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<br />83-002658
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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 10 the
<br />National Housing Act, as amended, and applicable Regulations thereunder; or
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<br />(b)
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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 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 without taking into account delinquencies or prepayments;
<br />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 mortga!<ed property, plus taxes and assessments next due
<br />on the mortgaged property (all as estimated 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 special assessments; and
<br />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 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 (Jfmortgage illsuranee premium), as the case may be;
<br />(II) ground rents, taxes. assessments, fire and other hazard insurance premiums;
<br />(lII) interest on the note secured hereby; and
<br />(IV) amortization of the principal of said note,
<br />Any denciency in the amount of any such aggregate monthly payment shall. unles., made good by the Mort,
<br />gagor prior to the due date of the next such payment, constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed fnur cents (4,r) for each dollar ($1) of each payment more
<br />than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments.
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<br />(c)
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<br />3. That if the lotal of the payments made by the \lort~agor und{" (OJ of paragraph Z precl'ding shall exceed
<br />the amount of paymenb actually made by the Mortgagee for l!round rent~, taxes and assessments or insurance pre-
<br />miums, as the case may be, such excess, if the loan is current, at thc option of the Mortgagor, shall be credited by
<br />the \lortgagee on subsequent paym'mts 10 bp made by the 'Iortgagor. or refnnded to Ihe \lortgagor. If. however, the
<br />",onthly paymenb made by the Mortgagor under (hi of paragraph 2 preceding shall not be sufficient to pay ground
<br />fPRt, taxes and a.s.s('ssment.~ Of in8unUll'(' premi um~. as the case may be. 'ivhen the .same i':'lhall become due and pay"
<br />abl{'. then the \lortg"llor shall pay to Ihe \lortgage" any amounl necessary to make up tbe deficiency, on or before
<br />the date when payment. of ..,uch ground fents. lax(~~. as~p~RmentH ur insurant'e premiumt:: shall be due-~ If-at any
<br />tim{' the \lort~agor shall tend<'f to th{, \lnrtgagee, in ,,,','ordancl' with th.. provisions of the note secured hereby,
<br />full payment of the entif{' indebtedness fl'p"",'nt,',i th{'f"by, th,' \tortgagl'l' shall. in ,'omputing the amount of such
<br />indeb,edness. credit to the account of the Mongagor all payments made under the provisions of I'll) of paragraph 2
<br />hereof whi,'h thl' \lortg"ll{'(> ha;; nol I",{'om.' obli~ated to pay (0 th.. ,,<','n.'tary of !lOUSing ..nd l'rban Development
<br />and any balan('e remaining in [hI.' rund~ ,u'('umulaw{i Unth'l' till! pro\'i_,,:,ion~ of (I)) of paragraph l hereor. If there
<br />~hall be a default under any of tht-' pro\.'i~ion~ of thi.~ mon.ga~e u'::"ultin~ in H publit' tiah~ uf the premises (~ovored
<br />hereby, 01' if th{' \Iortgagee a('quil'l'~ tIll' prupert.' otlll'l'lIiSl' aftN d,'fault. the "orl~a~ee shall apply. at the lime of
<br />the {'omn1t'n('(~m...nt uf ~u(:h pn)(;('pding~. nr ai thl' t.ime lit(' pruP('f(Y is otlwrwi~t' ~l('quirtJd. iht-o balan{:e then remain-
<br />ing in t.he fund::'i .u.'Cumulatt'd under (t_) of paraf!niph ~ pn~t't.tHng, a~ a credit a~ain~t thf' amount of princ-ipal then
<br />remaining unpllid UlHj(~r ~aid nuh.'. and :-;hall prnpt.rly adju:-'l '-111.\ paym~nb which :-'ihall havp been made under (a)
<br />of par"llraph ~.
<br />4_ That the- Mortgagl)r .....ilJ pa~ grlHU1d rents, taxe",-, as.'le~~mt'nts, water fate~, and other go\'crnmentaJ or municipal
<br />charge~, tines. Of impu~ltiOIl~, fl)f which Pfll\i...ion ha~ nut ~ecn mad!? hereinbefoft:, and in default thereof lhe Mortgagee may
<br />pay the same; anJ that (h~ MongaglJr will prt..\nlfHly deliver the (,;[tlci.tl fcrt'irts therefor to the Mortgagee.
<br />S. The Mortgagdf will pay all taxc-:- \I. hil.:h may he levied upon the .Mortg;;tgec: '0; interes.t in said real estate and improvc~
<br />mcnts. and which may be Jcvtcllupun this mortgage or the Jebt secured hereby {hut onl) 10 the extent that Sl1l.:h is not prohibit-
<br />ed h~' la\\ <lnd only to the extent lh;'il ~U\.:h will nol make thi" It.)an lJsurit,H1~). hut ex\.'lw"hng any incllme tax. State or F~deral.
<br />imposed l~n Mortgagee, and will tile the otfii,..'ia' rCf.:l'ipl ..howing sth.:h payment with the Mortgagee, Upon violation of this under-
<br />taking, (1r if the MOrlgagl)r is prohibited t"ly allY la\-\ now ~)r hereafter ex.isting from paying the whole Of any portion uf the afore-
<br />said la.\es. t,\f upon the rendering of any court (l~l..'rce pruhibiting the payment by the Mortgagor or any such taxes. or if such law
<br />or d.ecree provides that any amount so paid hy the Mortgagor ~haH be credited on lhe mortgage debt. the Mongagee shall ha\'t'
<br />the righlto give ninety Jays" written notice to the O"'ner of the mllflg.aged premises, requiring the payment of the mongage
<br />debt. If such IJ(ltice be given, the said debt sball beeume uue. payable and eolle,tible.al the expiralionuf said ninety days.
