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<br />(I) month prior to its due dale the annual mortgage msurance premium in order to provide web holder
<br />with funds to pay such premIUm to the Secrela!)' of Housing and Urban Development pursuant to the
<br />National HOUJing Act, as amended, and appllcable Regulalions thereunder; or
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<br />(II) If and so long as said note of even date and this in,lromenl are held by th." Secrela!)' of Housing and
<br />Utban Development, a monthly charge (In lieu of a mortgllgf! insunmce premium) which shall be in an
<br />arnOt/nt equal to oneo.twelfth (/12) ofooe.half (112) per centum of the average outstanding balance
<br />due on the note computedwith,)ut taking inlO 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 uf fire and other hu.ard insulance covering the mortgaged property, plus taxes andasse$ments nexl due
<br />Oll the mOr!"d property (all as estimated by IheMortgagee) less all sums already paid therefor diYidedby the
<br />number of months [0 elapse before one month prior to the d.te when such ground rents, premiums, taxes and
<br />~nlSwill become delmquent, such sums to be held by Mortgagee in trusl to pay said ground renls, pre,
<br />miulDS, W<eund Sf!'ciaI a_Is; and
<br />(e) All payments menlioned in the two preceding subsections of this' paragraph and all payments to be made under
<br />the nOlesecuret!.hereby shall be added logether. and the aggregate amount thereof shall be paid by the Mortgagor
<br />each month in a 'ingle payment to be appiied by tbe Mortgagee to the following Items in the order set forth:
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<br />(I) premium charges under the L:ontrac( of in3Uratl":t:' with the Secretary or Housing and Urban Development,
<br />Or monthly chaige {in lift-t oj" mortga~e insurance premium.!, as- the case may. be;
<br />(In ground renlS. taxes. assessments, fire and uther hazard insurance premiums;
<br />(Ill) interest on the note secured hereby: and
<br />(IV) amoflilJltlon of Ihe prmclpaI of said note.
<br />Allydeflcieney in the amount of any such aggregate monlhly payment shall. unless made good by the Mort,
<br />gagor pdor to the due dale l,f the next such paymem. constItute an event of default under this mortgage, The
<br />Mo-rtgagee may eoHect a ..'tate charge" not to exceeu t~)Ur -.:ent5 (4)') tor ea.:h dollar ($1) of each payment more
<br />thllD Ofteen (15) days in arrelln to cover the eXlra expense involved in handling delinquent payments,
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<br />:~. That if the tOI,,1 of tl1., payments mad.. [" the \Iort/(a/(ur under "f para/(raph 2 prec'<,dinll shall exceed
<br />ih" ""'ount of paymenl>< actually made by Ih,. \lort!!allee f"r Hround r<'"t~, ta",s and assessments or ins\l,an,,,' pre-
<br />mium", as the <'ase may be. sueh excess. if the loon i. current. ,(t the optIon of the Morrgagor. shall be credited by
<br />the Mo~.. 011 sub~uent paym..nb ro lot, made bv 1.1,,' \Jortl?al!Or, or r<'funded 10 the 'Jortgagor, If. how.."er, the
<br />I'lOnthly payments ,Bade by rhO' Mortgagor under f hi of paragraph 2 preceding shail nol besuffieient to pay ground
<br />rt~lt {axes and a8He~Smtmts Of in~unult~f' premium.~. a.;"! tlw caS-t~ ma~' be. 1Ah~m the .-:.ame ~hali become due and pay-
<br />allie, u...n'tI1R MortgllAO" shall paylu the Murrgll./l.... any amoullt ",'t'p"saIJ 1<> mah., up the defki"ne}', on or before
<br />the daie....enplIYII1l!1lt of such ground rents, la."..s, :u;.~..s"m"nts or insurance premiums ;;hall be due, If at any
<br />li_ tltttMong.r shall lender to the \lorllla!!,,", in ae,'ordann' wiih Ihl' provisions of the noie secured hereby,
