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<br />(I I n+und+ phut Rt Its due date the annual uuutgagc uum:wcr prcuuum ur order to provide such holder
<br />wtt1+ funds ter pay su rrcmwnt to the Secretary of liuusmg and U ' a Dcv_clupmcnt pursuant to the
<br />National flousing Act, ,.5 corroded, and app}icahlc ftcgulanons tl crew. r; ur
<br />111) If and so long as said note of even date and this instrument arc held by the Secretary of Hvustng and
<br />Urban Ucvelopment, a monthly charge (in tiro of a mrntgagr insurance premium/ which shall be m an
<br />amount equal to one-twelfth (I/12) v( one-half (I(2) per cenwm of the average outstanding balance
<br />due on the note computed without taking into account delmquencres or prepayments:
<br />(b) A sum equal ro the ground rents, if any, next due, plus the premmms that will next become due and payable nn
<br />policies of foe and other hazard insurance cavering the mortgaged property, plus taxes and assessments next due
<br />nn the mortgaged property /a!! as cstimaterl by fire Mrrrtgagcr/ less cell sums already paid therefor divided-.by Iha-
<br />number of months to elapse before one month poor to the Sate when such ground rents, premiums; taxes and
<br />asseuments will become delinquent, such sums to be hdd by Mortgagee in trust to pay paid ground rents: pre-
<br />miurns, taxes and spewal assessments; and
<br />~ (c) A11 payments mentioned in the two preceding subsect+uns of rfus paragraph and all payments to be made:under
<br />N the note scturcd hereby shall he added: together, and the aggregate amvum thereof shall be paid by the-Mortgagor.
<br />each month in a single payment [o be applied by the Mnrtgagcc u+ the following items iq the order set forlfi:
<br />(I) prenuum charges under the cuntroct of msurance with the Secretary of Housing-and Urban-tkyelvpmenr;
<br />w monthly charge (m treu of mortgage insurance premium). as the case may br,
<br />(11.) ground rents, taxes. assessments, fire and other hazard insurance premiums;
<br />~ tlll) interest vn the note secured hereby; and
<br />Q7 (IV) amartizauon of the principal of said note.
<br />Any deficiency m the amount of any such aggregate monthly payment shall, unless made gvvd by the Mort-
<br />gagor prior to t}+c due date of the next such payment, constitute an event of default under this.mongage. The.
<br />Mortgagee may collect a "late charge" not to exceed Rn:r cents (4X) for each dollar (51) of cach.:paytnrna morc-
<br />than fifteen (15) days to arrears to cover the extra expense involved in handling delinquent.payments:
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<br />:S. 'That if the weal of the payments made by the Mortgagor under Ib) of paragraph 'L preceAingshalLexceed
<br />the amount of paymenl¢ actually made by the Mnrtgagcc for ernund rent, taxes and assessmentsvr insuraoce,prn-
<br />miums, u., the case may 6e, such excess, if the loan is current, at the option of the Mortgagor, shall--be credited. b} -
<br />thr• !t1orlQngce on subsequent payments w be made by the Mortgagvr, or refunded to the Mortgagor. If, however-, the -
<br />monthly payments made by the Mortgagor under (61 of paragraph 2 preceding shalt not be sufficient to pay ground
<br />amt, tuxes and assessments or insurance premiums, as the case may be, t+firn the same shall beeomedue and:pay~
<br />uble, then the Mortgagor shalt pay !o the Mortgagee ens amount necessan to make up the deficiency, on or before
<br />the date when payment of such ground rents, taxes, assessments nr insurance premiums shall be due- If at any
<br />time the Mortgagor shall lender to the Mortgagee, in accordance with the provisions of the note secured hereby,
<br />foil Paymont of the entire indebtednc_, r2pr2enied thereby, the 1lnrtgagce shall, in rvmnating the amount of such
<br />indchredncss, credit to the account of the Mortgagor all payments made under the provisions of fu) of paragraph, 2
<br />hereof which the 1lortgagee has not become obligated to pay to the Secretary of (loosing and. _Urhan. Development
<br />and any balance remaining in the funds accumulated under the provisions of (b) of paragraph 2 hereof. If there
<br />shall be a default undue any of the provisions otlhis mortgage resulting in a public sale of lhe,pr2mises-cgvcEcd>
<br />hereby, or if the Mortgagee acquires the property otherwise after default, the Mortgagee shall apply, at lheaime of .
<br />the commencement of such proceedings, or;t the time the property is otherwisercquired, the balance then retnaiq--
<br />ing in the funds accumulated under /b) of paragraph 2 preceding. as a credit against the amount of,pi'ineipal then
<br />remaining unpaid under said ante, and shall properly adjust anp payments which shall have been-made underfal
<br />of paragraph 2,
<br />a. That the Mortgagvr wit! -pay ground rents, taxes., assessments. water rates, and other governmental or municipal
<br />charges, fines, or impositions. for which provision has not been made hercinlxtare. and in default thereof the Mortgagee mag
<br />pay the same: and that the Alortgagor will promptly deliver the olTicial receipts therefor to theMortgagee:
<br />~. The Mortgagor will pay elf taxes which may be levied upon the Mortgagee's interest in said- reel estate and improv~~
<br />meats. and which may be levied upon this mortgage or the debt secured hereby tbut onlyia the: extent-that sueh.is-not`prohibit-
<br />ed by law and only to the extent shat such will not make this loan usuriousf, bwcxcluding---any: income4az, Stattvt Federal,
<br />imposed on Mortgagee, and will file rho official receipt showing such payment with the Mortgagta. Upon vio_ tattoo of this under-.
