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<br />P'1-(JU"l."'.' '"
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<br />0) month prior to its due date the annual mortgage insurance premium III order to provide such; Qoltler
<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 />
<br />(II) If and so long as said note of even date and this instrument are held by th!, Secretary of Housing and
<br />Urban Development, amonth1y charge lin I~ofa mortgage insurance premium} which shall be in,~n
<br />amount equal to one-twelfth (1/12)ofone.half (1/2) per centum of the average outstanding balance
<br />due. on the no~ computed without taking into account delinquencies or prepayments;
<br />(h) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on
<br />policifS of me and other hazard insu,4Jlcc covering the mortgaged property, plus tues and assessmenullextdue
<br />Qll the mortgaged pr9perty (ail as estimated by the, Mortgagee i 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 />assemnents'will become delinquent. such sums to be held by Mortgagee in trust to pay said ground rents, pre.
<br />miums, t3J[eS'.and special a5Se$SlTlents; and
<br />te) All payments tnentioned.jn the two preceding subsections of this'paragraph and all paym'entsto'be made'urider
<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 be applied by the Mortgagee to the following ttems in the order set forth:
<br />
<br />(I) premium charges under the contract 01 msurance WIth the Secretary of Housing and Urban Development,
<br />Of-monthly chaige (in lieu of fflortgaxe insurance premium i. as lh~ case may bej
<br />(II) gr(lUnd rents. taxes. assessments, fire and Nher hazard insurance premiums;
<br />(HI) interest on the note secured hereby; and
<br />(IV) amortV-1ltJon of the principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly paymen t shall, unless made good by Ihe Mort,
<br />gagor prior to- the due date of the next such pa\.!lllcJit, ~tms-tHuie .an event of default under this'mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed fmH ,'ents (4~) for each doUar ($1) of each payment more
<br />than fifteen (15) days if' arrears to cover the eXtra expense invofvcd in handling delinquent payments.
<br />
<br />:1. That if Ihe iOtal of Ow payment" mad., by tjl(' \Iongagor 'lOdN: 1101' paragmph 2 p....ceding shall exceed
<br />the amount of paymtlllts actually mad.. by the Mo~aj"(el' for ~round rents, HU"s and asSl'ssments 0' insurance pre-
<br />miums, as the case may be, ~ueh excess, tf the loon IS current, .It the opllon of tlte Mortgagor, shall be credited by
<br />th.. \1o~age.. on suh"",!u.'nt payment,,, 10 he mad.. bv th.. \lon!!a!!ur, 'If fl.fund..d to the Mortgagor, If, howl'ver, the
<br />monthly payments made by the Mortgagor under I b; oj para!lf'lph 2 preceding shall nor be sufficienr to pay ground
<br />rent. taxe8 and a..sse~sment~ or insuran{"p premium~. :i~ th\"" ra......p may be. \\hffi the ~ame t'hall becom~ due and pay~
<br />ahle. then the Mongll!lor ",hallpa)' t.o the Mort~&>!..., any amount n..e..,,,al} to mahf' up the defkien..y, nn 0' befoff'
