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<br />(I) month prior to its due date the annualll10rtgage insurance premium in order to provide s4m bolder
<br />witb funds to pay such premium to the SecretaI)' of Housing and Urban Development pursuant to the
<br />National Housing Act, as amended, and applicable Regulations thereunder; or
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<br />(II) If and so long as said note of even date and this instrument arc held by th~ SecretaI)' of Housing and
<br />Urban Development, a monthly charge (in lieu of a mottgage insurance premium) which shall be in an
<br />amount equal to one.twelfth !t/l2)of one-half(I/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 properl)', plus taxes and assessments next due-
<br />on the mortgaged property (all as estimated by the Mortgagee) less all sumS already paid therefor divided oby the'
<br />number of months to elapse before one month pnor to the date when such ground rents, premiums, taxes and
<br />assessments will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre.
<br />miums, taxes and special assessments; and
<br />(c) AU payments mentioned in the two preceding subsections of this' paragraph and all payments to be made under
<br />the nole secuTed hereby shall be added together, and the aggregate amount thereof shaUbe paid by the Morlgagor
<br />eacb montb in a single payment to be applied by tho Mongagee to Ibe following items in the order set forth:
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<br />(I) premium charges under the contract of insurance wtth the SecretaI)' "I' Housmg and Urban Development,
<br />or monthly chaige (in lieu afmortgage insurance premium). 3S lhe case, may be;
<br />(II) ground rents, taxes, assessments, fire and olher hazard insul1U1cc premiums;
<br />(Ill) interest on the note secured hereby; and
<br />(IV) amortization of the principal of said note.
<br />Any defktency in the amount of any such aggregate monthly payment shall. unless made good by the Mort,
<br />gagar prior to the due date of the nexl such payment. constitute an event of default under this mortgage, - The
<br />Mortgagee may collect a "late charge" not to exceed four cent, (4;) for each dollar ($1) of each payment more
<br />than fifteen (15) days ill arrears to cover the extra expense involved in bandling delinquent payments.
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<br />:1, That if th" lotal of th" paym"nt~ mad" hy th" \lortgallor unct", (h; of paragraph :3 pr<>c"ding shall exceed
<br />il,,, amount of payments aClually made by the ""rtgag,," for l!round r(mts, "Ixes and assessments or insuranc,: pre-
<br />miums, as the ('ase may be, such e<<'css, If the loon is current, at the option of ,he Mortgagor, shall be credlted by
<br />th" \1ortg>l!(('(' on $ubs';qul'~t payments to he mad" by the \lortl(agor, or refunded tn the Mnrtgagor. ff, however, the
<br />",onthly p"yment<< made by the Mor'!l'agor unde, (Iii of paragraph 2 preceding shall not be sufficient to pay ground
<br />rent. laxps and a....,sessmenl~ or in~UnUl('e pr(l'mium~, as the ra...qp may b{~. \'\he-n the ~ame shall become due and pay~
<br />able. then the Mor!flagnr shall pay tn!ll<' \lnrtl(lll;el' any amount nl'e"~~ltry to mok,' up tbe deficiency, on nr befor<>
<br />the date when paym(>nt of ~u('h ground r<>nts, laxes, :!l'sessmt'nts or insu,,,"ce pr<>miumsshall be due,lf'li.t any'
<br />time the Mortgago, shall tender to Ihe \lo,tgage... in accordance with Ihe provisions of the note secured he",by~
<br />full payment of the enti... indebledn..s.. represt'ntt'd thereby, tbt' \lortgag,'e shall, in computing theamollnt o{soch
<br />indebtedness, credit to Ihe accounc of the Mortgagor all payments made under the provisions of (a) of parapapb',2
<br />hereof which tho \lnrtgagtle bas nol become obi igated to pay to the :,ocrela.ry of Housing- AId Urban De-velopment
<br />and lul)' balance r"",aini.Dl( iome funds a",'umulaled under the provisions of (b) of paragraph 2 hereof. If tllere'
<br />shall tw a default under an~.' of t.h(l; pro\'i;-<ion~ hf thi~ mortgage H'~ultin~ in a public ~ale of the premises covered
<br />hereby. or if til" \lo,tgogt't' aCfjUm-~ the property oth"""8(' afwr d,'faull, rhl'Morrgag"" shall applY'lll the timll,of
<br />the comm(>ncement of "Ueh proc"edinl(s, or al lhe [im,' the property i.. IHherwist' ae'juirt'd, th,' balance tben remain-
<br />ing in the funds an'umulawd undt>r i i,j of par"/(raph 2 pn'eMing, as a cn-dit against lh,' amount of principal then
<br />remaining unpaid under ~aid nolt', and ~hall prop..rly adju~t any payments whieh "hall oav" be"n mad" under (a)
<br />of paragraph 2,
<br />-1. That the Mortgagor Will pay ground rents. la.Y..e~. :~~sessmellls. \\.:ater rales, and other governmental or municipal
<br />charges. fine~, of imp(ls,!tion~. f(jr v.--hich proviSIOn ha~ not been made hereinbefore. and in default thereof the Mortgagee may
<br />pay the ,"me; and Ihat the Mortgagor will prmnptl,. deliver the offictal receipt' therefor to Ihe Mortgagee.
