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<br />83-iJ01461
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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 Housing Acr, as amended, and applicable RegUlations thereunder; or
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<br />(ll) 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 mortgage insurance premium) which shall be in an
<br />amount equal to onHwelfth (1/12) of one-half (1/2) per centum of the average outstanding balance
<br />due'on the note computed wilhout taking into account delinquencies orprepayments;
<br />(b) A sum equal to the ground rents, if any, next due, plus the premiums thaI will next become due and payable on
<br />pruiciesof t1re and other hazard insurJlI\ce covering the morrg'<lj\ed property. plus taxes and assessments next due
<br />on the mortgaged property (all asestimt11ed by the Mortgagee) less all sums already paid therefor divided by the,
<br />number of months 10 elapse before one month prior to the d.te when such ground rents, premiums, taxes and
<br />assessmenrswill 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 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 shan 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:
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<br />(I) premium charges under the contract of insurance with the Secretary of Housing and llrban Development.
<br />or monthly charge (in lim at mortgage insurance premium). as the case ,may be~
<br />(ll) ground rents, taxes, assessments, fire and other hazard insurance premiums:
<br />(Ill) imerest on the note secured hereby; and
<br />(N) 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 pJ..vmenL ..:\,nst!tute an event nf default under this mortgage. TIle
<br />Mortgagee may collect a "late charge" not t" exce",1 r"Ul c<nls f4~) for each dollar ($1) of each payment more
<br />than fifteen (15) days in arrears 10 co\'er the extra expense mvolved ill handling delinquent payments,
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<br />3, That if tI,,- total of th.. payml'nt~ mad(' bl thp ".,,,,,,,,,or Ulld.., , of paragraph 2 pn.c..dinll 8hall exceed
<br />the amount of payments aelllally made by the \lort!(allee for cround rpnh. laxes and assessments or insurance pre-
<br />miums, as the l,ase may be, sUl'h excess, If the 10011 IS current, at me oprion of the Morrgagor. shall be credited by
<br />the \lortllagt'.. on subsequent paym,'nh to Ill' mad.. b\' ,he \lortgallor, '" ,,'fundl..! to th.. \lortg'dgor. If, however, the
<br />lTlonth!y paymen.... made by the Morr!!all"" unde, I hi of para!(raph 1 preceding shall not be sufficient to pay ground
<br />refit.. la..xes and as:-:;t"ssm'~nb Of in~UnU1(~p pr{>mlum~. a~ the> c:.i.~p may tal., ,>,h{.n tht} ;-;ame =-hall bet'orne due and pay-
<br />able, then the \loril!agor "hall pay to th" \'ortl!a~"" any amounl n"".'~~ar)i to makl' up the d,'ficiem:y, nn or before
<br />Ille date when paym""tof such ground "..nt', tax.." as,,'''m''nt'' or in,urance p"..miums shall be dul', If at any
<br />tim" the \lortJ.lagor ,hall tender to thp \lort!(agN', in a,'coroanl't' with thl' prO\ i,inns of Ille note se.:url'd hereby,
<br />full payment of tbe entit<' indebtl'dness "'pre~enlt'd tht!t<'by, the \Iortgag..e shall, in l'omputingllle l\lfIOWlt of such
<br />indebtedness, c,edit (() the account of the Mortgagor all payments made uoJe, rhe proVisions of fa) of paragraph 2
<br />h_f which the Moril!~e has lUlt 1><":010" oblillated to pll\' to the ~'retary of lIousin!/; ..nd Urban Development
<br />and lill)i balan('e remaining in the fund" a.'cumulated nnde, th.. pru\'lsions of i 1>.1 of paMl/lf8ph 2 hereof. If there
<br />shaUb(. a dt"fauh under a.n~' f.f th(> pro\i~ifln::, (If thb mor4!ul!t' rl"~ultin~ in a publk ~al(~ of thlk prt."mi~l'!::' ('overt~
<br />hereby. or if Ille \k,".gage.' a"qulfcs th,. proP""y <>Ih.'r"i,,' aft'" default. Ih.. \k>rtgall'-'> shall apply, at th.. time of
<br />the commenClkmt'nl of ~u('h pro('t~t'din~s. fif af Ihl' timt' th... propt'rly j..: olh...r\\1....t;. H.t'quiri?d. UH' balan('p then r~main-
<br />in~ in th.- fund~ ~l('('umuial.t"'d under (;-J of par,.u~raph ~ pn'('('thn~. ~l....';l ('rt-dit ~ain.sl th~ amoum of principal then
<br />remainin~ unpaid under ""aid note. and ~hail prupt"rly ;'ld!u~l :11\) p;1.~m~~nts \\hkh ~hall ha\p bt.....,'Il madt~ under {a}
<br />of parll!!raph 2,
<br />4. That the \1ortgagl,,,r \qll pay ground ft'nh. [,ne.." .~;.....e~~menb. ""'aler r:ih,'S. ,HUJ other governmental or municipal
<br />c-barge~. rloes, or Impos,ition~. hlf \\ hich pnn I\hlfl ha~ not N-cn made' hereinbefore:. <ind in default thereof the Morll:agee may
<br />pay the same: and that the \1ortgagllr \\ i!l prl1mpliy ddl\rt:f {he ;,JmciJ.1 recetpts therefor ((1 the Mortgagee.
