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<br />83-00148S
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<br />(I) month prior to its due date the annual mortgage tnsurance 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 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 Development, a monthly charge (i" lieu of a mortgage i/lStlrtmce premium) which shall be in an
<br />amount equal to one.twelfth (l!12)of one-half (1/2) per centum of the avetage 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 nre and other hazard insuran"" covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property {all as estimated by the Mortgagee) less all sums already paidtherefortiivided;by,the
<br />number of months to elapse before one month prior to the date when ,uch 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 />(0) All payments mentioned in the two preceding subseotions of this'paragraph and all payments to bemadeund~r
<br />the note secured herel>y shall be added together, and the aggregate amount thereof shall b'e paid byth~Mortgagor
<br />each month tn a single paymenr 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 tht Secretary of Housing and- Urban Development.
<br />or monthly charge (in lieu ofmorrgage insurance f1rnmum), as. the case-may_ b~~,
<br />(fI) ground rents, taxes. assessments, tire and other hal.ard insurance premiums;
<br />(III) mterest on the note secured hereby; and
<br />(IV) amortization nf the prinCIpal of said note.
<br />Any defiCIency in the amount of any such aggregate monthly payment shall, nnless made good by the Mort.
<br />gagor prIor to the due date of the next such pa~'ment. ..:ullstitute an event of default under this mortgage. The
<br />Mortgagee may collect 3 "late charge" not tn exceed f, 'Hr cents (411) fe'r each dollar ($1) of each payment more
<br />than fifteen (15) days I" arrears to cover the extra expense involved in handling deli,'quent payments,
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<br />.L That if thl' total of th,' pa)'menr~ madp by Ih,> \Inrl!!agor "nd,'r il! of paragraph 2 precl'ding shall exceed
<br />the amount of payments a(~tually made by t.be \lon~altet.' fur ground rt'nt~. taxes and assessments or insurance pre-
<br />miums, as thl' ,'asl' ma\ be, ~uch excess, if the loan IS current, ~t the opHon of rhe Mortgagor, shall be credited by
<br />Ihp \lortgagpe nn ~ubse'lul'ni pavm"nt~ to !'" mad" bv th,> \!ortl!al-,<jf, or rpfundpd to the Mortgagor. If, howpver, the
<br />monthly payment" made by the Mortgagor under i hi oi parap;raph ;; precedmg shaH oor be sufficient to pay ground
<br />rent~ taxes and a~~(-"ssmenb or in~ur-:.uu'P pn:'mium.--. a;-; till' c-a."'.1 may be. 'o\ht.)n the ~amc shall become due and pay-
<br />able, then the \lorlj("I(or shall pay to the \lOlt/l:D!!"p any amount n"n'~~3ry to mal,.. lip th" deficiency, on or before
<br />th" date when paym....t of sueh /l:round rents, tax.'s, ass"ssm!'nIS or insu,ant"> premiums shall be due, If at any
<br />time the \lortg~r shall tl'nder to thl' \lortgage.-, in :!('coman,'" "irh Ihl' provisions of th" nolI' secured hereby,
<br />full payml'nt of the pntire indebiednl's8 [('p['t'~"ntt'd thl'reby, Ih,> 'Iortgage,- shall, ill I,omputing the amount of such
<br />indebtedness, credit ro rhe a<'count 01 ,he ~Iorlgagor ~i1 j"'ymenls made urnJer the provisions of (,,) of paragraph 2
<br />hereof which the \lortgagee h...... not becom.. obligated 10 pa)' 10 th.. ~"'retlU). of lIoU"inll ....d l.irbun Development
<br />and an)' balMce remaining in the funds at't'umulateti under the provi"ions of i &i Ilf para!!""", 2 hereof. If there
<br />~haU be a dt'fault undt.'r an~o of tht~ PI"f)\-i;O-;lOn~ of lhb mortgllft(~ f('..;;ultin1! in a p.ubli<' ~ah-" of the prt~mises ('o\'(~red
<br />h......by, or if th., \Iongag"" acqulrt's th,' proP"rI\ othl'r"is,' afu'r ti..fault, ,ht' \Iortgag.... shall apply, at the time of
<br />the ('omll1enn~ment of ~tI(.'h pro('t"edin~~~ or aL ttw limp tht. pn)Jwny i~ otht.'r\\ i.:-:t. lH'(IUir(-"d~ th{~ balance then remain-
<br />in~ in the fund::::, a(Tumuialt.'.d un~r:': i of paraj!raph ;] prt'.'Plitne;. a~ a crNiil ~ain~t th{' amount of principal then
<br />remainin~ unpaid undt.r ~il.id noh', ami ~hall prupt.'rl~- ."u.ijU:-:'l all~ pll~mt'nt~ whit'h :-.hall han-" been made under (al
<br />.. f paragraph 2,
<br />-L That the M-ong.agl1f "ill pi!) grnund reUh. Lne'>" _!"''}(',~rnt:'nt~_ \~atcr U[e~. and orher g\.)v~rnmental Of municipal
<br />,-'har!tc:~. fints. flf imflo~itjon,. h'r \\ hit:h prO\"I'di.,n h,,~ fHlt t-een made:- here-tn~f(lr~. and In default thereof the Mortgagee may
<br />pay rhe same; and lh.:u the \1ortgagllf \\ ill rrnmptl~ tlchVt:f the i.'ltklaJ f('(,t'lph tnerdw ttl the MOrlgagee.
