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<br />83- 001U35
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<br />(l) month prior to its due date the annuallnortga~,:: 111$01 ~.m(:e prermum in order to provide such holder
<br />wIth funds to pay such premium 10 the Secretary of Housing and Urhan Development pursuant to the
<br />National Housing Act. as amended, and apphcal)le Regulations thereunder: or
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<br />(It)
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<br />(II) If and so long a~ said note of even date and this instrument are held hy th~ Secretary of Housing and
<br />Urban Development, a monthly charge (in lieu of a mortgage illSurallce premium) which shall he in an
<br />amount equal to <me-twelfth (J1I2) of one-half 0/2) per centum of 1he average outstanding balance
<br />due on the note computed without taking into account delirh.:1uendes or prepayments:
<br />A-sum equal to the ground rents, if any. next due, plus the premiums that wiH next become due and payable on
<br />policies of fire and other hazard insurance covl~ring the mortgaged property. plus taxes and assessments next due
<br />on the lliortgaged property fall as esrirnaterl by the lyfort.f!t1gcel \es:-; all sums uJready paid therefor divided by the
<br />number of months to dapse before one month prior to the date '.vhen ~;lich f'round rents. premmms, laxes and
<br />assessments- will be-come delinquent, such sums to be held by Mortgagee in trust to pay said ground rents~ pra~
<br />miums. taxes and_special assessments; and .
<br />All payments mentioned in r.he two preceding subsections of this'p-arag.rap-h Jnd all payments to be made under
<br />the note ~ecured hereby shall be added tog.ether, and the aggregate ~m1OufH thereof ';rL111 be paid by the Mortgagor
<br />each month in a single paYlllent to be applied hy the Mortgagee ;:.;) the fnllowia?, items 111 the urder set forth:
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<br />(c)
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<br />(I) premium charges under the cantract of insuLl;:,.,;:.: '.-\-IIL. the ~e( retar~ ,;f! iousing and llrb~m Development,
<br />or monthly charge (in /ieil- of mortgagt. insura!u',,: [-'t:_'lfliun'i i, JS the case may be;
<br />(II) ground rents, ta.,xes. a&.<;essments, llre;"and ,_)thc.r hJl>J.Hl inSUi3J1';t~ premiums~
<br />(III) interest on the note secured hereby; and
<br />(IV) amortgatiQn of. the pJ:fl,lcipai vf said nok
<br />Any defiCIency' iri' {he ai~6tilir~'of any su_~~h .~ggregi;1t~ ;~_;un::l:)" ~:JJ._-., m,~;~~ S~L1H, unless made good by the Mort~
<br />gagor pri6tfo the- ,hjc daie~ of dlC ;le'Xt suelr ;13ynlc!;j. ;,,;cl\:-;li!ute ~Hi t:Y~fH ;Jf d.:.:r-Juh under thi) mortgage. The
<br />Mortgagee may coHect a "'late charge" n9~ to e~cee~d r()~! ~ lTnrs (4;/)- for each JuHar ($1 lor each payment more
<br />than fifteen (15) days in an-ea-rs tt1 c(wer TJ;~ :?X(r~l o,;'Xrl'n:;,~' lD\oJveJ in handlin~ delmquent payments.
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<br />-'.""_i3. T!lat;if the lOi-a! of the paymC'nt:--: made h! tht' '..!,)flg;-l.gor undpr , . paragraph ~ preceding ~hail pxcE.led
<br />the amount of payment.s actuall,'" madE' by tn{'- \lor[g-agN~ f,'_~r L':munJ renr~. [ax~s and a.....ses.:;nlcnt,S- or;-insurancC' pre~
<br />miums. as th-e cas(' may b€'. f.;uch ('\T('S5. if the ioan is ('errenL ,1t the l..)p~lOn ~,f the j1ortgag:or. sha'l1" be credited by
<br />the "\lortgagpp on ~ubsequent paymenb to ue made by iht' \hH'lgagor. '.J.[ ..d'unded to th{> ,\lortgagor. It how('ver. the
<br />monthly pa~;mf'nts made by the Mortgagor under:: ,. uf par~lgr<.lph ~ F'r(.,:;..:dil:~'. "halt nut be sufficient to pay ground