<br />full lXlyment of the ....tire indebtedness represt'nt<'d ther..'by, thl.' llortg'I/('''' shall, in ,'omputing Ihe amount of such
<br />indebtedness, credit 1.0 the account of t~ Mortgagor all paymems made under the provisions of I (1) of paragfapb,2
<br />hereof v.itichth" Mortgagee has""t h<<<'ome oblij!:a!ed to f""Y w the :'>e"f<'tary of llousinll ...nd Urban l)e.velopmenr
<br />and any balance rt'Illaining in the funds l!c('ulllulated untlt;, the pruvi".oos uf fo'! of parapaph 2 h"",,,f. If there
<br />sh.alt be a default under any nf the 'lro\'j..;.;ion~ of thl~ mort4!~f' !'e';-.;ultinf;! in a public ....all. of thtl premb(>-s coverNJ
<br />hllrehy, ')r if tit.. ~i<>rtgage,' aC'luirt'~ lh., prop..rty oth.'n,b., aflN d,,/ault, Ih,' \lort!!al!:e" ,hall appl)', at the time of
<br />the commencmnmJ of 5Ueh pro(~~din~.!-I', o-t al (h... timl' dw pro-p~rty i~ olh{>rwbt. lit'quired. lh{> balan(~p then remain-
<br />ing in the rund~ acrumulaled undPr I of par~rRph 2 prf'redinR. :t~ it -t:redit a~ain.':'il thp amount of principal then
<br />rem.ainin~ unpald und(>r gairl nf)t{'~ and :,h.alt prnpl~riy ~idjus( [H\) pa'mt'nt~ \\;hieh ~nall hau' IWHn made under (a)
<br />of paragraph 2,
<br />-1. That th~ Mortgagor wlli IXH' ground re n'!::'> , ia\c\. <t~"e'\~ments, Wat('f rate... i.ln-d other guvernmental or municipal
<br />..'barges, Hnes. .O{" impoll-itions, for whkh pn}Vt~ion has rWl been made hereInbefore. and In default thereof the Mortgagee may
<br />pay ttK- Siime; and that the :\.1orIga.gor will pnlmpti~" t.itlncr the t)(fici~J ft.':l::etpts therdor to the Mortga~ee_
<br />). The MOf1g'.lgor \\-jif pay aU t~'L\e~ whkh m:n he jc:\'leO upon the \'fongagee'.., mterest U1 s.aid real e-'ilate: and improve~
<br />~ftts. and which mOl}' be ie-vied upon this mortgag.e \"f the debt \.ecured hert."h\' {hut lm!\. to the extent tha: such is not prohibit-
<br />ed by law and only Tn (he c)"tem that \H('h w-d1 not mak.e lhis iuan ll'iurWu~l, hut excludmg any income tax. State or rederal.
<br />imposed on Mor~gagee. and Will tHe the ottlci.a! receipt 'ihowmg such pa\"ment wuh the Mortgagee, L'poo vio!at.ion of this under.
<br />taking~ or if the \ttlngag~Jr l' prohibited t't~; an\ la\\" n\y~ l..if hereafter t"\Js.tm~ fr..."1ffi r:J~'mg tht whole or any portion of the afore.
<br />:uid taxe~. ~)r upon the ft'ndering of <1ny \.'tlurl d.f',,-'re(' prnhtbiunR the p.a~ menl t'tv rhe Mortgagor or any ~uch taxes. or if sur:h Jaw
<br />or decree J'f{)\!tdt-s thal an~' iHllOlU1t \0 paid tty th( Mortgagor ,hall be ....f~dited ,10 the tn(lrtga!tt debt. the Mongagee shall ha\-'e
<br />the- ri.ght to tti"e- ninety day" "'nUen notICe W the \.lwner \)f the nH.'rlg.all.cd prefm~e'i. requinng the payment of the mortgage
<br />deb!. If ,"eh notice be given, the ,aid debt ,halll>ecome due. pHallle and (ollecnl>le at the explrdtion of ,aId omet)' days.
<br />6, That shuukl he fail to pay any ~um or ktep an)'l..'ovenant pro~idtd tor In this Mortgage. then the Mortgagee. at lIS op.
<br />tion. may pay t)f perform ltlt! ~e, and aU txpenditure.;, ~-o made sha.H be added t(l the principal.\um uwing on the above nole.
<br />..i\aJ1 r.e secured net"ehy, and shall ht'arlntertst ~d the tate set f\)rth 10 the said note. until paid.
<br />'. That hehMeby a.s.lgm, tramteN and sel5 <"...r to the Mortgag<<, to be applied roward Ihe payment of Ihe note and all
<br />,om' ",cured hereby in case of Ii defAutl m the performance of any of the lerms and ,ondllion5 of this Mo,tgage or the said
<br />note. aU the renb. re\'eflutS and in<:ome to ~ \.ierivcti from tht' mOHpged premises dunn~ such tlIne as the mortgage indebted.
