|
<br />83- 0013,92
<br />
<br />(1) month pnor to lts due date the annual mortgag~ mSUfan!.,~e premLUi.TI i.n order to provide such holder
<br />with funds to pay such premium to th~ Secretary of !lousing and Urb'anDevelopment pursuant 10 the
<br />National tJousingAct, as amended, and appliC'ab'le Regujalions thereunder; or
<br />
<br />(lj)
<br />
<br />(II) If and sO long lI1l said note of even dale and this instmmenl are held by thl'Secretary of Housing and
<br />Urban. De\lelopment;. monthly' char&" (in lieu "f a morrgage' insurance premium) which' m.all' be "Iri an.
<br />amOUnt equal t<I OllHwelfth(l /12) of nne.half(1 /2) !,er centum of the average outstanding balance
<br />. _ due on the note computed without taking into al,,;-count deHnqu~ncies or prepayments:
<br />)\.SU!h equal 10 the ground rents, ]1' any, next due. pIllS the premIUms that willnexr become due and payabl~ on
<br />poiiCie~ .of-fire ,and- oth~r hazard insurance covenng- the rnon:ga~;:d propDrty... pius_taxes and a5s~~e~ts,ne;J{t, 4~e
<br />6n the mortgaged rropeny fall.es cstirnated by [hi" fiforft;aget:'/ 1;,;:'.... aH ;SU1I15 already paid therefor divided -by the
<br />numbC',t: of ~onths to eJapse before one month prior !O1 the drat: when sw..:b ground rents, premiums, taxes and
<br />_ments will become. delinquent. such sums to be held by Mortgagee m trust to pay said ground rents;"p!e.
<br />miurns. lues and specialaS!iessments; and
<br />All payments mentioned In the \""0 preceding subsections of thi,'paragraph .nd all payments to b. !hade under
<br />the note se~'Ured hereby shall b. added together, and the aggregate "mount thereof shall be paio by the Mortg'dgor
<br />-each month in -a single payment to be ~ipplied by thf- Mortg.agee tn the folluwing HeiliS in the order set forth:
<br />
<br />(c)
<br />
<br />premium charges under, the contf'3ct of jnsiHan..;~: \"id~-ilhc S-<:...:rrtJry (]f Housing and Urban Devclop~~nt..~
<br />or monthly charge (in lieu oImortgage insurillln: premium). ~1:S the case may be~
<br />(H) ground rents, I.1."XCS-. asse..):n1cnts, tir~ and I'jtht'f liaLarJ insur.mt:e prenrilims~
<br />{HI) interest on th~o UfJ-te M:turcd hereby; and
<br />(lV l amortizatJon of the "rind pal of salllnme"
<br />Any ueHctency'in the --anm;Jnt' {}f ;my, such dggxeg3tt momhfy ;jd:~ m.nl1 shalL unless made good -by the..Mdrt~
<br />gagor prior to'thll due date 'of the next'"sil-ch payment. c{1!lstitlJte 3n even! or default under this mortgage. The
<br />Mortgagee may collect a "tatecbarge" noi to ,'xced 1,,,,, cents (li~ (ur each dollar (51) ofeach payment mOle
<br />than fifteen 05) duy.s ir arrears to ;:,'oV\.~r ~he e-X~T~i eXp~'n&\'~ mvolVt'd in h~indHng delinqueht.i)aym?nts. ' .