<br />rent, taxes and assessments or insurann:.' pr{>nllum~. ~L~ thp elL..;p ma~ !H.', i"twn thp :---am{' .-.haIl be{~ome due and pay-
<br />able, then the Mortgagor shall pay to the \lortgag('(' any amount nen'",,,ar)' to mak.. up Ihe defi<'ieney, on or before
<br />the date when payment of suc:h ground rt.'nts. [:1xe:::=. a~seSSm(;IH:3 or in8-uranee prpmiums ~haH be- due~ If at any
<br />time t.he ~.1ortgagor shall t.ender to the \lortgagpp, in aeeorrlann' \\ith [nt' pro\'l<.:.ion:-. of the note ,,;,;~wurt'd hereby,
<br />full payment.Qf the entire indebtedn('~s rtlprc~i.~ntPli Ihpreby, the' \lortg3gp(' ,...:lIaJI. in computing Uw amount of sllch
<br />indebtedness, credit '0 the account of the Mortgagor ail payments made under the provisions of ra) of paragraph 2
<br />hereof which the Mortgagee ha:s nut be-comE.' obligated to pay i.O till' ~p{,H~lur!, of Housing ...nd Uruan Development
<br />and my_ bajam:e remaining in the fund~ :HTumu!atNI undpr lhp f)f(lyi:::-it)n~ 01 of paragraph 2 lH'reoL If tht~e
<br />s~l,H ~ a-;defaulLunder any of t,heyrovi'::';Hm:, of thi~ Inortgagp n~~uJtin!! in :t publj(' ::-:aJf' of the_pnm\i:.;es-'cove_~ed
<br />hereby. or if th(~ '1ortg-a~ee acquirps thp pWpt'rly utht:'rwiH' afH'f dl:'fauit. tnt' \longagf>t. ~hall appfy: at th(> tiTtle of
<br />the eomm(mcement of ::-;ueh procf'eding:-:. or al ihe tirot.' lilt' prOpt.'rt! i_~ ottwrwi:::p ~!('quirpd. ihf' balancp Ihpn H'rnain-
<br />ing. in Ow funds a('('umulated under (I.) nf paragraph ~ pn'("~.~ding. :.1:-:- ,; t'n.dil :IF"ain,':'llhe amount of principal then
<br />remaining unpaid under .-::aid note. and :"hall prop('rly. ,-Hi.iu~l ~my p;~"tnH'nl:.-. '.\hich ~h,d! h;HP bCf>n maop under (a!
<br />of paragraph 2,
<br />4. That (he \1orlgag(lr will pa~- grounti rem:'., fa.\!;'".,. <'!~::;es~mclH...., 'X,-i(t'[ ::iks, ,mJ ;~ther .!;i..)\termnenla! l)r munIcipal
<br />charges. flne~, or impositions, fl)r which pro\-,l..,i(H! ha~ no! !.-4:en m.H.ie hereinbt"f~~re. ;md in def:.:wlr theretJf the Mortgagee may
<br />pay the same; ;ll1U thai the ,\1ongaguf \\-ill rflHnptly Jeii\cr th~ t)tn;;':fal fe,,-elp!'-' lne-ref,,'f !,) [ht~ :\1ortgag~e.
<br />5, The \longagor will pay '-Ill taxe~ v.hich ma} be Ic\-icJ ur0n !ht' \inrigagee'~ irnerr:s{ in ..;aid real estate and improve-
<br />ments. and "vhieh may be levied upon this mortgage In the deb! ~t~('u!eJ hert'by ,hut lJ111v Itl the c'.\telH that ~w:h i:> nnt prl.-)hibit-
<br />ed bv Jaw anJ t"mlv to the (~\tent that ~u,.:h \I.-ill 0,-'1 rn.tke till" ]l)<-t.B tbt;!lt'u\L but c'u,'iu-tling anv income C.!:\. Slah..' \)f redaaL
<br />imp..;sed tln r>.-1ortg;gee, Jnd will file the I..lrtli.-ia! receipt sno\\;lng St~..:h p:i\ men[ \\.'ith the ,\1ortgagee. Upon \'ioiatj()H of !his HnJer~
<br />taking, Of jf the \-1ortgagor is prohibited hy any la\\ no\!.- ('r her't~ilflc-I I..~\i,>unl; frt'lni paying [he \vhole or any p\)ftion of the afure-
<br />said taxes, or upon the rendering of any court del.~rC'~ f'1\)hibiting ihe r~l\'nh:~nt by tilt" \II.)/'tgagor l)f an\ :-,uch Ul\e~, llr jf such law
<br />or decree provides thaI any ;J1llt)Unl so paid h:v lhe '\hlrtgag\.': ,-,h~lH f"i.: \.'fc'uiteJ (In the mortgage debt, the \-lPrfgaget? "hall have
<br />the right 10 give n~nety,d;ay;-. ~ \\-ritl~n tloti_ce !t_l the owner ;A the !1!\)rtgag.eu rrt"mi~e..;;, rt't.juiring !he payment of the mOrlgage
<br />debt. If such no!ite be_give'n',~hc said deht shall beCl1fllt' duc. rii~aDic ,H~J co/le\.,tibk aI the c.xpiratlOn of SiUJ niBel', J.'IYS,
<br />6. That should he fail.to pa~' "ny 'Sum- or keep- anycOVena!ltflt('t\'ided f,)f in thix MOrlg..lge. then the \1ortg.agce. at its op~
<br />tion, may pay,or,perform the same. and all expe,nditure:5<'so;rn~uie ~twJt;!)~ _aJd~J h.' the prlncipaJ,sum I..}\l.:ing on the ahLn:e note.
