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<br />83--002640 ..
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<br />(I) month pnor to Its due date the annual mortgage insurance premium in order to provide such holder
<br />with funds to ~ay such premium to the Secretary of Housing and Urban Development pursuant to the
<br />NationalHousing Act, as amended, and applicable Regulations thereunder; or
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<br />(b)
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<br />(II) If and s':t long as said note of even date and this instrument are held by Ihe Secretary of Housing and
<br />Urban Development, a monthly charge (in lieu of a mortgage insurance premium) which shall be.in an
<br />lIIT\ount eq\l3ltoonectwelfth. 0/12) of one-half (1/2) per centum of the average outstanding balance
<br />dile on the note computed without laking into account delinquencies or prepayments;
<br />A sum equal to the ground rents, if any, next due, plus the premiums thai will next become due and payable on
<br />policies offlTeandotherhazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged. property (all as estiinated by the Mortgagee) less 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 specialassessmen ts; and
<br />All jfaytTIents 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 following items in the order set forth:
<br />
<br />I"l
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<br />(c)
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<br />(I) premium charges under the contraCI 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. fire and other hazard insurance premiums;
<br />(III) interest on the note secured hereby; and
<br />(IV) amonization of the principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly payment shall, unless made good by the Mort,
<br />gagor prior to the due date of the next such payment. """stitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed fOGr cents (4~) fur each dollar ($1) of each paymentmore
<br />than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments.
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<br />3. That if the Mltal of the payment$ made by the \tortgagor under I f,) of paragraph 2 preceding shall exceed
<br />the amount of payments actually made by the Mortgage.. for l!round rents, taxes and assessments or insurance pre-
<br />miums, as the case may be. such excess, if the loan is current, at the option of the Mortgagor, shall be credited by
<br />the Mortgagee on subsequent payments to be made by th" Mortgagor, or refunded to th.. Mortgagor, If, however, the
<br />monthly payments made by the Morrgagor under (b) of paragraph 2 preceding shall not be sufficient to pay ground
<br />rent, taxes anda$sessments or insurance premiums, as the cast. may be, when the same shall become due and pay-
<br />able, then the Mortgagor shall pay to the Mortgagee any amount necessary to make up the deficiency, on or before
<br />the date when payment of such ground rents, taxes, ass..ssments or insurance premiums shall be due, If at any
<br />time the Mortgagor shall tender to. the ;\lortgagee, in accordance with the provisions of the note secured hereby,
<br />full paymenio oCtite entire indebtedness represented thereby. the Mortgagee shall, in computing the amount of such
<br />indebtedness; credit to me account of the Mortgagor all payments made under the provisions of (ll) of paragraph 2
<br />hereof which the Mortgagee has not become obligated to pay to the ~ecretary of !lousing and [!rban Development
<br />and any balance reolaining in the funds accumulated under thE' provisions of (b) of paragraph 2 hereof. If there
<br />shall be a default under any of the provisions of tbis mortgag" l'esuUing in a public sale of the premises covered
<br />hereby, or if the Mortgagee acquires the property otht'rwis.. after d,.fault, Ih.. Mortgllj(ee shall apply, aio the time of
<br />the commencement of such proceedings, or at the tim" the property is otherwise acquired, the balance then ",main'
<br />ing in th" funds accumulated under (f,) of paragraph 2 pret'eding, as a credit against the amount of principal then
<br />remaining unpaid under said not", and shall properly adjust any paynlents which shall have been made undN (ll)
<br />of paragraph 2,
<br />4. ThaI the Mortgagor will pay ground rents, laxes, assessments. water rates. and other governmental or municipal
<br />charges, fines, or impositions, for which provision has not beeo made hereinbefore, and in default thereof the Mortgagee may
<br />pay the same; and that the Mortgagor will promptly deliver the official receipts therefor to the Mortgagee.
<br />5. The Mortgagor will pay all taxes which may be levied upon the Mortgagee's interest in said real eSlate and improve-
<br />ments, and which may be levied upoo this mortgage or the debt secured hereby (but only h) the extent thut such is not prohibit-
<br />ed by law und only to the extent that such will not make this loan usurious). but excluding any income lax, State or Federal.