<br />~, The Mortgi.igOf !;\'I1l pay ail t.I\C:-. .....hlch 01.1\' ~ k\ieJ Ur-\lll the Mortgagee..... tntere~t in said real e~tat( and imprtlve~
<br />menls., ,and WhlCh ma~ he le\icd upt\t"j thi... mortgage ,.r the dc~t ..C'~urcJ hereC\~ !~ut pni\' III the t.'\tcnt that \uch is nul prohibit-
<br />ed oy la\\ and t.nJ) In the C'.\Ient tha.t ..u~h \\il! nt..'t flMt..C t!lI.. 1.\(10 U'UTI\)US-L J:-Iut e,dudmg ~ny inl;ome laX, State or Federal.
<br />imposed \~n Mortgage-c, ..!no will file the ofn.....,"J rc\.'t.'tpl ~h(l~)ng .,lh.:h p~l\m~nt \\ lth the Mnngage-c, l 'pon VIOlation uf ,hi,,) unuer-
<br />takan(:.. or if the .\h)r1gagt)f l~ ph)hihUcd ~~ ~lll) t~j'" fW" ~'11 hereafter l'\l~t1n~ fnHn p.1\ ing the- whole ('II' any pt\rli'-lIl of the afore~
<br />~altJ (3xe\" l\f uptm Iht fend(,ftn~ \If an) \..'t)UlI dt'~r('t.' pr\lhl"'itm~ the pa.. Hltnt ~\ the \tort.~agor tn any -su~h ((l.\e~. or If such law
<br />or dcne-t: pro\'id~!rI thai a"~ amounl '0 p.uJ t'l\ the .\h)rt~~lgol ,hail Pe \:redltcJ \Hl lh(' mortgage debt. the Mortgaget.' shall have
<br />the right ((l gi\i( ninety tla~:o.' \lfltten 11(1111.,'( h) the \l\id\C'1 ;,If tht nh)n~~1':t'd rrefm\e~. requinng the pi.~ymt:'nt tlf the mortgage
<br />J-ehl. If 'Such noth:C i:lc gl\'t:ll. the ,aid tleht ~hall be~{lme due. J'l~(\a~lt" ,'UlJ (t)lle~tthle lit the c\plration of said njn~(y day~,
<br />tL That should he fail h} pay any ~um "iT keep dn~ U..'Hmunt pUH-lded hu In lhl'i Mortgage. then the Mortgagee, at irs. op-
<br />ti,,"n. may pay \~ perform the samC'. ,1OJ ali C':\penditUfe:~ ,,,, Oladt s.haH N added to tht priocipal sum ll\\,ing on (he ~lPtwe nole.
<br />,hall he ,ecured hereby, and ,hall bell! mtere,t at the rale 'et f,>rIh III the ,aId note, until paid.
<br />'. Th.~1 he herel>y assign"~ Irdn,fe" and sets ov.r to the Mortgagee, to he appiied toward the payment of the note and all
<br />~ums ~(:u:red hc--Tctty in \"'as.e of a default m the P<'rf\'rmurh..'t;.' \,f an) \1f the- rerm:- <too cunditi,,)os of (hi!'> Mortgage or the said
<br />note. aU the n:.nh. re"~nue~ and lO{:omC' tu b<' Jeo"td from the mortga~..eli prenllsC'~ dunng 'iu,h 1II11e it~ the mortgage indebled~
<br />ncs.s. shall remain unpaid; and Ihe Mortgagee ,hall ha\'e po~(r tl,l appoint ,m) agenlllf age-nh it ma~ desire (or the purpose of
<br />repairinc said premises. and of renting the same .mJ \.:\.~ilei..'tmg the ft'nt.... revenut."'s and Income. ant.i it may pay out of \aid in-
<br />comes atrex~nSes cl rr-rairing !Ut.id premise~ anu ne~e~:>i.ir) \"'{}mmls~ion') and e),pens(~ incurrtii In renting .antJ managina the
<br />SllIM and or collecting rentals therefr"m: t~ l:>aIanc.: r~maining, if any, 10 !>e applied toward the discharge of said mortgage
<br />indiebledIIes..
