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<br />(1) month prior to its due date the annual mortgage insurance premium in order to provide such holder
<br />with funds to pay such premium to the Secretary of Housing and lJrban Development pursuant to the
<br />National Housing Act, as amended, and applicable Regulations thereunder; or
<br />(11) 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 (I/12) of one-halt (1/2) per centum of [he average outstanding balance ~'
<br />due on the note computed without taking into acrnunt delinquencies or prepayments: o
<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 />po-ieies of fire-and other hazard insurance covering the mortgaged property, plus taxes and assessments next due ~
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<br />on the mortgaged property /all as estimated by the Mortgagee) less alt sums already paid fhere(or divided by the
<br />number of months to elapse before one month prior to the date when such ground rents, premiwns, taxes and
<br />assessments-will become delinquent, such sums to be held by Mortgagee in trust to pay paid 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 be applied by the Mortgagee to the following items in the order set forth:
<br />(i) premium charges under the contract of insurance with the Secretary of Housing and Urban Development,
<br />or monthly charge (in lieu ojmortgage insurance premium/. as the case may be;
<br />(IQ ground rents, taxes, assessments, Cire and other hazard insurance premiums;
<br />(1[i) interest on the note secured hereby; and
<br />(IV) amortization of the principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly payment shall, unless made good by the Mort-
<br />gagor prior to the due date of the next such payment, rxtnstitute an event of default under this mortgage- The
<br />Mortgagee may collect a "late charge" not to exceed four cents (4¢) for each dollar (51) of each payment more
<br />than fifteen (1 S) days in arreazs to cover the extra expense involved in handling delinquent payments.
<br />3. That if the total of the payments made by the Mortgagor under /b) of paragraph 'l 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 excess, if [he Loan is curcent, at the option of the Morgagor, shall be credited b}
<br />the Mortgagee on subsequent payments to be made by the hlortgagoa or refunded to the Mortgagor. If, however, the
<br />monthly payments made by the Mortgagor under (b) of paragraph Z preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums, as the case may be, when the same shall become due and pay-
<br />able, then the Mortgagor shall pay to the Mortgagee any amount necessan• to make up the deficiency, on or before
<br />the date when payment of such ground rents, faxes, assessments or insurance premiums shall be due. I( at any
<br />time the Mortgagor shall tender to the Alotigagee, in accordance with the provisions of the note secured hereby,
<br />fnll_payment of the entire indebtedness represented thereby, the Mortgagee shall, in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor alt payments made under the provisions of (a) of paragraph Z
<br />hereof which-the Mortgagee has not become obligated to pay to the Secretary of Noosing and Urban Development
<br />and any balance remaining in the funds accumulated under the provisions of (6) of paragraph 2 hereof. If ~...e
<br />shall be a default under any of the provisions of this mortgage resulting in a public sale of the premises covered
<br />hereby, or if the hWrlgagee acquires the property otherwise after default, the Mortgagee shall apply, at the time of
<br />the comtttencement of such proceedings, or at the time the property is otherwise acquired, the balance then remain-
<br />ing in the fnmis accumulated under (b) of paragraph 2 preceding, as a credit against the amount of principal then
<br />remaining unpaid trader said note, and shall properly adjust any payments which shall have been made under (a)
<br />of paragraph 2,
<br />4. That the Mortgagor will pay ground rents, taxes, assessments, water rates, and other governmental or municipal
<br />charges, fines, or impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may
<br />pay the same: and that the Mortgagor will promptly deliver the official receipts therefor to the Mortgagee.
<br />S. Thr Mortgagor will pay all taxes which may be levied upon the Mortgagee's interest in said real estate and improve-
<br />tttents, and which may be levied upon this mortgage or the debt secured hereby (but only to the extent that such is not prohibit-
<br />ed by law and only to the extent that such will not make this loan usurious), but excluding any income tax, State or Federal,
<br />imposed on Mortgagee, and will file the official receipt showing such payment with the Mortgagee. Upon violation of this under-
<br />taking, or if the Mortgagor is prohibited by any law now or hereafter existing from paying the whole or any portion of the afore-
<br />said taxes, ar upon the rendering of any court decree prohibiting the payment by the Mortgagor or any such taxes, or if such law
<br />m decree provides that any amount so paid by the Mortgagor shall be credited on the mortgage debt, the Mortgagee shall have
<br />the right to give ninety days` written notice to the owner of the mortgaged premises, requiring the payment of the mortgage
<br />debt. If such notice be given. the said debt shall become due, payable and collectible at the expiration of said ninety days.
<br />6. That shauW be fail to pay any sum or keep any covenant provided for in this Mortgage, then the Mortgagee, at its op-
<br />tion, may pay or perform the same, and all expenditures so made shall be added to the principal sum owing on the above note,
<br />shall be secttrtd hereby, and shall bear interest a[ the talc set forth in the said note, until paid.
<br />1. That he hereby assigns, transfers and sets over to the Mortgagee, to be applied toward the payment of the note and all
<br />sums secured hereby in case of a default in the performance of any of the terms and conditions of this Mortgage or the said
<br />note, alt the rents, revenues and income to be derived from the mortgaged premises during such time as the mortgage indebted-
<br />ttgss shelf remain uapaidt and the Mortgagee shall have powu to appoint any agent or agents it may desire far the purpose of
<br />repaving said premises and of renting the same and collecting the rents, revenues and income, and it may pay out of said in-
<br />comes ail expenses of repairing said premises and necessary commissions and expenses incutted in renting and managing the
<br />same and of collecting rentals therefrom; the balance remaining, if any, to be applied toward the discharge of said mortgage
<br />gtdebtedness.
<br />8. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured as may be
<br />reguired from time to limo by the Mortgagee against loss by fire and other hazards, casualties and contingencies in such
<br />amounts and for such periods as may be required by the Mortgagor and will pay Promptly, when due, any premiums on such
<br />insurantx provision for payment of which has trot been madt hereintxfore. All insurance shall be carried in companies ap-
<br />prorcd by the Mortgagee and the policies and renewals thereof shaft tx held by the Mortgagee and have attached thereto loss
<br />payable clauses in fatror of attd in form acceptable to the Mortgagee. In event of loss Mortgagor will give immediate notice by
<br />mad to the Mortgagee, who may makr proof of foss if not made prompty by Mortgagor, and each insurance company con-
<br />eerete-0 is 6etcby auttttnized amt directed to make payment for such lass directly to the Mortgagee instead of to the Mortgagor
<br />turd the Moc-gaged jointly, and the instuance proceeds, or any pert (hereof, may be applied by the Mortgagee at its option eithrr
<br />t8 the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In rvrnt of forcclo•
<br />arFe of this rat or other transfer of title to the mortgaged property in rxtittguishment of the indebtedness secured hereby,
<br />alt tight, tick and Ittlerc3t of thr Mortgagor in and to any insnranct polictrs then in force shall pass to thr purchaser or granke.
<br />g; That asttddttianal atut collateral security for the payruent of the Holt described, and alt sums to txcome due under this
<br />~; the Mortgagor hereby assigns to the Mortgagee all profits, rrvenurz, royalties, rights and benefits accruing m the
<br />Mt>rigagar under anp and all oi{ atu! gas {eases un said premisrs, with thr right to receive and receipt for the carat and apply
<br />them to said irdebtednras az wtli beforr as after default in the conditions cf this mongagr, and the Mortgagee may demand, sue
<br />for anti hover any such payments when due and payable. but shat! not br required zo to do. This a.stgrmcm is to terminate
<br />atuf become null and mid upon teleasr of tfds mortaaar.
<br />. Nl7Cs.92141M 14-791
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