<br />5. The Mortgagoi will ray all UiX",_", \;.ni,,;n may he _!coned uptm the Mortgagee'~ interest in said real estate and improve-
<br />ments, and \"ihkh may ~ le\'~t:'d upun thi, mongage or the debt ,-,C"cured hereby Ibut only h.' the extent that such is not prohibit~
<br />cd hy law ~tnd onh to the ex lent that ~uch will not make thb It}~n usurious}. out excluding any income t3X. Stale or Federal.
<br />imposed..m Mortgagee, and will tHe the ()fficial receipt showmg such payment with the Mortgagee, Upon violatlon of thls under-
<br />taking, or if the Mortgago( is pn)h,biled by any la\.\-. now or hereufter t"\lsting from pa)'ing the whole or any portion of the afQre-
<br />!\aid taxes. or upon the rendering 1,)f any ~ourt decree pH-'hibiting the paym~nl hy the Mortgagor or any such taxes. or if such law
<br />or decree provides that an,. amount S" paId by Ill< MOrlgogor ,hall Il< credited on the mortg-dge debt, the Mortgagee shall have
<br />the right to give ninety days' written nonce to the- llWner ()f the mortgaged premises. requiring the payment of the mortgage
<br />debt. If ,ueh notice be glHn, the >llid debt shall become due, payable and collectible at the expirdtion of said ninety days.
<br />n. ThaI stwultl he fail 10 pay any sum l>r keep any covenant provitled for in this Mortgage, Ihen lhe Mortgagee, at its op.
<br />tion, may payor perform the same, and all expenditures s" made shall be added to the principal sum owing on the ahove nole,
<br />shall be ,"curetl hereby, and shalf bear interest at the rate set fOrlh in the said note, until paid,
<br />7, That he hereby assigns. transfers and sets (}\ter tOl.he Mortgagee. to be applied toward the payment of the note and all
<br />sums secured hereby in c.ase l.lf a default ir. the perfnrmance of any of the terms and conditions of this Mortgage or the said
<br />note. aU tbe renh. revenues and inctJme to be derived from the mortgaged premises during such time as the mortgage indebte-d~
<br />nea> shall remain unpatd: anti the Mortgagee shall have power to appoint any agent or agems it may desire for the purpose of
<br />repairing said prt'mises and of ren~ing tbe same and i.:oliecting the renh. re\'enues and income, and it may payout of saidifl~
<br />comes all.exptnsesof repairing saId premises and necessary commi..",ns and expenses incurred in renting and man~ll&"he
<br />~nit aadaf collecting rentals therdrom; the balance remaining, if any, 10 be applied toward thedischlltge of said tn~rtme
<br />imlebtedoess,
<br />8. Tltal he will keep the improvements now .sislin~ or hereafter erected on the mortgaged properly. insured as may be
<br />requited from time 10 lime hy the Mortgagee against loss by fire and other hazards, casualties and contingencies in such
<br />amounts and for ,"uch periotis as may be required by tbe Mortgagee and will pay promptly, when due, any premiums on such
<br />imoura_provision for payment of which has not been made hereinbefore. All insurance shall be carried in companies ap.
<br />proved by tl>e M~ and the policies and renewals thereof shall be held by the Mortgagee and have attached thereto loss
<br />payable clau'SC~ in favor of -and in form ~u;.:'eptable to the Mortgagee. In event of loss Mortgagor will gjve immediate noti1::c by
<br />I1lJld 10 the Mortgagee. wit" may make proof of loss if not made prompU,. by Mortgagor, anti each inStmlnce company <'On,
<br />~ls hereby' 3utlwritedand direcred lO make payment for such ioss tii,ectly w the Mort8'dllee .nstead of to Ihe MOrl3'lWT
<br />itIIdtbeMortpgee jointly, and the insurance p"Keeds, or any parI thereof. may be applied by the MOrlgagee at its option eitllrt
<br />to the reduction oi the indebtedness Il<reby secured or to the restoration or repair of Ihe property damaged. In event of (o,eelo,
<br />'I1lre (lHlih lll<>rflIageor'olher ""nilfer of tille to the morlgaged property in extinguishnrent of the indebtedness secured hereby,
<br />all riJllktitleandil'flcrest"f the M(ll'tgagor in and 10 any insur"ttCe polkies then in fort,,, shall pass lclthe pUlchaser or grantee.
<br />9. Trust..;; add.ticual and rvUat-tntf se-curH)" for the payment Hf lh~ note dt"1\.:r.ibed, and ~dl stlm~ to he-",()mc dut" under this
<br />IOOr~. the Mmt..i8of hc-rehy a,l}!!'lg,fHdO the Mott~t;" all profits-J rcvenues. royaftic). right's and !'\ene-lits ficcruing to the
<br />MtV$~ UnGe-r an,- itOO a1t ut} and gas.- 'easc~ on ,aid:,pre~. with the riJht to receiv~ and rec('jpt for the s~une and apply
<br />lllemlo s'llid iIld<lmdne..., "'ell helo.... as after delault in the c(,ndui"n, of lIu, mortgage, and the Mqrt~ may demand, sue
<br />for and ne.U).\:iI:_f -an~ "'\k:n p;l\).'ftlt'ftU ".hell tfue -'lod pa)'ab!-e, but ,,,,hall nut N re\lUlreU ";'0 tl~ 00. T'hi~ itss-i;omeht ls t() terminate
<br />and ~~.~, 1:\-uU 1\00 h>>d upon lde.;;t~ i,f this _muft~,
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<br />HutJ.lI2t43M-I~,191
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