|
<br />83-004221
<br />(I) 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
<br />
<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 (I/l2) of one-half 0}2) per centum of the average outstanding 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 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 pnor to the date when such groun': 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:
<br />
<br />(I) premium charges under the contract of insurance with the Secretary 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, nre and other hazard insurance premiums;
<br />(II!) interest on the note securcd hereby: and
<br />(IV) amortization of the principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly payment shall, unless made good by tbe Mort,
<br />gagor prior to the due date of the next such paymenL constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed 1<"" cents (4~) for each dollar ($1) of each payment more
<br />than tlneen (15) day. in arrears to cover the extra expense involved in handling delinquent payments.
<br />
<br />~.
<br />
<br />:L That if the t<>tal of the payments made by the .\Iongll/!or under (hi of paragraph ~ preceding sball exeeed
<br />the amount of payments actually made by the \Iortgagee for !!round rents, taxes and assessments or insurane(> pre-
<br />miums, as the ease may b(>, such excess, if [he loa/l IS current. at the option of the Mortgagor, shall be credited by
<br />the Mortgagee on subsequent payments to be made bv the \Iortgagor. or refunded to Ihe \lortgagor. If, however, the
<br />monthly payments made by the Mortgagor under (h; of paragraph 2 preceding shall not be suffieient to pay ground
<br />rent, taxes and assessments or insurant.!, premiums. as the ease may be. when the same shall become due and pay-
<br />able, then the \lortgagor shall pay to the\lortgagee any amount neeessary to makt' up the defieieney, on or before
<br />the date when payment of sueh ground rents, taxes. asse,,;sments or insuranet' premium,,; shall be due. If at any
<br />lime the Mortgagor shall tender to the \Iongagee, in a.ecoBlance willI the proviSions IIf the note secured hereby,
<br />full payment of the entire indebtedness represented thereby. the \Iortgagee shall. in computing the amount of such
<br />indebtedness, credit 1'0 the account of the Mortgagor <Ill payments made under the provislons of (a; of paragraph 2
<br />hereof which the \lortgagee has not become obligated to pay to the :">t'crt'tary of lIousing and ('rban Development
<br />and any balance remaining in the funds aceumulated under the provisions of (b) of paragraph 2 hereof. If there
<br />shall be a default undt'r any of the provi~ion~ of thi" mortgagl' re~ulting in a publi!' sail' of llw prt'lIli""o ('ovt'red
<br />hereby, or if the i\lortgagee acquires the property othl'rw;,;" aftt'r d..raul!. Ih" \lortgagt't' ~hall apply, at tht. timt' of
<br />the commencement of "u('h proceedings. '" at tl\t' tim.' Ihe property " othl'l'wist' acquired, Ihe balluwe then remain-
<br />ing in the funds accumulated under if,] of parll/!raph ~ pH','eding, ao a ('1t'dit again,;l thl' alllount of prindpal then
<br />remaining unpaid under said nol.e. a.nd ,;hall pmpl'r1y adjust any pay'm,'nts which shall have bel''' lIlade under (oJ
<br />of pardgraph ~,
<br />4, Thu.l the Mortgagor wiH pay ground rents. [axes, asses:.;mc=nts. "ala fates. and other guvernmental or municipal
<br />charges. tloes. or impOSitions. for which provi,ion has nol he~n made hereinbe1"on:. and in t1efauJl thereof the Mtlftgagee may
<br />pay the same: and Ihat lhe Mortgag,'r will promptly deliver Ihe official rec'eipts therefor (() Ihe Mortgagee.
<br />5_ The Mortgagor wiH pa~,' aU ti:lXe~ whICh may he- levied upon the MonA~gee'" interest in ~aid real C':itate and improve~
<br />ment', and which may be levied upon Ihis mortgage or the debt secured hereby lhut only to the exlent that such" not prohibit-
<br />ed by law and onJy to the extenl thai such \I,.iil not mnkr: [his h.Wfl uSllrit)U~i, hut e.xdudmg any income la\.. State or FederaL
<br />imposed on Mortgagee. and will t1le the ,.>/lkiai re,'eipl showing such payment with the Mortgagee. ['pon violation of this under-
<br />taking, or if the Mortgagor is prohibited by any law now", hereafter existing from paying the whole or any portion "I' the afore-
<br />said taxes, or upon the rendering of any C'''irt uecree prohibiting the payment by the Mortgagor or any sllch taxes. or if such law
<br />or decree provides that any amount Sl) paid by tbe Mortgag,\f shall be creuited on the mortgage debt. the Mortgagee shall have
<br />the right to give ninely days' written notice III the owner of the m,>tIgaged prenuse,. requiring the payment of the mortgage
<br />debt.!f SUl:h notice be given, the said debt shall become due, payable and collectible at the expimtion of said ninety days.
