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<br />83-\lQ4 2 3~1) month j-;ior 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
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<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 (1/12) of one-half (1/2) per centum of the average outstanding balance
<br />due on the nqte 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) iess all sums already paid therefor divided by the
<br />number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and
<br />assessments will become delinquent, such sums to be heid by Mortgagee in trust to pay said ground rents, pre.
<br />miums, taxes and special assessments; and
<br />(e) 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 shan 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:
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<br />(I) premium charges under the contract of insurance with the Secretary of Housing and Uroan Development,
<br />Or monthly eharge (in lieu of mortgage insurance premium). as the case may be;
<br />{II) ground rents, taxes, assessments. tire and other hazard insurance premiums;
<br />(1II) interest on the note secured hereby; and
<br />(IV) amortization of the principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly payment shali, unless made good by the Mort,
<br />gagor prior to the due date of the next such payment. ,:<lilstitute ail event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed r<lur cents (4j!) for each dollar ($i) of each payment more
<br />than fifteen (15) days;o arrears to cover the extra expense Involved in handling delinquent payments.
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<br />3. That if Ihe total of th!! paym!!nt~ made bv th.. \lort!1:Uj!or under (hi of parUj!raph 2 prec..din/l: shall exceed
<br />the amnunt of payments actually made by th.. \!orl!1:a!1:eE' for l!round r..nL~, tax!!s and as..~..ssmenlS or insurance pre-
<br />mium", as the ('It!;e Olav be, such excess, if the loon IS currem, 011 the option of the Mortgagor, shall be credited b)
<br />the \\ortllagee on sobs~quent payment~ to I", made 11, th.. \Iortj!allor, or ".funded to the \\ortgagor. If, however, the
<br />",onthly payments made by the Mortgagor under (b i of paragraph 2 precedlllg shall nor be sufficient ro pay ground
<br />rent. taxes and a..~e$.Sment,~ or insura.tu'c pr(lmjum~. a~ the ('a-~p may b(~, \\htm the same ~hall be{~ome due and pay.
<br />able, then tht- \iortgagor shall pay' to th.. \Iortga!!e.. any amount U<'l'('ssary to mak.. up lh.. deficient'y. on or before
<br />th.. date wht-n payment of such ground ronls, laxes, a.';S('s~m('nts or insurant.o pft'mium~ shall be duo, If at any
<br />time the \longal'Or ~halllender to Ih.. \\orti!aliW", in aceordafll'e "ilh lhe prov ision,.. of !he note ,.."..ured hereby,
<br />full payment of the ('ntif{) indebtedn('s~ n.prosent..d lhereby, th(' \k'rtl1ai!o" ~hall. in t'omputini! Iho amount of such
<br />mdebtedness, nedit to the account of the MortjJllgor ail p",mems made uoder the proviSIOns of I oj of paragraph ;1
<br />h"reof which tit.. 'Iortglljlet' has not beeom(' nblii!atetl to pa~ to th" ~('rNary of lIousin!! and l'rban Development
<br />and lUt~' balan!'!! ft>lIIaininl; in th.. funds aceumulatt-d unol,'r th.. provi",ions of (h,i of parai!raph 2 hereof. If Ihere
<br />shall be a default under an~ ..f th., prov''''lOn~ of Ihis mor4!al!!" r..sultin~ In a publi., sal., of the pn>mis{':<, ("oVl'red
<br />hereby, or if the \lon!!a!!,-'" acqul"''' II", properl\ ..lh""vi~., af...r 11I,lault. Ih., \k>rll1'ai!e" ,.,hallapply. at the time of
<br />the comml",cement of ",ut,h pron'l'd!n!!"', or at th,- lim.. lh!' P"'POrl\ I~ olh.'r" 1St' "colum.d. Ihe balane(' Ih!'n rt'main-
<br />ing to the fund" accumulawd unoor (',) of par"l!raph :! pr",'etilnl!, a., a ""..lil 'lj!aiu",1 Ih.. amount of prin,'ipal th..n
<br />remltinin/!; unpaid lIIld.., said !!tilt', ;lOti shall properh adlu.-t ;Ul\ pavm.'nts "hi,'h shall ha", ;,,','n mad.. under i"j
<br />of par"l!raph 2.
