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<br />(1) month prior to Its due date the annual mortgage insurance premium in order to provide such holdet
<br />with funds to pay such premium to the Secretary 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 are held by th!, Secretary of Housing and
<br />Urban oDevelopment, a monthly charge . (in lieu of 0 mortgage inmrancepremium) which shailbeirlan
<br />amount equal to one-twelfth (1/12) of one-half (1/2) 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 property, plus taxes and assessments next due
<br />on the mortgaged property (a/l as estimated by the Mortgagee) less all sums alteady paid therefor dividerLby'~e
<br />number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and
<br />assessments will become delioquen t, such sums to be held by Mortgagee in trust to pay said 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:
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<br />(1) premiwn charges under the contract of insurance with the Secretary of Housing and Urban DeveJopment1
<br />or monthly charge (in lieu afmortgage insurance premium). as. the case may be~
<br />("> ground rents,taxes, assessments. fire and other hazard insurance premiums~
<br />(III) mterest 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, l:IHlstitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed four cents (4j{) 1'01 each dollar ($1) of each payment more
<br />than fifteen (I S) days in arrears to cover the extra expense involved in handling delinquent payments,
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<br />:1. That if th.. t"lal of Ih,' p"ym"nt~ mad.. by th.. \Ionga!!or und", of pa'3{traph 2 preceding shan exceed
<br />the amount of payments actually madllt by dw :\longal!ce for eround f{>nt~. taxe8 and assessments or insurance pre-
<br />miums, as the ('lL~e may be, ~uch excess, 11 the loan IS current, at dIe option of the Mortgagor, shall be credited by
<br />th.. \lortglll(N' on ~ubsequent paymenb to b,' mad.. hy lh,' \Iorigagor, or r,'funded to the Mortgagor. If, how.."er, the
<br />monthly paymenls made by the Mor(gagor under I h) 01 paragraph 2 prec~'<l,"g shall not be sufficient (0 pay ground
<br />rent_ taxe:" and as~t"'s~m~nt~ or in~uranrt' prf'mium~. J.:-'i {ht:> t"a,,;,;f' may be-, \\hen the same shall become due and pay.
<br />able, then the Mortgll!!or shall pay to th.. Moriga!!..,' any amount n{'('..~'ary to mak.. up the deficiency, on or before
<br />the date wh..n paym""t of sueh ground rent", lax..", :L~",'~sment~ or in~urance p....miums shall be due. If at any
<br />time the \lorigal!or shall tend"r to th.. \Iongagt'.., in a"l'ordaJll''' with th.. provisions of the note secured hereby,
<br />full paym..nt of the ..ntift, indebtedne~' repre~ented thereby, th.. .\long3{tl'" ~hall, in <'Omputing the amount of such
<br />indebtedness, credit to the account of lhe Mortgagor ..IlIM".nents made under the provisions of (Ill of paragraph 2
