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~~.....n02712 (11) (t) month prior to its due date the annual mortgage insurance premium in order to provide such holder with funds to pay such premium to the Secretary of Housing and Urhan Development pursuant to the National Housing AcL as amended. and applicable Regulations thereunder; or (b) If and so long as said note of even date and this instrument are held by the Secretary of Housing and Urban Development, a monthly charge (in lieu of a mortgage inSllrance premium) which shall be in an amount equal to one-twelfth (1/12) of one-half (1/2) per centum of the average outstanding balance due on the note computed without taking into account delinquencies or prepayments: A sum equal to the ground rents. if any. next due. plus the premtums that wiii next become due and payable on policies of nre and other hazard insurance covering the mortgaged property. plus taxes and assessments next due on the mortgaged property (all as estimated by the Mortgagee) less all sums already paid therefor divided by the number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and assessments will be.:ome delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre. miums, taxes and special assessmen ts; and All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note secured hereby shall be added together, and the aggregate amount thereof shall be paid by the Mortgagor each month in a singIe payment to be applied by the Mortgagee to the following items in the order set forth: (c) (I) premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly charge (in lieu ofmort[!age insurance premiumj, as the case may be; (11) ground rents. tax.es. as..'iessments, fire and other hazard insurance premiums; (1fI) interest on the note secured hereby: and (IV) amortization of the princ'pal of sa,d note, Any deficiency m the amount ()f any such aggtegate monthly payment shalt, unless made good by the Mort, gagor prior to the due date of the next such payment. t.:onstitute an event of default under this mortgage. The Mortgagee may collect a "la,e charge" not t() exceed f,"" cents (4~) for each d()lIar ($1) of each payment more than tlfteen (15) days in arrears to cover the extra expense invoived in handling delinquent payments. "'" ... That if ,h.. total of the paym.'nt.,. made by the \Iorlgagorunder (hi of paragraph 2 preceding shall exceed the amount of payments actually made by the \Ionga!!ee for uround renl8. taxes and assessments or insurance pre- miums, as th.. case may be, "uch excess, If the loan is currenr, at the option of the Mortgagor. shall be eredited by Ih., \Iortgage.' on suh,;~qu.'nt paymenb to b., madc by the ;\lortgagor. or refunded 10 the \lorlgagor. If, however, the monthly paym..nt;. made by the Mortgagor under (h) of paragmph 2 preceding shall nor be sufficient to pay ground rent, tax(~_'s and a;o:l~t'ssment.~ or in!:"uranr(' prt>mium:--. a~ t,hp cU,.-.:>e may tw, wh(~n the same :"'hall become due and pay~ ahle. then the .\lortg"Ror "hall pay to the \hmgagCl' any amount ne('e~;.ary to make up (he defil'iency, on or before the date whl~n pa)'mtlnl of sU('h ground renG:. taxeto. a,--.;s:e~smtml-:-: or insurance premiums shall be due. If at any tim., the \Iorlgagor "hall tender to (he \Iorlgag"", in a""oroam'" wiUt till' provisions of the nolo se('ured he.-eby, full pllymen( of the "nti,,' indebtedne"" r"p,,'''''n,('d tl",reby, th" \lortgag.'" shall. in eomputin/( the amounl of sueh indebtedness, credit to the ""Tount of the Mortgagor all payments made under the proviSIOns of (a) of paragraph 2 h"reof whieh the \lortp;l\I!(\(' has not b.",om" nbligat"<t to paY" (0 th" "<','r"tary of lIou,;ing and Urban De,'elopment and any balant~t" rt'maininl! in th~ fund~ a<TumulatNI undf.~r tIH' pmvision~ of (h) of paragraph 2 hereof. If there i'hall be a dt:'fault undt'r anl of tht'- pro\i:",iolll" Hf Uli~ mortga~t~ re~ul{in,l! in it public ~ale of the premises ('overed hereby, or if 111(' \lortgag\.... a"quir"~ the property nth,'r"i"" aft"r default, Ilw \Iortga/(e" "hall apply, althe lime of t.he eom'"t><n('~meni uf ,...u(~h I)cOt"(.(+dinlZ~, Of at tht> lim(~ th... property i.,;;; other\\i~(\ a(~quired. t.he balarH.'e then remain- ing in the fund~ a'Tumulated undt'r i i.; of parl\l!raph ~ p""',,ding, as a <'fedit agllinsltlH' amount of prineipal then remaining unpaid und('r ~aid nol.e, alld "hall P"'IH'rlV ad)u.., an) IJl')'ment" \\hi('h "hall have heen made under (a) of plt~raph ~. 