<br />~, That he will keep lhe improvement< no" existing or !>ereafter erected on the mortg{tg.d propelly, insured as may be
<br />~uired from li_ to time l>y t~ Mortgagee against to" !>y fire and otber hazard" casualties and contingencies in such
<br />aro,uunh: and for such ~rjods .a~ may l)C' requtre-d b)' lhe Mortgage< and wiJl pay promptlY. when due. any premium~ lm ~uch
<br />insurance ~ovisiOn for paymi"nt of wbich has not bf.tn made- heretnhefoi-e. .-\11 insurance ~hail h<' \:arrie-ti in \.'ompanic) ap-
<br />proved by the Mort,..,.. and t~ polities and "'Rewa" t~....,f shall he held by the M<>rtgagee ;Hld have anaehed thereto loss
<br />payable dau-ses, in f",'vI l)f an.J in form a~ceplabk to the:- Mortgugee, In e\ent l)f loSt!!. Mortgagor v. ill gi\t IInmediate n,-)tice h~
<br />mail Ct,. the Morfiaie.(, ~h{) Illa)' ~ke pn.n'lC llf I()~, if n-\.'l made prornpfly by Mortgagor. anJ ea~h msumn(( \.'~'mpany (',)0-
<br />~it hetet>y aulh"tl1<il and d~cted to make pa,'ment rN 'l,,:h loss dUte!!) I".he MortPlIet lO'te.d <If t\) the MortlllliQr
<br />allilHl1< M~ i<'tntly, "lid the msurance proceeJ" or an) part t~...or, mal"" applied hv the Mortgagee Ilt iI, oplilln .ithet
<br />to the f"edU\;IWA "l4 the Inde~t~dM'~ hc-re-hy ~('~ureu (If to the rt'stofatinn In re-pan t)f the pn.)f'trl~' damdtlC\.i.. In ("vent of fdfCcJO'
<br />'lift of thb ~ or Nher t...t\d~ ..f lille 10 lhe ~eJ pro~rty in nttnguishmtnt of the indehtedness ,ecured herel>),
<br />;tit r.......'*'....iri~u of the MnrtP.ot in and t(\ an~ in~urdn'-"t' pulk.e~ then in ft)Tn~ :"ihall pa~~ [Il th(' pur~hii~t:r Of Rranttt,"
<br />9. That a.~ .ltJdnt()fud iJiOO lrt,-.,)JhueJ.J se-(ufjl~ ftlf tilt: pa)-mcnt nf the U(tte .Jes\:n~~, an\i ;dl ..um" t('\ ht,-(!;.lme tiut:' under 'hl~
<br />mof~~ tht: \t~vtM.t}( h-rl('to-~ <l':\)...n~ lu 1M Mort,GAIt!" ail ~~3C'fOPllt$t l!OYaltic~, n(ithh an.:~ henetlt\ ~i.'\"rlljng to the
<br />MOftIili&Ur ~r -3fl")- J;nd,aU nil and~:'! Jti"'t'~ \'In ~kll'renuM:!o~,.""~th the til;ht'lo receh,t :.ind ft"t:C,IJ't ft"r the" ,.HIlt" <ind ilJ'lpl}
<br />them loia.t4 tIl4.kbtedne~'!! li'!. "eU N.-fptt: .il' after dt-ffiuU in 1M (\'l1\thtliUh of rhh f1\t1rts:agt, .and the ~h)ft'a&<< rl1a) llcmanJ. ~uc
<br />fQf ~ Tt.Cv.\'~t .It"~.. ,~h ra,.-mtt-nh v.beu Jut icitld paYJ.thk, but ..nail n-O( ~ r-t"'luirtd Iottl(' ..hl nU'~ iH\i,nmC'n( i\ h1 t(fm.in~(t
<br />iitlKS ~,,~t nuU....M ,\'l)kl UI)(l-t1t('lt"-'liC...r thh n~\lf""',
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<br />,",UO..21431lol (9,791
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