|
83-~7t~0y ~'~,
<br />(})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 Housing Acf, 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 T)e+ielopmerif, a'monthly charge (iti lieu oja irrbrtgage insurance premium) which shall be in an
<br />amount equa}' to one-twe}fth (1 f }2) of one>ha}f (I J2) pet centum of the aveiage otifstanding balance
<br />due on the note computed tVithout 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 />golicies of fire and other hazard insurance covering the mortgaged property„plus taxes and assessments next due. "
<br />op' the mortgaged prapeity (all as estimated by the Mongagee) 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 Bound rents, pre-
<br />- miums, taxes and specie}assessments; and
<br />{c) A}I payments mentioned in tttr' two preceding subsections of Utis•paragraph and a}t payments to be made undt>r
<br />the note secured hereby shall be added together, arid 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 following items in the order set forth:
<br />(I) premium charges under the contract of insurancc with file Secretary of Housing and' Urban Development,
<br />or monthly charge (in lieu of mortgage insurance Irremhrm), as the-case may be;
<br />(II) ground rents, taxes, assessments, fire-and other hazard insurance premiums;
<br />(Ill) interest on the note secured hereby; and
<br />(IV) amartizatron of the principal of said ante.
<br />Any deficiency in the amount of any sufi aggregate monthly payment shalt, unless made good by the Mort-
<br />gagor prior to the due date of the next such payment, constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed four cents {dy) fur each dollar (S I) of each payment more
<br />than fifteen (1 S) days u, arrears to cover the extra expense involved in handling delinquent payments.
<br />3. That if the total of the payments made by the Nort.gagor under ini of paragraph 'l preceding shall exceed
<br />the amount of payments acwally made 6y the Dlortgagee for around rents, taxes and assessments or insurance pre-
<br />miums, as the case may be, such excess, if the loan is current, at the oprioo of the Mortgagor, shall be credited by
<br />the Mortgagee on subsequent payments to be made by the \lortgagor, or refunded to the Mortgagor If, however, the
<br />monthly payments made by the t~fottgagor under j 6) of paragraph 2 preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurancc premiums, as the t•a.:e may 6e. when the same shall become due and pay-
<br />able, then the Mortgagor shat} pay to the Mortgagee any amount necessary to make up the deficiency, on ar before
<br />Ute date when payment of such ground rents, taxes, assessments or insurance premiums shall be due. [F at any
<br />time the Aorgagor shalt tender to the Mortgagee, in act•ordance with the provisions of the note secured hereby,
<br />full 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 under the provisions of (a) of paragraph 2
<br />hereof which Wee Jlortgagee has nut become oblikated to pay ro the aecretan• of Ifouaing .nd urban Development
<br />and any balance retraining in the Funds accumulated under the provisions of (bl of paragraph 2 hereof. if there
<br />shall be a default under any oC the provisions of this mor[ga~+~ resulting in a public sale of the premises covertxi
<br />hereb}', or if the Mortgagee aequrres the property otherwi,e niter default, the \lort¢agee shall 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~j of paragraph _' preceding. as a credit against [he amount of principal then
<br />remaining unpaid under said note, and sha{I propery adjust any payments which shall have been made under (a)
<br />of paragraph 2,
<br />d. That the Mortgagor will pay ground rents, taxis, assessments, water rates, and other governmental or municipal
<br />charges, tines, or impositions, for which provision has not been made hereinbzfore-and in default thereof the Mortgagee may
<br />pay the same; and that the Mortgagor will promptly deliver the otTiciat receipts therefor to the Alortgagee.