<br />shall be secured h~reby, anJ :-.hall bear interc~t '-11 the ratt: ~e[ forth in the '<'lid nptt'. until paid,
<br />7. That hl~ hNeby a:-.signs. transfers and scb lH'er (ll the :\-1()rlgaget.', H.i ht' applieJ loward the payment l)f the nnte and all
<br />sums ~ecured herehy in case of a default In [he performanLe- df an~ oi rh~ lCInh anJ ~'i.)nuition~ llf rhi, !\'1ortgage l)f Ihe ~aid
<br />note, all the rcnh. revenues and income ro b~ derived fW!11 the rnortgaged premi~e:-; dunng such lime as [he mortgage indeoted-
<br />ness. shall-remain unpaid:, and,the; Mortgagee s.haH ha\'e power to appoint any agent -or agents it may des.ir~ ft)f the purpt.1se of
<br />repairing said premises and of renting.the -!'amt.~ ,H1J ('oile(ting the rents, !e\(>nU6 ~IOJ income. and l[ may pay ,)ut llf said in~
<br />comes all expenses, of repairing said premises and necessary commissions and expenses int.:urred in rentIng and m.aoaging the
<br />same~-~nd o,f ~t~Jfec,ting rentals therefrom~ the balance remaining, jf allY, fO he applied toward the discharge of '~aid mortgage
<br />indebtedness, ,~ .
<br />8._ That he will keep the improvements now existing t)f hereafter erected dO thc mQrtgaged propeny.. Insureu a:\ may be
<br />required from time to time by the \-1ortgagee against los,s Py fire ;,HHJ nlher haiarJ~. ..:asuaHie~ and l:ontingenJ.:Jes in such
<br />amounts and-for such periods as may he required hy the Mortgagcl.:' :ind will r~lY ~~rl}mrtiy. when dth.'. <-IllY rremium~ un Slh:h
<br />insurance provision- for payment of \vhich has not heel} made,hereiobdl\re. ,-\J! insurand: "hall he carried in t.:"ompanies ap~
<br />proved by the Mortg~g~e and the polkie:-. and rene';.ab the-re-,)f ...;h~ill rt' hdd bv the ;'o.ll1rtgagt'c and have attached thereto lo~s
<br />payable clauses in ht\iot.of-:and ~n- form -accept-attic to the Mortgagee, -hi event .()f loss Mong~lgor \~ ill givo:: immediate I1l)tice by
<br />mail to the -Mortgagee, who may make proof of ILl",::;. if lhlt matie promptly l~y .\lorlgagtJL :Iud ea~h in~UI~-tIl\:e cl.'mpany con~
<br />c.e-rned is hereby autbo!i~ed and dir~":-ie..j w make paym~iH f(ll. :o.uch luss diret:rh' h) the ;\fortgag,ee insleao of to the Mortgagor
<br />and the Mortgag~c jointly. and .~he Insurance pro":el.-'d~, or any P,tH Ihert'(lf, ma) he applieJ hy lh~ ML)r[gagee <II ib option either
<br />tOJhe reductifln of the indebtedhe~s-Ilcr€'h'y-securcd "nr w the restoration or repaii-uf -the pfl1perty damaged. In e\-.-ent \.)f f\)rcdll~
<br />sure of this m.ongage or other transfer of title w the n'}j...lftgag~~J property in t'\unguj~hment oflhe lBJebh::dne~~ .'>ccured hereoy.
<br />aU righl, title and imcre,,[ of the \hll 19:agor in anll h) an.\-" in~Ufa(h:e poli,,:ie.... then III f(\Ji:~ ;.;h:~JJ r~b:-' to tht' purc!laSt'l' l)f ~r(tnlct',
<br />9,. That;;l$ ..ll.hiittonal and ":llllJ!eriil sel.'urii}' 1'01 lh-c pii.vmcllt \of !tll""H,~\J,,- dt'~.;:n.h~4; .1fJ, all sum~ tu hc\;vmc Ju~ under thiS
<br />mortgage, (he MOr1g:t~\lf hert'~)j <1~Mg~" hJ the \1ortgagct:.' aH pn'f:ih. re~'e;(1t~, r~'y(iltle~. fights anti benefits accl1Jing Itl the
<br />Mortgagor under any anJ aH ll11 and ~as leases HI1 ~aid Ncm,...c~, \\'1111 the nght to i'i:..:CJ"l.t;' and rc",,:('lpt for the :>.arllc and npply
<br />them 10 ",..nd indehttdn~~.~ as \\-cll hefDh.' <1). after detaul! in the l..'l'iH.i.iiltHh I)llhi" 1r1t1ng.."gc. .md Iflt.:" ,\1ortgage\" miiy dernanJ. s.ue
<br />for and n:~'o\.cr any .\!i....h paymenh wh\.~n Jut' <ind fHl.->tablc, but ...haB not be ft''-lUih:J '>t) I,'} (k Tnt:- J..,..i,~nnten[ i.... li..l tt'rmmilte
<br />and N:COHlt nul! anJ ~'('titlllp\.ln rrk,t."e "f t1ll-l,: illlHlgage_,
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<br />HUU,9214-3M 19- '9)
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