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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 />National 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 instmmen! arc 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-tweifth (i n 2) of one.haif (i i2) per centum of the average outstanding balance
<br />due on the note computed without taking into account delinquencies or prepayments;
<br />(b) A sum equal to the ground rents, if any, next due, plus the premiums that will nexl 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 h? the Mortgagee) less all Sums already paid therefor divided by Ihe
<br />number of months to elapse before one month prior to the date when such ground rems, 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 Ihe two preceding subsections of this paragraph and all payments to be made under
<br />the nole secured hereby shall be added together, and the aggregate amount thereof shall be paid by the Mortgagor
<br />each month in a single payment 10 be applied by the Mortgagee to the followmg items in the order set forth:
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<br />(I) premium charges under the ..:ontract or insurance with the Secretary of Housing and Urban Development,
<br />or monthly charge {in lieu of mortgage insurance premium), as th~ C3SC may be:
<br />(IJ) ground rents. taxes, assessments. fire and other hazard inSlltaH(e premiums:
<br />(III) interest on Ll1e nott~ 5ec;'ured hereby: and
<br />(IV) amortization of the principal of s.tid note,
<br />Any deficiency in the amoun! of any such aggregate monthly payment shall, unless made good by the Mort,
<br />gagor prior to the due dale of the next such payment. constitule an event or default under this mortgage. The
<br />Mortgagee may collect a ;41ate charge" not to exceed four ccnts (4Jt) for each dollar ($ J) of each payment more
<br />than fifteen (t 5) days io arrears to cover the extra expense involved in handling delinquent payments,
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<br />:1, That if tn{O t<ltal of th.. paym..nls mad.. hy th.. \Iortgagor und..r I hJ of parll/(raph 2 prec,'ding shall {Oxc{Oed
<br />the- amount of paymetlL;o; actually made by th{l :\lortgaget:'- for e:round fHnt~. tax~~ and a.:..;RP:-1.smenL" or insurance pre.
<br />miums, a.~ tn.. nu;" may 1><>, ",uch cxcess, if Ihe loan is current, at the option of the Mortgagor, shall be credited by
<br />Ihe \Iortgll/(er' on suhs;"u,"'t paym{Onls tn h.. mad.. hy the "ortgagor, or rdund..d 10 th.. \Iortgagor" If. how{Ov..r, the
<br />",onthly paym"nt~ made by the Mortgagor undcr (hi of paragraph 2 prcceding shall not he sufficicnt to pay ground
<br />rent, lax(~S and a.....~::H:;08sm('-nt1'5 or insurant'(' premium~. ;1:-' the nL....(> may bf'. when the ~amp b-hall beeoml~ due and pa.y.
<br />able. then the \Iortg"l!or shall pay 10 the \1ortgag.... any amount nN'..,;s,,,!' to mak" lip th" d..fiei,,"cy. on or hefor..
<br />the date- when paymPnt of ~uch ground ~nt"" taXP:--i. a~:-'t'~~ment~ or insuran<~~~ prpmium.s shall be duo. If at any
<br />tim.' th" \!oftl1a/l:or ~hall tender to the \lortgal:"", in :H','ordan"t' with th.. provisions of the not.. "eeured hereby.
