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<br /> (c)
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<br />(I) month prior to it~ due date the annual mortgage insurance premium in order 10 provide such holder
<br />with funds to pay such premium to the Secreta!}' of Housing and Urban Development pursuant to the
<br />National HouJing Act, as amended, and applicable Regulations thereunder: or
<br />
<br />(II) If and SO long as said note of even &lle and this instrument are held by the Secreta!}' of Housing and
<br />Urban De\>elopment, a montldy charge (in lieu of Q mortgage Insunmce 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 balance
<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 next become due and payable on
<br />policies of fire and other hazard insurance covering the mortgaged propeny, plus taxes and assessments next due
<br />on the mortgaged property (alll1$eftlfJll1ted by the Mortgagee) leu all sums already paid therefor divided I>y. the
<br />number of months to elapse before one month prior !() the date when such ground rents, premiums, taxes and
<br />a_"tswill become delinquent, such sums to be held by Mortgagee in trust !O pay said ground rents, pre-
<br />miums, taxa And special _ssments: and
<br />All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under
<br />the note secured hereby shall be added logether, nnd the aggregate amount thereof shan be paid by the Mortgagor
<br />each month in a single paymenl to be applied by the Mortgagee to the following items in the order set forth:
<br />
<br />~
<br />
<br />(I) premium charge$ under the contract of insurance with the Secretary of Housing anq Urban Development,
<br />or monthly charge (In lieu ofmortgaxe illsurance premiuml. as Ihe case may be;
<br />(II) ground renti, taxes, asse""ments, fire and other halard inwranee premiums;
<br />(1II) Interest on the nOle ",cured hereby; and
<br />(IV) amorti1.:1lion of tbe prinCipal o( said note.
<br />Any deficiency in the amount of any such aggregate monthly payment shall. unless made good by the Mort-
<br />gagor poor to the due date of Ihe next such pa~'menl. """,titute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not 10 exceed t,,", cefllS (4;t) fOf each dollar ($1) of each payment more
<br />than t1ftCCfl (15) day, ir' arrears to cover the extra expense mvolved in handling delinquent payments.
<br />
<br />3. That if th.. Intal "r the payments made I))' Ihe 'lort!!:a!,,,r under ii.1 "f Pll/'&Rl'apll 2 prec<'\ling shallex'leed
<br />the amount "f payments actually made by the \lo~al!:('" fur llround ...nIS, taxes andasse5Sments or insl1raneepre-
<br />miulII8, l\.lj the elLSe may b... ~ucb ",,,cess, if lhe loon 's ('U"""'. at the opuon of the Morrgagor, shall be creditedJl)
<br />th" \lortg"ll"" "n ",ub"equoot payment>< w lK' mad,. hy the \lorll(agor, or refunded w the Mortgagor. If, however,the
<br />monthly' payments made by the Mortgap under i;,} of parawaph 2 prt'ceding shaH nor he sulficienr to pay groond
<br />rent, taxes and asse"""'en!>' ur in"""",,,.. premium,... llo Ih" ,'as,' nlay be, when the ~ame shall become due and pay-
<br />able. then the ,lrtrt!i~()l' &hall pay I!l the \lnrtRa/l''t' lUll' ',mount n""",..,..af)' tn mal... up I.he deficiency', on or beCore
<br />th.. date whtln paym..nt of ~ueh jtl'Ound rent". laxe,.., ll".~e,.."mt\nle nr insUflIllee p",mium;; shall be dUl!, If at any
<br />lime Ih... Mortg~r ><hall lender to the 'lnrt/llll!l't", in a"cordlUlc', with the provieio"", of th" note """ttredb"reby,
<br />full payment of the ~'"tift.' indebtedft..,,,,, r."",,,,oot..d then,by. Ih.. 'lnrtl!~"" "hall, in .'omputing ,he amollDL ofsucb
<br />indebfedness, credH ro the ace""n! or Iht, MOflPll"r ,,11 fY..Ym~'rIt~ made under the pro"isioos of j,,) of paragraph 2
<br />h_C which th"\~",, hah ooL bet'om" ..t;liglllt:'<l !.to !,ay. (t, tlw ,.,..""'tary of 1l6usinl!; Md tJrbJlll. Developmt'nt
<br />and lUty hallUl"" retltJlinill,ll in Ih" funds act'tlmulat..d und,'r the pnwi,..ion" of (I>j of paragraph 2 h<l<<'<'f. If ther..