<br />imposed on Mortgagee, and will file the official receipt showing such payment with the Mortgagee. Upon violation of this under,
<br />takin$, or if the Mortgagor is prohibited by any law now or hereafter existing from paying the whole or any portion of Ihe afore-
<br />said taxes, or upon the rendering of any court decree prohibiling the payment by the Mortgagor or any such t"xes. or if such law
<br />or decree provides thaI any amount so paid by the Mortgagor shall be credited on the mortgugc debt. Ihe Mortgagee shall have
<br />the right to give ninety days' written notice to Ihe owner of the mortgaged premises. requiring the payment of the mortgage
<br />debt. If such notice be given, the said debt shall become due, payable and collectible at the expiration of said ninety days.
<br />6. That sltQUld he fail to pay any sum or keep any coven ant provided for in this Mortgage, Ihenthe Mortgagee. at its op-
<br />tion, maypay;or perform tbesame, and all expenditures so made shall be added to the principal sum owi.ng on the ubove nOle,
<br />shall be secured hereby, and shall bear interest at the rate set forth ill the said note, until paid,
<br />7. That he hereby assigns, transfers and sets over to the Mortgagee. to be applied toward the payment of the note 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, allthe rents, revenues and income to be derived from the mortgaged premises during such time as the mortgage indebted-
<br />ness shall.remain,unpaid; and the Mortl!l1$ee shall have power to appoint any agent or agents it may desire for the purpose of
<br />rePairirigsaid premises and of renting the same and collecting the rents, revenues and income, and it may payout of said in-
<br />comes all ex:pe~es of repairing said premises and necessary commissions and expenses incurred in renting and managing the
<br />~,~!1 ()rcoUecting rentals therefrom; the balance remaining. if any, to.be applied toward the discharge of said mortgage
<br />indebtedness. .
<br />8. Tllll~i\e wU!. keep the. improvements now exi,'ting or hereafter .erected on the mortgaged property, insured as may be
<br />required from iime to time by the Mortgagee against loss by fire aod other hazards. casualties and contingencies in sllch
<br />am~an,dforsucltperiodsasm;\y .berequired by the Mortl!l1$ee and will pay promptly, when due. any premiums on such
<br />insU1ll_,p~vision}or payment of which has not been made. hereinbefore , All insurance shall be carried in companies ap-
<br />proved by ti\e Mortgagee and the policies and renewals thereof shaUbe held by the Mortgagee and have attached thereto loss
<br />w!'ya,* clauses in favor orand in form acceptable to the Mortgagee. In event of Joss Mortgagor will give immediate notice by
<br />lll11ll;lq;.~Mi.l~ee, wha:lllll,y makeP1f.!Of, of loss if not made promptly by Mortgagor. and each insurance company C,lIl'
<br />~lled;jll.hctt'!tbyanlho1i,/:e<landdirectedto make payment for such.Joss directly to the Mortgagee instead of 10 Ihe Mortjlagor
<br />aDd d!ll t.(Qrt~eeJoitil1y. ~n<l ~hejnsurdnce procceells, or any part tbereof. maybe applied by Ihe Mortgagee at its option either
<br />. . .. ed or to the testoration or repair of the property damaged. In event oJ foreclo.
<br />mortgaged property in extiDguishment of the indebtedness secured hereby.
<br />.tere~t pllreM{)l1gallor in \Iud t() llny insurance policies then in force shall pass tll the purchaser or grantee. .
<br />a4d~tiilt1allll":It;OIlat~rid $('cur~yfor the payment of the note described, .lOd all sums to bec,)lllc due unde. thIS
<br />!ito.t1talloIh~rebyassigl!stOlhe MOI'laagee aU profits, revenues. royalties, .ighls and benenls accruing to the
<br />,anYJind aUoillllld /IllS leases. on said premises, with the right to receive and receipt for the same and 1Il'plr
<br />defau1tinthe,co'lditi<;ns of this mortgage, and the Mortgagee may demand, sue
<br />ttt(ntswltelld~eandpllY\illl~,hlit slulJlnol bere'luired so to dll. This assignment h\() terminale
<br />alld.old UpOl! ,elea$Cof this lIl"rtl{l\ll:e.
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<br />HVO-9114JM i~-}, 7m
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