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<br />83-002740
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<br />(b)
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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 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 (I{12) of one-half (I{2) per centum of the average outstanding halance
<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 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 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 wtll become delinquent, such sums to be held by Mortgagee in trust 10 pay said ground rents, pre.
<br />miums, taxes and special assessments; and
<br />All payments mentioned in Ihe 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 />(c)
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<br />(I) premium charges under the contract of insurance with the Secretary of Housing and Urban Dcvelopment,
<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 />(Ill) interest on the note secured hereby; and
<br />(IV) amortization 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 paymcnt, constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed four cents (4~) 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 />3. That if the total of the payments made by the \Iortgagor under (I,I of paragraph 2 preceding shall exceed
<br />the amount of payments actually made by the \lortgagee for l!:round rents, taxes and assessments or insurance pre-
<br />miums, as the case may be, such excess, if rhe loan is current, at the oprion of the Morrgagor, shall be credited bj
<br />the Mortgagee on subsequent payments to be made by the \Iortgagor, or refunded 10 the \lortgagor. If, however, the
<br />monthly payments made by the Mortgagor under (b) of paragraph 2 preceding shall oor be sufficienr to pay ground
<br />rent, taxes and assessments or insurance premiums. as the easl' may be, when Ihe same shall become due and pay'
<br />able, then the \lortgagor shall pay to the Mortgag.... any amoont n,'cessary to make up the deficient:y, on or before
<br />the date when payment of sut.h ground rents, taxes, ass,'ssments or insurann. premiums shall be due. If at any
<br />lime the l\lortgl4!or shall tender to the Mortgagee, in accordance wlih Ihe pruvisions of th" note secured hereby,
<br />full paymenl of the entire indebt"dness represented thereby', th.. \lortg~ee shall. in compuling the amount of such
<br />indebtedness, credit 10 lhe account of the Mortgagor all payments made under the prm';sions of (a) of paragraph 2
<br />hereof which the Mortgagee has nut b",'om.. obligaled to pay (0 the :"ecretary of 1I01lsing and Urban Developmenl
<br />and any balance remaining in Ihe funds accllmulatl'd under thl' provisions of (b) of paragraph 2 hereof. If there
<br />shall be a default under any of the provisions of this mortg~e ,,'sulling in a publi(' sail' of the premisos ('ove".d
<br />hereby, or if the Mortgagee acquires Ihe prop..rty 01l1l'rwiH' aft.., dl'fault, the \Iorlgagel' shall apply. at the (ime of
<br />the commencement of such proceeding,;, or at tho time thl' property is othNwi,,!' acquirod, the balance then rl'llIain-
<br />ing in the funds accumulated under (0) of paragraph ~ prec!'ding, as a ('fedit against th,. amount of print'ipal Ihen
<br />remaining unpaid under said note, "od shall properly adjust any p"ym,'nt,; which shall have b",'n mad" under ("I
<br />of paragraph 2,
<br />4. That the Mortgagor will pay ground rems. taxes. assessm~nls, W:.it~r rates. and other govr;:rnmental or municipal
<br />charges. fines, or impositions. for which pwvision has not been 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 wiil pay all taxes which may he levied upon the Mortgagee's interest in said real estate and improve,
<br />ments, and which may he levied upon this mortg"ge or the debt secured hereby (but only to the extent that such is nol prohibit-
<br />ed by law and only to the extent that such will not make this loan usurious). but excluding any income t'lX. State or Federal.
<br />imposed on Mortgagee. and will file the official receipt showing such paymeol with the Mortgagee. Upon violation of this under-
<br />taking, or if the Mortgagor is prohibited by any law now or hereafter existing from paying the whole or any portion of the afore-
<br />said taxes, or upon the rendering of any court decree prohibiting the payment by the Mortgagor or any such taxes, or if such law
<br />or decree provides that any amount so paid by the Mortgagor shall be credited on the mortgage debt, the Mortgagee shall have
<br />the right to give ninety days' written notice to the 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 should he fail to pay any sum or keep any covenant provided for in this Mortgage, thentbe Mortgagee. at its op'
<br />tion, may payor perform the same, and all expenditures so made shall be added to the principal sum owing on the above note,
<br />shall be secured hereby, and shall bear interest al the rate set forth in the said note, until paid.
<br />7, That he hereby assigns, transfers and sets over 10 the Mortgagee, to be applied toward Ihe payment of the oote 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, all the 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 Mortgagee shall have power to appoint any agent or agents it may desire for the purpose of
<br />repairing said premises and of renting the same and collecting the rents, revenues and income, and it may payout of said in,
<br />comes all expenses of repairing said premises and necessary commissions and expenses iocurred in renting aod managing the
<br />same and of collecting rentals tberefrom; the balance remaining, if any, to be applied toward the discharge of said mortgage
<br />indebtedness .
<br />8. 11lalhe will keepthe improvements now existing or hereafter erected on the mortgaged property, iosurcd as may be
<br />required from time to time by the Mortgagee against loss by lire and other hazards, casualties and contingencies in such
<br />amounts and for such periods as may be required by the Mortgagee and will pay promptly, when due, any premiums on sllch
<br />insurance provision for payment of which has not been made hereinbefore. All insurance shall be carried in companies ap.
<br />proved by the Mortgagee and the policies and renewals thereof shall be held by the Mortgagee and have attached thereto loss
<br />payable clauses in favor of and in form acceptable to the Mortgagee. In eveot of loss Mortgagor will give immediate no lice by
<br />mail to the M<<l8lIaee, who may make proof of loss if not made promptly by Mortgagor, and each insurance company wn-
<br />cerned isheteby aulhQrized and directed to make payment for such loss directly to the Mortgagee instead of to the Mortgagor
<br />and the MottNec jointly, and the insurance proceeds, or any part thereof, may be applied by the Mortgagee at its option either
<br />to.l!ll:reduction 01' theindebtedness hereby secured or to the restoration or repair of the property damaged. In event of foredo,
<br />SUre 01 Ibis m~eorother transfer of till. to the morlgaged property in extinguishment of the indebtedness secured hereby.
<br />all right, title aJld interesr of the Mortgagor in and to any insurance policies then in force sball pass to the pnrchaser or grantee.
<br />9, That as ndditionalllfld collateral security for the payment of the note described, and all sums to become doe under this
<br />mor(pge, the MOrtgagor hereby assign. to Ihe Mortgagee all profits, revenues. royalties, rights and benefirs aC<Tuing to Ihe
<br />~r underJny l\lld IIlj pil,~d lIl!$leases on said premises, with the right to receive aod receipt for Ihe same and apply
<br />lilI:1ll to said indt'btHneuas well hefot" as after default in the conditions of this mortgage, and the Mortgagee may demand. sue
<br />for and fC{;ovtr any such payment.swhen due and payable, but shall twt be required so to do, This assigomenl is to terminate
<br />and heCOOt~ null and voidul>On release of rhi. mortaaJle.
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<br />HU09214JM 19-nn
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