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<br />83.....()O 1459
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<br />(I) 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 Urban Development pursuant to the
<br />National HOllsingAct, 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 are held by th~ Secretary of Housing and
<br />Urban Development. a monthly charge (in lieu of a mongage Insurance premium) which shall be in an
<br />amount equal to one-twelfth (1/12) ofone-h<alf (/2) pt!r centum of the averageoutstandlng biilance
<br />due'on the ndte computed without laltillg into account delinquencies or prepayments;
<br />(b) A wm equal to the ground rents, if any, nexl due, plus the premiums that will next become due and payable on
<br />pQiicies,of fire and other hazard insurance covering the mortgaged property, plustlOOlS..nd <ISSe$SlfIents,next due
<br />on lh!','mOftgaged property rail as estimated h)flhe Mortgagee} less all sums alreadypaidlherelor divideri-bythe
<br />number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and
<br />assesm1eIlts 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) Atl;payments mentioned in the twoprecedingsubsectlons of this'paragraph'and all payments to be made und7f
<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 lhe Mortgagee to the foilowing items in the order set forth;
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<br />(I) premium charges under the COlllract of insurance wlth the SecretaI)' of Housmg and Urban Development,
<br />or monthlychaige fin lieu o/morrl'l1gt' il/surana premium!. as the case may be;
<br />(II) ground rents, taxes, assessments. fire and other hazard insurance premiums:
<br />(III) 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 aggre'"'te monthiy paymenr shall, unless made good by the Mort.
<br />gagor prior to the due date of the next such pa)'melll, ,onstitute an <vent of default under this mortgage, The
<br />MOrlgagee may collect a "late charge" not to excecd four cent' (4.) lor each dollat ($1) of each payment more
<br />than fifteen (J 5) days if' arrears to cover the extra expense invol\'ed in handling delinquent payments,
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<br />:1, That if the total of the payment" mad" by thl' \lortgagnr undt'r I ,"101' paragraph :I p'''''I'ding shall ~xceed
<br />the amount of payments actually made by tbe\lorl.gagee fu, l!round rents. taxe" and 3-'iSessments or insurance pre-
<br />miums, as the CllSe may be, such excess, If thc loan is currenr, a[ th<, opt lOll of the Morrgagor, shall be credited by
<br />the MOrt((a/{.w on "ub",;qucnt payment" to bl' made b\' the \lo'lgagor, or n'funded to the Mortgagor. If, howI'ver. the
<br />l'1OIIthly payments made by the Morlgagor under II,) of paragraph 2 preceding shall nor be sufficient to pay ground
<br />rent, laxe~ and as.sessment~ or insuraIH~(, prt~mium:--;. a:-. thp ea....... may ht"'. \\h(ln tht\ s.ame Bhall bet~ome due and pay~
<br />able, limn !he Mortgagor "hall pay to the \1oFt!!ag..e an,' lImount ",'('..""ary tu mak,' up Ihe defid,'ncy, un or before
<br />!he date when payment of such gmulld renls. tax"". ass""~m<'llt" ur in"uran,'" premiums shall be due, If at any
<br />time th.. Mortgagor shall t..nder to Ih.. 'lorrgagee, in ac('ordan,',' wilh th,' pro"i ,ion~ of the note ~ecured hereby,