<br />6" That should he fail to pay <tny sum i)f keep ;,my covenant proVided fOf in this Mortgage. then the Mortgagee. at its op.
<br />tion. may payor perform the same. and all cxpemjitun::~ so made shaH be added to the principal sum owing on the ahove note,
<br />shall be secured hereby. and shall bear interest at Ihe rate set fOrlh in the said note. until paid.
<br />i. Thai he hereby assigns. Iransfers and sets over to the Mortgagee. to be applied tOllard the payment of the note aod all
<br />sum!) secured hereby in -case of ~l default in the performan~e of any of the terms and {'"Olu.htions of this Mongage ur the said
<br />note. all Ihe rents. revenues and income to be derived from the mortgaged premises during such lime as the mortgage indebted-
<br />ness 'shaH'remain unpaid~ and the Mortgagee shall have power to appoint any agent or agents it may desire for the purp.ose of
<br />repairing said premises and tJf re-nting the same and collecting the rents. revenues and income, and it may pay l.lUt t,}f said in-
<br />come's all expenses of repairing said premise~ and necess.ary commlss.ions and ex.penses incurred in renring and mana~lng the
<br />same andofcullecting fen.tals therefrom: the balance remaining, if any. 10 be applied loward the discharge d ,aid mortgage
<br />indebtedness,
<br />8~ That he will keep the improvements now existing '..11" hereafter ere("{cd on the mongagcd property" insured i.l'i. may he
<br />re,quired from time to -time hy -the Mortgagee against loss by fire and other hazard:.-. (,:asualtics MIt..J. ~ontingcncics in such
<br />am6utltsand f(lr such periods as may be required by the Mortgagee "ml will pay promptly, when due. any premiums on slI,h
<br />inslJxance_ provision for payment of \'lhich has not been made hereinbefure. An insuranl:c shztlI be ;.:arried in l,:ompanies ar~
<br />pHlved by Ih.e Mori8agee and the p,'licies and renewals thereof shall be held by Ihe Mortgagee and have aHac-hed there!" h'ss
<br />pa~llble-cJtt.ase~,in favO!' orand in.for.m acc("ptable,fo:lhe _Mortgagee. Incvent of loss MOn~l~\)r will gi\'c immcduuc notJ~eby
<br />mail. to .tile MOflgngee, wqo may make proof of loss if not made promptly by Mortgagor, and each insllranc-e ","npany "m,
<br />eemedis hereby aulhorizedalllldireeted to make paymell1 [0' Sllchtos~ dlreell, to the Mortgagee ins lead of !" the \h>ngago'
<br />and tile M"flgagee jilintly. and the ihsuran.;e pro<'eeds, ,\f any pari tbere"f. may he applied by Ihe Mortgagee at it' oplion eitber
<br />to the i'e-dy:(.,:tw_o-:Of,Jhe-in4ebtc4ness hereby secured or to the restoratIon or refH,ir of th,' propert} di:iOlJ.gcd. In 0:'\ ent of r\lrt'\,'lu-
<br />SUfe of (hi.~ m(~ftpgfor other tr'an.rder of title to the ml,xtgaged property in extinguishmt.~flt of the in(kl1kuno\ ,ecUfn{ h,'i"i.'"hy,
<br />ti.lliight. title and rnt:t-rest of the ~l(}rtgagor in .ind hl <tny insurun..'e pohci~~ then in fOf\.':e ':<haU pass t;.) the pur~hU~l~r Of granlc:'('
<br />9, Trui_t.a~additiGn;dand _colhl(enlf sc\:urity for the_ payrilent of' the nvte d~s':riixd, and ill! sum~ 10 be('unlt du~ l.ifHkr thi::.
<br />ul-Ofl.pge, rhe: M~vrt~{)r hereby .t!i~jis:ns, h) t-be Morlgagei' Hit pro-fits. re,venUt'~, roy,aHie~" rights a.lid bc:ndib i-h'\."lumg hi tfl\:'
<br />Mott~"tgor under -<ion}' atldaU ()if ~nd gfJ_'-' Iett-St.'i. on said premi~s., with the right f(l receiv~~ and rt'(t!tH for the s:.UlH.' !wd appl)
<br />the_ni ,t() ,aid indebtedit_tss a~ wen }'Cfure a~ ;i.flC,f detault in ,1h~ c-OJJuifion\,uf thi\ m,(lftg~ig('. <:lotI the Murtgag~c m'i_}- JCltlilntl, ';ue
<br />for arl4 recover any S-W.:hr.l}.'mCn1-~ when due aod ~yablt,_btlt shaH -nnf tte reqUired -';0 to dn. Tht\ .1<;.,ignmt'!H I, h~ lennHlah.~
<br />30d be<'.omt null ~lnd l,'{1Uj upon rdeasr "" thi", mnrtguge,
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<br />HUD$-214JM I~t-Nl
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