<br />5. The Mm-tgagor \\"IH pa\- all r~t'\e'" \\.hlCh m;J.\ t"C k\!t"d tif;~)n !he \-h.rtgat:il~'" ltHcre_,t ill said real estate and improve-
<br />ments, and Yo hich ma\, be it.'\ i~d up~,.ln {hi, mortg>.i~(, Pf the Jct-t '>>:l.."ureJ ht:'r("t-~ t~ut unl\' to the extent that "iuch is not pro~~~ibit-
<br />ed by 1;.1\\ and i.lOly to the- e,-t~nt that \ui.:h "Ii! fhJl fn<tke (hl'i h,IM\ u..,uni.1U~L but t'\dudlng l-H1) tnl,.'"ome tax. State or Federal.
<br />imposed on Mongag~".. and \\^IIJ fife tht" l;)ffi\,'"litllC":Cli'( ..,ho"nn~ 'u..:h riJ)'IHt'nt \I; llh (he Ml'fl~~('('^ l 'pon viola lion of thi~ under.
<br />taking. Ht if the \tl)rtga~(lr I' rftAtI~lteJ t't~ ~n\ b,^ nO\ol, (If h-t'Ic.'utt(.'r t"\"lin~ fr\'nl P,t) mg the whole or <tny portion (If the afore.
<br />said taxe,-" \l( upun the: rendt'flllt! llf any "'l'Uft dt'de.: pI \lhlnltln~ the f'a~ ment p\' the \hlrtgagur or any slu.."h t;.i.\t'~. or if su~h la\\
<br />'-If decree ph.l\ ide\ that any ,Jmt)uOl 'li p3id f,\- the \hlrt~alt"ll ~h~iJ ;,\., ..:Jt"'Jued \In the mortgage debt, the Mortgagee shall have
<br />the Taghl to gwt" nlll('t~' da~~- \\-lttten ntlU,,:(' Itl the (,,-,nef ,It [he uh.Jrtgal:eo rr~nll~c'. re~uiring the pilymenl vf (he nhlrtgage
<br />debt" If \u\:h n,.lice he ,gl\'en. the ,-,ud de"'t "hall tle,;\.llHe Jue. p~\~a~le ;,mJ ~llll('(t1l1le al the ~.\plration l)f ~aid nint:l}' t..hlY~.
<br />b. That ,houhJ he fail hl pay ~my ~um \lr leer an~ l"\)\t"nH_nl rh~\'ldcJ ftlr m thl~ Mongage. then the Mortgagee, at its up.
<br />non, may pa~ Of perr.)rm the same. .HlU "II e\P<'nJilurt:~ ';..l malic ,hall be adde-d to the principal ~um dwing t.Hl the a~we note.
<br />,hall be secur<d hereh\', and shall bear mte,..,t allhe rdt<....t forth in Ihe said nOle, until paid.
<br />7 Thai he her"t:>~ ..signs, transfef> and set. (1\<' r,l the MQrtgagee. to be applied towa,d the payment of the ..,11< and ,,11
<br />sums secuft'd here"} In (<.tse \If a defauH in the perft.l.rman(t' (If an} of the terlH~ ..tOd \.'t..\lltlition'i. of (his Mortgage (l(' the said
<br />note. an the rtnt~, reH'nuc~ and lOi.,.:omc h.' he de-ri\cJ fr,)m lhe nwrtgagcJ pr~nll~e~ Juring sut:h time as the mortgage indebted.