<br />full payment of the entire indeblodn"~', "'pre~"nl..d th..reby, ih.. \long"!;",, "hall. III computing the amount of such
<br />indebtedness. <'redit ro the "C<'OU"1 of [he MOTlgagor "ll pa)'metlls made unJer the provisions of (oj of paragraph 2
<br />hereof which the \lortllllgee ha" not become oblil/ated to pay 10 tb.. l'ecretllry of Housing ..nd 11rblUl Development
<br />and llII)'balllllce remaining in the fund.s ae,'umulllted under the pro\'ision.. of (&1 of para~h 2 hereof, If th('f'e
<br />"hall be a default und,'r any of Ih.. pro\'i..ion" of thb morll!~" ,,'"ulting in a public sde of the premis..s ,'overed
<br />hereby, or if the \lortgag.." acquire" th,' property oth.'r"i",' afwr default. !h.. \Iorlj(ag,'e >'hall apply, at the time of
<br />the i'ommenc-emf!'nt of sut'h proce(>()in~s, or at lh(' tl.m\' lhp proJwrl.\- i~ otht~f\\i"",e a(>quired. th(" balanl~~ tht~n n~main-
<br />ing in the funds ac,'umulawd under I hi of par~raph :! pn,,,,'dinl!;, a, a ,'r..dil ~ain"t th.. amount of principal then
<br />remainin~ unpaid untJt.r ....a..d nole. and ~ha.1I proJ.wri~- :.ldju~t an~ pa~-ml'-nt~ \\hkh :,hall have bl\i..:>.n made undl:>.r ta)
<br />of paragraph 2,
<br />-I. That tht- Mort{tagnt "oil! pi!' gruund renh, t;i\t"<" .1\'le'Sment.... ""~ter fdfe,. ~tnd olh~r go\'ernmental or municipal
<br />charges. fiM:<.. l)( impo:\iliom:. ft)f \\hich fll'O\'lSlOn ha:\ n~H Octn maue hercm~fore, ,md in dd~-lUh thereof the M(lrtgagee may
<br />pay the same~ and that the Mllrt~gOf" iii promptly deh\"er the t.liticial receiph therefor to the Mortgagee,
<br />5. The Mortga~')f will pay all taxe~ which ma~ ~ 1::,,\ l.:d upon the Mortgagee \.,; mtereSI in said real estate ;md Improve-
<br />ments. and which may he levied UPWl this mOrl~..age or the d('~t 'e~'ured hertt'l~ ,r-ut ,.\01; h' the e\lent that such is not prohibit.
<br />ed hy law and voiy to the ('~tenl that o,;lJI.:h v.iH ntlt makt {hi" h.lan u,uriousJ. r-UI c\dudin(l. any incume la,'. State or Fed,-:.ral,
<br />imposed on ~t.."}rtjrdt:t:e. ,mJ "'lit tHe the' C..ltJit.....lal (t'\-.'CI{" ,hOWlOiol: \u~h pa\"Ulcnl 't.\tlh the M()rtg~'ee. lipon violation of this under-
<br />taking. or if Ihe Mortgagor 1'1 pruh'~lted ~\' .toy lot" OI,J" ,lr hereafter (,\I..lin~ fnlm pil}'in~ tht- whole or any (k)rtaon uf the afore-
<br />said taxes. l.lr upvn tht rendering of anv l'\'mrt d~\':ree rrl.lhihlti~ the pJ\:mem hy the Mortgagor or any such tuxes. or if such law
<br />or decree pro\'ltl., Ihat an)' "moun! '" p,,'u 1>, the Morlll"ltv" ,h"lIl>c "edlt.d ,'n lhe IllOtlgatle debl. the M"ngagee shall have
<br />the fi.ht to. give nimty Jay~' written notkc: t\l the \',,"ner of the mllrt~~C'u premt~C'~. requiring the paymC'nt of the mortguge
<br />d.bt, If such notke l>c 11"'0, the ,aid deht ,halll>ecv'me du., ra,'able and coll.ctibl. allhe exp"atiun of said nioety day',
<br />h, That sh,'uld he lad 10 pay any ,urn v" keep any c",""anl pro\'itled fv., in tbis Mortgage, then lhe ~h)rtg"gee, at its 01"
<br />tion, may pay v" performlhe sam., llIld /ill ellptnd.,ure. s.u m..de .hall be added to Ibe principal sum owmg on the aNlYe nole,
<br />s.hall ~ ~e\.'urcd hereby. ~tnd shall bear intcl'f''tt a: t~ mtlt" ~C:I f\-:'ffth in the said O('le, until paid.
