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<br />83-002678
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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 />(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 fin lieu of a mortgage insurance premium} which shall be in an
<br />amount eql,l~l to o!1~-twelfth On2) of one-half (Ij2) per centum of the average outsta."1ding balance
<br />due on the note computed without taking into account delinquencies or prepayments;
<br />A sum equal to U,e ground rents, if any, nex' 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 fall as estimated by the Mortgagee) less all sums already paid ,herefor 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 madc 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 />(c)
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<br />(I) premium charges under the contract of insuran('~ with the Sccrdary of Housing and Urban Development,
<br />or mont.hly charge (in lieu ofmOr[gaKl~ insurance premium), as Ihe case may be;
<br />(II) ground rents, taxes, assessments, fire and other hazard insurance nremiums:
<br />(Ill) interest on the note secured hereby: and '
<br />(IV) amortization of the prinCIpal of said note.
<br />Any deficiency in the amount uf any such aggregate momhly payment shall. unless made good by the Mort.
<br />gagor prior to the due date of the next such payment. cons.titute an event of default under this mortgage. The
<br />Mortgagee may (:oHect a "late charge" nOI Ii) exceed 1'1I]:r (ents Hii') f~H t'iH,;h dollar (Sll 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 />;), That if the total of the payment~ mad" "v th,' \Iortl(af'or und", (h ( of paral(raph 2 pf{>cl'ding shall excl'ed
<br />the amount of payments actually made b:-r the \Iortga,!!ep for i!round rents. taxp::; and assessment.s or insurance pre-
<br />mium~. a., the ellSe may be, ~uch excess, if the ioan IS current, a' the option of the Mortgagor, shall be credited b)
<br />the \lortgagee on "uh~e'IUl'n' paymenb to he madl' hv th.. \Iortl(agor, or ",funded 10 th,' \Iortgagor. If, however, the
<br />monthly payments made hy the Mortgagor undcr! I,; of paragraph 1 precedlllg shall not he sufficient ro pay ground
<br />rent~ taxes and as~essment,~ or in~uraIH'(' prf'mium:--i, a"~ lh(> {'a,....(> may bC', \\h.'>o the ~ame ;;;hall bet~omt. duo and pay-
<br />able, then thl' \1ortgagor shall pay to thl' \lortf'''!!'''' any amount n"n's~al')' to mak,' up the deficil'lll'Y, on or h(,fore
<br />the date when paymtmt of such ground r(}nt~. tax{~~. J::;ell~sment:-, or in:-:-\uranl"f' pr(~mium8 ~h"1I be duo. If at any
<br />lime Ih.. \lortgaj!or shall tl'ndPr to Ih., "ortgalle.', in ,,,'cordal1<'" with tll(> pro'ision~ of Ihl' note secured hereby,
<br />full paym..nt of the ,,,,tirl' indehtedn"", n'presl'Ined (h..n'by, (hv> \Iottl(ag...' shall, in (!omputing tht> amount of such
<br />indebtedness, credi, ro ,he account of the Mortgagor aU payments made under the prolisions of (a) of paragraph 2
<br />hereof whi"h thl' \klrtgaget> ha.s not become obligatt'd to pas '0 the "l">rl'tary of Housinl( and Urban Develnpment
<br />and 'my halan"e remainin!! in th,' fUlld~ an'umolated onder th.' p",.i~lons of (hi of paragraph 2 heroof. If theft'
<br />shaU be a default url(il~r any Hf iht~ provi:..;itlUH ur thi~ mortga;!t' f(.....ulting in a publir ~ah:o of Uu.> pl"'emi~HS ('ovored
<br />herehy, or if the \lortgag"e a"quires tlw pro".'rt~ oth",\\i~.. aft..r dpfault. th..\lort!!"f''''' ~hall apply, at thl' tim.. of
<br />the ('ommen('(~mt"nl. of :-,ueh pfo(,PNtin~~. or at thp l-tR1f' ttH' property i:--: other\\'l~p aequlfed. the balalwe t.llOn remain-
<br />ing in the funds accumulat..d "nd"r (h) of pa"'l(ruph ~ pfl'l't,ding, '" a ('[,.dit again~t the amount of principal then
<br />remainin#: unpaid lU1d(~r ~aid nl)h.', and ~hull prufH.'rl~' adju:--t any p<t~mt"nt::, whit.'h :-'ihall hllVl" been made under (a)
<br />of paragraph 2,
<br />4. That the Mort,gitgvr \\.111 pay ~rounJ reot.... ta-'~..., .p.~e~\m~nh, \HUer fales, and other !!overllmeolal -or municipal
<br />charges, tlne~, or lmp(l!'lilion~. f~lr ",hi~_h pro\'i;>>'l'-IO ha" not he-en mitde herelllOdi.lre, and in dcfuult thereof the Mortgagee may
<br />pay fhe same; and thal the M_ongatwr VdU PHHilpth dehver the ntJkiai rel'Cipl\ therefor to the Mortgagee,
<br />5. The MortgaglJf \uH PaY all la.\e~ \\:hk-h ma} ne kvie-J UJ:H.Hl the Mortgagec'" inter~\( in ~aid real estate and improve~
<br />ments. and which may be ie\-k-d upvn ttll~ mortgage \\f the debt ...ct:"ureJ herchy (hut unly to the extent that ~uch is nol prohibit.
<br />ed by law and only to the extent that ,th.:h \\111 1l1..1t make thiS loan u~uriuu~,l. hut e\c1m.ling any income lax. Slate or Federal.
