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<br />(l }montlrprior to its diie date the annual mortgage ,nsurance premium in order to provide such holder
<br />with funds to pay such premium to the Secretary of Housing and Urban Development p~rsuantto the
<br />National Housing Ad, as amended, and applicabie Regulations thereunder: Or
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<br />(II) If and so long as. said note of even date 3lId this Instrument are held by Ih!, Secretary of Housing and
<br />lJthilil Development; a ~nthly charge (in Ueuof a mor~ illSUf/ltlce premium) which shall be in an
<br />amount e<jUaltoone.twelfth(l/12) of one,half (1/2) per centum of the average outstanding balance
<br />due bn the note computed without taking into account delinquencies or prepayments;
<br />(b) _ A $!lilt equal to dte ground rents, if any, next due, plus the premiums that will next become due and payable on
<br />polic~,of fire and,othll<-h_rd insurance_covering the mortgal!<d property, plus taxes and assessments next due
<br />OIlthe;Jn,Qrtgajjed property{allas estimared by. the Mortgagee! Jess 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 ground rents, pre.
<br />miums,t"es and specilllassessments; 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 IllQllth in a single payment to be applied by the Mortg"8l'e to the following items in the order set forth:
<br />
<br />(I) premiwn -"barges under the conu"ct of insurance with the Secretary or Housing and Urban Development,
<br />or -monthly cbaige (in lieu of tnortgaj(€ insurance pre.t?'riuml. as the case may be;
<br />(II) ground rents, taxes, assessmenlS, r.... and other hazard insurance premiums:
<br />(lH) interest on the note sceured hereby; and
<br />(IV) amortization of the plincipal of said note,
<br />Any deficiem:yin the amou!lt of any such aggregate monthly payment shall. unless mad. good by the Mort.
<br />gagor prior to the due date of the next such p"ymcnt. ,,,"stiIUl< "n event of default under this mortgage', The
<br />Mortgagee may collect a "lale charge" nol tu exceed tour ccnl. (4,;) fur each dollar ($1) of each payment more
<br />than fifteen (15) Jays in arrears to cover the extra expense involved in handling delinquent payments,
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<br />:1. That if the wtnl of the payments mad" b~ the \lort~agor und..r ! t! of paragraph t !)f'pcpding shall pxceerl
<br />thp lU1Iount of payments actually made hy thp \~llg"" for I1round rentH. ta,,'s and assessments or insurancp pre-
<br />miUllIs, as the case may be. s\leh excess, If the loan IS CUrIent, at the option of the Mortgagor, shaH be credited by
<br />th.. \lortgagf'e on subsequ..nt payments w be mad.. hy Ih,' \Iortj!aj!or, M ",funded 10 Ihe \lortgagor. If. however. the
<br />monthly payments made by the Mottga!lO' under (b J of paragraph 2 precedin!! shalloot be sufficient to pay ground
<br />rt.m~ taxes and a.s~essmffits or insuran(~(" pnlmjum:--. a...., tht~ \'<1....,.. may be-. ",hpn the ~ame shall be-come due and pay.
<br />able, then the Mortgagor Khall pay to thl' \lortga/l"" any amount n"""R,ary to ma!... up th.. defkipncy, on or before
<br />the date wbenpaymf>llt of suclll1round rents, tax..", It;<s,',,,,ment,, '" in~uran~e premiums ,mall be due, If at any
<br />iiilit' !be Mortgagor shall lendpr to the \Iortgllgpe. in a"l'ordall"" with Ihe provi"ion" of the note "e~ured hereby,
<br />full payment of the entire jndebtedn.."" repr"''''ntlld ehereby, eh.. \lonlllljl;ee "hall, in ,'olllpuiing the amount of such
<br />indebtedness. credit to the account of rh. Mortpllor aU pa)'ments made under the proviSions of i 0) of paragraph 2
<br />htlreef. whid1lhe~toRl!1ll!e& baa 001 00<--01111. ohlillated 10 pay 10 \he :-.et'relary of lIonsin!! ~nd llrban Developmenl
<br />and any balance remaininl! in the funds ...,cullIulllood und..r \he provisions of (hi of para!(l'llplt 2 hereof, \fthere
<br />shall be a defaull onder any of thl' pro\'S""" of this IllIltlJl3j!" ,,'''ullinll in :t public sale "I' thO' pt1'mises ('overed
<br />hereby. or if thp \Iort.gagee acquire" the pmp.'r" Hlh.'r",,,e "ft.., d..fllult, th.. \lorlJlag.... shall apply, 8tthe IUne of
<br />the commen".....""l of RUI-n proc....dinIlS. or at th.. ,im.' lh., pro""rt~ .,. (leh"""",. acquired. the balanc.. then r..main.