<br />the date when pa),.ent of sUt'h !!mund ....nts, taJ<l'S, """l'''smen1'' or in:"urancll pff'rniums shall be due, If at any
<br />Uiiffi tIie ~~ Man tendiJi" t"'.l the- \knigag~r~ in iU'i"nrd--.il"li"i' with th{> prti...i~ion~ nf the not€' tl~cu:-~ hereby,
<br />full pa)'lIIoot of Ihe. enti.... indehtedn.."" rep....sented lhereb), the\lot1~lIJ;ee ,.ball, in cumpuUng the lUllf)unl of such
<br />indebtedness, credit to tlte account of die Mortgagor all paymelHs made unde, the provtsionsot Illi of paragraph 2
<br />hereof whichLhe Mottg3!l"ll hll6 001 be<,olne oblij!"ated to pay to th., ,,",cretacy of !lousing ....d Urban' Development
<br />and lift)' balance reIIIaioing in the fund", aceumulated under the provisioos of I &1 of para!lf'lph :! hereof. If there
<br />~haJl be a default under an\, of th(l prtJ\i-.;ifJn~ of thi~ mnrtgaJ!p rt",:-;uhine Hl a publi..-, ~al{\ uf tilt' prt!'mist's ('ovpred
<br />hereby, or if the 'Iortgag..(; acquue" the' proP''f!\ nth....wi_.. aflt'r ddault, th., \lo~a~(..' "hall apply, at the tbe uf
<br />the ('omment"ement of ~u("h pro{'~din~s. iU at tht' limp [ht' proJWrl~ i~ nthprwi~t" a('quired~ tht~ balant~~ tht"n remain-
<br />iOJ!: In the fund~ ac('umulated under i U of paragr;iph :! prpn.ding, ;1.,.... a cft'dit ~t.gain~t t-hll amount of prineipal tJl(~n
<br />remaining unpaid uflde-f ",aid not<,. and :-.haii prupt-'rI~- .]dJUSl an~ pJ.~m..n(:-. ~\hi{'h ~hail hav.:' t.H't"n madt< undp-r i a}
<br />of paragraph ~,
<br />4 That fhe \tortgagor \,l"tll ra~ grtmnd rem~. !a'"e.... ,l",,,(,"s'\ment-'.. W;;t!tr raIt;.. ,In;J l.lther governmental or municipal
<br />,.:harg:~~. fine'\. -or impo<\tUOn\. ft.)f ....hich pro\"i\wn h-a.., filH ~cn mad~ hereinhett'\re. ..:.nd m deLiult thereof the Mortgagee may
<br />pay the same: and that the Mortgagor will rnJmpth.' deliver the official receIpb the-refor to the Mortpgee.
<br />5. The Monpgof wil! pa~ all ta\l":-. .....-hJch may ~ leVied up4.'ln the- "'onio!a~-c("" interest in saiu real estate and improveR
<br />me-nts. and \\'htch may he levied upon thJ~ murtgage ('r (hi' Je-~t ')e..:ured here-tno' thut t:mi\' to the c'\tent that ~uch IS. not prohibit-
<br />ed by !a\\' and flnl~ to the e-"tent that such v.iH n-i.-'lt malic: thi", in~m li~Uft\lU~). hut e-\.dudmg any income tax. State or federal.
<br />imptlsed on Mort,~~e. and win file !he official nxelpt ...hO\Hng 5u..:h p~n'ment with the Mortga.gee. Upon violation of thi, under-
<br />takine. Of tf th~ Mottgagt,)f h pr(.1hihited hy ;m\' la\\ now l-..r h~reaftef e\.l~hng from pa!t'ing th~ whole l)r any portion of the afore~
<br />\aid taxes. or upon the fendcfln~ of any i..'ourt de1.:ree pn'lt'uhiung thr- p-avmenl ~\ the ~lt'\rlgagor or any such taxes. or if such law
<br />or dccr<< provides. (hat an) amount ~o raid by !he Mort~\)r ~hi.lH ~ \,,'rcdtted on the mortpge debt. the Mo-rtgagee shall have'
<br />the right 10 give ninNy day~' wrinto n\J-Uce it.) the lPtl.'ner ~)f the mortg~~J premIse,. reqUiring the pavmenl of the mortgage
<br />debt. If such notice be Ilwen, tM \aid debt ,hall become due,;>a)abk and collectible .1 the e'plfltUlln of said ninety da)'s.