<br />4. Tbat the- Mongagor \\tU pay grourni rem". Ia"e~, a"\e\,,menh. ",iller LilC~" anu other g(l\.crnmel\lal or nHlJlldpal
<br />charges, fine~. tJ( implHltion", (1-)[ ",tnch Pf\)"'I,i()o has nut t.ecn made heremheh-lrc. and in default thereof the ~,tortg"gec may
<br />p-ay the safUe~ and tfral the M4Jrtg'd~!r win prnmpH;- ddf\er the \'lttkml re-'"..:e-ipt~ I.here-fHf h. the Mortgagee
<br />S, The ,\iOftg1tgOr Wilt pa;- aU ta_\C's. \l>hlCh filii\ !-le kv,ed UfhJfl the ~'oft~agee', m(~re't in ,ajd real e\late and imrrtJ\'~~
<br />meots. and whIch m.IY be levied Ufl\Ht thiS I1wngaJ!c (\r the Jet'lt ,,('cured hereMy ,hut unl), h) the ~-\lt'nl th~\l ....ueh lS nut prohihlt~
<br />td by Jaw ;;tnd onl;' to [he ('tent tha.t \lh.:h '-'Iii not m~lke tht.... h~~in U,Ullll:U~). r.ut c,dudin~ an,; w(,.'nmc Hn. State ur Federal.
<br />Imposed on Mon.gug<<, and wiU nle the l~fttcm! rCI,:elpt 'lht\WUl!l 'Udl p~iymc:nl WIth the M()rtga~C'(' _ Lp\lO \ ioJatl\Hl or thi~ unuer.
<br />takinS. or if f~ Mortg.aS\,tr i..,. prohioth:u. hv J.n)- fa" rhl\\ tli here-after e\i:'.\tlO)e: fnlO} p(t~lng the- whole \lr any p(ution tlf the afrtrt".
<br />said ta\'c~. ')f uf)\.ln the fC'nderHll' tlf any (\.luft dedee J'h)hihltmg the p<.l, lUent t'l~: the Mortgf,igor Of any 'illCh 1a\('~, tlr if such law
<br />or d~cree provlde~ thai any amounl ,,) paid l>~ tit( Mongagor ,hilU he ,'r~dlled nn {he ,""rtga",e d~ht. the Mortgag"e ,h,,1I ha\""
<br />the tilthl to give ninetyda~, "nllen null"e to the ."'uef of the nh'rtgageJ premISes, requiring the pannenl ,,1' the mortgage
<br />debt. If su,h notice be gwen, the,,"d del>! ,halJ hc<;.'me due. p,,~al>le and ",lleeti!>l" at lhe e\plfallon (If ,,"d nmety days,
<br />b. Tllal dlOUld he faUlt> pllY any ~um ,n ke~p any Co\'enallt prov,d~d for m thi~ M(>rtgage. Ihen the Mortgagee. ilt its "I"
<br />tion, may PIlY or perform the "'llIe, anvl all e~pendlture' ~O made ,hall h" added 10 lne principal sum o\ldng on the ahov" n"te.
