed on Mortgagee, and a ill file the official recrtpt show mg sash p:tymrni w tth the 4furtgagee. Upon violation of this under-
<br />taking, ar if the biortgagur a prohibited by am law now ur hereafter rxraung from paying the whole or any ptution of [he afore-
<br />said taxes, or upon the rendering of any court drerce prohibiting the pay mrnt by the hturtgagor ur any such taxes, or if such law
<br />ar decree provides the[ any amount su peed h} the Mortgagor xha8 hr aedurd on the mortgage debt. the Mortgagee shall have
<br />the right io give ninety days' written notice to the owner of the murtgagrd premixra, reyuiring the payment of the mortgage
<br />debt. If such notice he given, the said debt shall beaamr due, payable and coI#ectihlr at the expiration of acid ninety days.
<br />6. 'That should he fait to pay any sum ur keep any ~uvenant provided for in thix Mtx[gage, then the Mortgagee, at iu up-
<br />tian, may pay or perform the same, and all expenditures xo mode shall he added as the principal sum owing on the above note,
<br />shell be secured hereby, and shall bear incerrat at the rate set forth in the said note. until paid.
<br /><. That he hereby assigns, transfers and sets aver to the Mortgagee, to be applied toward the payment of the note and all
<br />sums secured hereby is case of a default in the performance of any of the terms and conditions of this Mortgage or the said
<br />note, all the rent, revenues and incumr to he derived from the mortgaged premixes during such time as the mortgage indebted-
<br />ness shall remain unpaid; and the Mortgagee shall have power [o appoint an} agent or agents it may desire for [he purpose of
<br />repairing said prtmisrs and of renting the same and collecting the rents, revrnuea and income, and it may pay out of said in-
<br />comes all expenses of repairing said premisex and nrccxsary cummiasiom and expenses incurred in renting and managing the
<br />same aced of collecting rentals therefrom; the balance remaining, if an}, to tae applied toward the discharge of said mortgage
<br />irtdtMrdaess.
<br />g. That he wilt keep Ehe improvements now existing or hereafter erected on the mortgaged property, insured as may be
<br />required from lime to time by the Mortgagee against Ions by fire and other hazards, casualties and contingencies in such
<br />amounts and for such prritals as may br zeyuired by the Martgagre and will pay promptlp, when due, any premiums on such
<br />insarao+:e provision for payment of which has not been made hereinhefore All insurance xhall be carried in companies ap-
<br />proved by the Mortgagee and the policies and renewals thereof shall hr held by the Martgagre and have attached thereto loxx
<br />payable clauses in favor of and in form acerptable to the Mortgagee. In eaem of loss tongagur will gixe tmmrdiate notice by
<br />mail to the Mortgagee, wtxa ma} make proof of loss tf nut made pnmrptly by titortgagor. and each inxurancr company wn-
<br />etratd is hereby aatharized and directed to make payment for xuch tuna directly ic+ the Mortgagee mstrad of to the hturtgagur
<br />aced the Mortgagee jointly, and the msurm[.r proceeds, or any part thereof, may t+e applied !+p' the Morigagee at its option either
<br />to ttte reduction of the indebtrdnev hereby xrcurrd or to [he restoration or repau of the property damaged. In ryem a[ Gueclu-
<br />sare of this mort~t ar other transfer of tick to the murtgagrd property in rxtinguixhment of the indttatedness secured beech>,
<br />ail riQht,.titk and interest Of the Mortgagor in and to any insurance policies Ehen in force ,hall pass to the purchaser ur grantrr.
<br />q- That as adrltt~na# and ullatrrai srcupty fur the payment of the note drscntxd and all soma ha hva my due under this
<br />martyage, the rN<>rttyagur hereby aasignx to the Mut'igagce a#I ptt}lilM, r~e~r,~~y jp~,dtt't~s. rights and txnrhn a.cruing to the
<br />Mwty,agtn under aura and al# ud and gas irasex can .aid premises., y+tth the right"[a trtetvr and tr~cipt for the .,ante and apply
<br />harm to saW indet:trdncsa as wet! hefcarr as after defauh in tier cvndi[ii+ns at this mortgage, and the Mortgagee ma}demand, cur
<br />cur oral rcaovrr any suvh payments whrn due and payable. but shall nt+t t+e reyurrrd xo u~ do Thrs assignment is to errmtmrtc
<br />sad hrivmr nu#t acrd vied atpem release .,r this murtyr~r,
<br />tiui~d2ttap# t8-791
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