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<br />83- \JUllc~}
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<br />(I)month prior to its due date the aMua! mortgage insurance premium in order 10 provide~ holder
<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
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<br />(b)
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<br />(In If and so long as said note of even date and this instrument are held by th!, Secretary of Housing and
<br />Urban Deve16pment, a monthly c1ta'ge (in liaro! a mort~e inlfUrance premium) which shall be in an
<br />JIItlo\bu equal to (me-twelfth (l!12)of one-half fl/2}percentllm of the average outstanding balance
<br />dueoo'the note computed without taking into account delinquencies or pn,payments;
<br />A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on
<br />pollges of fi~e. ~ot/J.er hazard insurance cOllering.t/J.e mortgaged property, plus taxes and assessments next due
<br />011 ~ m~d property(aJl as. estimated by the Mortgagee) less all sums already. paidtherefor.divided by.the
<br />number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and
<br />aSS8$$lllelltslllill become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre-
<br />rni_ tax,esand special assessmentS; and
<br />.A\l payments mentioned ,in the two preceding subsections of this' paragraph and all payments to be madeundet
<br />the note secured hereby shall he 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 rhe following items in the order set forth:
<br />
<br />te)
<br />
<br />(I) premium charges under the contract of jnsuran('t.~ with the Secretary of Housing and 'Urban Development,
<br />or monthly charge (in lieu of mortgage insurance premium). as the case may be;
<br />(II) ground rents, taxes..assessments, fire and other haz.ard insuranc" premiums;
<br />(Ill) tlllerest on the note secured hereby; and
<br />(IV) amortization of the princtpalof said note.
<br />Any deficieneyin the amount of any such aggregate monthly payment shall, unless made good by the Mort.
<br />gagor pnor to the due date of lhe next suchpaymellL constitute an event of default under this mortgage, The
<br />Mortgagee may collect a "late charge" not to exceed f"lH cents (4ti) for each dollar ($l) of eaclt payment mOre
<br />than rtfteen (IS) days in arrears to cover the extra expense involved in handling delinquent payments,
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<br />:1. That if the total or the payments made by dH' 'lortgagor unde, i h '01' paragraph 2 pre..eding shall exceed
<br />Ute amount of payments actually made by the \Iortgagee for ground rl'nt~. taxes and aSE.essments or inSurance pre-
<br />miums, as the easemay be, sitch excess, if the loan is current, '.f the option of the Mortgagor, shall be credited by
<br />the 'IlO~"'e on subsequent paymenb {(J be made by th., \lortgagor, or fl'fund"d to the Mortgagor, If, however, th"
<br />Monthly payments made by the Marrgagor under (b) of paragraph 2 preceding shallllOt be sufficienr to pay ground
<br />ren~ laxes and a..~sessmp.nts or jn~uran('e premlum~. a~ the ca."w ma~' OP. ""h{~n the ;:-;amp ~hall beeome due and pay-
<br />alii.., tIteu theMottgegorshaHl'ay to Ihe Mortgage.. uny amount nN'""ary 10 muk.. up ih.. defkieney, on or before
<br />the dak> wntll> payment or ,.;uch ground rents, taxe~, a..s.'ssmenis or insul1ll1ce premiums shall be due" If at any
<br />time t~e 'IlOrtgagor"hall tender tnthe "ortgage.., tn ac..oroane.. with the pro\i,;ions of the note secured hereby,
<br />rull payment of the entl.... indebtedn"",; I'..p"',,,'nled thereby, the \Iortgage.. ,;hall, in computing the amount of ,",ueh
<br />indebtedness., credit to the 4ccount of the Mortgagor all paymelHs made under the provisions of t oj of paragrap-. 2
<br />hereof which Ute MottgagtleJl1l." 001 become obligated iO pay to the oocretary of ilousillj! ....d Urban Development
<br />and any balance rl'.m&tningin Ih" fUllds accumulated Ullde, thE provisions of (h) of paragraph 2 hert'Of. If there
<br />shall be a d..rault under any or the pro\bion~ of this IOOrtgage resulting 10 a public sule of she premises ,'over,"d
<br />h_by. or if the \Iortgag,* acquires thl' prop...ty otill'r"b.. aft.'r def.ult, th.. 'klf'!!a!!.... >hall apply, at the lime of
<br />the c_cement of "uch proceeding,;. or at th,' tim.' th.. properlY'" other"i,,' acquired, the balanc,' then remain-
<br />ing in the funds a,'('umulated unde, !"i of p3f,,!!raph 2 p"",..dinl(, ;l'; ;l "n'flil aguln,;t the amount of p"n..ipal then
<br />remaining unpaId undN said no..., and shall properly' adjust any pUym..nt~ whi,'h ~hall ha\.. been mad" ande, fa}
<br />of paragraph 2,
<br />-f. That the Mortgagor will pay ground rems. !axe~, ,ts.sC's~mem~. water rates, dnd oIhc-r governmental or municipal
<br />charge~. fines, ur impositions. fllf which proviSion has nol heen made hereinhdore, and in default thereof the Mortgagee may
<br />pay [he same: and that the Mortf:.~f!['-'fr wiH promptly deliver the i.~fficial receipts therefor {(l the Mortgagee.
<br />5, The Mortgagor \\.-ill pay all taxe~ \\-hich may i:\C levI('d upon the Mort.-:agee.s mtere~t in said real e-state and improve-
<br />ments, and \\-bico may be levted upon this morrgage l)[ the deht \e\.:ured herett~ .hUI uniy 1\."1 the extent that such is not prohibit~
<br />ed by law and onJy to the extent that s.uch will fl(lt make this hJal1 u~uri(\usL but e\.dudm.w; any income tax. State ur Federal.
