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<br />83-001
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<br />," :..', ....,
<br />{"::'Cl
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<br />(I) month prior to its due date the annual mortgage insurance premium in order to providelucl! holder
<br />with funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the
<br />NatlonalHousing' Act, as amended, and applicable Regulations thereunder; or
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<br />(II) If and so long as said note of even dare and this instrument are held by thp Secretary of Housing and
<br />Urban Developrrtent, a monthly ch.arge(in lieu of a mortgage insurance premium) which shallbe inan
<br />amount equal to one-twelfth (l /12) of one-half (1/2) per centum of the average :outstanding'ba!ance
<br />due on/he note cornputedwlthout taking into acmunt 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 lire and other hazard insurance covering lhe mortgaged property, plus taxes an,Lassessments ne1tt due
<br />on the mortgaged property (all as estimated by tile Mortgagee) less all sums already paid therefor ,divided,bythe
<br />number of months to elapse before one monlh prior to the d.te when such ground rents, premiums, taxes and
<br />assessments will become delinquent, such sums to be held hy Mortgagee in trust to pay said ground rents"pre,
<br />miums. taxes and special assessments; and '
<br />(c) Ail payments melltionedin the twn preceding subsectlons of this' paragraph and all paynlents to be lIIade, under
<br />the note secured hereby shall be added together, and the aggregate amount rhereof shall be paid by the Mortgagor
<br />each month in a single payment to be apphed by the Mortgagee to the following items in the order set forth:
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<br />(I) premium charges under the l,;ontract of insuran~c with the Secretary of Bousing and.Urban Development,
<br />or monthly charge (in lieu 0/ mortgage insurance premium), as~ the case may- b:e~
<br />'(U) ground rents, laxes, assessments. the and other hazard msurance premiums;
<br />(III) interest on the note secured hereby; and
<br />(IV) amortization of the princ.pal of said nole
<br />Any deficiency in the amount of any such aggregate monthly payment shall, unless made good by the, Mo.rt,
<br />gagor prior to the due date of the next such payment. c""sliwte an event of default under this mortgage,' The
<br />Mortgagee may collect a "late charge" not tu exceed f"ur cenlS (4~) for each dollar ($I)ofeach payment more
<br />than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments,
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<br />:\. That if d,.. i<Jtal of the payments mad., bv dl!' \lortga;!or und", ,j.j of pa'agraph 2 preceding shall exceed
<br />the amount of payments actually made by th..\lortgage~ for !!fOund renis, taxes and assessments or insurance Pf\l-
<br />miums, as the l'as~ may be, ~uch exeess, .f the loan .s curren., al the option of the Mortgagor, shall be credited by
<br />the Mor~ee on sub"equenl payments to b.. mad., by the \lolt!!agor, or refunded to the Mortgagor. If, however, the
<br />I'1onthl y payments made by rhe Morlgagor under I b) ot paragraph 2 p,eceding shaH not be sufficient to pay ground
<br />rent.~ laxes and assessmenl~ or in~uran('e prt~mium,",. <1:5 thp ('3..."'(" may be. ~\hffi the same shall become due and pay~
<br />able" then the MO~lI!lo, shall pay to the Mo~a!!"e any amount n.....'~~ary to makl' up th" deficiency, on or before
<br />the dale when paymoml of such /!Illund rents, taxI''', llSSl'ssmenis or insurancl' premiums shall be due, If at any
<br />lime tht> Mort/!agor shall tender to ihe \lortga/!"... in accordanc" with th., provisions of the.note secured,hereby,
<br />full payment of the entire indebtednl's~ representpd ihereby. ihe \lortgag.,,' shall, in computing the amount ,of. such
<br />indebtedness, e,edit to [hc account of the Mongagor <ill paymems made under dIe provisions off a) of paragraph 2
<br />hereof wbicb the Mortgagee ha.s not beeome obligated io pay 10 lhl' ~('felary of HousinR.dId Urban 'Development
<br />and any balan".. remaining in ihe funds accumulated under Ihe provisions of (b) of paragraph 2 hereof, If there
<br />shall be a defaull undl'r any of th., pro'ision" of thi" mortgag.' "'suiting io a publi., sail' of the prt'mises covered
<br />hereby, or if th.. \lortgag.'.' acquitt." till' p"'pprt, ".h('f""'~ aftN default. th., \Iortgagee shall apply, at the time of
<br />the Commtl1cement of such proc..~dings, or at th., 11m.' thl' prop"rly is olh..rwi~l' acquired. thl' balance then rl'main-
<br />in#!: in the fundE a{Tumulau."d under {!-,j of par~raph "2 prp(.t>din~. a::- il rf('oit ~alO~t the amount of prindpal then
<br />remaining unpaid Iind.-r "aid nol." and shall prop..r'" adjust any paym.-nls whieh "hall hall' llt'en mad I' under (a)
<br />of paragraph ~,
<br />4. That the Mortgagor 'WIlt pay ground rent~, l;!\e~. a~sessmenb. 'V.ater rates. and other governmental or municipal
<br />charges. fines. l"tr impOSItions, f\)r which proviSIOn ha~ not heen made herein~fore. and in default thereuf the Mortgagee may
<br />pay the same: and that the Mortgagor will promptly deliver Ihe ~)fficiaJ receirh therefor tu the Mortgagee.