<br />hereof which the \lorLgagell h"" nul bel'ome obl~llled 10 pay to r1w I:><!r'ret"'Y' of Housing ..nd \Irban Development
<br />and any blllant'e rllRlaining in the funds al'cumulaled undN the pnwi!'ions of 10) of paragraph 2 hereof. If there
<br />shall be a d..fault und.., any "f the p"HI~ioil' of thb mOrl!!ag" ,,'suiting III a publi,' ~alt' of the premise~ ('o"ered
<br />h..rr>by. or if the \lortgagl'e acqUlfl's lhe prop..'" nth,'",;", altl'r Mfaull, the \lortg3{tI'e ,;hllllllJlpIJ, at the lime of
<br />the t~Ommen("l.ment or ;3ueh prol"eedings. or at Ill(' timt.~ dw prop("ny i~ mhE"r'r\ i:-:t. acquirt~d~ the balance then remain-
<br />ing in Ilw fund~ aecumulat('d undPr {<I,} of paragraph ~ l)ft'l.t~din~. :.t;'"o a l'n'dit ~ain~t the amount of prindpal then
<br />,..maining unpaid und..r "aid 001.\'. and shall prop..rl\ ad]u~1 anI p"ym,'oh whieh ~hall haw b..en made und..r 1 al
<br />of par3{traph 2,
<br />4, That the Mortgagt)f \\ ill p3y ground it.'fih, [..1'e~. d'~e-s~rncms. water f.Hes. and other governmental or municipal
<br />....harges. tine..... i.lf imJlt)sitlOn~. h\r ~hlch prOVISion ha~ ntH ~ef1 mad~ herelObefi..lre. .lnd In default thereof the Mortgagee may
<br />pay the same; and that the MOf1gagor \.\. il! rf\lmptl)" ddi\'er the ,,)fficial receipts tnerel\.)r h' the Mortgagee,
<br />5. The Mtln~igor \l,IU pJ~' all ta\c~ \\hich ma\ ~ kvied upon the \!l)ftgagee'\ intaest in said real estate and improve~
<br />menl'S. and which may ~ le\'led llflon thl'" mOrfgage l\f the debt -"c('ured herehy f~ut l)nl)- to the e_\tent that such is not r,rohibil-
<br />ed by law ami i..lItly h\ the e\.lent that :-u~h \\-ili lli)1 mak(' thl~ i()dn u..,uri(\u~~, but e\\"'luding any income ta.\. State or Federal.
<br />impos.ed on Mortgagee. and u- ill rile the o.rti~jal receIpt ~ht).\\-ln~ '\u...'h rayment \\-lth the Mnngagee. l'pon violation of this under-
<br />taking, or ir the M("rtgagor i, pwhihned tl\ an\' i~\'o\. lhi\\ (If hereafttr ('\i",ling (film paying the \\hole or any portion of the afore~
<br />~id tax.es, t)r u!,\\m the rendering i.lf any ('.Jurt ue...:ree rfllhlPIHng the r.i~-ment t'\\' the- Mortgagor or any \Ilch taxes, or if such law
<br />or decre~ rrovide, that ,my ~llwunt ",0 p:ud tl)< the 'h'lrtgagllf ~tHtIl be ..:redited l)O (he mortgage debt. the Mortgagee shaH have
<br />the right to gwe nint(~ day'" \HIIlen nutlce h.1 rhe \)'\\ neT \)f lhe nlllrtgagf:d pr(;mi~t-s.. requiring the payment of the mortgage
<br />de!:>!. If such nollce!:>e gl\ell, Ihe satd de!:>1 shall he,','me due, p,...ahle and (olle(lIble at the espltalion of said ninety day\.
<br />n. Thai shoulu he fall III pay any sum ,It keep an, "c>nm"nl pf\\\lueu f,'r In th" Morlgage, then the Mortgagee, at its op,
<br />tion. may pay or perform the same. and all ~\~ndllur(~ ~l' maJe ~haH he::- .tdded to the principal sum owing on the aho\'e nllte.