<br />full payment of the ..ntire indeht"dn..",,,, r..p"''''"''''; !h",,,h)', Ihl' \lortga/!,',' "hall, in ,'omputing II", amnunt of sut,h
<br />IfIdebtedness, credit to the ac,'ount of the Morlga~or .ill paymcols madc under thc pro"isions of (a) of paragraph 2
<br />h.'roof whit'h Ih.. \Iortgll/(e.. h"" not hecome ohligated to pay to th,' ~".."'tar)' of lIou"ing and Lrban Development
<br />and any balao..e remainin/! in the funds ael'umulated lInd." Iht' pnl\'ision", of (/,) of para!(raph 2 hereof. If there
<br />shall bt.. a default Undt1f an~' of lhp pro\'isiH"~ of Ihi~ mort.gag.' n,.:-:-ultin~ in a puhlie :-;all' of tlw fln>mises e()Vl~rcd
<br />h{ON'by, or if the \h}ft!(agl'l' ae~uirl''' Ih., propNt\ oth('r"is(' "ft,'r lId"ult, Ih.. \lortga!(e.' shall tippl}', at th" tim.' of
<br />lht.~ (~omm(~een)(\nt of :--iueh procP('dinf!Jo'. or al tht. tim(' flH' proJwrty i~ olhpfWi:-(' acquired. tht., balal1c{~ '-hen romainM
<br />in~ in tht, fund~ at'('umulat~d undt.'f (hi of para,1!raph ~ IH,',-'pding, :1:-' a ('ft.'dit again~l tilt' amount- of prineipal Ulen
<br />remaining unpaid under ~aid IWI(~1 and ~hall prupt'rl~ :tdju~l- an~- pa~'m{'nl:-; which :-;hatl hllV{I hl'Pll madt~ l!nd{~r (a)
<br />()f par"l!raph ~,
<br />4. Thai the Mortgagor \\-,ll pu~ ~roull,1 relH~. ta'\e\. a"'~e~~menb. "" doter ratc-~. and othel govcrnmentul or municipal
<br />L-harge~. tine..... or Imp-liSition~. fl,)c \',:nl..:h pfth.i"-hJO ha:-. n,n r.een maJ~ hereinl)eft)rt. and in default thereof the Mortgagee m~1Y
<br />pay tht: same. ~-tnd that the MOrlgagur \loiH prllmptiy deliver the offl-elill receipt':> therefor h,) the MQrtgagee.
<br />5. The ,\tortgagoI will pay all ta.\t~.~ v.hkh may he levied Upt)H th~ ~'1ortgagee'''i interes[ in ....3id real estate ;lnti improve-
<br />mems, ~md which may he Je\.'ied Up\ill this: mortgage or the dt>-bt sCi.:ured hereby (hut only to the ex.tent that slJch is not prohibit-
<br />ed ~y laVo- and only to thl: extent that ....Udl \\-,11 nor make this loan u:-.urilHJs). hut excluding liny income tux. Start: Of Federal.
<br />imposed on Mortgagee, and ".i11 (jle the ,.mci,,1 re,e'pI sholl' IO~ ""h payment wuh Ihe Mortgagee, Uron violation of this under,
<br />taking.. or if the Mortgagor j, pr\,lhihiled b). any law n,'"- \\1' hereafter l''\i~ting from paying the whole or any portion of the afore-
<br />'illid taxe~. or upon the rendering ()f iln~ court drnec prohihiting the payment by the Mortgagol or any ~uch tf.txe~, or if such htW
<br />Ilf decree provides (hut "IIY "nwilllt so p,"d") Ihe Morlgagor shall ~ "edited '"' the nwrtgllge debt, the Mortgagee shall have
<br />the right (0 gl\'t:! ninety days' \HiUefl notIce to the ownt.~r of (he mortgaged premjse~. requiring the payment ~)f the mOflgage
<br />debl, If such notice be given, the said debt shall bc(\'me dlle, pay"ble 'lIld collectible at the expimtion of said ninety days,
<br />/>, That should he fail.o pay :101' sum or keep any covenalltpro\ided for in this Mort~age, then the Mortgagee, at ih op-
<br />tion, ma~ Pit} or perform (he ~ame. and all c.\penditurc3 Mi made ~haJl be added to the prim.:ipal sum (Hving on the above note.
<br />shall be secured herd", and shall bear interest al the rate set f"rlh io the said nole, until paid,
<br />7, That he h(reb~: .lssign~. transfer~ and ~ets o..cr to the Mort~-Igce. tll be applied toward the payment of the Il\llt.' and aJ!
