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<br />i) - 3 67't'l~ (I} mon~~ Pr10.f tG its due a~te the 2~nu~ n1~"}rtgage ir:$u::"3:n...:e ~;~~-;:;~:1!
<br />83~JlJ j, "'nth funas m pay such premIUm to the Secretary. Hc'usmg 3.T!G UraTI
<br />.. . Nl!tiol~al Housing Act. as amended. and applicable Regulations ,bereuDdc'r:
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<br />(II) [f and so long as said note of even date and ,his mstrument are held r.) :be Secretary Housmg anJ
<br />Urban Development. a monthly charge (if/lieu of a mortgage insurance premium.' which shall he in an
<br />amount equal to one-twelfth (J in) of one-half (l (2) per centum of the aVerage out~+ndjng balance
<br />due on the note computed without taking into account delinquencies or prepayments:
<br />(b) A sum equal to the ground rents, if any, next due. plus the premiums that will nex: become due Jnd 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 rhe Mort,f{ageej less all sums already paid therefor divided l:>y tJle
<br />number of months to elapse before one month prior to the date when such ground rents, premiums. taxes and
<br />assessments wit! become delinquent. such sums to be held by Mortgagee in trust to pay said ground rems. pr;;-
<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 Mongagee to the following items in the order set forth:
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<br />(I) premium charges under the contract of insurance v"ith the Secretary ofl'lousing and Urban Devejopmcnt,
<br />or monthly charge (in lieu or mortgage insurance premium I. 3S 1 he case may be;
<br />(If) ground rents, taxes, assessments, fire and other hazard insurance premiums:
<br />(Ill) interest on Ihe note secured hereby: and
<br />(IV) amortization of the principal of said note,
<br />Any deficiency in Ihe amount of any such aggregate 1110nthly payment shall, unless made good by Ihe Mort.
<br />gagor prior to the due date of the next such paymc,;l, constitute an event of default under this mortgage, The
<br />Mortgagee may collect a "late charge" not 1.0 exceed four cents 14V') for each dollar (S I) of each paymen t more
<br />than fifteen (1 5\ d~ys in arrears to cover the extra expense inv,?l.ved in handling delinquent payments,
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<br />;3. That if the total of the payments made hy the \lortgagor undpr!b.l of paragraph ~ prpcNling "halll'xceed
<br />the amount of payments actually made hy tl1(' :\lortgagee for i!round J'('nL~. taxp!:' and :Iss,'ssnwnis or il1,~urance pre-
<br />miums. as the case may be, such excess, if the loan is currenr, al the option of the Mortgagor, shall be nedited b)
<br />the Mortgagee on subsequ!~nt payments tn be made 1)\. the \1ortgagor. or rd'unded to the \lortgagor If. howHver. the
<br />monthly payments made by the Mortgagor under (Ii) of paragraph :2 preceding shall not be sufficient to pay ground
<br />rent, tax(~s and ll.;;sessment" or insurance prpmiums, a,~ Uw (:a.~(' l1111V be, when the same "hall heeom(, due a.nd pay.
<br />able, then the Mortgagor shall pay to the \Iongage(' any' amount [l(.('('ssar)' 10 mllk(. up the dpficien('v, on or beron.'
<br />the date when payment of such ground rent~, taxes, a,,;,,;essments or insuranc(' prnmiums shall b,~ due. If at any'
<br />time the \lortgagor shall tender 10 Ihe '\lortgagN" in accord~U1er.' with (hI' provi"ion,,; tlf thE' note ,,;eeured h(~f'('lJy,
<br />full payment of the entire indebtedl1psi' repre,,;enlpd ther(!by, the \lortga,'2:E'P shall, in l'omputing thp amount of ,,;uch
<br />indebtc:dness, credit to the account of the Mortgagor all payments made under the pronsions of f<li oi paragraph :2
<br />hereof which the Mortgagee has not become obi igated to pay to t.hp ~;eerNarv of Ilou,,;ing and t:rban Development
<br />and any balance remaining in the funds accumlllah,rl und('f lhe prnvi,,;iol1.~ of (I,) of paragraph::': hereoL If ther;'
<br />shall bl' a default under any (jf the provi~ion,; of Ihi,,; mnrtgagp re,;ull.ing in a puhlic ~al(' of the IJf'l.'l11i,;e" ['O\l'rprl
<br />hereby, or if the Mortgage!, aequirps the prop,>rt!' oth\'rwi,,;e afler ddauli, the \longage(' ~hall apply. at till' timp (jf
<br />the eommencement of sLleh proceedin!!,,;, or HI the I imp tlw [lropert.v i" othpf'\\i,;f' aeqllin:d. the balane!' then f't'main.