<br />~hall be a d<lCault under ,my qf Ill.. pro""i",,,.. ..f Ihi. n"'rtj(a~" "'""hin/! in a pulllil' .alt' of the premi",.,,,, "overed
<br />IIl>reQy, ur if the Mo~ag"" a"quift'<l th.. p",p"rty nll",rw,s" .ftr< <ldault. 11,1' "or4;aji:"" ><hall apply, at the Lime of
<br />th_" n..mmerit~\-.OOi of ~\:'n prut:~dtnK:oo. or in iti~ tjt'fl'-" Ult., pn:ipi'Tty i.... Olhi!f\1.'i;~p .H~if"jn:;.d~ th-c ha-lan{;e th~ii rcmain~
<br />i!l~ in III" funds a"I'lImulat<'ll under Ii) of par!1j(raph ~ 1'"",,'{Iinl(, a;' a ",,'<lil "Ilain~t the llJIlount of principal then
<br />remainin/( unpaid "nd.., said nol<', and shall p,up,'rh "d)",.l any p.y.."'nt.~ "hi"h ~hllll ha\'<' I",..n made under {u}
<br />lIf pl\fllgraph :I.
<br />.a. That the Mortgag~lr Will Pil}- ground rent.., ta"e~, ;;t",,:,>-c~.~nH~nh, water ral-e~, and other gove-rnnv:nud or munkipal
<br />thar8e~, tine)., t.lf im1kh.jh(}n~, fur whit:h plo\'h,il.!O h.a~ not been made hereinhefoH,", Hnd iu ddauh there!,)f the Mortgagee may
<br />pay the -\ante: a.nd ftuft the M()ttgllgo(" ~,jU p.rorn-ptly delIver the llf.h<':lU! rC'tJpt'i, therefor- to the Mo.ng,agee.
<br />:S. The Mortgag.tJf wflt P-"'} aU t~t~(~ wtu~:b m~'{r to( IC\'led- upon the Mortg:agC'c's lute-rest m said real e"iilate .ma improye~
<br />"",nlS. and v.h><:h may be "'vied upon Ih" m,'rtgu&e Of tht' dt'bt ,e""red hereby thut I>nly tt' Ihe e>teOl that such i, not prohibit-
<br />ed by law and only to the tHtm lhal \uch WIll f!l.tt maKe lhh !l;)i1fl usunOi.h-1. hut c.\duding ~iOy tnt:ome lax, State or Federal.
<br />imposC'-d un Mortgag<<, and win tB-e the ;lmt~d ft;(cipl sh(J\;int: ~uch pA~'mefl( with the' \1(}IlJagte, U{lOn Vi\)!iitldfl of Ihj~ under-
<br />taking, or jf the- Mort~R j\ pn)hihlt-cAi hy any hw.' nOM ..'If herc:at'ter c"K1~ting frotH pa.ying the who.le or 8n)' portion of the afore-
<br />~id taxes, or upon the ren~rin8- of any (liurl decree prohibiting tb-e Nl)r'mt.~n( hy the Mortgagor or ao~ ,u\:h ta,'\-el;. or if such law
<br />or deer<< provides. that an} amount so paJd hy the Mortgagvr ..hail be !.:fedhed (lfuhe mongag.t deb,. the Mortgagee shaH have-
<br />the- tight: to give ninety day~< wrinen notit::e fo the \lwn~I 'i.lf the mortgaged premi~~. requiring the payment of the mortgage
<br />debt.!f ,uch notice be given, the said dcl>t ,hall bewllk'due. payable and colieetible at lhe e.,piraHon of said ninety days.