<br />
<br />(I)
<br />
<br />;-L That if th-P tot-al of th~~ paYRl(lnt:-,- m<:;lik h~' flu-' \~UfH~;-~f!t)r under f !,_: {1{ para.graph_2 preci'ding :-IhaH -exceed
<br />th~ amu-unt of p~tymcnt,E- actuallj' madt' hy the \1ort.gagt'p for ;.:round fpnt_l..';_ t~Xi'S a~d '3...-.;.se~~~..n(5 or insurance pre-
<br />mium8~ as thfo ('a.sp may b\!', sueh excess, if the loan i.., n:rrel1L ,It the oprH..m of the Mortgagor. shall be credited by
<br />Ih" \lortgagl'" on sub"equent payml'llLo; to t", made by the .\turt!,a!,uL or rl.fllnded to the Mortgagor. If, however, the
<br />f'lont,hl)" Jlaympnt~ made hy the MOt'tgdgOf undt:r "f p<lf~l.~ra.ph ~7 f\T('i..'t.:tEnS shall not he sufficient to pay ground
<br />rent,. tax.'68 and aSS-E"~mpnt.s- or in~uran(~e pn~mium~. .l~ tht~ (".a,..;op mOl':' b\.~, \\hPH tlll:~ ~:ame :,haIl becom~ due and pay-
<br />able, then the \lOl1lolll/(or shall !,ay to Ih" \lnttgag.',' um amount n"...'SsHry to make up tbedefk,ienc)', on 0' berore
<br />the date wit.." payment "f such ~round "'nls, tax{'s, lts.s"~smt'nb or insurane,' pf'{'miums shall be due, Ifatany
<br />time- thE" Mortgagor ~hall tender to th,(\ \lortg_agp~'\ in ,1('("'nrdance ~jUl thi~ p'rHvi~ions of th{l note secured-hc_re-by,-
<br />full payment of tn.. ',"lirt' indebtl'dn"" "'prh,'nll.d t!",,,'h~, thl' \Inn!""",..... shall. ill computingtht' amount of such
<br />indebtedness, credit to ,he account of [be M,;rtl\ilgur all payments made under ,he prm'isions.of fa) of parugrapb.2
<br />hl'r",.J "hieh ,he ~Iorl!lllgee ha~ unt ''''''''"''' ubllj!"l<'oj h. ~'a) tu Illl' Col',""',,,r) of Hou~i"!l ..nd l;rhan Development,'
<br />and any ba.lant<p rlmlainin~ in the fund~ an:umulait'd undt't tht' pro\'i....ion~ of ,.! of paragraph 2 ht'reof. If there
<br />$haU be a default ~ndexany or tht' ptt)\'L.;il)n.~ f,f thi~ mork!~lf!i.' n..~tdt!iH.: in ;l public :-:ale 0.1' Ule_ p.tCn~~e.s co~e~~
<br />It"""by, orlf thl'-\ldrtl!ll.l!"t' g{'quires i1w prnl"'f!\ (I[h<,I";"" aft"r dd..ul!. Ii... \Ionga)!,'" >hall apply. at the 'finliiOf
<br />tht! com-meneenHmt of ~uch prot"t'>i"'UtnW-. or al t}w tinH,' {h_~ prHpt'n~ 1-:- n~hf>fv.l:--~-> iH'(fujred. th(,~ balanct~ then remain~-
<br />tn~ in the fund-6 ac(:umulate-d under l-',.i of paraJ!raph prt.('t;'ding. ;i~ ~t: l.'n~di! agam::-l th(-'> amount of principal then
<br />remaining unpaid llnttPf ~ajd not(o. ilnd ~huH pmp(,d~ Jd.lu~t ~U1~ p:nnw'nt"" t\hit'h ~hali h~l.\'e b{<en madt' under (0)
<br />of pardf!:'avh 2,
<br />4. 'l'hat the \-h.-:-rtf:agor \<o-ilt r~n- ~rounJ n:nh_ t;1\e~_ .i':o-~t~""'rll~nh. 14-.J:h:f r:l!t'~, and ()ther guvernmental or municipal
<br />chargc-s. finc~. \If Hnfl~1S.Hion:i-, for \\hii..~h pro..-i\ion h~l\' :wl P<t"n maJc htreinhcfoft:'. i:ifid in ddllUh thereof the MOitgagee may
<br />pay the ~ame-, and that the Mortgag\)! nil! prt,mp-{,h- J-chvef tn\.> dtl.:.-iai \"';-1:elpb fht'~t~h); hJ the Mort,gttgee
<br />5 The M,,)rtg~*l)f \\-iJl pJy ~U tJ\t.~S \I,-hi;,:h m;t\ h.' k\"lc-J Hpl.~f1 th" .\h.ngage-c:'~ mlerest in -"_aid fe-~tl estate- and improve-
<br />ments. :.md \\hi-(h ma~' ~ Itvll'd upon {hI'" mnngtl~e I'i ~he- <h:t'l, .;tUlffd he-rch-j ibut ,.ofy ill the ('.\tent that such is not prohibit-
<br />ed bv law ~ind t.nly w thi' e\tenf thai Juer. "Oil! lli.)l m~!kc- tfl1~ h';-Hl U"Ufh,lU~i_ but (_\dUOlfi11; J:ifiV In\:dnle lHX, State or Federal,
