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<br />83-+>04156
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<br />(I) month prior to its due date the annual mortgage insuram'e premium in order to provide such holder
<br />with funds '0 pay such premium 10 the Secretary of Housing and Urban Development pursuant to Ihc
<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 dale and th.is instrumenl are held by Ihe Sccrelary of Housing and
<br />Urban Development. a monthly charge fin lieu of a mortgage insurance premium) which shall,be in an
<br />amounl equal to one-lwelfth (1/12) of one-half (1/2) per cenlum of Ihe average outstanding balance
<br />due on the no Ie computed without taking into account delinquencies or prepayments;
<br />(b) A sum equal to the ground rents, if any, next due, plus the premiums thaI will next become due and payable on
<br />poltcies of fire and other hazard insurance covering the mortgaged property, plus taxes and aSSessments next due
<br />on the mortgaged property fa/IllS estimated by th" Mortgagee! less all slims already paid therefor divided by the
<br />number of months to elapse befbre one month prior to the date when such ground rents, premiums, laxes and
<br />__nls will become delinquent. such sums to be held by Mortgagee in trust to pay said ground rents, pre.
<br />miums. taxes and special aSSC$&lllents: and
<br />(c) AU payments mentioned in the IWO preceding subsections of this paragraph and all payments 10 be made under
<br />thl! note secured hereby shall be added lop.<:ther, 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 folIowin~ items in the order set forth:
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<br />(I) premium charges under the contracl of insurance w.th the Secretary of Housing and Urban Development,
<br />or monthly charge {in lieu (((mortgage insuronre t",'mlum!, "' the case may be:
<br />{II) ground rems, taxes. assessments. lire and other h.7ard /Ilsurance prt.'miums;
<br />(Ill) interest on Ihe note secured hereby; and
<br />(IV) amorti7.alion of the prinCipal "fsatd note.
<br />Any deflclency in the amount of any such ame!\alc monthly payment shall. unless made good by Ihe Mort.
<br />gagor prior to the due date of Ihe next such payme...l. ",,,,sUtute an event of d,'fault under this mortgage. The
<br />Mortpgee may collect a "late cha'ge" not to ,.x,'ocd rn,,, ct.uts Ht) f'H each dolla, (S I) of each payment more
<br />than fifteen (15) days In attears 10 cover the exlra expense- ,nvolved Ul handHng deltnquent payments.
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<br />3. That if th.. t<}tal of Ill(' paym..nt,; mad,' bv tl,," \tonl!~or UUdN i of para!1raph t [In'el'di>>!! shall exceed
<br />Ow lll'lIDUtlt of pavment.... arlually mlUle by' the Mortj!al!"'> fnr l!rouud ronls. taxe" and asst';;smenls or ,nsuranee pre.
<br />mium", a>i Ilw nili(' may be, ,;u<'h ("II:<'e..s. 11 the loan IS current. <.If the option oj the Mortgagor. shall be l'reditcd bj
<br />\hI' \!ortf.IlIj!;PP ..n "Ub&>qttMlI paym..~l" to 0.' mad... hv Ih.. \lort!!agor. 'If ,pfund,..d In Ihe \Iortgal!llr, If, howev..r, th,>
<br />I'lOOthly paymt\nUl made. by rhe "'ort!l"~'" under 1M of paf<lgraph 2 precedlOg shaH no' be sufficient to pay ground
<br />root.,. taXe~ atld a~se~mlWJ1f,to< O:f in.suranc(' prt.nuum;o<, .l~ d'w C,L..;.(" ma~' bf'. ..,hf'1l the ~am,p ~ha.H becomH due .and pay-
<br />ahIe. then th,. \Iorii!~r Mall pay t(, th.. \1<:>rtjf.lI!"<' any >lIllt'unt n...,','''''at') I<J milk... UII t.ht. d..fi('i{.ncy', on or bdom
<br />tIll' daw wh"u paymenl uf ,;och ground ront". ta,,,,;;, a,;H>;;smem" or .n"uran('" p"'mium,; shall 0.' dut" If at any
<br />time it", \ttl~J1jlUf ;;hall l<mder to th.. \l(,rtl'la!l"'" III ,<(','oman",.. "Ith th., prtn. slIln" of Ih" nOlt' ",'Cured herehy.