<br />imp\lsed on Mortgagee, ,mu will file the- l)ffi('-l~ll ft':'\.'eipi ~hu"jng SUdl pay'ment with the- Mortgagee. Upon Violation of this undel'~
<br />taking. or jf the Mortgagor b prvhihited by illl~ 1t1Y, nov.' or herc:after ~\istmg from paying the whole or any portion of the afore-
<br />said taxes, Of upon the rendering of any \.:\)Uf( dt."r~e prohibiting the pilyment by the Ivfortgagor or any such tax.es, or if such taw
<br />ur decree prOVIdes that any am,wnl so paid by the Mungagor ,hall be ",edited un the Illurtgage debt, the Mortgagee shall have
<br />the right h) give ninety days' wriuen notit.'c to the l,)\\-ntr l)f the IntJrtgagcd prcm.l,lo,c~, requirjng the payment nf the mortgage
<br />debt. If such notice be given.lhe said debt ,hall becollle due, payable and collectible at the expiration of said ninety d:,ys,
<br />6, That should he fail III pay lIny ,um ,'r keep any Clll'~nunt provided for in thi, Mortgage, then the Mortgagee, at its op-
<br />t,...-m, may payor perf()rm the s.am~, and ull cxpenditure\ ~tl made ~hall be added to the principal sum owing tm the above note.
<br />shall be secured hereby, and ,hall bear intere,t lIlthe !';lte set forth in (he ,aid nUle. lIntil paid,
<br />7, That he hereb)' assign" tran,fers and sets over to the ~jorlgagee, tll he applied toward the payment of the nllte and ..II
<br />:'iums secured hereby in case of OJ uefauh in the p<,'rfurman-.:t' of any .of the t~rms and condilions of thi~ Mortgage or the said
<br />note. aU the rent.s, revenues and income to be derived from the !n\)ngaged prcmises during su\:h time a~ the mortgage indebted.
<br />ness shall remain unpaid; and Ihe Murtgagee shall hale po\\er W appoint any agem or agent' it may de,ire for the purpose of
<br />repairing said premises and of renting the s.ame and coHeding the ftmh, revenues and int::olflt:. and it may p~tY out of ~aid in-
<br />comes aU expenses. of repairing said premises and ne,e.ssary commis.sions and expenses incurre-d in renting and managing the
<br />same and of collecting rentals therefrom: lhe balance remaining, if any. to be applied toward the di,charge "f said morlgage
<br />indebtedoess,
<br />8, That he- win keep the impro\-'emenb Ot:JW e~h!in.g or hereafte-r erc..:led on the mortgaged property, insured a~ m;,}' be
<br />required from lime to time by the .\-iongagt:'c agains:t lo~.s. by tire iHHJ lllher hazards, ...:asualtie$ ~md contingcndc~ in such
<br />amounts andior such periods as may he required by lhe Mortgagee and wiil p,.y proltlpOy, when due, any premium, "" ,uch
<br />insurance provision for payment of which ha, IIOt heen made hereinhefore, All in,urance ,h,;1I be carried in companies ap.
<br />proved by the Morljagee and the policies lInd renewals thereof shnll he held by the Mortgilgee a"d have attached thcreto loss
<br />payabJe cbmses in favor of and in form acceptable to the Mortgagee, In evenl 'Of lns~ Mong-agor will gi\.e immediate notkt;' h~
<br />rnaitlo the MortaaBee. who mat make. proof of los'!' if oot made promptly by Mortgagor, and tad! in:'\uraw:e 1".~\)lBpany l,.'un
<br />ceme<l i~ hereby authorized and directed to make payment for such loss direclljt{J the Mortgagee in,te..d "f to tit.. ~h"tgagoJ
<br />and the Marllfllllt'e joinily. aod the insurance proceed" or any pal! thereuf, may he "pplied b the Mortgugee at it; l)ptllm eilher
<br />10 t1M; reduction- (if the ind.ebtedne$s Mffby !:icclJu;d or to the restoration ~if repair of the property ?amaged. In event of fnr~\"'ILl'
<br />fUrl: {)f lbD Jniltll\lliC or \)Ih(r wmllJer uf tiU. t<l the mnrtgagcJ propen}' I1l nlingui,hmeflt of the mdebtedness ,ecured herd'y.
<br />4df right iak and iQtere--st of t,he MortgagPf in and (0 any insurance J'1(lJH.~ie." then. in fon..'e ~hall ra~~ h_l the pun.'ha.~-cr or g-raolct'
<br />9, 1'll:a1."a<ldiIWmtl and c{~I.tel'als<eurity for the payment 'If the nute descnbeJ, and all 'UI1l' ,,, <x'c"!lIe due unde, tl",
<br />U\{)t~. tht MQtipa\y hirc:by ~~)iiBtb 1.0 lh\" Mortg.agee ~H prQ,fits.- revenue~, ro~alties., rig:hb JnJ bendih, .1\.'(fUHlS ti.1 the
<br />Mot~ undtr 3n)'- .l.'tU-d Il!J \,wI a,nd gil-,,_le~'es. o~ ~aid pn:mi~t!s-, ~'ith Ute rig.,ht to ft'(:crH-' ;lOU r-e1,.'e-ipt (t\r the' >O;,;1tIH.' and apply
<br />Jbtm tQ '5:aidJodebted_tl(\~ &~ wt'U befOlt as after default iff tOt' (ottditiO-n~ of thts mortga.g.t.', and {he M\;nga~et' tlW)- dNUlUhL "'ll~
<br />{or ~nd tte-()~.tf uny }~-i;tcb p:~ynHmh \\-'bt-n due -;i!1Q vu-ya,bk, bUt 'tban not be ft:quih:~1 ...o!n i.h-, >lhl': J,,:.-r,gnmrn! i, tH !(:nnifl;~tt'
<br />~ bet-01n~ nul:!~:nd vi5id U_W~ ref~,~~ {If fhh m(ttt~e
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<br />~}}l,UM U 191
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