|
I
<br />-~ r5 ,~.~ U G 0141
<br />(I) month prior tv its due date the annual mortgage insurance premium in o: der to provide such holder
<br />wish funds to pay such premium to the Secretary of Housing and Urban Develvpment pursuant to the
<br />National Housing Act, as amended, and applicable Regulations thereunder; or
<br />(!I) If and so long as said note of even date and this instrument are held by the Secretary of Housing and
<br />Urban Development, a monthly charge /in lieu oja mortgage insurance premium) which shall be in an
<br />amount equal to one-twelfth (1(12) of one-half (1/2) per centum of the average outstanding balance
<br />due on the note computed without 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 />policies of Fire and other hazard insurance covering the mortgaged property, plus taxes and assessments nextdue
<br />an the mortgaged property (all as estimated by the dfurtgageeJ 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, premiwtis, taxes-and
<br />assessments will become delinquent, such sums to be held by Mortgagee in trust to nay said ground rents; pre-
<br />miums, taxes and special assessments; 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 month in a single payment to he applied by the Mortgagee to the following items in the order set forth:
<br />(f) premium charges under the contract of insurance with the Secretary of Hnusin~ and Urban Development,
<br />or monthly charge /in lieu ojmortgage insurance premium/, as the case may be;
<br />(II) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(III) interest on [he note secured hereby; and -
<br />(IVl amortization of the principal of said Hate.
<br />Any deficiency in the amount of any such aggregate monthly payment shall, unless made good by the Mort-
<br />gagor prior [o 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 (dg') fur each dollar (31 } of each payment more
<br />than fifteen (15}days In arrears to cover the extra expense involved in handling delinquent payments.
<br />3. `Chat if the total of the payments made by [he Mortgagor under /hl vC paragraph 2 preceding shall exceed
<br />the amount of payments actually made by the Mortgagee for eround rents, taxes and assessments or insurance pre-
<br />miums, as the case may be, such ezress, if the lean is current, at the option of the Mortgagor, shall be credited b}
<br />the Mortgagee nn subsequent payments to be made 6y the 4lorigagoq or refunded to the Mortgagor- IF, however, the
<br />manthty payments made by the Aforcgagor under j L1 of paragraph _' preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums, as the case may be, when Lhe same shall become due and pay-
<br />a61e, then the ,Mortgagor shall pay to the ;Mortgagee any amount necessary to make up the deficiency, on or before
<br />the date when payment of such ~mund rents, tams, assessments or insurance premiums shall be due. [f at any
<br />time the R9ortgagor Shall tender W the Mortgagee, in accordance with the provisions of the note secured hereby,
<br />tu^ payment vF the entire indebtedness represented thereby, the .4lortgagee ;;hall, in computing the amount of such
<br />indebredness, credit to the account of the Mortgagor all payments made under the provisions of /u} of paragraph 2
<br />hereof which the 4i0rtgagee has not become obligated to pay to the Secretary of Housing and Urban Development
<br />and any balance remaining in the funds accumulated under the pnrvisions of tG) of paragraph `l hereof. if there
<br />shall be a default under any oC the provisions oC this mortgage resulting in s public lain of fhe premises co~. d
<br />hereby, or if the 3krrtgagee acquires the property ulherH4se after default, the =Mortgagee shall apply, at the live of
<br />the commencement of such proceedings, or ut the time the property is otherwise acquired, the balance then remain-
<br />ing in Ute funds aceumulali~d under (b1 of paragraph 'Z pn~reding, as a credit against the amount of principal then
<br />remaining unpaid under said note, and sfiall properly adjust any payments ,which shall have been made [order («1
<br />of paragraph 2,
<br />4. That the Mortgagor will pay ground rents, taxes, as<essments, water rates, and cnher gavernmen[al or municipal
<br />charges, fines. or impositions, fur w-hick provision has not been made hrreiebeforc, and in Default thereof the i4lortgagee may
<br />pay the same; and [hat the 4tortgagur wit! promptly deliver the official receipts therefor to the Mortgagee.