<br />5. Thz Mortgagor will pay atI taxes which ma} bz leveed upon the Mortgagee's interest in said rest estate and improve-
<br />ments, and which may be levied upon this mortgage or the debt severed hereby tout only to the extent that such is not prohibit-
<br />ed by law and only to the extent that such will not make this loan usuriousr, but zxduding any income tax, State or FzderaL
<br />imposed on Mortgagee, and will file the otficiai receipt showing such payment with the Mortgagee. Upon violation of this under-
<br />taking, or if the Mortgagor is prohibited by any law now ar hereafter rxistrng from paging the whole or any portion of the afore-
<br />said taxes, or upon the rendering of any court decree prohibiting the payment by the Mortgagor or any such taxes, or if such law
<br />or decree provides that any amount so paid by the Mortgagor shall be sedrted on the mortgage debt, the Martgagee shall have
<br />the right to give ninety days' written notice to the ?wnzr of the mortgaged premises, enquiring the payment of the mortgage
<br />debt. if such native he given, the said debt shall became due, payable and callecliblz at the expiration of said nineh• days.
<br />6. That should he fail to pay any sum or keep any covenant pnnidnd for in this Mortgage, then the Martgagee, at its op-
<br />tion, may pay or perform the same, and all expenditures so made shall hr added to the principal sum owing on the above note,
<br />shall be sccurzd hereby, and shall bear interest at the rate sit forth in ihz said voce, until paid.
<br />7. Thal he hereby assigns, transfers and sets over to the Mortgagee, to he applied toward the payment of the note and all
<br />sums secured hereby rn case of a default in the perfprmance of any of the terms and conditions of this Mortgage or the said
<br />note, alt the rents, revenues and income to be derived from the mortgaged premises during such time as the mortgage indebied-
<br />ntss shalt remain unpaid; and the Mongagee shall have power to appoint any agent or agents it may desire far the purpose of
<br />rcptdring said premises and of renting the same and collecting the rents, revenues and income, and it may pay out of said rn-
<br />rntnes al} ezpetises of repairing said premises and necessan commissions and expenses incurred in renting and managing the
<br />same and of collecting rentals therefrom; the balance remaining, it any, ro be applied toward the discharge of said mortgage
<br />rtulebtedncss.
<br />S. That he wilt keep the improvements nou existing or hereafter erected on tlic mortgaged property, insured as may be
<br />required from ume to time 6y the Mortgagee against loss by fete and ether hazards, casualties amt contingencies in such
<br />ampunfs and for wch periods as may be required by the Mortgagee and will pay promptly, when due, any premiums on such
<br />insurance provision far payttitm of which has not txtn made hzrzrnbefore. All insurance shalt bz carried in companies ap-
<br />proved by the Mortgagee and the polreies and renewals thereof shat) be held by the Mortgagee and have attached thereto loss
<br />payable clauses in favor of and in form acceptable rr the Mortgagee. In event of loss Mortgagor will give immediate notice by
<br />mat? ro the Mortgagee, who may make proof of loss if not made promptly by Mortgagor, and each insurance company can-
<br />cetned is hereby autherizetf acid directed to make paymem for such loss directly to the Moztgagez instead of to the Mortgagor
<br />ataf"Ure Mtittgagee jointly, and the insurance proceeds, or an} part thereof, may be applied by the Mtu[gagne :+t its option either
<br />to itte reduction of the indebxndness hereby secured or to the restoration ar repair of the proprrh damaged. to zvzm of farrcla-
<br />s(tre 'this mortgage ar other transterof litre to the mortgaged property in exNttguishment of the indebedness secured hereby,
<br />all rightititk aril htttrcst of the Mortgagor in and to an}° insurance poheres then rn ftbcc shat! pass to the purchaser ur grantee.
<br />9. That as additional and collateral security for the payrnznt of the note dzscrihzd, and u!! sums to hzcomc dui under this
<br />mortgage, the Mtutgagot hereby assigns to the Martgagee alt p~ufits, revenues, royaitrzs, tights and benefits accruing to the
<br />Mortgagor under any and aU ail and gas }eases un said premises;.~ilh right t~rapctilrC and rr;:eipt for the same and apply
<br />them ro said ietdebtednnss as welt I+efore as after defauh in the condiduns c,f chit taottgage, and the Mortgagee may demand. sac
<br />for and recover any such payments wht:n due and pay°ahte. cwt shall not t,z required so to do This assittnment is to tnrminatz
<br />anal txcttmc null attd va'af ut+an relzasz,~f this mnrtgagc,
<br />-- NUC3831 A3M t8-79r
<br />
|