<br />fulf paymoot of the entin' illdebtedn..;;,. f<'pr"~"lIt..d the....by. lilt> \lu"/(aj!t.<, ",hall, In t'umpuunll toe allloont of >\UI'R
<br />.ntkbtednt-s1i, credil '0 the ,>""OWIl of .he Mortgagor ;Ill p"vw.cn,,' made limier the pronsWfls of (a) of ""ragraph 1
<br />h...-f "illcll th.. \tortg~'w ha.~ nul ......om.. obli!(l<te" In pay l<l tl", ",'cretlll'\ of lIou"in/( and I :rIUUl Developmenr
<br />and lIIty blt.llUlct' r......nift!!: ill the fund.. accumlllllkd 'tn<k>r !It<' [lnnision" of or paraud.ph 2 hen..ot If th,,'!'(>
<br />shaJi be a dehi-tdt un-d.er an}' or tht" PfO\-jj<iIOH:-; Hf ttti~, mor~.f.llt' ~"""Hitint!. In ~1 :pubh{' :'">ah~ uf dlt~ pf(~misp,,:, efjH~n>d
<br />hCf\!Dy. Ilf if the Mo:~"l("" ""quin.,,; tit,< propt>rh oll",r",.., aftN d"f"uit. lh,' \hjfl/(af!"" "hall apply. al th., tim" of
<br />the ('omnwn<:emetlt n( ~Udl pf(t('eed-inJ.t!"o. Of at tht'! lum:" t.h.... prUfl('rl\ 1:>- qth{~r",l_""-t:' at'quiH'd. thtj balatH..'-c ..hen rl~mnin~
<br />UIIl in lit.. flUlli... ,,!'('ulltUhllt'" u1l""r Ii) of pa~"'"n ~ pr"<'tfdtn;!. ,.- a ('r,'d,t ag,..n"t Ih,' llmtlUnl or prln<'.pal IlIen
<br />reut~.h,tn__ unp:ljd unuL"f ""aid not~. and ;o;haU prup--t'.rh ...tdJu....t ;:m~ p,i~ IDtaiHi'" \\hkh :->hail haVf> hrtHl made una*--'r r' a)
<br />ot pa~raph 2.
<br />.:. That fhe MOflg;3g~:H wdl pa}' ground Jr-Hh. 1~n.t".... .p,s.~......rnC'nh, '\.\-<Jter r,!h:~" ~tnJ othel !{vvernmcot-al or muniCipal
<br />~lutrg.'C~!, Hne-~, (If tmp~J'-s.i:1.'t.}n\., for whit:h prU",hHm hJ:'> nrH t--e-CH ftlade h~fcHlf<!t1re. ,_m.d U"i def~tUJI trH~let)f rhe Mortgagee Olav
<br />ray the ~rne; and thai {-he- Mf.lftgagOf YdH pnJmpliy th:::int"J the ~}j'h\'"131 fei.:t':iph the-ref of to the Mortgilgce.
<br />"\. lht M-oft~L!f 'Wl!i r~n ~t;H ta\~~ ""nit:h may he !ev~eJ u~..}n the Mi}rlg4g~('';. ifH('n:~{ U1 "'-aid reai t'':'>tate and tmpnJ\'e-
<br />men.s. .rmd "'tm:h ma, N lcwie\i UJ,h.lll th.h m~~ftg-age' ~~r the ,je~i '\cl.:un:d hCf\iby (hut (Hll}. h'l {he ('\;tent that 'iul'h is nfll pfuhibit-
<br />ed bv ia....- and on.h' Iu the: c:\tent that JO,tKtJ "-'I.B ftpt m-i1kc ~hi\ loan u\uriousL f\ut t'\dtH.hng an) tn~ume l<iX. State or FederaL
<br />imp.O.~d -on MOftg~(.. ~1nd \\!~H me the t}ffk:tal re..:e#p~ ,b(1:~inj: \u-.,:'h p.:i.j'mem \.:qlh the .Mortgagee. Lf\{m violiitwn (If thi~ under-
<br />taking.. Of if the M'Otlj1;ig-o-f b pf{)htbU~ ~y ~'tny t~~ n",H,~. \)f helcafter e\..i\tinl{ {rum pa;'ing the ",h(J~e 01" any J..-X)f(iou vf the .afore<
<br />mill tllU,. l'f "lX'n III<:. r~nd"rillj; of any ("un deer".: p'vhibtUIlg the pnyflJt'tH oy rh~ Murtj,lagOf vr any >Udl tuxe" \lr ir,uch law
<br />Of <!tete" prQ,ide, Ih>tt any "mount ", paW t>y rile Mortgagor ,hall he (redited.)[l the mong"g.: dent. Ihe Mortgagee shall hayc
<br />lilt: righl to give ntllCty dl;y' ",.nen fWllce to the owner of Ih.: "hlng"l!~d rrem,,,,,, requinng rh~ paym~nl "t the m'.Irtgage
<br />debt. If such ootia.<be given. lilt \\allj debt shall become due. payable .\lId (vlle,link;lr Ihe eXl'inHlOn of ,aid niOClY day',
<br />6, Illat ,1Iould be fail 10 pay any ,,,m <'f \><<p any ,,,,'en.mt pW\lded ;." 10 11m Mur1lllige. then the Mortgagee. at ih op'
<br />lion. may J)ll, '''' pd'form tilt: ~\e. aQd all expen.blure, ><, made ,haU he addc<llo the pllm:i",,! wm owmgon the abov. norc.