<br />7. That h. hereby aSStBn., transfers and sets o'er Is> the MOrlgagee, to I>e appli.d towa,d the payment 01 Ih. nole and all
<br />sums secur.d hereby in cast of a default in the ptrforman.;. of any of the t.rms and conditions of this MorlgaBe or the said
<br />note, all the 'ent>, re..nues and ;ocom. to l>e derived from the motlgaged prem;,,, during such time", the mortgage indebted-
<br />ness shan remain unpakJ: and the Morijtagec ~haH havt' p..'..cr h) app1JJnt .my al'C'nC or agents It ma~' deSire for the purpose of
<br />"'ll&irint said ",,,mi.es and of rentmg the >ame and ,'olleeting the rent', revenues ilnd income, and il may payout of ,aid in-
<br />,'<lilies all npemes of r"Pairing said premise. and necessary commISSion. anJ e\penses incurred in renting and managing the
<br />sar.ie and",f cotlc<:ting fCntals therefrom; the Ntla~ remaining, if any, In l>e applied toward the discharge of said monJlll8e
<br />indebtedMss,
<br />8, That he...iIl bop the imprvwemenls no""' ...stmg o,herelifter erected on the mortJlll8ed proptrlY, insured as may be
<br />reql1lred from time to time Isy. the MOI'tl!!lQlee against loss b)' fire anti olher hazards, cllsualties and contitlll"n<'ics in such
<br />amount. and for ,ucb penods as may l>e re<luired by the Mortgagee and will pay prumplly, when due, anj' premiums on such
<br />i_ J'Tovision for paY\DflItof which has not ~en made hereinl>efore. .0\11 insurance shalll>e v-..rried in companies aI"
<br />proved by.tbe, MotIlIalteC and the policieslUtd renewals thereof sballl>e held 0)' the MortJlllllee and ha\'e attached thereto 10'"
<br />payabk clauscs: in fa\'ur (\J and in form ac\,'eptabk h.ll~ Mortgagee. In event of klSS Mortgagor .will g....'e immediate nUlke by
<br />rwW 10 the- M0rtaa8ee~ who ma)' ,rnak.r proof of Iou iC not mad< pront".!)' t'lV Mortgag\"lf. ami cm.:h msuram:c rompan)' \:on~
<br /><.--..l i.,~y ~led andditceted t" ma"" payment 1m such ,,,,, direclly tHlhe Mortgasee Instead v'f t<, Ihe M,>r1&",or
<br />allll tIw: ~ JOintly, and the insurance p"",..ds. 0' any parl thert<>f, may be "I'plied by the Morlgagee at its option either
<br />kHhe ,eduction u, the indebted_bereby,"..ured or '" the restoration ocrepa" of the pruperty damaaed. In evelll ()f for.ck.,
<br />- Qfdt;. ""'~llr "the< tnon.fe, v,f title to tbe mortNO.! pr~rty in..ttinguishment of lhe indebtedness ,,,cured ber,,!>y,
<br />all TlSItt.otiGIttm4iJ1ttef.\., (If tlit' M~ in and to any il\.'\Ufoll(" polic.e, Ih"" in force ,halll'as. to the pu,,'haser ,.. g"",t"".
<br />'I. Thai as additional and c<~naler..1 se~utity lor lhe p..,menl ,.f lhe nol. ues<nl>ed. and all 'UIlI' h.'l>ecome due "nder thiS
<br />1IlOJfttqe. tlw Motlaat\<n herel>s "SSlill' h) tbe M~ all prtl!ilt.~.v,~s, q1Yal~', !l!d>I. and benehh accruing to the
<br />M~ ulllkr "")' ltnd .11 ",t.nd lP" "'a.." on \litO prem....s, wlllllhe rltdtl klil_ve and rece.p. 10. lhe ,ame .nd [,pply
<br />m.m t".aid tndtlNed"""sa' ..elll>e'n,e.s oft", ddault in tbe <ondi.",", 01 1m. IDOlllI"ge, .nd Ih.. Morll\tl&<< may demand, so.
<br />f~ alId 1'<<"""<< any \u\'-h pJtytlltnt" "'~h.n due -and ra)'abk. hue shall nt.l~ M re-qUlrN '0 h.l Jtl This a~signmtnt j;;- 1(1 lefnHoale
<br />"'Ml.bec_ ..wl.nil ,vlld II"'.... ,.1....'" ,,\ tms """I";,
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<br />H</IHUI43M l$-191
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