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<br />(1) n10nth prior to its due date the annual mortgage rn-surance pren:ium in order to prov!de such holder
<br />with funds to pay such premium to t.~e Secretary of Housing and Urban Development pursuant to the
<br />Natiional Housing Act, as amended, and applicable Re!\Ulations thereunder: 0r
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<br />(II) If and so .long as said note of even date and this instrument are held by th~ Secretary of Housing and
<br />Urban Development, a monthly charge linlieu of a mortgage insurance premium} which shall be in an
<br />amount equal to one-twelfth (1/121 of one-half (l f2) per centum of the average outstanding balance
<br />due on the note computed withoUi taking into account delinquencies or prepayments;
<br />equal to the ground rents, if any, next due, plus the premiums that wi!.! next become due and payable on
<br />of fite and other haiard insurance covering the mortgaged property, plus taxes and assessments next due
<br />rtgaged property (all as estimated by the Mortf!agce) Jess an sums aheady paid therefor divided by the
<br />.number of months to elapse before one month pnor to the ,:ate when ,ouch ground rents, premiums, taxes and
<br />ai,sessments will become delinqucnt, such sums to be held by Mortgagee in trust to pay said ground rents, pre-
<br />miums, taxes and special assessments; :md
<br />(c) All tyaymentsmentioned in the two preceding subsections of This'paragmph and all vayroents robe made under
<br />the note secured hereby shall be added together, the a!,,gregatc kmlOunt ilH,reof shaH be p:iid by the Mortgagor
<br />ell'ch month in 3 single payment to be applied by the Mortgagee ~o the followHlg items in the order set forth:
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<br />{l) premium char under the t:.pntracl of insurance with the of HOl-rsing and. Urban Development,
<br />or monthly c in lieu (.,fmortgage insurance rm?mium). as the "ase may be;
<br />(II) ground rents, taxes, assessments, nre and other h2,Zilrd insurance premiums;
<br />(Ill) interest on the n()(c secured hereby; and
<br />(IV) amortization of the principal of said nOle.
<br />Any de!1dency'in .the. amount, of any such !T1omhiy p~'Yl11cm
<br />gagar prior 'to ,the due. date qfthe next such payment. ~unstill.JH' ;m evcm ;;f default \JnLier this mortgage. The.
<br />Mortgagec may collect a "late charge" not to exceed tiltn tents (4I'i} for e~dl dolhu; ($1) or each paylment' more
<br />than fifteen ( 151 days in arrears to ~ove.[ the eXlra eXpel1!;(' involvcLl in r!eiillquent:p~tymentg,
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<br />~L That if the total of t.he pa-yment.;;.;. nUidn by t.hp \1nrt1<!;agor urlfh~r of para~raph 2 pret~{~ding :,~han e'Xe~:ed
<br />the lUllOUllt of payment" actually made by the \Iortgage,> [or !!rmmd rent"!, 1.axesanda:s~(:~sment~;nri~1;:;uranC(; pre-
<br />miums. as the easl' may bl', such excess.. if the loan is currc,m, ,1\ the Optillll' ()fthe Mortgagor:' snliIHSC crt.>otred by
<br />the \lortgagee 011 subsequent payments to be Ilwrie by the \,lortgugor, or rpfunded to th(~ Mortgagor. If. !wwevnr, tlw
<br />l'1onthlypayments made by the Mortgagor under i of paragraph 2 ,;hall not be sufficient to pay ground
<br />rent, taxes llnd assessments or insurance pr('mium". as th(~ <'It''C may 1)(', ,,11('11 the sarno "hall b(!!.:onl(~ dUll and pay-
<br />able, thtm the Mortgagor "hall pay to the :\lorlga/;;'>e any amount necessary to make up dledefidency, on or benmi~
<br />!.he date wh(\ll lPa:ym'~nt of such ground rf"nts, taxes, a"'S~'S8ml\Ots or In"uran(~e prellliull1S shall be due, ff at llny
<br />time the \Iortgll-gor ~,haH tendN to the Mortga.!!N>. in an:ordan('!~ with the provision.':' of Hw l1oh~ s(~cured hereby.