<br />inll in the funds ac('umulaood unoor, 'i (.f par,,!!ral'h ! I'",....din/l, :I>' a n..dit "ll"inHlthe amount of principal then
<br />remaininll unpaid undO'r said nol.., and ,hall l.mp,'rh adJu"l any pav-",..nl" "h,,'h ,.hall hn.. bl'el1 made under ia.!
<br />af paragraph ;!.
<br />01< Thai the Mortgagor Will pal' ground r~nb. r~1"e~. ~'-',e~smenh, '-'ater rate~, .J:nd othtr governmental or municipal
<br />charges. fines. tir ImptlSilJOns. for whi..:h pro\<lsion ha~ 0\11 beCfl made hereinbeh.lre. and In defauh thereof the Mortgagee may
<br />pay the same' and thai the Mortgagor Will p"'mptl) deh'''r Ill<: official recelpt< lherdor 10 the Mortgagee.
<br />5. The Mortgagor 'A/ill pay un t~H,t:-. which ma\ ~ k""ltU upon the \h)n~tt'~ tnh::rest In :\o.aid rea; eslate and improve.
<br />ments. and \\.'hich ma) he ievled uPt.1n thi~ mortgage llf the del:tt ."e-.:ure-d h~feh). ittut ,mh- to th~ t"xtent that ~uch is not prohibit~
<br />cd by law .and \mh' to the' e'tent that ",ulo:h \\.-ill not make:- thl~ !i.)an U\UfI'\Ju-s.L ~Ul e\fiudmg any In\'\)m~ tax.~ Slale vr federal.
<br />imposed on Mortg.ag<<. .mo "ill file the l\ffidaf recelpt -;howing ~u..:h pa)mrnl "tin tilt- .\t<lffgDgee. Upon Violation of this under.
<br />ta.kjna. or if the Mortgagor I~ prohibited hy an~ !a~ ll(H\ lH hC'r('ah~f e.\lstmg frtlm p"yang the whole or any pt.luion of the afor~~
<br />s.aid hl.~~, l)f up(ln the rtnMnns of an}' ':\llirt dC!'(.'ree I'h'hibttin.tbe pa~menl ~y tht- Mortgagor or any such taxes. or if ~uch law
<br />or deeI'<< provides ,hat an~ amount ><, pailll... Ihe \Ioflllllll'" shall t-c crelllled on Ihe mortlllllle debt, the Mortltllllee shall have
<br />the right 10 gi\'c ninety days. wrincn nO{i\,'( 10 the l'\IlOC'f uf the mon~ rJemt,e~. reQutr11tJ the pa}:'meot of th~ mortgage
<br />debt, If such nOlice l>e gi'-.n,lhe said debt ,hall heo;ome due, pay..nle aod ",'llecliNe .tthe upmuion .,f ,aill ninety days.
<br />6. Thai should he faillO pay any sum or keep .n~C"VCtldnt p"",d"d f,,, m Ihis Mortgagc, then the Mortgagee,.t its 01"
<br />tion, may payor perform the ...me, and al! evpendlturcs s" made ,hall t-c .dded 1<' the principal <urn (,wifll! on the above note,
<br /><hall be <ecur.d hereby, and shall t-car mtere>t.llhe r.le "'I lorth m Ihe ,..II nole, unlil paid,
<br />7, That he hereby aSM&ns, lno,feu and ,..f; o""r to the Mortgagee. to t-c applied toward the pa~ment of the note and all
<br />sum, _ured hereby in case of a default .11 the pcrforlBllJl<:Oe of any of the t.rm$ and condition, of thi$ Morlgage or Ihe .aid
<br />note, aU the rent., r..enues and income to t-c derived from lhe _'rlgaged I'renllses durifll! ,uch time aSlhe mortltlllle indebted.