<br />5. The Mortgagor wilt pay all taxes which may hr levied upon the Mortgagee's interest in said real estate and impruve-
<br />mcnES, and which may be levied upon this mortgage or the debt secured hereby (but only a, the extent that such is not prohibit-
<br />ed by law and only to the extent That such wit! not make this loan usuriaus), but excluding any income tax, State or Federal,
<br />imposed on Mortgagee, and will file [he otHcial receipt showing such payment with the Mortgagee. Upon violation ut this under-
<br />tsking, or if the Morgagor is prahibited by soy law Haw or hereafter existing from paying the whole ur any pardon of [he afare-
<br />said taxes, or upon the rendering nt any court decree prohibiting [he payment by the Mortgagor ur any such [axes, or if such law
<br />ar decree provides !hs[ any amount so paid by the Mortgagor shall be credited on [he mortgage debt, the A9artgagee shall have
<br />the right to give ninety ilays' written notice to the owner of the mortgaged premises, requiring the payment of the mortgage
<br />debt. (f such Halite he given, the said debt shall become due, payable and eolleciible at the expiration of said ninety days.
<br />5. That should he fail m pay any sum or keep any covenant provided for in this Mortgage, then the bfortgagce, at its op-
<br />tion, may pay or perform the same, and alt expenditures so made shall he added to the principal sum owing un the above note.
<br />shall be secured hereby, and shall bear interest at the rate set firth in the said note. until paid.
<br />?. That he hereby- assigns, transfers and sets over m the Mortgagee, to be applied toward the payment of the note and all
<br />sums secured hereby in case of a drfauk in the peri'ormance of any of the terms and canditivns of this Mortgage or the said
<br />note, all the rents, revenues and income to br desired from the mortgaged premises during such time as [he mortgage indebted-
<br />ness shall remain unpaid; and the Mortgagee shall have pawer to appoint any agent or agents it ma} desire for the purpose of
<br />repairing said premises and of renting the same and collecting the rents, revenues and income, and it may pay out of said in-
<br />comes all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the
<br />same and of collecting rentals therefrom; the 6alanct remaining, it any, to be applied toward the discharge of said mortgage
<br />irutebtedrtess.
<br />$. That tre wti(I keep the improvemems now existing or hereafter erected on the mortgaged property, insured as may be
<br />required from -time to time by the D9or[gagee against loss by fire and other hazards, casualties and contingencies in such
<br />ampgms and for such periods es may be required by the Mortgagee and wilt pay promptly, w=hen due, any premiums on such
<br />insurance prevision for psyment of which leas not hero made hereinbefore. All insurance shall be carried in curnpanics ap-
<br />pravcd by the Mortgagee and the policies and renewals thereof shill be held by the Mortgagee and have attached [hereto loss
<br />payable clauses in tavcu of and in farm acceptahlr to the Mvrttrdgee. In event of loss Mortgagor wit! give immediate notice by
<br />merl to the Mortgagee, who map` make proof of loss if oat made promptly by Mortgagor, and each insurance company con-
<br />arnrredis Hereby attthurizcd and directed to make payment for such loss directly to the Atangagee instead of to the 4furtgagur
<br />and tht Mortgsgee jointly, and the insuratue proceeds. nr any part theroof, may he applied by the rtturtgagee at its option either
<br />to fhe redrtction of tare irutebtadness hereby sect±red or In the restoration ar repair ut the. property damaged. In event of ~u~e~~„-
<br />sutx vt this mortgage i?r other transfer ut tilde to the mortgaged property in extinguishment of the indebtedness .secured hereby.
<br />all rigtrt, rrtlt and t`trtntt~&t of the Mortgagor in and to any insurance paEieies then in force shall past to the par- baser or gr;m[ra.
<br />y. 'Thai as addttionaJ and wttateral security far the payment of the Hate dtscrihtd, and all sums to hrcume due under [hu
<br />tMn'tgRgc, the Marigagtrr hereby assigns tv the Mortgagee all pruSts. revenues, rugallies. rights and lxnetits actrumg to the
<br />Mrtrtgagur yodel any and all ui) and gas leases an said premises, with the right to receive and receipt fur the same anJ apple
<br />tltrran to eater urd+ctrtedtstMs as w°cll t+cfvre as after dc(auh in the wnditivns of thi> rnnrtg[rge, and th¢ Mort~~gee map drrnand, sue
<br />ter and r€~aver any such payments when ilue and pay~rk:, Out shat) vcrttx rcquire,l sr~ r,~ du. This assignment i. to trrraina[c
<br />and lsecarnc null urnt vcrid upita release of thin ntartxatra-
<br />
<br />
|