<br />oess- shall remain unpaid: a.oo the Mortpgee -:-ohaH h.ne power 10 appoint any agent or agents it may desire for the purpose of
<br />.fepai,rinIJ said fJfemtses and of rentmg the ~amc and coHe('tin~ the rent~, re\'enue~ and income. and j( may payout of said in-
<br />c~s all ex~ o.f ~"said premises iwd necessary (ommi-ssions and expense~ in(urred in renting and man~ the
<br />""- atlClat ,oIlectingrental.<tlIerefr_; the balall<;C remallling. if allY. 10 be applied toward the dl5thar~<lf said mortgage'
<br />i~s,
<br />~. That he win k,,"!, the im1>nwemenls now existing "r hereafter erected on the mortgaged property, in'lUted as may be
<br />requifttdtrom time. '" lIme' by the M<>rfllagee agaill5t 10.. by fire and other hazard" ca",alties and contingencie5 in 5ueh
<br />_. and for ,uchpeno.!> a, may he '''qUlred b,. the Mort!l:ajreC and WIll pay promptly, when due, ony premium, (In ,uch
<br />iftwn_F"~ tilt'paY_IIt,u( which ""'_been made he,emher"re ,\11 m,urance,hal1 he ...met! in (ompame' ap-
<br />pNt.<edby the ~ and llle ""'ieie$ .nd~a15 thereof shall he held tv tbe Mortgagee and have atlached thereto loss
<br />payabk c1u:u~~ in !4,\'Of of 0100 in form a~"ept&blr to the Mongaget'_ In even! of id-SS M\.)ftgagot win gi\-'e immediate notice by
<br />mail w:-ht: M.orl~~, who ma;' make proof of Ios~ If fit)' made promp-fly hy Mortgagor, and each insurance (ompany con.
<br />~..,JImi,rautll0ri'Zed anlhlireeled t6 mllke payment tor ,uch 10" ;)trediy to the Mortgagee lo,tead of It, the Mortgagor
<br />lllId"'~ iomlly. ~lld the ,n,u.."',. prc><:eeds, or all, part ther<<lt, may he RllMied I", the MOI1Ragee at iu nptitm eilller
<br />tt! t:~.r~"tion 1:4 the.lndeblC"dne~5 herebj" ~ecured nf to {he ftSloratlon or repAir of lhe pnJr<rtv d.:unaged, In c\'enr of foredo-
<br />__ of th~~~""..tl!(,l tram.ffi of tille Ie the lllOrtgaee<! l'l'opetl, in utifillll"hm'"1 ,\1 the indebtedoess seemed hereby,
<br />>:lI1 rl~,tiIl.tllllllt~n,>flbe Mtortflllll"""in and k' "'1lY i".UT"1lCt' polk.., then in f ,m'< ,h.1! pa" hl the purdlaser ," ~rantee.
<br />9, T'twt M 1tdditio"nat ;Jnd i:~,lhUtra! 'i~"uri:l}. '-01 the pa\l"ment of the rwte de'licnbed. and an sum... w. hecomt" tiut" under thIS
<br />_ltlllll<<'. the \f'It1P1t'" MI"by ''''I,n, 1<' the Mortll.., alt I"oht" revellne., ""'ollie" 'lllht<; and l'>e~l;il.:I ;o.;auilll! to ,Il<-
<br />~ ,,!l<hI. .IIY .od an "II .mi ga' lea,., <'n ",<<I prenme', with the right'" receIve and ~eJpl f""ilile >:time .nd al'pl..
<br />tllcm m..ud Ittdebtedcw... os well hefore,,, alter <ld.lllt III ,he condllKm, of Ihl' lI"'rt.~, and the Mot1",1O<< "'a)' demand, '!Ie
<br />fot aOO UKnv4t itftl ,:t<<::P J\fl~m~nn wbtn dut' ~nd p.ayahk. but ~ha.ll nol he n."qtllf(.-d Sl'l t-o do rhti a.Miltnmenf j!i to termma;((
<br />>nd""'~_IJUlI.m;I vmJ "poP" "''''lt~'''lh" "'''''I.....' D ~T n O-~O..
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<br />KUt:l!l~!4W t!l.lIlJ
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