<br />sum~ se-,ured hereby in C3:!.C of a default in the performam::e df any of the term~ and conditions of this Mortgage or th~ s.:lid
<br />note. aU tilt reOh, revenues and incume to be derived from the mortgaged premises during such time as the nWrlga8~ jndch(ed~
<br />ness shall remain unpaid~ and the Morlg~lgec ~haU have p(.)\I.-er 10 ~lpp(}int ~tny agent or agents it may de:iire for the purpo~c of
<br />re_pairing said premis:e~ and of reOling the same- anti \""oUecting the renb. revenue~ and income, and it may payout uf said in~
<br />comes aJl expenses. of repairing said premise!:> and necessary ~()mmission~ and expenses im:urr~d in renting .md man~-I.ging [he
<br />same and of collecting renlals therefrom; the balance remainin~. if any, to t>e applied toward the discharge of said mort~age
<br />indebtedness,
<br />8-. That he wilt keep the jmprV\'~ments now exi."ting or hereafter erc("ted on the nwrtgugeJ pnJperfy. insured a... may be
<br />r-equired from time tv time by the Mortgagee again-Sf jos~ hy tire ~md other hazunl~. ca~uuJtje~ and l..'ontJngendcs in SlH:h
<br />amo_unls and for such period\ j:J-S ma~ be required c,}' the Mortgagee and", ill p<l.)- p-wmptly, \-\ hen due. any p.rcmiufll<';' ll~l \ll(h
<br />in$ura~e provision f-or paymenl of which has not been made herclnbefl)re. All jm~llrance ~hall he (.:anied In l.:nmpaOlC\ ,-tr.
<br />pmve1J hi' the Mortgagee and the policies .nd lenewals thereof shall he held t>y the Mortgagee and h,,,e altacheJ thereto "'"
<br />pa}{abk dauM.'s- in favor of idld in form ~cceptable to the !\1ortgagee. In event of IllS:>' Mortgagor will give immediah.' 1'1llIKt.' h~
<br />_m,ail to .the Murtgag~e. who may make proof of loslo> if not made promptly by !\.tortgagor. and each insura!ll'c Cllfllp,lny (nil,
<br /><:erned i~ herebyauiht.'rized and directed to make payment for such I,)ss dircclly to the Mon~a~ee illste".1 of to the Mmtgag",
<br />alia the Mortgagee jointly, and the insurance rroceeds, or "ny part thereof, moy be tipplied bv the Mort~;\gec at it> option either
<br />t(lll\e rellLK1ion of tbe indebtedness bere") "",cured or to the restoration or repair of the propeny damaged. III C\ ellt "f foreelo,
<br />sure M'th.iSi.m()lli~ge.or othtr tt'ansJ.ef of title 10 rhe mortgaged property in extinguishment of lhe indt'blt'dni.'~s ;,~t."ur('d hereb,-.
<br />$II flahi, title:: and intt-rc-sl ~,f the ~rortgagor in and to any ins.urant:c P0lkie~ then in for((' '5haH pa,,~ {ll iht~ ptJr;.:h~ts\'f pf grantt~~
<br />9~ Thlt_t l'Ii-s ;,tddid-onal aod \;Qlhue-r--aJ ~ccurity for the pa}'meni of the note deKribeJ. and all sun\'. In b~U)lUt' dill' untiel (hi...
<br />lU(Jt~.er,~ tbe )4t,JttPJorhen:by iH!jigu~ to Iht Mortgagee aU pfntit~, revc:nue~, r()y~dtic-s. right:-, and bench!:. ~-l"'",TlIin~ 1\1 lhl'
<br />MQ1'tp~~ ~r ~J1')' and aft -oil and gas je"st~ un \aid -prcmi~s, with Ihe right to rc;;eih' ;md rt'I.:-t:lpt fUf th~ ...ame ,lIld appl)
<br />tlk'm tv hid ir<<;btc-dn('1!-~ _;;tS- "~ndi bcfufe ->is ahtruefitult in the condition... '-If [hi:- miJrt~.lge. .mJ !he \.f;,lflgagt'c m;iy tlellwfHl, >"IH,'
<br />[(1'( and l~~<{Wi:f ;aft.}' "-lJ"h p-u,~;ncuh '4'hcn \tue' ;md pay~blo" but shaH !lOJ he required "in t(, Jp Thi~ ;v"':o.ignmcIH i" to tcrllHndt-c
<br />~ br:(:Qfnc <<tilT ~nd "Hltd HP;:!f! t:e-ll!~sc uf thb ffWttA-~-('
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<br />;-IUD ']i!.lJ~' 7!"li
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