<br />shall be secUIed her~!>y. anvl shall bear mterest at tM r;lle ,et fonh ill tM ~aid note. until paid,
<br />7 ThaI he h"reby ",siIP's, trlln~fe" and sel\ .\Ver 10 the Mortgagee. to he applied to"ard lhe payment of the nole and all
<br />~lIm~ secured Ilt.>reb} in c'be of a default In lhe performance "I' any .,f Ihe term~ and .:onditioll~ of thi, Mortgage or the s"ld
<br />oole, all the rent" revenue. and incorn~ to he deriv~d {",m th~ mortgaged premi~e' dunng such time as lhe mortgage indebled,
<br />~$S slull!rcmain unpaid: and the Mortgagee ,hall have pOINe. W "ppomt "ny agem or agenh it may de~ire f,'r the purp..'" of
<br />repairilllpaitlPf'i'mises and of rentins the ",m" and Nlle,:ung the renl>, revenues and ",come. ;mt.! it may PilY (lul of ~aid 10-
<br />CU_5 all expe.nses of r~pairintt said preml~'" and nece~sary commISsion_ and e\pense> ,"curred m rellung and managlllg Ihe
<br />Sll~and (J/' e"ol~tiog rentill, therefrom; the NLanee remainmtl, il' any, 10 be applied toward tbe di'chatge ,,{ ~ald mortgage
<br />indebIednej;.S,
<br />8. 11111.1 Ilt.> ..illltecp the imptuvem~nts now exi~lIll1l en bereaher efected on the mor1tlaged property, lIl~ured as Im'Y he
<br />required ftOm time to.timc by the Mt.r!Jlll&e<, against 10>. by tire and t>ther hazanh. ca<ualli,,> "nd ""ntinliel1cie~ in ,uch
<br />llll\(._14 and for sw:h periods as _} be required !tythe Mortgagee and will pay pf<JUlplly. "lwn due. _my premium~ ,'" such
<br />in~m;epr\)vis11)Jl for P4YlAClll of ""hich h.... llO\ be.en made hereinbefore, All irb..,,>n.:e ~hall be carried in COll1pallie, "I"
<br />proved by lhe M~ and the poIil.cie< and renewals therettf snail be held by' the Mortgagee alld hil>e ,Hlil,hed thereh) 10"
<br />payllbJe clau~s in favOf of and in form "".:eplable 10 tilt.> Mort~ee, In e'ent of ,,>~, Mortgagor will give 1I11llledlale lIoll.:e h\
<br />mailwtnMonlaicc. w'ho may make "r,><If of loh if 001 made promptly by Mortgagllf. i1l1d each lIl~lIrilnCe "lIllpany c,'II'
<br />W..i$,heret>y atlttiorized and djrcc~d lO make pa~ment for such loss dll-ectly 10 the Mortllllllee 11l~lead <>1 hl the MOflgagur
<br />it\d.m. ~ joill1ly, and lhe insur~e pr(J...-.:ed~,Ol.ny patllllt.>reoL may be applie<l by the \hlrtllagee"1 ih optllm eHher
<br />to 1M t~ ol' the ~<" heRby ~cured orl(} tilt.> r~.t(lratkm or tepalr of the property damage.!. In e ,en! of fore~k).
<br />_ ol.I"~or otlletttamlorof tillelo the lllOflWed ptQpeny III extiOliluishmcnl i,}f the indebte<ln"" secured heft'by",
<br />..., __ iMlltC'st of the Mo<<Nor i\land to any insuflln~.., polic,e, lhen in flfree ,hall 1';1" to the pu",h.,,,r '" gr"ntee
<br />IJI;. n..tltl~ and <,:oIlatetlll ;"".wi.lY rOf lht I'~yment of lilt.> llO\e de~,ribed., ~nd all <urn, I., l><:wI)I, due ullder Ihh
<br />~. Ik~ kl1lby assillls to tilt.> MOf~t allprollt$. revenues. wyaltte~, rigllh and heneli!, a~';:!1IIll" h, lhe
<br />IlI4 0l1"l1\l JlI" te.."". ..n $aid premlsev, IN,th the right 10 re.;:ei'e and receIpt tm the Mm!; and appl,
<br />.'well be!(>tc itS lIrUt delll.tll in Ill<! .;:tmJjIWtt,of 1M l\I<lrtilajlt_ 'Hid the M"rljlagce 'MY demand. "1<
<br />for. .'_"w li,Il)' pIlji_nb ...beIl ~ and payable, ktl sltJifl ~ bereq,uued '" I" du f1m """gnmenl I' It't"rllll"'lt"
<br />llQI$~llI4W lIlIIj..llfId ,,006 ~ rl!'k-Iue of tlu. nu1f~
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<br />Hun.91tli-:JM '_1)-rl]l
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