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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 />Nalional 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,e Secretary of Housing and
<br />Urban Development, a monthly charge On lieu of a moftgage insurance premium) which shall be in an
<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 Withtlllt 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 (all as estimated by the Mortgagee) less all sums already paid.tlieref", 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 />(c) All payments mentioned in the two preceding subsections of this' paragraph and all payments to be made under
<br />the note securedchereby shall be added together, and the aggregatt' 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 Urban Development,
<br />or monthly charge (in lieu of mortgage insurance premium), as the case may be;
<br />(II) ground rents, taxes, assessments, tire and other hazard insurance premiums;
<br />(III) interest 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 monlhly payment shall, unless made good by the Mort,
<br />gagor prior to the due datt' of tht' nt'xt such payment. coilsttlUle an event of default under this mortgage, The
<br />Mortgagee may collect a "late charge" not to exceed four cen" (4~) for each dollar ($1) of each payment more
<br />than fifteen (15) days'" arrears to cover the extra expense involved in handling delinquent payments,
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<br />3, That if the total of the payments made by the \Iortgagor under Ib) of paragraph 2 preceding shall exceed
<br />the amount of payments actually made by the \longagee for around rents, taxes and assessments or insurance pre-
<br />miums, as the case may be, such cxcess, if the loan IS current, at tht' oprion of lhe Mortgagor, shall be credited by
<br />the Mortgagee on subsequent payments to be made by the \Iortl!agor. or refunded to lht' Mortgagor. If, howeve" the
<br />monthly payments made by the Mortgagor under (6) of par-agraph 2 preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or in:3uranee pr(>mium~. as the ('asp may be. \vhen the same shall become due and pay-
<br />able, then the Mortgagor shall pay to the Mortgagee any amount nel'''~''ary to make up lhe deficiency, on or before
<br />the date when payment of such ground rents. taxes. assessments or insurance premiums shall be due. If at any
<br />time the Mortgagor shall tender to the Mortgagee, in accordance with the provisions of the note secured hereby,
<br />fuIl payment of the entire indebtedness represented thereby, the \lortgagee shall, in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor all.paymt'nts made under the provisions of (a) of paragraph 2
<br />hereof which the Mortgagee has not become obligated to pay to lhe :"ecretary of 1I0using ..nd Urban Development
<br />and any balance remaining in the funds accumulated under lht' provisions of (b) of paragraph 2 hereof, If there
<br />shall be a defauit under any of lhe provision~ of this mortllage resuftinl! in a public sale of the premises covered
<br />hereby, or if the Mortgagee acquires the property otherwise after default, the \Iorlgagec shall apply, at the time of
<br />the commencement of such proceedings, or at the lime the property i,. otherwi~e acquired, the balance then remain-
<br />ing in the funds accumulaled under (hi of paral!raph 2 prl'cedinl!. as a credit against the amount of principal then
<br />remaining unpaid undt'r said note, and shall propl'rly adjust any payment~ "hil'h ,.hall have bel'n madl' unde, (ai
<br />of paragraph 2,
<br />4. That the Mortgagor will pay gn)und rems. taxes. assessments, water rales. and other governmental or municipal
<br />charges. fines. or impositions. for which provision has not been made hereinbefore. and in default thereof the Mortgagee may
<br />pay lhe same; and that the Mortgagor will promptly deliver the official receipts therefor to lhe Mortgagee,
<br />5. The Mortgagor will pay all taxes which may he levied upon the Mongagee.s interest in said real estate and improve~
<br />ments. and which may be levied upon this mortgage l)f the debt secured hereby (but only to the extent that such is not prohibit-
<br />ed by law and only to the extent that such will not make this loan usurious), but exciuding any income tax, Stale or Federal,
<br />imposed on Mortgagee, and will file the official receipl showing such payment with the Mortgagee. Upon violation of this under-
<br />taking, or if the Mortgagor is prohibited by any la" now or hereafter existing from paying the whole or any portion of the afme-
<br />said taxes. or upon the rendering of any court decree prohibiting the payment by the Mortgagor or any such taxes. or if such Jaw
<br />or decree provides that any amount so paid by the Mortgagor shall be credited on the mOrlgage debt, the Mortgagee shall have
<br />the right to give ninety days' wrillen notice to lhe owner of the mOrlgaged premises. requiring the payment of the morlgage
<br />debt. If such nOlice be given, lhe said debt shall bt'come due, payable and wllectible al the expiration of said ninety days,
<br />6, That should he fail to pay any sum or keep any covenant provided for in this Morlgage, then the Mortgagee, at its op,
<br />tion, may payor perform the same, and all expenditures so made shall be added to the principal sum owing on the above note,
<br />shall be secured hereby, and shall bear interest at the rate set forth in the said nOle, until paid.