<br />ing in the funds aceunmlawd under! !,i of paragraph:! fln>('erling, ;1.,; a credit again"l Liw amounl. of prineipal t1H'n
<br />remaining unpaid unrl;>!' ~aid 110te. and ,,;hall rruperh adju"'t anv pavmenL" which ,;hallltan' hpen l1mdp under (,I)
<br />of paragraph 2,
<br />4. That the Mortgagor will pay ground rents. taxes, ;is,essmel!ls, ",uer rate" :tnd llther governmemal or muni<:ipal
<br />charges, tines, or impOSItions. for which provi,iol! has not been mack herclObefore, and In ddauJ1 thereof the Mortgagee may
<br />pay the ~ame; and that the Mortgagor will promptly deliver the \l!1iclal re,'eiph th('refor 10 IheMllngagee.
<br />S. The Morlgagor will pay aillaxes which may be leVied upon the J\loflgagee.s il1lereSI in said re~d e~tate and improve-
<br />ments. and which may be levied upon Ihis mongage llr the debt secured hereby (but ,'nil' to the extent that sll~h is not prohibit.
<br />ed by law and only to the extent that such will nelt make this loan llsuriou~), bur excluding any inC~elme tax. State or Federal,
<br />imposed on Mortgagee, and wi!] file Ihe official receipt showing 'uch payrHt:fH with the Mortgagee. Fron viellati,'n of Ihis under-
<br />taking, or if the Mortgagor b prohibited by ,my la',\ no\\' or hereafter exisling from paying the whole or any ponilln ,,1' the afore,
<br />said taxes, or upon the rendering of any coun Jec~ree prohibiting the paYl11t'nl oy the Mortgagor {,r any su~h taxe~. elr if such law
<br />or decree provides that any amount so paid by the Mortgagor shall be ,Tediled on the f11(lngage (kbt. the Mortgagee shall have
<br />the right to give ninety days' written notice tll the owner llf the mortgaged premises. requiring the payment (jf the mongage
<br />debt. If such notice begiven. the said debt shall bee'Hlle due. payable and collectible at the expiration of said ninety days..
<br />6. That shou11d he fail to pay any ,urn 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 Inade shall be added to the principal sum owing on the abov~ note.
<br />shall be secured h,ereby, and shaH bear interest at the rale set forth in the said note, unlil paid,
<br />/, That he hereby assigns, transfer;; and sets over to the ,'v!ortgagee, to be applied toward the payment of the note 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, aU the rents, revenues and income to be derived from the mortgaged premises during such time as Ihe mortgage indebted.
<br />ness shall remain unpaid; and Ihe Mortgagee shall have power to appoim any agent or agenls it may desire for the purpose of
<br />repairing said premises and of renting the same and collecting the rents. revenues and incomt', and it may payout of said in-
<br />cOflles all expenses of repairing said premi;;es and necessary commissions and expenses incurred in renting and managing the
<br />samomdofcollecting rentals therefrom; the balance remaining. if any, to be applied toward the disd1arge of ,aid mortgage
<br />indebtedness.
<br />8. That he will keep the improvements now existing or hereafter ereett~d on the morlgagcd property, in~ured as may be
<br />required from time to time by the Mortgagee against loss by fire and other hazards, casualties and contingencies in slich
<br />amounts and Tor such peri(lds as may be required by the M,ottgagee alld "ill promptly. when due., any premiums Ol! such
<br />insuranCe NOvisl()iI for payment of which has not been made hereinbefore, insurance shall be carried in comp,mies ;lp.
<br />proYedbYlheM:orlgag~e an.d the policies and renewals thereof shall bt' held by the Morlgllgee ,Hld have ;Hta-:h"d thercto 10"
<br />payable clauses in Illvorof and in form acceptable to the Mortgagee In eVent of loss Mortgagor "iliimmediate tll)(ice by
<br />III . ho may make proof of loss if not made promptly by Mortgagor. and each company C,1I1-
<br />c zedancidirected to.make payment for slId1 Joss direc.tly 10 the !v!orrgagee instead of to the !'vlortgagur
<br />ji., and the insurance proceeds, or any pari thereof, may be applied by the .Mortgagee at ils optioneitber
<br />esshereby secured or 10 lhe restoration or repair of the pfllperty damaged. In e\em of forcdo-
<br />ansfer of !ide to the mortgaged property in e~;tingu.ishment of the indebrednes:; secured hcreb) ,
<br />Mortgagor in and ((l allY insuraniie policies then il1fmce shail pass 10 the purchaser or grantee.
<br />.al1d collateral sel~urity fur the payment of the note described, and "II sums t" h.-come due under tl1i,
<br />mortgage, theM~lr~gagOI !Jereby assigns!o the Mortgagee ,j!) profits, reVentl""., HI)':'!ties. ilnd benefits ,1C'.'fUing l\) the
<br />Mortgagor alHl1ti! oil ~J)(J ga5 lem"" oil said with the light to receive re(;elpt for the :-ame and ;ipply
<br />them 1.0 saW it', well befu!'e il.5 after ddau!! the ;:;,HH!itiol1s of thi, "oJ the M,irtg.tgl:t' ckmand, 'He
<br />fin 'll1drecovcr ,:my p;,ymi;llt~ when dill: .Hld paYllb1e, but ,hall no! be In tin. I'hi, "",ignl!1en! 11\ Inmmak
<br />iilfld flurl <lnd void upon rc1cll~,e of thi, llWnU;JMe
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