<br />6. That should he fail III pay any sum ,\f keep any covenant provided fnr in this Mortgage, then the Mortgagee, at its op-
<br />tion, may payor perform the same, and all expenditures so made shall be added 10 the principal sum owing on the above note.
<br />shall be secured hereby, and shall hear interest at [he rate set forth in tbe said note, until paid.
<br />7. That he hereby assigns, transfers and sets over to the Mortgagee. to be applied [Oward the paymenl of the note and all
<br />sums secured hereby in case of a default in toe performance of any of the lerms and conditions of tbi. ,\torlg-age or Ihe said
<br />note, all the rents. revenueS and income to be derived from the mortgageu premises during such time '" the ml'rtgage mdebteu,
<br />fleSS sh<IlI remain unpaid; and tbe Mortgagee shall have p"wer to appoint any agent or agents it may de,ire for (he purpose of
<br />repairing said premises and of renting the same and wllecting lhe renb. revenue, and income. and it may payout <>f saId in-
<br />comes all expenses of repairing said premises and necessary commiSSIOns and e,'penses incurred in renting and managing the
<br />samelllld ofrol~cting rentals therefrom: the balance remaining, if any. Hl be applied toward the discharge of said mortgage
<br />indeble!:ln.:.s,
<br />8. That he will keep tbe improvementsno\O 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. .:asualti..., and cuntingendes in such
<br />ammmtslllldfor sUl;hperiodsa. may he required by the Mortgagee and will pay promptly. when due. any premiums (Ill such
<br />i~urliJ)l;e provt:.iml for payment {If which has not been made hereinbefore. Allln,urance shall be carried ill cumpanie, aI"
<br />proved by the Mortgagee and the policies and renewals thereof shall be held by the Mortgagee and have ana~hed therewl,lss
<br />payableclamesin favor of and in form .\cceptable to the Mortgagee. In event ()[ loss Mortgagor will give immediate th)ti~e by
<br />IMitto tl1i:M~. who may make proof of loss if not made promptly by Mortgagor, and each in,ura"ce company con,
<br />ce~di$hereby authorized and directed to make payment for such ItlSS directly to t.he Mortgll!\ee llIs,te"d t,i to tbe Mvrl83ll0r
<br />and tile MurtgAice j.ointly, and the insurance pmcceds, or any part tbereof. may be applied by the Mongagee at It, optl<>" either
<br />m tl\l:. redllctiqn oftlleiodcbJedness hereby secured (>f to the restoration or repair of the. pmperty damaged. In event of for"elo.
<br />sllte Qfthill~e,or <>tllertran.sfer of titJet<l the morl!llllled property in extinguisbment of Ihe indebtedness secured hereby.
<br />,aU riJbc. titk and iiuer"'lof the Mortpgor in and to any insuran~e polide~ then in force shall pass to the purchaser or gr..ntee,
<br />9, 1ba1 as a44illonaland collateral ,,<,curity tor the payment of the note de><:ribed. and all .um, h' become due under this
<br />1UQCt~. the M~\lf lsns to rhe Mortsagee all pmllts, revenues, royaltie" rights and hene/it; a~'Tl1i"g t,) the
<br />M~r untkI an.y .Pllea~s on said premises, ".ilh the right 10 receive and receipl fLIt the s"llle 'H1.1 apph
<br />tliem t:O said indcbIC'lfntl'..t ~tf:as ",flel default in the wl1llitiun,\ ot thi~ m,lrljjaie _ and t.he Mr>rt!!"llee m,,)< de tl", nd, "',
<br />flJI lInd rC<:Qvtr;my su;;h paymenl. when due ,,11Il payable, bill ~hal:l not l:>e required ",I<.> do Thts ,,,,ignmelll " to "'''l1m"te
<br />and Oel:t'IllC nllJl".tild void Ul)lJl'I fdca,~ "r tlU~ nH>rllWo:e,
<br />
<br />tHJO-l::1l143M Ef- '~.H
<br />
|