<br />6. That should he fail 10 pay any ,om ,If keep an\' cov...,a", pfl'v>dcd fN In this Mortll'llle, then the Mortgagee, at its 01"
<br />tion. may payor perform the: same. and all e"pendjture~ ~,,) malic s.hall ~~ JJded to the purn.'tpai sum uwing on the :lbov( note,
<br />,hall be ....:ur.dJ.ereby, and shall bear interest altberate set fonb in tbe saldnule. until paid,
<br />"" That he hereby .."..gns. transf... lUld sets ov", h' the Mor~, l(I be applied toward the paym;:nI of the note and all
<br />sum) secur~d hert'by in i.'ase of a default ir. the- performance \.~f an)' l,f the terms and (<tmditions of this Mortg-dge or (he said
<br />note. all the rents, feven~, and Income to be derived f",m the mortgallCd premise, dunng ,uch time a. tbe mortgage indebted-
<br />ness shall remain unpaid: and the Mortgagee .hall bay. pv....N to appvmt an\, allenlor agent' it may desire lor the purpose of
<br />repairine"said premises and of renung the ~ame and collecuns. the rents. re\'enue~ and income. and it may payout of ~aid io-
<br />comes all e"pen_ of repairing md PNlllttse. and necess.at)i wmm..,n,"s and e.pense. incurred in renting and managin,lhe
<br />saale lIlldof collecting rentals lltett!frnm: the balance remaininll, if any, to be applied tnward the dlscharllC or said mon!llllC
<br />illdtbtedDos.s,
<br />8. Tlit\t he will k<<p 11Ie improvem.nts now e.i,tin~ or hereafter erect"" on the mortgaged propeny, insured as may be
<br />tequ!n-4:,i~ time It')!~ ~"'!~ MO~ t!ga!!!st k~ss'~y fire ~nd l\tMr hazaTd~. cas:uaitie_'i and contingencies in such
<br />amoum. and r<>t .uch pertoos "' may be required by the Mor4l8i!ee and will pay promptly, when doe, any premiums .lD soeh
<br />i~ f't'nvlsieo ftll'paymenl of which has not ~n made hereinbefor.. All insurance ,hall be carried in companie, ap-
<br />prOvt:dbythe ~and the poI~ and ",_I. thera>f shan N held by the Mongagee and ha"e attached thereto lo.s
<br />payable dauses in favor- t,f and in form a~\.'eptablt to the Mort~ _ In ('vent of los-~ Mmlgagor win give tmmMiate notic~ by
<br />f1\aJJ tn the M-ortPl<<~ ~ho may make prol.1:i of los~ if not mat.k promptiy hy Mortgagor, and each insuram::e \:ompany coo.
<br />~~lietebyaotltoriteillmd directed to make payment for such "'" dlre"t!}' Il' the Mortgagee ,n.teIUJ of to the Mortgasor
<br />..tIk> ~ JOi..;and lhe in.urance pro"eeds, or any partl~f, may be "prItt'<! bv the MOrt~ at in option either
<br />to the reducUon of the inllebledne.. h...,by secure<! or TO the re,toration or repair of the p"'pert)' d"""'lled. In evenl of for..,lo.
<br />_1lI'~~<< ",her transferor litle to the~ ptoperIy inutm,u;sh"",nt of the indebtednt'$$ .oeured herell,.
<br />atl ~~.....~ of-tllIl ~ in and to any Il\surance r<l/icie. tMn In ["ree shall pa" II) the purchaser ,l[ ~'anlee:
<br />'I Thal a. additional ..t><l ""jiatenl .,",curlty for the ....yment (If the ""te de>enbed. ...nd..ul $um, 'P,Qe,cq,,,,nlueunder thi,
<br />~. the Mn.........r he",bY as""" tn the MOlt_ all ptofits, r,"en""., r"vallte',,~ and ~1It, a<-.:rllin.tl ".l the
<br />"'-....,. ..nd<!. .R) ..tIll.U ".1 .nd lil'" tea..,. on >aId !'ftmi..", ..uh the flltht to receive and fe,'elpt fM the ,.rne "nd apply
<br />tbRt '" ""'" ,ndebtc4""" ., ...If hett"" .. "ftN ddalllf In the condition. "I th.. own,.".., .nd the MOI'tN<< may demand, sue
<br />fur -IftII-:reC'\.'tvff ~fl~' "t~tJ pay~tu\. wtw-.n du_e and pa}"..ble. hut )htd! nof ~ leQulfc-d '-i\ tiJ U0 fl1is a~s4tnment i:'i to terminate
<br />and ~_ IMllI an;!......! ,,_ ..!to.",,~! tllk nlllfl",
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<br />HUCl.ul.W 11..,91
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