<br />shall be secured hereby. and shalll:>ear interest at the mte sd (,>rth In the salU note, until paid,
<br />7 ThaI he hereby assign" transfers and sets o'er IOlhe Mort{lllgee, III be applied toward the payment of the nole anu all
<br />sums se\:ured hereby in case of a default in (he performance of any of the terms and conditions of this Mortgage or the said
<br />note. aU the r(nb, revenues dnd income h.l he- derived from the mortgaged prt'mise~ during such time as (he mortgage indebted-
<br />ness shall remain unpakL and the Mortgaget "h~tll have rO\ilo~r to appoint any agent or agents II may desire for the purpose of
<br />repairing said rremisrs tHld of renting the same dnd coHc(:hng (he rents, rt'\'t"nue~ and in(.'ome. and it may payout of said in-
<br />comes aU'expenses of rerairing ~id premise" and nece~sar)" commissions and e'\penst'\ incurred in rentjng and managing the
<br />....nie and of collecting renlals therefrom: the "alance t~maining, if any, tn he applied toward the discharge of said mortgage
<br />illileblerlnes.s,
<br />It That he win keep the improvements no~ t.::\i\ling IJr hereaher erected on the mortgaged property. insured as may he
<br />required from rime to time hy 1M Mortgagee against loss by fir~ and other hazard5-, casualties and contingencies in such
<br />amounts and for ~u..::h pe-riod5> as may be ff.'quired by the Mortgagee anJ 'wii! pay promptly, \\'hen due, any premiums on such
<br />Jn$t:U'tnce provision for paymt'nt of which h3'!ol not bee'n made- heremhefore. All insurance shall be carried in i..:ompanies ap-
<br />proved by the Mortpgee and the ro1ici.. and re~wah lhereof shall he held hv the Morlgl\&ee anu have allach<d thereto loss
<br />pa)'able clau~~ in favt.)[ >.if and in form a("\.'ept-a"It> 10 the Mortgagee. !n e\em uf h)~~ Mortgagor \It'ill give lmmediate nvliee by
<br />mall h,l the MOftga&ee, whv ma)' mnK-e pr\.\Uf of loss if rWl made prompti~. hy MortgCl$;or. and eaL'h tnsuranl,;e l".'omrHWY ct.m~
<br />,-'etM-d "" heftll;, authori:l~d and dino-\'ted tv make paym~nl for su~h lo~~ directly (tl the Monsagee l!1steaO uf 10 the Murt,gHgor
<br />and me M~ lointl~. an.! lhe ,"'UfO"<< p""eedv, or an) part thereof, may he applied hy lhe Mortgug~e at its uption either
<br />tothe_reduo:-tivn tJf '~mdel\ledne!!l~ hereby ~C'\..-u{eu or to the re-~loranon m- r('"palr of tht: propert!. d..tm~('J. In evenl of t,--'re\.~lo.
<br />s_ of thl'",,~ tV <,ther tra~fer of title tll the m,,,tpgcd property in extingUishment of the inde!:>ledncss secu'ed hereby,
<br />aU richt.,ktlt and interest of the MOt"1llAll\f in and to any insuralH.~t' r()li.."cs then in f(II((, ...haJj pa-'1:\ It.~ tht" pUf'\:hasc-t 01 ~rantct
<br />9 That a~ iiuditil..""'tfi.l:lt .uid ,..dlah~!,.ti ..{'~uril~' fnr the (ld.ymcru ut the n~Jtt de~cnheti. ;lnJ all \ium~ W het.;\lrnr dilt' undef tht~
<br />mortPIC'. the- M(lftptt-~ htfchy '."',Ih 1t.llht MQtt&aIoo .U p,pfib.- fe_venue,. rw\o'aJue~, rl,ghh ~md bentlit... .H...~,:fUinl: h) the
<br />M-ortPlt)f undc'r ~n) ~nd aH (Hi .Ul\i ga.' J(-aM:~ ~)n lQiid pr('mi<<fI,,, \.\o-tth tht nght h-' H;"l"t'IVe 1iOJ rt'((irt f\lr the S.;.IOU.. ~Hld appl)
<br />them to ~ld iMIt'Nfilne!rl1o. a..;, ~t'H before 4_' aft~r default in Ule 1,:OOOlut.\n\ of thi\. flhJrfjtage.. and the ~h)f\P.~e. may denHmd. 'il,e
<br />fd' and rN..<O\:t"f .m)- ~u~h f'a\'llh!flh ",-two due anli pa~abk.. ~ut ),naJl not he tt'QUJrc\1 \(1 tt, "hI '} his a,~ig.nmenl i~ h\ tcrmmille
<br />Mld ~,,)M~ nuB _.Uk! 'H)kl U~,H\ telC'...",e ,.f tni.. mt_..-lll.,.
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<br />HutHJ2'4JM (IH91
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