<br />nen shaU remain unP<'ld~ anu (he Mortgagee ~hall hone pl.l\o\'er lo apP(Jint any agent t.~r dg(nlS II ma}- -desire for (he purpose of
<br />repairiug said rremls.e~ ~tnJ of renting the ~ime ,tnJ (llliel".'l1ng the fe-nls. re\'C'nuc\ ;.tnd lOc.:ome. mld It ma~- pa} OUll)f said in-
<br />COJ11e;S all eXPf'-nses of repai.ring said premises dn-J oece...\af\ !"."('nunis~H.m\ and e\~n'ie~ in('urred in renting and managing. the
<br />same and ot collecting rentals therefrom: the balance rema'ining, if any, III he applied toward the discharge of said mO'tgage
<br />indllbtedness ,
<br />g, Th?lt he ~-ill keep lhe -lmprO\'C-OlenlS no~ eXbung or h-ere.Jtt:r ~rt:~teJ on the m()rtgaged prop<nj'. insuret.l as may be
<br />re4uitod from time to lime b~. the Mortgagee against los.s by fire and otht'r ha.lard\. casuaHies and contingendes in 'iuch
<br />amounb and for ~uch peri\lli~ a!ro mil) ~ rt:qUlfed ~y the MOflgagee and v.-iiJ pa~ prl.1mptfy. wht'n due. .i.H1)'- premiums on such
<br />iMUrance provision for paYfM'ftt of which ha~ RQ-( ~n m.:lde herembefore. All insuram:e sh;:IJI he (;urled in (:ompanics ap.
<br />proved by the MOrtgagee and the rolicies and rene"al< thereof shall "" held h\ the Mllrtgage< and have attached lherelo 10"
<br />payable dau~e~ in fa\i.Jf \,{ ~md in f\.lrm ;.h.:::;.'~ptablc tu the Mortgagee In e\t:'tH of !,,',-s ~tort~agof will give :mmcJiatc notice b)
<br />mail (0 (he M\)ftgagee. \\-ho may make phJi.Jf tlf h.lS~ If n\lt made prlHnptl~ r:! ~1()rtgag\lr. and (:adl ilhufJfh.;e l."()olpany \,~on.
<br />cerAcd is bereo)' authoriled and directed to makt' ra)'ment fo! \'Ui,:h 10'::' (hredl) tp tht' Mortgagee IlhlCdd ()f to the Mortgagor
<br />and"Ute-MwlpJee jointJy~ and the in~UI.liIKC ph)~(.ed'lo. ur ~n~ part thereof, mil)" he arrhed by the ~-h"lftlr"8ee ~t it\O '-'I"'tion dther
<br />10 the' fC'ducll(ln 1.1f the mu('btC'dnt~~ heft'b> 'c...::ureJ \,.If ft.) the re~tor~lth.ln ur ft:p.ur of lht propen~ damaged, In c\ enl of foreclo-
<br />'ure of Ihi. nlVrtllll41e<)r <>ther I",nster (If litl< 10 the mortaalled rrorerty on extinguishmenl of the indebtedne." ,<'cured hereby,
<br />all film. ride And Interesl of tbe Morlgnjt\.lf in and lu .my I-tnur,i,),nl.":e J'kllkies, ltKn -in fOf\'C' ~hall fl~"\:oo to i:he pur(h~ts('r \)r ~r;H1fet
<br />9, Ttmt ~'" addilwnal ..1M ({llhul'fat 'te.;unt) for the paymenll.)f ~he n\)l( dco':\..:nheJ. and. "H "'llm~ 1.1 t"~~\..\.Hne due unou ttll~
<br />morl~, the ~1()-f,tg.agut h<'reh> J:\'H,gn' tu l~ Moct~e( .aU _pruhb. re\'~nue~. [l,l)'-ulth.--\. ris.hh ,Wl1 ben.dit:. ..h:rnung h' the
<br />MOUPBOf u~\drr an) .md ;'-in t.)}1 ;Jf\J ga\ !('-i!'!l(', I,\n s....jJ rle~.-' 'wt~tjJe- ~ J,U re..:ei\-'<. aou rt(eipt fpf tht' :-'~imt.' J.od llppl)
<br />them to. u\d Inu,~'btc,Jne~s a~ ,,"eU heil)H~ a'l. iiftef ddault 10 the-"oodlhOll~ tif thrs m,,",rtp~e. ,.0,,1 the M\.)rt.gi:tgce ma} dt'mand. "ue
<br />fQ:( and r-t~OH':f ,an:;. "'Ui.h (h.l). nh:nh '" hen due and p-ayah)e. hu; ~hail ni)[ he te''4uirrJ \d Iil J,,~ rht\- .}_"~lgmnc.':nt i'i to lenmoate
<br />and h<<:i,)tn< Old! ;l411d hHU Up\Hl tc!('.\-~ ;-11hl\ mt)ft~
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<br />d;...H.1 -',;l.H~;}.~ i~~lo.i
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