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<br />(I) month prior to its due date the annuai 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 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 the Secretary of Housing and
<br />Urban Development, a monthly charge {in lieu of a mortgage insurance premium} which shail be in an
<br />amount equal to one,twelfth (I II 2) 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 />(h) A sum equai to the ground rents, jf 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 {all as estimared by the Mortgageelless all sums already paid therefor divided by the
<br />number of months to elapse before one month prior to the date when such 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 />(cj 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 i(,ll"wing 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 Urhan Development.
<br />or monthly charge (in lieu of mortgage insurance premium.1. ilS the case may be;
<br />(II) ground rents, taxes. assessments. fire and other hazard insurance premiums:
<br />(!II) mterest on the note secured hereby; and
<br />(IV) amortization of the principal of said note_
<br />Any det1ciency in the amount of any such aggregalc mllnthiy payment shall. unless maue good by the Mort~
<br />gagor prior to the due date of the next such p;.iyment, constitute an event of default under this mortgage. -The
<br />Mortgagee may collect a "Iate charge" not (l) ex((.('J f,l\;r ..~l'nts (-l-,r) for each doHar (S)) of each payment more
<br />than fifteen (15) days ip arrears to cover the extra expense lI1volveJ in handling delinquent payments.
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<br />:~. That if lhe total of thp paynw-nt.':'- mad.:' by th(' \lortgagor und{~r (,OJ i of paragraph ~ prec(~dinp; ~hall exeeed
<br />the- amount of payments actually mad~ hy th(\ \lortgag-ef' for ground n~nl~. taxe~ and a~sps~ments or insurance pre~
<br />miums, as the ,'ase ma\' I}(', ,"uch ,'xcess, ,f the loan IS "urrent, ,it ,he oplion of the Mortgagor, shall be credited by
<br />fhp \lort~aF!~{" on :-:.uh~;quenl paympnt..... (0 b(l mad(' h:,--' t.hp \lortgagor, ur r('fund.>d to thi' \lortg-a~or. lL howe\'er. t.h~
<br />,"onthly payments made by the Mortgagor under r;,) of paragraph .' pre"eJm, shall nOl b,' sufficiem to pay ground
<br />fHnt, taxes and a.s~e~sment~ or in~uraJll't. pn>mium~. a:-; th{~ (',l.."'i-t' ma~ he. \\hc:>n tt1l' :--ame ~halJ be{~omp due and pay-
<br />able" then t.he \lortgagor ~halJ pa~ to Ih(lo \lorl,gagP\' an~- amount IIt-'t't'~::ar~ tu makt" up thl\ defid('n('y. on or bpfore
<br />the claw when paym(.lnt of ~u{'h gmund r{'n(,~. taxp,,;;. :l-:-,::,p~."'menl:-, or in:-,-urann' prt'mjum~ :-:.hall b(l dup. If at any
<br />tim(' tht. \Iortga~or ~haH (('nd('-r to thf' '1ortga~p(-'. in ~HTordan('p \\jl-h tht" prn\j...:ion:-:. uf thi" notl' sf:'("urpd hprpby,
<br />full payml\nt of th{'- pnlin' ind(~btl.dnp,...", rppf('~('nh'd lht'rpby. lht' \lon~a~Pt. ...hall. in cnmpuling th(' amount of su("h
<br />indebtedness, credit' to the a~l'oon[ of the Mongagor <ill paymC:lH!'- IIl.lJc.: unJt.'T (lit. pronsions of f ~d of paragraph ;2
<br />h<'rt-'-of \\-hit'h tht, \lortgagt>p ha....: not ht'('umt:' obi i,!.tah..d to pa~ HI tht' :""(>t'U'lary of lluu:-iing ~nd l'rban Development
<br />and ~Uly balan('c.' n>maining in th(' fund:-- ;!cnlmu!au'd und~'r th(' pnn I:'"'wn~ Hi of paragraph 2 hl'ft"-Uf. If then'
<br />~hall he a default under an~' uf thl;> pro\'i~ion-'"' of thi:--: mortga~{' rt~""uhing in a public :-,alt' of tht~ prPmi~l'':': l'ove~d
<br />hprt.'by. or if tht\ \1ortgagt'P llequiw:-; llw propPrt.\ ollwrwi:-.t' aftpr dpfauh. thp "firt..!!a~(>(' _....hall appl,Y. at Uw ~imtc~ uf
<br />the c.'ommeneemenl of ~U(:h pW('N'din,g-:-o. or at thl' timl' th(' propt>rt.\ i:-. ofht'f\\ 1:-(' at'quirt'u~ dll' balmH'p thl'n f{lmain-
<br />in~ in lh(} fund::, ~H.Tumulal-(>d under ( nf par.tg:raph :!. fHN'euing, a~ a (<rt'ui t ag:ain;:-.t th(> amount of prindpal thE'n
<br />r~ainin~ unpaid Undt'f ,...aid no[('. and ~hall PfuJH.'rly adjuz-'I any p;j.\-nlPn{~ \\hi('h ~h:1l1 haH' h"'PIl mad(. und(>r (ai
<br />of paragraph ~,
<br />4_ That the \.lorfgagor \\, ill pa~ t:ruund ft'Oh, [;t\c.... J~~e'smt"nh. v.~ttcr rate,. and (l(her- glJ\"crnmental or munk'ipal
<br />charges. fines.l.)r jrnp..)~Hion~. f\.r v..-hich prtl\l'IHHl ha~ 11;){ t-een made hercmhehlft'. ~tnd in default thercoi the !\'Iorlgaget:' may
<br />p.a} the same; and that the ~h)ngag(lf 1,1,:i!l prt\mpll\' deliver the ()ID-l.,'la! fi'\.'c!Ph th'refnf tf\ the Murtgaget."