<br />\hall be M:clltC<lllereh;. "nd shall ""llr imere", althe rale >el fonh in the ",.<1 ""Ie. until paid
<br />7, TItaI he hereby ilssilln.. transfer> 'lnd >eh o'er to the MN!l!l1!lee. to be appUed tuward the paymcnl of !~ nore and all
<br />sum, ilecured he,teby in case of II default in tilt: p<-rfonnan<:e uf anr of.he term, and wndlti"n> of Ihis Mortgage or the ,aid
<br />OOle, all the rent.. revet!u.;;; afl<l ill<:(.me I" be denH,'J from Ihe rlI0fll!l1ll<<l premise> dUflng ,uch rim< a, the m'lrlgage indehted,
<br />nesssJ!alt~nunpiiid; and lhe Mortga,gee ;hall It",,, !X...e, to appoint any agent ur agem, It mil, <ie,ire for Ihe purp,,,e \,1
<br />repairinaSllid proml$<< and of ren.Ung tilt ,,,me and collecting t~ rent>. reVenll"; "n;j mmme, and Ir ma, p'w out ur ,,,id m.
<br />eOOWl. il1f expellile,.ill re~rillj s.aid I'H:IIlI~' and lICCbsaJ) cummt;'1011' and expenses ifKurred m renling an\! manag.inj; lite
<br />_e ~ of culle<:~ rental, tlltrefCUtll; the ~ remaining. if any. to be applied (oward Ihe d.scharge uf "ai,j murlgage
<br />indcbtIIdnes, .
<br />8, That he will ~p lhe inlprov_en{s OUw ui>tillj or herea!le, ere"ted Oil the "'ortgi\ged propeny, in,ured a, ma, he
<br />required ffj.lrll time to lime hy lhe MOftfllllil"e "pima I"" by fire "nd otll<:r haZilnh. (",uallie, "nd wl1I.ngeneie, lfl ",ch
<br />illl\;>l1nl..lllId.Jor.~ IM'ri<llls, ", tlIlIjI be re({uued by tilt M'1l'lgagec and willp.y promptly. whcn due. allY premiurr" ('11 ",eh
<br />m~l'foVWon 1m J)llYlJleal of ",bieh ha~ oot be",n made Ilt:rcinbeh't'~, AlIll1,urartce ,hall be e"nied in e"mpani6 ap,
<br />pri,hj,\G by tbe ~ lllld {he !><,licks and r<:lK''''llh lbereof 'halt be held by the Mortg"S"e and h>t'e attll<:hed thereto I""
<br />PlIl'-"~$ i1/l favor of 1Ifl<l in form <Keep/able to tlJt Mot:lpjee, In e""nt of k", \{QI"llllil>Ot ..IUllhe Immed,ate noHce bv
<br />tll:lilJqh~, wOO tlllIy mak", pj"o,-.f"f loss tf oot made pNmplly by MQI"\j!ajllll. and ~a(h i,,,ur,,nl'c cumpany 'Oll
<br /><'*fllC1t. ~ lM$thorilAld.lUi<l Girecllld I" make Pl'ymetll for ,,,el. loss dire.:t1y Ii> tho; Morlil'li"e .",!l;ad 01 t"the J>h"tHOt
<br />**~ ~nUy, llM 1M .mSUfltllCe proceeds. elf 1I.ll; parlth<:roof. ilia, be llpplied b1111t Mortgagee at .1> optioo clliler
<br />4> t_~.o!u. ~$~ 1t<<1ib1'_-ured or t..tIle:. tCilOflllion u-r f<:pllif of In., IIf'oper!} damaged, In .,ent of fQfe"l"
<br />"If(\"f 1_~or9Utcnr:mtller ill_Io the~d prop/lxtl' in ."tilljuisllment "f rhe indebrednc" ,.cured ber.by.
<br />lilt ~,IWclltKlitllcre" 0( Iltt~lf in and Wan} insur/it"" po!k~ thet' in f,}rce shalf ."is' !<Jtll. pHl'i:ha..r "t gt.lIle"
<br />It ~ti~ alld ,,~.m;1 ~wity l,)f lbe paytlWn! vi the !Wle d",,-,nbeti, aM "U MW" !(> "",,,'mt du" unde. th"
<br />~lPll'i', I" ~ lIeldl)' ~ to !bt:o M..lflpllee all ptollb, rev",!""" r"rait;.,.s. r~hl'l and "",,,,,fit> ",,,filing W the
<br />, "'.n ~ premi,..,s, with tn., 1'$lltl<' '..e..iv~ 'HId f...;.:;i;>t r"f Ill<: ,,,m.. .inti al'pl\
<br />delllal\mtll.t1",ffl4itwll,Q! dm l:l1"I'~... ,-.ltheM,~" !!lay iJ<rml;nd. ".<'
<br />fm'.. . .illl)'. .,"f~ wbt,'Ud~ and ~~, b\Ji ~Wlllut ~ fllqutflXl '" In J" fhi. M,,<<ntllN>l I' 10 rermmitle
<br />_Wi:~ ~ Ilfld "gW Ul!M '*_ .'. lbi~ _t~
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