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<br />83-002747
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<br />0) 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 0/12) 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 />(Il) 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 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 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 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 Secretal)' of Housing and Urban Development,
<br />or monthly charge (in lieu of mortgage insurance premium), as the case may be;
<br />(II) ground rents, taxes, assessments, tire and other hazard insurance premiums;
<br />(III) 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 momhly payment shall, unless 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 four cents (4~) for each dollar ($1) of each payment more
<br />than I1fteen (15) days in arrears to cover the exlra expense involved in handling delinquent payments.
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<br />3. That If the total of the payments made hy the "ortgagor under (b) of paragraph 2 precl'ding shall exceed
<br />the amount of payments adually made by the Mortgagee for !!tound rents. laxes and assessments or insurance pre-
<br />miums, as the case may be, such excess, if the loan is current, at rhe option of the Mortgagor. shaH be credited by
<br />the Mortgagee on subsequent payments to be made by thl' 'Iortgagor. or refunded to the Mortgagor, If, however, the
<br />Monthly payments made by [he Mortgagor under (I>) of paragraph 2 preceding shall not be sufficient to pay ground
<br />rent, taxes Wld assessments or insurance prcmium=:<l as the case may be. ,,,hen the same ~hall be(~ome due and pay~
<br />able, then the Mortgagor shall pay to th.. Mortgag'''' 1m)' amount n",'"ssary to make up the deficiency, on or b..fore
<br />the date when payment of sueh ground "mts. taxes, ass"ssments or insurant:e p".miums shall be due. If at any
<br />tim.. the Mortgagor shall tender to the 'Iortgagee, in ,,,,,,ordan..,, with the provisions of th" note secured hereby,
<br />full payment of the entir" indebtedness represented thereby. th" "ortgagl'<' shall. in eomput.ing the amount of such
<br />indebtedness, credit to the accouO! of the Mortgagor all paymenrs made under the provisions of (ll) of paragraph 2
<br />hereof which the Mortgagee has not beconw obligated to pay to th" Se,'r"lary of Housing "od Urbll/1 Ocyelopment
<br />and any balance remaining in the fund:-: <lreumulal(\d under the provision~ of (b) of paragraph 2 hereof. [f there
<br />shall be a defaullunder any of the provi;:inns of this mort/lag" resultin/l in a publi,' sal" of th" premises ..overed
<br />hereby. or if the \lort/lagee aequires the property olherwis" after default.. the'lortgage" shall apply, at thtl lime of
<br />the commencement of such proecedingt'~ or at lho timH lht, properiy i~ othen\isl' aC(luimd. the bal:.uH'(~ t.hen remain-
<br />ing in the funds aeeumulattld under (b) of para/lraph 2 preetldin/l, as a eredit against Ih,' amounlof prineipal then
<br />remaining unpaid und", said note, and shall properly adjust any payments whieh shall haw been made und,'r (a}
<br />of paragraph 2,
<br />4. ThaI the Mortgagor will pay ground rent,. taxes. asse>sment,. water rates. and other governmental or municipal
<br />charges. fines. or impo,itions. for which provision has not been made hereinbefore, and in defanlt thereof the Mortgagee may
<br />pay the same; and that the Mortgagor will promptly deliver the official receipls therefor 10 the Mortgagee.
<br />5. The Mortgagor will pay all taxes which may be levied upon the Mortgagees intere,t in said real eSlate and improve-
<br />ments, and which may be levied upon this mortgage or the debt secured hereby (but only to the extent that such is not prohibit-
<br />ed by law and only 10 the extent that ,m;h will not make this loan usurious). bul excluding any income tax, State or Federal,
<br />imposed on Mortgagee. and will file Ihe official receipt ,howing such payment 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 laxes. or upon the rendering of any court decree prohibiting the payment by the Mortgagor or any sueh taxes, or if such taw
<br />or decree provides that any amount so paid by the Mortgagor shall be credi[ed on the mortgage debt. the Mortgagee shall have
<br />the right to give ninety days' written notice to the owner of Ihe mortgaged premises, requiring the payment of the mortgage
<br />debt. If such notice he 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. then the Mortgagee, at its op.
<br />tion. may payor perform the same, and all expenditures so made shaJJ be added to Ihe principal sum owing on the above note,
<br />shall he secured hereby, and shall bear.interest at the rate set forth in the said oote, until paid.
<br />7. That he hereby assigns. transfers and sets over to the Mortgagee. to be applied toward the payment of [he note and all
<br />sums secured hereby in case of a default in the performance of any of [he terms and conditions of this Mortgage or the said
<br />note, all the rems, 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 ilmay desire for the purpose of
<br />repairing said premises and of renting the same and collecting the rents. revennes and income. aod it may payout of said in.
<br />comes all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the
<br />sal1)e an/;Iof CQlIe~ting rentals therefrom; the balance remaining, if any, to be applied toward the discharge of said mortgage
<br />indebtedMS.S.
<br />8, That he will keep the improvemenrs now existing or hereafter erected on the mortgaged property. insured as may be
<br />required from time to time by the Mortgagee against loss by fire and other hazards. casualties and contingencies in sllch
<br />amounts and for such periods as mal' he required by the Mortgagee and wiIJ pay promptly, when due. any premiums on such
<br />insurance provision for payment of which has not been made hereinbefore. All insurance ,hall be carried in companies aI"
<br />pro~ed by the Mortgagee and the policies and renewals thereof shall be held l>y the Mortgagee and have attached thereto 10S>
<br />p'lYablecr.usesin favor <;>fandin fo,m ll\;eeptable to the Morlgagee. In event of loss Mortgagor will give immediate notice by
<br />mail to.l.he/l1Pttgagee'wil!-' niay make proof of loss if not made promptly by Mortgagor, and each insurance company elm,
<br />cernl'dis herebyallthoriz!'d and direeted to make paymeot for such loss directly to the Mortgagee instead of 10 the Mortgagor
<br />and tb,e~"rt8'lgeejointl.Y .andthe insurance proceeds. or any part thereof. may be applied by the Mortgagee al its option either
<br />. lQ ther~uction oflbe indebtedness bereby secured or to the restQration or repair of the property damaged. In eyent of /('recl<'.
<br />sure PI' thIs mortgage or other t,ansfer of title to the mortgaged property itl extinguishment of [he indebtedness secured hereby.
<br />all tight, titleimdiriterest ofthe Mortt;agor in and to any insurance l'olieies then in force 'halll'ass 10 the purchaser or grantee,
<br />9.. -fljat a~ a<idWWlUl and collateralsecurity for the payment of the note described. and all sum, 10 become due under Ihis
<br />I1llirt.\ll'~;J:b,~}-4%!J!i\fI\l{,herel>Y ass;gns totbe Mortllagee all profi!" revenues. myallies. rights aad benelil> acC! uiog tt' the
<br />M<lrtgagOl' under 'ailY.'llllif,all o~ andgas leases on saId prenHses. w,lh the right tt' reeen'e "nd ,,'re,pt (orlhe same "nd appl)
<br />them wsaid inde~tedness it> well bef"re as aew default in the condirions of this mortgage. and thc' Mortga~ee may dem,md. sue
<br />(pf and re~{lver any. stich pa)'me-flts when due and l'ayab~~ hut shaH no1 t'te required '\(} tt,) do. rhi:\ a~~ignmcnl b h) li.;'rmilwtc
<br />and f).com!' null and void upon reka' 'f this mortgage
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<br />HUf)..g2~4jM ~9,Jm
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