<br />5, The Murtgagor will pal an taxC"~ ~ hit:h m:i~ t-e levt(.'d upon lhe Mortgagee'~ interest in said real estate and improve-
<br />ments. and which may t'1e levied upon fhi~ mortgage Of the debt secured her(by {but only to th~ extent that such is not prohibit-
<br />ed tly law and tmly to the- t".\tem that ~uch wli1 nul make (hiS l~)an u~untJu'id. hut e\duding any income tax. State or Federal,
<br />imposed t"'n MOTlgagee. Jnd \\.'iH nle (he tltik~al feceipt 'i.h()\llmg 'iul.'h pa}ment \\ Ith the Mortgage,e. Upon violation of this undcr~
<br />takjng. or if the Mortgagor I~ pwhibitell n)" any hw. novo tif hereaftt"f t"\is.ting from p~1ying the whole or any portion of the 310re-
<br />said taxes, or up\m the rendenng of any cuurt de~fet prt1nihitlng the pa~'ml"nl ~).- the Mortgagor or any such taxes. or jf such law
<br />or d<:,cree provide'S that an} aflltlunt so paid hy the Mortgagor !<o.hall t.e ..:rcdited \.'Jl the mortgage debt. the Mortgagee shall have
<br />the right to give ninety day" \\fitten notice hJ the owner of the mortgaged rremi'il"~. requiring the payment of the mortgage
<br />deht. If su~h noli~e ~ giyen, the ,,,id deht shaH ben-me due, pay"ble "nd .:oHe.:tible "i the expiration of said ninety days,
<br />6, That should he fa.1 to pal' any sum.'f keep any coyennnt pro\l,kd for in this Mortgage, then lhe Mortgagee, al its op-
<br />tion, mllY payor perform the same, and aH expenditures ", made shall be added t(llhe principal sum owing on the abOle note,
<br />shaH ~ secured hereby, and shall bear inierest at the rale sel forth in the said note, until paid.
<br />-: That he herehy as..gns, tlllllSfers and .els Oler to the Mortgagee. to be applied loward the payment of the note and all
<br />"turn!!. secured hereby in (<J~e \)f a defi:wh in the per(orm"w\:e (\f any of the term~ and conditions of this Mortgage or the said
<br />note. aU the rents. revenues. anti inc.ome (0 be den,,-ed from the mongaged premises during such time as the mortgage indebted-
<br />nes.s shall remain unpaid: and the Mortgagee shall ha\'c pov.er to appoint any agent ur agents it may desire for the purpose of
<br />repairing said pr\!mises and of renting t~ same and c\.'lI~(tmg (he ft!nts. revenues and income. and it may pa~' out of said in-
<br />comes-aU ex.penses'of repairing said premise) anJ neces~an ("~)mmtssit)n~ and expenses in-curred In renting and managi,ng the
<br />same and (If collecting rentals tberef,om: the balance rema;ning. if any, to ~ applied t(lward the discharge of said mortgage
<br />indebtedness,
<br />8. That he will keep the improvements now esisling Ot hereaher erecled on the mortgaged property, insured as may""
<br />required from time 10 Ii",., by the Mortgagee againsl Joss by fire and other hazards, casualties and contingencies in such
<br />amounts and f()f sUi:h periods as mil) be required by the Mortgagee and \VIi! pay promptly. when due. any premiums on such
<br />imuranGeprovision for payment of whicb has not been made hereinbefore, ,0\11 insurance shall ~ "lfried in companies ap-
<br />proved by the Morttallt<' and rhe policies and renewals thereof shall be beld by lhe Mortgagee and have attached therero loss
<br />payable clauses in favor of and in f<ltm acceptable to the Mortg"gee, In event of loss Mortgagor will give immediate notice by
<br />mail to the Mortgag<<. \\.bt~'.ma:} _make pn.\<.\f of lo~~ if not made promptly by Mongag"lf. and each ln~urance ~()mpany con.
<br />c~i$llerehy IIIlthoriled and direcled It> make paymenl for .,uch 10" dire.:t1y li> lhe Mortgagee inslea.d of 10 the Mortgagor
<br />omli.hecMortptlCe jointly, and the lO.urance proceed., or any part thOleof, may be applied, Pl'clM .Mau~llt it;; 9\'llWn either
<br />to tbe retluctioo of lhe mdebtedness Ilereby secured or to the restoration <>r repair of tbe propen5' Jamaged ..n e"eillllr foreclo,
<br />~ of thlS~.or (ltner transfer of title to tile mortgaged property in eXli"8Ui'lhment (lkthe indebtedness ,ecured bereby,
<br />all rialls.ctitIotWW-Jt,.Hhe MOI'tl!t't\Of in and to any imurant'e polkies t!ten in force shall plllluqJlii!I.flgrc*et ('(,jltllllf>ee,
<br />9, That as additiunal itml ,"'t\HateraJ $cl,.'urlly. fOf the' p-aj'.rnenl of the nule desl.:ribed. and all '-Unl\ to become due under this
<br />mort....."lhe MOfl8al!llt hereby ."llIns I" lhe Mor1ga{tee an I"rofih, reyenues. ",\,.lties, ri~hls and benefils Hc,rulllg to lhe
<br />Mi>rlllllf'''. under kny .nu all ",I .nd ~"s lease, on '~~~l-'llIllFh wiU, t~ riJhI tv re~eivc 'lOd receipl for the '''Ille and apply
<br />them ld "Uti ultlebtedlle" "' "ell before as after defll!lft III tMC<llidalOlt."of thIS <<">rIg"ge, and lhe Mortgagee may demand, sue
<br />for and rC:\:-O\,tr <1:1\) ~uch pa)'menh. ~he:_n due: and p.ayable. but shall nut be .required 'jO I~' do fhis ;lssignit1enr i~ to It'nnmate
<br />and he\;()me nun t1!nd "old upon ft:tci.n.~ ,..f rnl'!> mOft8Uy:_
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<br />HUU>J214aMUh19t
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