4. That the Moflg;.igOf \\<ilt ri.1~ gwun.J rt'nh. IJ\e~, ay\~s~menh, ";:tIer rates. and other governmental or municipal char~s. fines, ur ImpHsitlon~. for \\hkh PHl\I'litHl ha~ n,)ll1een made hert:lnbef\Jrc, <inO in default thereof the Mortgagee may pay the ~ame: and that the Mortg~igtjI \\-iII promptly deltvcr the nflidal rel..'eipts therefor to the Mortgagee. S. The Mortgagor \\liB pay all taXe.. \\htch may he IC'.ied uplm the Mortgagee's interest in said real estate and improvek ffitmts, and whk-h fUel}' be JevleJ upon this m~Jngage or ihe dent sel..:ured hereby lhut only to the extent that such is not prohibit- ed by law and only to lhe extent that su~h ~ill nll{ make this loan usurhJusL hut e.xduding lmy income tax. State or Federal. imposed 0" ~t.)ftgagee, and will 1.1< (he ,)rtic",1 receip' ,ho" ing such payment with the Mortgagee. Upon vioiation of this under- taking. or jf the Mortg.agt.u is pn1hjbjted hy any law no\\. of hereafter t'\hting from paying the whole or any portion of the :dfore- said taxc."s. Of u~)n the rendering 1,)( fm~' ,.:oun dC\7:ree prohibiting the puyment b)- the M(Jrtgiigor or any su,-h ta.\.es. or if such taw or decree provide. thaI allY amount 'C' paid by tbe Mortgagor 'hall be credited on (he mortgage debt. tbe Mortgagee sh"lI have the right to give ninety days' writteo notice (0 the .'wner "f the mortgaged premi,es, requiring the paymelll of the mortgage debt. If ,ucb l\t.\lice be given, the ,aid debt ,hall ""wille due, payable and collecllble at the expiration of said ninely days, tL That should he fail (0 pay allY SUlll m keep any covenant provided for in thi, Mongage. then the Mortgagee, at its op- tion, mn pay or perform the same. aod all expenditure, so made shall be added to the princip,,1 sum owing on the above nl'te. shaH be secured hereby, and ,hall bear interest at the tate set forth in the said note, until paid, 7. That he hereby assigns, lrunsfers and sets over to the Mortgagee, to l>e applied toward the payment of the note and all su,ms s,,('cured hereb)' io ,asc of a default in the- pe.rfvrmance of ;;wy of the terms and conditions of this Mortgag..: or the said note. all the rem" revenues and illcome to be derived from the mortgaged premises during sllch time a, the mortgage indebted, nesli-shall remain ullpllid; and the Mortgagee shall have power to appoint any agent Ot agents it may de,ire for the purpo'e of re~-said' premises and of renting the same ~-md coHecting the rents. revenue.s and income. and it may pay l)Ul of said in-- comes aU expenses of repairing said premises and necessary commissions and expensc:s. incurred in renting and managing the same. and of colketing rentals therefrom; the balance remaining, if anh to be applied towmd the discbarge of said mortgage indebledness, 8. thaI he will ~p tbe improvements now existing or hereafter erected on the mortgaged property, insured as may be fr'qUi,ftd-from fim(: to timr by the MQrtgagee against I,oss hy fire and other hazards. (as-ualtle~ and contingen,ie~ in ~uch am()l.ln!s and io.. sucb, periods. as may he required by the Mortgagee and will pay promptly, when due, any premium, on ,ucb itlSllfam:eprovUiion f(lr payment of which has not been made hereinbefore. All insumnce shall be ,'arried in companie' ap. prove(! by lhe Mortgagee and .he ""lic;.,s and renewals (hereof ,hall be held hy the Mortgagee and have attached thereto lox> pa)table da~$es in fav{,lr of and in form acceptable to the Mortgagee. In event of kh-s Mortgagor will give immcdiale nl.ltic~ by ortailtotheMOI'tllllllU. who may' make proof of loss it nol made pmmptly by Morlgagor, and each in,urance company con. cctned i~hetllby ~bori~ and direcled to make p"y'ment f,lt such 10" dlfeClly to ,he Mortgagee instead of to the Mortga8m and the M.\tl"ee j(>>.otJy. .od the insurance pr<)eeeds, or allY part thereof, may he applied by' the Mortgagee at Its option either I<>t~ redlli;_ <1f.lhe itlll.bt,edne"s hefeby se;:ur." <)t tt> tlh: r"!,,ratiQn or repair of ,he property damaged. [n event of (<>ledo. Wfecifl~m<>Upa:e...,r utller uansfer pt title to tbe tr"'r~ged properly ill Ntinguhhmeot of the indel>tedne" seeured herehy, atl r~. ritl/:. and llikrest or tbe M",~" in and 10 any insunlllce policies then in force shall pH" to the par.-ba,er ,)f ~rantee 9, 1lt.tll,,$ adllilwWlh.nd collateral securit)' fot tbe puymem "f the note described,and all ,um, '0 l>eCOl1l< du. (lnder thi, ~,!he).(~othereby "..;gn. (0 the MtJrtgal;ee aU !.ronls. revenue,. rupllle" ri!lhts '"td hene/h, acouing tu (he M~.f ..IlY;~,all,.lillllJ,;tI!Jl' l...,es on "<lid premi,.s, with the I1ght to receive and receip' for the ""ne and apply 1Iw1lllD ....wllilkbkdiMi;~ nC~llefl'te.~ ailer dd.ult !tithe nmdioon, of thi< mortgage, Hnd the Mortgage< mHV demand. 'lie f-Ot i,nJ(!~.(l;\.'cr ~rtj' ~h ~)'mC'.nb w'bCfi due iifuJ p-i~yab:fe.. flu. sb~U (wt be required ~O;\-} du This ",,,,ignmrl1t I" h' h:rminart" lln4 l;e<:0lll" ooIl atldvl>i;J Ul'K'" rdu... "t tbi, llli>l"tlUlae. .. ''''H.!{1.~l7t.1,.~M (9- 19)