<br />:'i. The \tortgagt)f \\ iil pa} all ta\e" \\. tHi.:h m~i~ ~ Ie'led UptlO the \ttJr1~a~el;.' '.., I11tcft"..l in '\~\id real estate anu improve-
<br />ments. ~mo whi(h m.ty be icvied upon thi... mortgage tlr the dept "-t"clJred ht"rc~\ ibm onh to the c_\tent that ~w.:h is not prohib-;'i-
<br />cd r-\ ia\\' and tHlh- (1.\ the t.'\tcnt that 'iuch VI-II! Ih)( make' thIS h,'an u'Unt~U"\I. hH r:\fluUlOg an\' income tax. State l,lr Federal.
<br />impt;scJ on M(lrtg~ec. ..!OJ \\ ii! tile the .Jtli;";l~d fct..'e'lpt 'ihll\\ in~ :-Ih..'h pa'dncrH \\ uh the \h,rtgagce. L'p\'f) '"lolation of this under-
<br />faking. or if the \1orlgagor is prnhtbiteJ n\ an~ /av. IWV. tH h('reafter c\hting from pa}tng (he ",hok~ Of ~tny portion (If the afon:-
<br />said W\c:", or up\ln the rendering of an} \,,'oun dCl.:ree prohibiung the f'<lymctll ~~ the Murtgagvr Of any 'uch ta.\c', t)f if s.u('h la\\'
<br />('If decree- pr\l\jde~ that ;;i.ny amount ~o paid b~ (he Mort~~l~or ~hall ~t: ~rt"Jited on the mortgage debt. the i\lortgagee ~haJJ have
<br />the right to give ninety day\' wcitten ntJlh.:C It.) tht \l'" nel tlf the Illtlrtga.geJ rremise~. ft.'quiring the paymenl of the mmtgage
<br />deht. If sUi.:h notice be gi\'t~n. the ~aid deht ,hall NI.'tJnh~ Jue. r"\'~lblt' and I..'ollet:tible at the- e_\piratlllfi of ,aid ninelY days.
<br />ft. That ~huuhj he fail tu pay ~n} sum or keep .tn~ L-n\'t~ndnt rHnidt.'d fllr in thi, \1ortgagc:. then the Mortgagee, at it's l'P-
<br />tion. may pa~ or perform the ...ame:. and ~lll e\pentillurC'~ ",..' mittle ..hall he added itl the principal ~um owing on the ahov~ note.
<br />shaH be se(:ured hereby. and shall bear intete-~I at the r,~te -:..et fonh in the !--_aid Ollie. until paid.