<br />imp<-~sed on !\1orl!:<lgee, "-lnd \\ In tHe thi' (!rfki~ll r~..'t.;}P~ S.!-h1\1.:mg ~u(h p,iyrnem \nth th~ \hlrtJmge~, Cpon violation of thls under-
<br />taking, ~)r if the Mortga{L\,lf i~ rrohihilC\J by ,lny j;n~ l1,h\ (~r hcrt.~ffer "'\htin~ fr\~rn paymp: the whOle Of any p(lrtton of the afore-
<br />s~dd taxes, or upon ilK' rende-riOt::: of ;Ill~' (t,lurt lk-.;n:t" pwhlhiung lhr:- r;lyment by the Murtgagor or any s.uch taxes. or if such law
<br />or decree- pn:.H tde~ {hat any Mlh.HUn "'0 p.:lH.i Py Ihe- M-l.JugaS-!,-ll ~hall Dt.' ... r~'Jit('J "In Ihe /lh)rtgage debt. the- Mortgagee ~hall have
<br />the figh' to gtv(." nlnc-ty duy,' \\fltlcn notict" (t) lht': Hwoef f~( lh\." ,ntHtga~t"d rrc-ml\t't-. requ1rinlt the payment of the mortgage
<br />debt,. If ~uch n(n~~~ be givten, t~ ~id debt ~haH ~\.'nnw JUl,,~. rav~!.hk and Ctlllt,"':H~k at the t'xpirullon of said ninety days,
<br />ft. That mould'-he (an-to ray any "um or lecp am ~'O\"t..'n~in; Pf<.l\l-dl'O (\\f m Ihi, ~1L)rtgagt:::. then the Mortgagee. at its op-
<br />t;on, may p.y 'll' ""rfNom tM.sarne. and aU~,,~nd;lttre' s" m3de .ball be ad<kd l<' Ihe principa!.sum owiug on the above note,
<br />shaU be ~c{:ured h-erehy, and ~han bear imen.!\l at the r~H( ~\:"t hlrth in the s~tld note. untll raid.
<br />7. Thai he here-by 3!Ssign\. transfer.. and set"- ~l\'er h) the M~"rig~l~c-c, to be apphed toward the payment of the note and all
<br />~Umi), ,,-ccured he-reby in CJ:!'Ie -\Jf ~t ddauh in the perterman(:,-" '_If .tn~ t)( the tcrm~ ;\lhj ~t)nditjon~ pI" thb Mortgage {)t- the said
<br />note, aU the ren(~~ rev(-nues and mcome hie i'1>C tltn'dt1 frum the rrl\.trtg~i~ed pr~mlst:s Juring ~uch time as (he: mortgage indebled-
<br />flCS$ shall rem~;n unpaid~ and I",," Moitgagee ,baU l1a,c power 1<' af'l'Omt anv agent 0' agen" il may desire lor the purpose of
<br />re-pairiftl.saJd -J'!t-emi~ and of renting the- same: ,UHJ (\.lIlt-ding the ft:'nt;;,. ft:'vcoue\ ,tnJ inc-mm:, and it ma;' P<~Y t)ll( of said in...
<br />ooftk~ aH'-expe:nses: or re:~iring said premi~es ~md ot"('('s~ary C'ommtssio1ll' uno elr~nses incurred in renting and managing the-
<br />",ni<!andcof ~~lIeeti"llrenlats therefrom: (he baianet rtmai";"g, if .ny. to"" .pplied toward the discharge <1f said mort~
<br />indel.\tedfleM "
<br />S;- Thar'M-will:k-ee-p the h:nrroYemen~ now exi'Stin~ t,"lf h('reafl'ef erected L"n the mort(:ag-ed p.ro-perly'~ insured as !TIay be-
<br />re~ui~ed fr~_~ll. rink': h_) time by the Mnngag~e ;1g~Wq h)s~ h'f nf~ .--l.nd ",ther h<tiA:n.h, i,';I~uaJtjc:'. a.nJ' -.:onrjngen~le:i in <iu\:h
<br />~'\.a~ for s-\Kh re_tlt.ltis as may be, requited hy the Ml~rtlW-ge:{' .tn\! \l.t!l pH', f1l'\)mptJ_y, ~-'b~n due, ~tny p:crnium~ l.)n ~uch
<br />insttt'3J'tCe-fJn)\'~ion f()( paymen1- of whk~ h~'S- not t>e-er. made heretnbeh)re _\H m"'-UfiHKe ..haJJ n.:: carried H'l ('ompanies ap~
<br />pt'ff\'ed hy l~-, ~h)f1~ _.and t~e, pvhcic~ ~fhj Y~nc~ah. rhere\>f ..h-aB he held hy t,~e, \tnrt~l\gee imd hav~ ~itachc"_ thereto, toss
<br />p.a~<ilb~ ,1.~~aU}th io.faV\1t-ur,Md in f..'lrm"accey>1ahJe. Jo.tb~ M...1ffLWjtee- In ~v-e-nt-{\f-k)~'\ M1x~~ag(lr will gn-e Immediate notIce by
<br />rt\ail::"'-tht..--Mot~~ :,bt\ tna) _make prupf ~~f lo~s if (ll.'i m;de, jU\HnpHy h)' M-(lrtga~vr. ~H1,f t"~'h:h Hbllf~H":< company (;O~l.