<br />ness ,hall remain ullpllid; and the Mortllllll<< <hall lla" power to appoint an~ agent ," agents it may de..re for the purpose I,t
<br />repllirilll said preftlUe. and of renting the ""me and "ollecufll! the renh. revenues .M,ncome, ,md it may pa~ out of ",id in.
<br />eames all'upcnse$ QffelltTm. said premises and nece'>at) ,-ommlS..,>ns and ex pen.., incurred m renting and man",""tbe
<br />..me and of collectilll rentals lhere-from; the ba~ remaini..., if am', to bc applied toward the dischargc of said mortgage
<br />iftdclbtedness _ '
<br />ll. ThaI he wil keep-the ~ now uiMina 01' hercalter CfCCted on the mortp&ed propert)-. insured as may he
<br />requiretlfl'Ml-ri_ to liIM by the M~ against loss by fire and orher hal-aN., casualties and conrill3"ncies in such
<br />~s and forSIICbpcriQIIs as 0111) be requftd bylhs: Mortpg<< and will pa, promptly. when due, any premiunls ,In ,uch
<br />~ provi~ torpal~1lt of whidlllls llOl been made bereinbc:t.>re All in.urance shall be ,'amed in companle' ap.
<br />~by tfle MOI'tJlaIee and the policlh and rene,.,.I. thefrof ,hall be held hy the Mortg&&<< anll h",e allaclled thereto loss
<br />payaWc cIaUK" In bvw ,'f and In (,'rm a.:ceplable 10 the Mortl1as<< In e'ent 01 to" Morllll1llOf wm lI"e .mmediate noliee I>y
<br />""'II ro,~r.tort"", wbQ Inll) ~ pwof of lo>> If ootmade pwmptl~ h~c ~..,,~, aM each lIlvutance mmpany con,
<br />~lS~aU1bo<i~ and dinocled t.. make payment fN 'ueh klss direclly 10 lhe Mortgaaee ,"'lead o( '0 the MOfl&lll\'f
<br />...... ~ "'llntiy,wtbe m~unmce """'eN,,.'1 on, part lheret<f, mllYbe' applied I>y tM MOl1J88ff at it. option either
<br />tolM_~tW fhe ~t1ted_~ "'um! 01101_ res_loo,,, ~ Ilflbeproper1ydalnqed, Ine,,"t of force II'.
<br />- ..., tilt. ~<< ~f uj&!\.t" of Itllc 10 the """!Pied llI'OfMIl1) me 'UllIu"h,nenl 0/ the .ndeNedne" ,ecured hNel>,.
<br />all rittol, .___oIl1lP Mon..... ilI.nd loanyill.unloctl: pollelte, thettlotf(ll\;e <hall pa" !l1the pUICh.lSer or IIrant<<
<br />'1'_ n.t ..lldd"klI1aI ...0 c,'IWflal ,e"...") for tbe,J>aymfllt of the lI<>le de..nl>eU, and all 'um. \" !le,-,..... due ,mdcr Ihl>
<br />-taofIt. t!lc Mwt...... be""by "\lFI' hI tbe M~ lilW...., "'V-., "',allle'_ nJht. .,1<1 henefits ',,"CIU'fll!!I' Ihe
<br />~. ~ M, * all ,..I alIIi lP' In"'. ,." ;.aid 1'"'_"5: ~ah the IItillt ll> 'e.:e... .nd recelpl t." lhe ,.me and awh
<br />Ibetft to .... ~". .\ ...d lletou ". ..ft1!f d.c!1II1l1 HI the <:ondll..."" ,,f Itl" mill'''''''', and the M1>rtpace may demand, <II(,
<br />tCH ~ t<<:(~'., M)- ~h pil\ ftlC'Rh- ..hell ~ tttW Nt)'abJ,r. but ",hid, fK-.t be ttquu..-d ".(l tll ,i\l t hi, .,.menl 1'\ ,"0 tC'flmnate
<br />..... __ molt.....t '-,...s _", ,,,,,,,.-oc ..f tlit. "',utaW.
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