<br />f>. That ""'uld he fail to p;;y an; sum vr keep any covenant provided for in rhis Mortgage, Ihell the Mortgagee, al its op-
<br />tion, lIllly pay or pertllttn the .ame, aAd all expenditure. 50 m,we ,hall he added to tbe principal ,urn oWing on the above nOle,
<br />shall be secured hereby, and .hall bear intete,!"t the fllte ser forth in lhe said note, until paId,
<br />/, That be helt>>y ""igns, transfers ami ,e.ls O\ef to the MOft8"8"e. w be applied !t>ward the paym~1tI of the note and ,!II
<br />sums secured hereby in ca,e of. default in the performance 01 any of the tefms and conditions of Ihis Morlgage or the ,,,id
<br />oote, all the re.nb. revenue' and income ll} be derived lrom rhe rnottgaged prem"''' dUring such lime as the mortgage !Ode bled-
<br />tte$i dti!ll rt"~n unproid; and the Mortg-.gee shall hase po"er tl> appolOt any agetH or ageots it mayd",,,e (or lhe purpo,e of
<br />repairina&liO premi>e. ami of rentin& lbe ,ame .nd C<llle\:ling the rents. revenue' .nd ,"come, and 'I m"y pay otlt. of 'ilid in,
<br />~Scldl eJ\peMC, otrepajtingsaitlpremu.es .odn",e,...r)' commi:;,ion,.nd e'pense, incurred in tenting and ",,,n';ging the
<br />'.. and of c.ol~tilJll rentals tnerefwnl; lbe balan;;e remaining. .if any, ltl be applied toward the discharge of ,aid mortgage
<br />indebtedness,
<br />II. tbat he will k<<v 1M impro,'emem, 00" exilJllJlg 0< her<:after aected I>n the morl.gloged prvpert;, i..,ured as maybe
<br />f4Quired fmlll time to tilOt by the Mortjlagee again.! 10" by fire and mher haZArds. ca,u"ltles and eonlmgellc'" lit such
<br />~lIndfllT~iI<;b. peri{l(]/; ,"may be re<luired by the Mortgagee ..nd will pay promptly, when due. any premiums on ,uch
<br />i~ pto.:vWon- tM Pa~Qt of whicb. ha$- not beet! ffi.ade herembef"ut!', AU IflSuran~c !'<haH be (;~lrrj<d tn cumparues ap.
<br />prond by thcMurt~ and tbe politi,,. and renewals Ilwl'eo( shall be beld by the Mortgagee and hase att""hed Ihere'" I""
<br />l'<lfa~clau_in CavO! of and ,"fonn acceptable to tbe Mortgagee, In event "f It", Mo,tgat!or will gl\'e ,mmo>i'a~ n"tKe hy
<br />llilI,ij.toUlc~, who may make jirllt,f of I...., if not made promptly by Mortt!"llOl, '''1.1 e..h in,,,,,,n.. ,,,mp.ny Hm.
<br /><<~,is~lllltboriudand dircctetll<> make payment fOf such kJ.. directly to the Mor4tugec in.tud of to the I>h.rlj;u&m
<br />II!l4tbeM~joinlly, and the insurancepme~d., or any part lhere,of, may' be applied by the Mortgagee at it> "1'1l"1l eilher
<br />tot!lll~Qfthei~ne" lwrdty_edOft....there~lOfatlo"or repair of lhe pml'crly damaged, In event of fore"lo,
<br />wn: tlf~~(lf~'llatlif~, of tUkt" themortJ!lfieJ Pftlj>erty in e,tingui.hment o( lbe ,O<Iebte>ille" ,e.:ure.:l hereby.
<br />'all. riaIIt. t~ aOO ~tnt of the MlltlpiOl ill Md. to any insurance pelkies the" '" (Ilrce ,hall pa" ,,, lbe purcha,er ,If lUilnlec
<br /><jl, 11\lI{~ ~lllld "lJIllltefill u<;J1fity for the paymenlof the nole descnbed,aO<lall sum, It' ~wme due I'll.!" Ih"
<br />~,tlw,M9fI~htftlJl;Y ,,'. tu lhe MOlIWCe all proot>, revenues.. f<)}alt~,., righls 00<1 benefit> ",,:lU"1II10 the
<br />~ WliMr!trlll-.~a!l J:!il.~.JllSJ~l"!'5 0" 5aid premi$"5, with tbe rlllht to tei:e,'C and re"e'pt I,,, the,ame alld appl,
<br />lflr;ln to $aid ~,>>".;,elf~;l1 after del'alll!intbeF(!nditk>n5of Ihi,s. nll>rtPt!<'. .amllhe MNtPt!<'e mil> delll"mI. ,ue
<br />fet~f(,<;.,Vt'f Uy' ;".;:hpa;Y$l;nu' wllen dUll a/UJpayable. bilt >1lall not bt re<l.!iired '" It) >it> fhj. ""tllllll'Cm " t<. ter"'U\al~
<br />aJIlfbol:_1!lIif ltM void.- relea.e of tllio l!>I:IflJ;ll.tle.
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<br />H\;l)',j:'i:i14JM \9 KH
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