<br />7. That he hereby assigns, transfers and sets over to the Mortgagee. to bt' applied toward the payment of the nole and all
<br />sums secured hereby in case of a default In the performance of any of the terms and conditions of this Mortgage or the said
<br />note~ aU the rents. revenue~ and income to be derived from the mortgaged premises during such time as the mortgage indebted-
<br />ness shall remain unpaid; and the Mortgagee shall have power to appoint any agem or agents it may desire for Ihe purpose of
<br />repairing said premises and of renting the same and collecting the rents, revenues and income. and it may payout of said in-
<br />comes aU expenses of repairing said premises and necessary commissions and e.\penses incurred in renting and managing the
<br />same and of collecting rentals therefrom; the balance remaining, if any, to be applied toward the discharge of said mortgage
<br />indebtedness,
<br />8. That he will keep the improvements now existing or hereafler erected on the mortgaged property, insured as may be
<br />required from time to time by the Mortgagt'e against Joss by lire and other hazards, casualties and contingencies in such
<br />amounts and for such periods as may bt' required by the Mortgagee and will pay promptly, when due, any premiums on such
<br />inSiJranceprovision for payment'of which has not heen made hereinbt'fore. All insurance shall be carried in companies ap-
<br />proved by the Mortgagee and the pOlic"'s and rt'newals thereof shall be held by the Mortgagee and have attached therelo loss
<br />payable clauses in favor of and in form acceptable to the Mortgagee. In event of loss Mortgagor will give immediate notice by
<br />mail to the Mortgagee, \vho may make proof of loss if no! made promptly hy Mortgagor, and each insurance company coo-
<br />cernoo is-hereby authorizedanu directed to make payment for such loss direclly to the Mortgagee instead of 10 the Mortgagor
<br />and the Mortgagee jointly, and the insurance proceeds, '" any part thereof, may bt'applied by the Mortgagee al its option either
<br />to the reduction of the indebtedness hereby sec;ulcu or to the restoration or repair lJf the propl:rty damaged. In event of foredo~
<br />sure nUhis mortgage 0' other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby,
<br />all rigbt.litl<tand intert'st of the Mortgagor in and to any insuranCe policies then in force shall pass to Ihe purchaslOr or grantee.
<br />9. That as additional and collahHal security for (he payment of the nOle described. ~md all sums to bei,,:ome due under this
<br />mortgage. the Mortgagor herehy (lssigns to the Mortgagee all profits. revenues, rO;'~lltie:o., rights unJ henefits ill.'cruing 10 the
<br />Mortgagor uoller any and aU ('Iii .iOd gas Iease~ on said premises. ~ith ',jbe rlgtu,to re~,ej~.e and receipt for the ~ame and apply
<br />them to >aid IOdebteuness a, \\'<11 bt'fore as aftt'r default in the condItions ofthi, mlJrtgage, and the Mortgagee may demand, sue
<br />for and re<.:oVer ~my such p.a~-ments when uue and payable. hut shall not he requlred s\) 10 d~l, This assignment i~ t\l terminate
<br />and become nu1J ano HHd upon release ,.f thi~ mortgage.
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<br />HU0-92143M (9.191
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