<br />full payment .01' the eniif{> indebtedlll'i:'.S n>pre,wnted thereby, the \lortgagee .--hall, in compul.ing the amount of such
<br />indebtedness, I",redit to the account of the Mortgagor all payments made under the proviSlOllS of (a) of patagraph 2
<br />henlof which th.> M(~rtgag(,e ha" not bel'om.' obi igat.ell to pay to the ;':1('cniiary (lfllousing ..,nrl Urban Development
<br />and an) balant'l' remainin!!: in the funds ;l('('ul1lul:ued undpr HIP prn\'i"lOns of! of paragraph 2 hNeoL If th,'re
<br />shaH be a d,'l'ault under any of the provi--ion,- of thi." mon.gag\' ('('."ulting in :. public "ah' of ,hI.' premise" covered
<br />herehy, or if the MOI"~aJ!ee u(,lluires the !>wpem olh.'rwise after dditult. Ill\' \lortgag('(' ,;hall appl~. at Ihl' limp of
<br />th(' eomllleneemenl ul' '-'uell pfO('('l'dings, !If at the lime tllp pWPi'l"ty i" OUIN\\bf' acquired, 1.111.' balann' Hlen nHnain-
<br />ing in the fuuds aC(,(lllmlawd undl'r i of paragraph 2 pren..ding, :L.. U ('H,di I ,.,,gum,,t the amUUl1[ or principal thell
<br />remaining unpaid under "aid notl', and shaU Prolwdy ;lIlju;.;[ 'ill) paYl11Pl1l-; Ilhidl ;.;hall hav," h('l'n l1lad<.' under (ill
<br />of paragraph 2,
<br />4. That the Mortgagor will pay !'rllund 1(,IllS t:lxe,. ",sessrnenb, w;ltcr rates, and othel gOVt;rnmental or l1lunicipal
<br />(harges, tines, I'll' Impositions. fIll' Ilhid) proviSiOn h,b not been m~de hereinbdore. and in dd'Hlll th(Teof the MI)[lgagee may
<br />pay the same: and lhat the Mong,Igor wlil pr'Hllptly ,kliva the om""J rt:~t'lpts tht~n~ftlr {(l the Mortgagee.
<br />S. .Thc l\.Iortgagor will pay all t,.lXCS whICh may be ievied upon the Mong"ge~', iiltel~~t in said real btat~ and improve.
<br />mellis, and which may be levied upon thi, mortgage (lllhe lkht ,,",tlr~d hereby (btll only to the extent that stlch is not prohibit,
<br />"0 by law and ,~niy II' the ~xtenl thar SUdl \\iI! 11": n'Jilke Ihi,; Idan u'llrious.', but cxdlldlng any in(ome !a.\.. Slate or FederaL
<br />imposed Oil MOrlgaget~, and wil.! tile lhe ollieial rt:-:eipr sfwwmg su..:h wilh the Mongagee. Upon violation of thi~ under-
<br />taking, or if 111,: Mong.agor is prohibited by .my law nuw "r hereaft",r from paying the whole or pI)rtiun of the ,lfore-
<br />said taxes, or upon the rendering of any ",un deer"'tl prohlbit.ing the payment by the Mortgagor l'f any taxe.s, (\1' if sHch law
<br />or d"cree provides that any amount. so paid by the Mortg;igl.lf "hal! be ..:redited on the mongage debt, (h" shall have
<br />the right to give ninety days' wrinen notice to the owner of the mortgaged premises, requiring the p,lyrnent the m"rtgage
<br />debt. If such notice be given, the'said deb:r.shaJl become due. payable ,'(Id coileclible atlhe expiration of saidnincty day"..
<br />I), That should he fail to pay any sum or keep anycoveoanl provided for in this MOrlgagc, then the Morlgagee. at its op-
<br />tion, may payor perform the same, and all expenditure" SII nu,dl': shall he added to the principal sum owing on the "bove note.
<br />shall be secured hereby, :md shall bear intercst ill the rale set fonh in lhe said note, utHil paid.
<br />7. That hie hert~by assIgns, transfers and sets over to lhe Mortgagee, to he applied toward (he pi\yment of the note and all
<br />sumsseeured hereby in case of a deraul.! in the cd any of the terms and eGndili()n~ of this Mortgage or .he said
<br />note, all Ihe renb, revenues and income to be frolTl the premises during such time as the indebted-
<br />ne.sssfu\U~remaill tlopHid: and. the Mongagee shall have 10 any agent or il may d(~sire for purp()se of
<br />. , . 'and ofrentinglh.esame and the rents, revenues and ,ind it may pay Ollt of s,Jd i!\'-
<br />of repairjngsaid premiset,and nece$sarycomrnissi.lns and in l'I:nting andm~tnagingthe
<br />Cl;illc;;ting rentals theret'rom: theblllanee remaining,if 3.ny, to he tiJw,ud the dischargtl of said. mongage
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<br />hereafter ,~reeted on the m(trtgaged prj}peny, insured ll$ may be
<br />hy fir;: and hai:mh, caswl1tie, and contingem:ie;; in sHch
<br />whe:H on sBch
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