<br />imposed on Mortgagee, and will file lhe official receipt showing such pa\'ment with the ',Iortgugee. l'pon \iolation of this under,
<br />taking. or if the. Mortgagor i~ prohibited by any law nOlA: or hereat'ler t'xisting frnm paying the whoie or any p\}rtion of the afore-
<br />said taxes, or upon the rendering of any courl dc:rn:e prohibiting Ihe p.ayment by the Mor1pgor i.'f any such tax.es. ur if such law
<br />or decree provides Ihal any amount St' paid hy. lhe ',Iortgagor shall t>e credited on the mortgage debl, the Mortgagee shall hO\'e
<br />the right 10 gi\'e ninety days. written notice to (he owner \)f th~ mortgaged premises.. requiring the payment of the mortgage
<br />debt. If such notice t>e given, the said debt shall become due, payable and wHeclihle at the expiratIon of saId ninety days.
<br />6, That should he fail to pay any sam or keep any covenant p",vided for in this ~ortgage, then Ihe Mortgagee, at tts op-
<br />tion, may payor perform the same, and all e.'penditu",s ", made shall be added to the principal sum owing on the above note,
<br />shall be secured hereby, and shaH bear interesl at the rale sel forth in the said no.e, until paid,
<br />7, That he hereby assil!1lll.lransfers'and sets oser to lhe M,lJ'tpgee, to t>e applied toward lhe paymenl 01 the note and all
<br />sums s<<urW ~eby in .case 01 a default in the performance of any of the terms alld conditions of this Mortgage or Ihe said
<br />I1<lte, aU the ",nts, "'venues and income to t>e derived from the morlgaged premises during such lime as the mortgage indebled-
<br />lle$S shall remain IInpa.id; and the Mortgagee ,hall have power 10 appoint any agent or agents il may desire for the purpose of
<br />repairilltPiaid ~ises and of renting the s;!JI\e and wHecting the rents, revenues and income, and il may payout of said in-
<br />COIIlfi llll~,,~ of repairing said pr<,rnises and necessary commissions and upenses incurred in renting and managing the
<br />sanie aOO (If collCctingrentals therefl'Oft\'; the baIanee .......aiBing, if any, to be applied toward the ,jiscbarg<' o{ said mOflNe
<br />iDllebted_s.
<br />8, That he w;n.hep the improv<,ments now existing or hereafter erected on the mortgaged properlY, insured as may be
<br />''''lUimt.cfrom -i:ime' t,Hm.., by the Mortgage" 8Pi- loss by fire and other hazards, casualties and conlinJlenci... in such
<br />_nts and for slIch perk"'s as may be required by the Mortgag<< and will pay promptly, when due, any premiums on such
<br />_ilfflVi$ien for pay_H,! whieh has_.~ made b<:reinbefore, All insurance shall be carried in s'Ompanies ap-
<br />~b11lw ~tmd1lw poIidM and ren.:wals thereof sball be held by the Mortgallee and have attached thereto loss
<br />pa~'ahk dauses in favor of and in form acttptal>le to the Mortgagee, In "'ent o{ loss Mortgagor will give immediale notice by
<br />mail to the M~, who 1IlIl)' make proof of loss If not made p'''''lplly hy Mortgagor, and each insurance company con-
<br />~'b\fIiMoMly.~ lllddir~ro make paymenl t<.. such 10" directly t\, Ibe Mortgagee "'slead of to Ihe MOrl&l\BPl
<br />_.~e jaiatly, and the 111$\11"""" pro"...,eds, Of .ny pan thereof. may he applied by lhe Mort~ at ils option eilher
<br />tolhe redut:tioo .>llhe indebI~!Ie>;S hereby ,,,,"urO<! ,If to the restorat",n or ,epait' of the property datn"",d, In evenl of foreelo-
<br />.liIiluliI'.tIm'tllo........._<>tber trallver'of titlt 10 the mortgaaed Property in extinguishment or the indebted~ss secured hereby,
<br />,1I1~.lM_~ oftM M~ in afKf!oany insurance policies then in force shalil'a" 1(\ lhe purchaser or grant<<,
<br />9. '11Ilit as ~ aftd .:(.~"'tel1t1 s",unty for the paymenl of the I\ote de,c.iboi,;uw all ,umsto.bo<;o,... d~ under this
<br />-..... the MMJIiIOf hereby 01'''&1<' to the MOf1lIilIlff all pmtils, reVenue,. royallles, I1ltht..andbenetits l'Ccruinl! to lhe
<br />~. w>der ltlly and 1II1 oil .nd ,as lei""" 01\ ",id premi$e., ",Ih the riltht ", ,eeelve and receipl fM the s.me "nd .ppl\
<br />thotlllO..od illde~.. a, ....II h<lfore a, .ft"r default in the condition. o( lhis m.>rtPll<', ilnd the Mortg"",,, may demand, 'lie
<br />tot att6 ""'0>"<', ""y ,,,,,h I'l'ymems when due and pas'ilI>le, 00t shall R<>t he ''''luired '" 10 uo. n", ...i&1<!ftf'nt is I<ltermlll.l"
<br />.00 bK._ nWI"ftd ,,>1<1 "....n rei"""" ,,11M mo",-,
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