<br />i.~, h:-l\treby, .H~tled .ind dif'l~c-tcJ h1 ma1.,C pa~"1ilt'Jl i kr ~ttch- -h'~~ -dtr~c(ty ttJ tht< Mflfl~~lgee instead oJ In the Mt.-'tt~l)r
<br />a,~_ ~~ ~i)f'~( ,-t\"ttn,Hr. ',l~ !ht, UlS,U:fMl'.;:e pf;tJ~c:e~~,_vr an\ p~ft {~I~rt.)f. ma; b~~_ JppII1~J :~r the ~h;rtg"tg_~e Ht I!" Hptk)fl tllhcr
<br />14_""d~ ill' t~,ndet>te4ll..,.~ h<<td.y,,,,,(lred '" m In.: 'hr.,"'l"'" w reP'HI ,,( the prUr<'f1Y d~ma;:"". In ~v~1\t of fored,"
<br />~k id:,~_~-,ot'n1he~ ttafrifef 01 tltlt 10 the ,""jft*~ttleri f)fope-ft\ m C\tin~lli~hmt'.nt-'(tr,h-e mdl'btcdne~-..: \oe-\.'un..,i hereby_
<br />.iSU righL tttk- i1-rMJ mt~t.e"'1 t"f ttlt Mi,,1flj,tUlI.H( fB ~~.nd to ~tny tn~u_mH,,:(" {ht.'il 'ill f\~f...~t' "h.'tll P~l~"'- tl~ the PUfi,,~h;'t..,ei \,r gr:wtee
<br />'ii, Thm: ~~ ;_\tdU")~i ;Hl\.h.~t1tJat~Yi\i xecHnH' kll the r.aYMefH _ the ~1~~n.'" cil.~ w be(Olll~ o~ ,i.UMicr 1hi~
<br />m:o-r'-~, HOW'- M{ff'1'_'llI'~)f ~tt:b)" dHi.n~ hllhe- MOffp#ee ;~H pruHt..... rt~\l!n~, ll)~~IhJ~f.dd b(,ndlt~ 'accruing f\l fhe
<br />M""lp:""'t(~ u"kkr ~~y a~_d ~H 'i)~J at\\t ~~" !~~\e~ i)O So"l!\i r-h~m'~(*'<,~ \~'lth H"K' rifl!,ht tft h.....el\'t .a!1~1 ft:\.:c_ipt fnr Ill<' S~lm{< Hnt,1 ap:ply
<br />~he:o\ 10 9Hl trkiehtit4-flt~_"'!. #-\. lli.l;;',fI ~'hln: ~~" J-f:t(<)' Jdauh. 11\ the \.'~I!HjHhn'\:t Gf ~ht\ murt.t91g-('. .H1J the Mmtltagee' may dtfH3.0J, \He
<br />l{)~- AM-1t!-{,\!~t?! 1ttl)"_ 'w-(h ~\-f1Itm~ wh4'tO: due ;li:h.~ pai'~~,1t b.UI. :>.tuU1 Ui\'~.t be i-t4\Wev ~~\ t-\~ .hl ThiS a~~i-gnmr-nt i... to untlln,llte
<br />~ bc:-..:"'-.\U~-<, H-,:",H i>.\t.fi'd H_~ UIXH1- reh;'-_ill,'I{':"( ft,t'S HhHt~j
<br />
<br />HUO,ti.l.:.".t3M \'9. ~m
<br />
|