<br />7. That he hereh~ a~sign'j. tran~fer" and \;el:- (ner h) the Mortgiigee. hI ~e applied h'\\ard the payment of the note and all
<br />sums. set:ureJ hereby in I.:ase llf a tiefault in the perfl1nnitm:e llf an} of the h~rnh <tod ..:onditjon~ of thb Mortgage (If the said
<br />note. aU the rents. relv'enUC's, anu ifh:dme h) ~ Jt.:ri\-ed frum the Hh.1rtgag:eJ pr~mi'e~ Juring ~uch time as the mortgage indebled~
<br />nes-~ shalf remain unpaid; and the Mortgagee ..,hall ha\(' pl)\\.cr h'l ,~pr-umt ;jn~ a~enI or agents it may dc:\ire ftlf the: purpl)Se of
<br />repairing said premises and vf renting the same .md ~oUecting the rents, re\'enue~ and mcome. and it may pay l'ut of said In-
<br />l.'omes aU eXf\ense-s of repairing said premise:o. and net;es':oary commis~ions and e\pen\es incurred in renting and managing lhe
<br />.....lme and of ~('Uec-ting rentaf~ therefrom; the hahm..:e rt'rnaining. if an}', to be applied It.lward (he di~",'hafge of said. mortgage
<br />indebtedness,
<br />S. That he will keep the improvel1li'nt~ n\)\\ e,isJing 'Jr hltreafter erct:kJ lm the ffi..lngaged prl1perty. llhured as mat" he
<br />required from time to time ~~- the Morts:agee- ttgamst It)S~ ~y tire and \)Iher hazard\, cbtmhies ami ':Llntingencles in su,,:h
<br />amoun" and (Of such periods as mal' be required I" the \lortgagee .nd "ill p.) promptl), when due. an) premiums on such
<br />insurance provi~i(}n for payment of whn:h has not neen madt herembefore. .-\11 jn,uran~t; ...hull he (:.trried in ..;ompanit", >!p-
<br />proved by the Mortgagee anti the- poHcics -iifkJ rene-wids thercll( shall be held by tht Mortgagee and have tlu<lt:heu therChJ loss
<br />pa)'abk clauses i.n fa\'or of and in form acceptable It) the Mortgae~e_ in e....ent oJ lo~s Murtgagur",HI give immediate notict' hj
<br />mail to the M-on.aagce, who mil} make pn.:ltlf of J()S-~ if nnt maJ~ promptly hy Mortgagur. and each insurafl\,.'(' to:llmpany \:,(m-
<br />~erned l5 herch", authoril.ed and dii-e\:ted to make pti)'ment flU' -Souch loss Jirel."tly t\) the Mortgagee instead l~f tu the Mongag\n
<br />al\d 1M_ M-orts.e jointly. and the in~uranl.;C prv",eeJ". i\f any r:out therf.'of. nlay be applied l'ly the M,lrlgU!l-t'C a.t ih option t'llhCI
<br />to tbe t..x!fKtKmot01M t..bt~Mss ht!rehy S.Ci;UfeO t>I 10 the re'ltvn:ttion \H r-e-p.alr of the p-wpeny ddlH,lgc-d_ In f.'\l~nt nJ rt'rt~do.
<br />,ute of thK mottp8c ur otncr transfer \-If tide h,t tn.: Jl1-ortltag<<t ph\ptny in extingul,hmeot t)f the inJc:tHl"dnt:''\' 't'l,.'urCti heft'by.
<br />at! nib!. t.tde and .flhne-M of l~ MoH!W~n in ~nu t(\ any ,nsuran(:e ptlhdt'\ then ,n hlft.::i:- ...hat! pt.'" to the pun.:h.a~ef' \H ~nlnl("l'
<br />9, '[baA '''~ and Ct,Uiltcral W.\:UIUY for the p~ymc-m tlf the note dt,,,'.nhcu. .1nd all '~um\ t\1 ht.~,"lJJI1l' due under thl'
<br />fl'k.4_1pttE the lCtif...... 'btrcb} ~h-\ign~ h' 1M \ttlftpgee aU rrofih, feVenu('~. W\'allle.... nghl'\. .mu benefits ~'..:-";rumg t-j) (nt'
<br />M-oft~w uMer an,;- ~nd aU Oil and s,.'il> It'a:\es- (In ~iu pre-nus-e'L with tin;- righl to rC":Cl\.t: .loti rc....t'irt for the ...iiitH." ..nti ;\pph
<br />thc:m to: ~}d If'\7dtl'htC-J-nc-\-," 6\ \\cU betOf1.' ..i\ ~flef d€-t'.;lutl to th<- ~'..HwJlion~ of thl' mOit~agt', .mJ the MOft,c_l-lgt'c lH<t) JCfllanti. 'ue
<br />t'(:lf _Ad ft",~h(lf illl) \,"-<,J} p-ti}'me-nh \II h-('A du~ .'tnJ vay.oole-. but sbalt_not be rC'4uln.:J ...,> ft.1 d,' rhh ,h"igllllleni I" h\ ktllnOiHC
<br />..~ N:(,<<.mw! non af'd 'tl:m\uppal i--d(",,, ltn... nHttt~i-t
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<br />HliD-~114:t-M j9 r91
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