<br />taking, or it the Mortgagvr is prohibited by any law now or hereaf ter existing from paying the whole or any portion of the afore-
<br />said-taxes, or uportthe rendering of any court decree prohibitingthc payment bX the Mortgagor or any such taxes, or itsuch law
<br />or decree provides that any amount so paid by the Mortgagor shat! be credited on the wortgage.debt. the Martgagec-shall have
<br />the tight to give ninety days' written notice to the owner of the mortgaged premises, requiring the payment oL Ihe,martgaee
<br />debt. If such notice be given, the said debtshatl become due, payable and collectible a1 [he expirationof said ninety days-
<br />h. That should ht fait to pay any sum or keep any covenantprovidcd for in this Mortgage.: sheathe Mortgagee, at its op-
<br />tion, may pay or perform the same. and all expenditures so madashall be added to the principal sum owing on the abovanote.
<br />shall ix secured hereby. and shat! bear interest at the rate set forth in the said-note, until paid.
<br />7. That he hereby assigns, transfers and sets over to the Aiortgagee, to be applied toward the payment of the note and all
<br />sums ucurad hereby in case of a default in the performance at any of the terms and conditions of this Mortgage or the said
<br />note, all the rents, revenues and income to be derived tram the mortgaged premises during such lima as the mortgage indebted-
<br />ness shat! remain unpaid; and the Mortgagee shell have power to appoint any agent or agems it may duire for the purpose of
<br />repairing said premises and of renting the same and collecting the rents, revenues and income. and it may pay out of said im
<br />camel all expenxs of ropairing said premises and necessary commissions and expenses incurred in renting and managing the
<br />same and of collecting rentals therefrom; the balance remaining. i( any, to he applied toward the discharge of said mortgage
<br />indebtedness,
<br />R; That ht +yitl keep the impmvementi new existing er hercaftrr erected on the mortgaged property, insured as may be
<br />required-from time to lima by the Mortgagee against Ions by fire and other hazards, casualties cend_ contingencies in such
<br />amvutits-and-fort such Aerials- as may he required- by the Martgagre and will pay promptly, when due, any premiums on such
<br />insurance provision for payment of which has. not been made hrroinhefkrre. All insurance shall be carried in Campania ap-
<br />proved ksy the iWertgagee and the policies and renewals Ihcreot shalt 6e held t+y the Mortgagee and Gave aUached thereto toss
<br />Pa=yahlr, slsuSaa-fin favor of and inform arrepiabla to tree Mortgagee. in event of loss Mortgagvr will give immediate mxice by
<br />trail to !ht .Mortgage€. who may make proof of loss it not made promptly by Mortgagor, and each msuranee company con-
<br />trrnei33~_herebyatsthvriud and directed to make payment tvr such lass drr~ctly to the hlor,gagec instead of Io the Mortgagvr
<br />and !tic Martgagec ivintly,and,thc insurance proceeds, o[ any pari thereof. may lx applied by the Mortgagee at its uplian either
<br />to t~eaductionaf the indabtedncss hrrahy secured ar to tltr resioratiem or repair of the property damaged. In evem of fotaclo-
<br />suea~-qt this=tnvr-tgog~ arathe_r transfer of bile to the mvngaged prupert y nr exungtrisbmcnt ut t)tr indebtedness secured hereby,
<br />cif rigkit« title and interask ntthe Mattgagu[ rn and to any insurance larhrra then in force sh:d! puss to the purchaxcr ar gruntu.
<br />rX Thai-as,nddnir-cal cad coflater-al srcrrnty fur the payrnent of the note desenhed, .red uEl sums to hecorne due under reels
<br />rtn,rraigc, the Mvrtgeprr hrraby assi~s to (hc Mortgagee ail profits, revenues, nn.dttes, ngh€s and benefits aecrtnng to the
<br />Monaagr+r unctar any and elf ail and gas teases vn sxid prances,. with the right tv rera~ne =Rd r~cerp+ face the ,ante cad aht`%Y
<br />ltum to laic rndablcdn€ss ax watt b€foraaaafter fiefa+uft in the Gvndttir?rrs of th+v r{sorE}ctgr- :,tttc# she Ai.3rtgegre msy demand- sue
<br />feu va3 roc ove7 arc} -such paymancs W'tun due and payable, twr shalt rfx)1 tzc rry~rrcd Y, to de 17r+s nssrgenuert n to tcrnttnatr
<br />.. oat re c „race nvtf ai+d vaiJ uncut rei€;<s€ of thfs nrortkaae.
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