|
<br />I
<br />
<br />83-004729
<br />
<br />(l) month prior to Its due date the annual mongage 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 0/ a morrgage insuranCt!' 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 ,note .:omputed without taking mto account delinquencies or prepayments;
<br />A sum eqaallo the grOWld 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 th~ Morrgagee) less all sums already paid therefor divided by the
<br />number of months to elapse before one month prior fO the date when such ground rents. premiums. taxeS and
<br />assessments will become delinquent. such sums to be held by Mortgagee in trust fo pay ,aid ground rents. pre.
<br />m1tufIS. taxes and 'P"cW assessments; and
<br />All payments mentioned in the two precedmg subsecrrons of this paragraph and all payments to be made under
<br />the note secured hereby shall be added together. and Ihe aggregate amount thereof shall be paid by the Mortgagor
<br />each month lR a single payment to be applied by the Mortgagee to the following Items In the order set forth:
<br />
<br />(b)
<br />
<br />(c)
<br />
<br />(I) premIum charges under lhe contract of Insurance WIth the Secretary of Housing and Urban Development.
<br />or monthly charge iry. I,eu of mortgqe insurance p~iuml. as the case may be;
<br />III) ground rents. taxes. asse"""'nts. fire and other hazard lRsurance premiums;
<br />(Ill) mterest on Ihe note secured hereby; and
<br />(IV) amortiuuon of rhe pnnclpaJ of saId note.
<br />Any defiCiency In the amount of an). ,ueh aggregate momhly payment shall. unless made goad by the Mort,
<br />gagor pnor to t.l-Je due dale of the next such payment. ;;UI1${itute an event of default under lhis mortgage. The
<br />Mongasee m~y collect ~ '"late charI!"" not to exceed foa, oents(4.,) fo, each dollar (SI) of each payment more
<br />than fift~ ( ISl d:y. in ~rrean to cover the extra expense mvolved in handling delinquent payments.
<br />
<br />:to That if th" tolal 01 tlte paymenls made by tlte \Iorlgagor under {b) o( paragraph ~ preceding shall exceed
<br />the llJIOO....1 o( paymmill actually made by the \1ortJ(ag.... for ~nd rents. taxes and assessments or insurance pre-
<br />\IIi....... as the case may be. sueh exeess. If the loan IS current. at the option of the Mortgagor. shall be e~iled b)
<br />the !\Io~agee on sub....""ent pay....nls \0 be made by th.. \lortlla/!Or. or relunded to the \Iortgaf!llr. II. however. the
<br />..anility pay_nill made m' the Mortgaf!O< under II. i of pasagmph 2 precedmg shall nOI be suffiCIent to pay ground
<br />rent.. laXes and asS....~lS or t"suranct" premfum~. :iL':i th.e ('i,L"Jt> ma~' be. Yrhen the same shall become due and pay-
<br />able. then the \Iottgag.... sball pay 10 the \lortgag.... an~ amount n"l'essary to make up the defielency. on or befo....
<br />the dIU<! when paym....t o( such ground "'nls. taxe.. a.s"eSSll\ents or insurance premiums shall be due. If at any
<br />ti_lIMt MoRe.. shall tender tcO the \1oltJ!a/lt'e. .n accordant'e ",th the proViSIOns o( the note secured hereby.
<br />(ull payment of the _ire indebtedness r.,.res,,"led th,,",b~.. the \Iongag.... shall. in compuling the amo....t of such
<br />indebcednc-ss. crulit to [he account of the MOrtJlAi<>f all pavme",. made under the prOVISionS o( taj of paragraph 2
<br />hereof which the !\lort~~ has nol beeom.. obh;::aled to pa' It> Ihe ::>ecretary 01 /lousinll 1IlId l:r!>1IlI Development
<br />...d...y balam::e rn.aining In the fonds .ccu....lat.e4 under tit.. pro,islons of ibi 01 paragraph 2 hereof. If there
<br />~..u h- a n.t...h: 'linn.,. lilft~ l'( fM run~.isinns ol this mn-rU-aDfl: ftl"suhinR' in .:Ii. DubUc s.a.i~ of the Dl"fIfnisAf'I cnVllrM
<br />h.;;:;;t,;.- 0; if-jj;;~' ~;';i-";"; th@ propt'rly ollle...;s; ~Iter def....lt. the'lortjlllgee shall apply, at the time of
<br />the _._1 01 ....ell p-.!tng5. or at th.. llnoe th.. property is oth@r",se acquired, the balance then remain,
<br />ing in Ill" funds ttcuaulaled under I bi of paragraph 2 precedlnlt. as a credit "!lainst the amounl of principal then
<br />.-aitung ..npaid ...d"r said note. and ;hall pl'l}Pf'r1, adJus, al" p.~'..enu which shall hne b....n made under (a)
<br />of p",..rapb 2.
<br />4. ThaI: the- Mortp&Or \).;111 pa)" ground tent'). ra,-u. au~'nmcnh. \io..t~r ratts. and other governmental or municipal
<br />cllarps, Ii..... or ImposItIOns, lor "bu;b pro....on ft'" not b<<n made herelnhe(or.. and In default thereol the MOriN"" may
<br />pay the same; and thaI the MOfltllllIOr WIll p'omptl~ dehver the v/ficial rece,pIs therefor to the Monpaee.
<br />5. Tbe MOl'tJIlIOr wtll pay a1I,ue. wftlCh ma~ be levie.l upon lbe Mortll"",,', rnterest rn said real .stale and improve,
<br />melllS. _ whicb may he levied upon thIS mOrl/l"llC or the debt .ecur.d h.reby .buI only to ,he e~tent thaI such i. not prohibit-
<br />ed by law and only to the utent thai .uch will not mue thIS lwn ..suno"'l. but ucl..drn. any rnCOme la~. Stale or Federal.
<br />imposed Oft Morttaaee. and wtll lile the uflkud ..ceipt .""w;n. ...ch payment wnh the Moftp.ee. Upon ..olation of this under,
<br />1aIwta.<< it the Monpaor IS prOhlbtled by any law now or hereafter ....11111 from payml the w""le or any portion of thee afore.
<br />utd lUes. or upoo the retsden..,of lUIy court decree prohibllilll the payment by the Mort,....... or any .uch tue.. or i( such law
<br />or decree provides Ilw any amount so paid by the MOrtJIIIOt .hall be credlled on the mortP8C debt. the Mortgagee shall have
<br />the ritllt to Jive ninelY days' wrillell flOliQ: to the owner 01 the mottgaaed premISe.. req..uing the payment 01 the mortpge
<br />debt. If SIldl_ice be ,;_. the....tdebt .hall become d..e. payable and collectible allhe e,<pllalion of said ninety days.
<br />(" Thal ~ be fail to pay any""'" or keep uyeov""...,t pro'tded (or .n this Mortg..e. then the Mort",gee. at its op-
<br />1icA. may ;>Ill' Of perform Il\e .utt. &Cd aU espendllW'e. .0 made shall be added to thee pnncipal sum o"illl on lhe above nOle.
<br />tIlaII be secured 1letebJ<. &Cd sball Mar intere.. at the rate set forth mthe s..d nOle. until paid.
<br />7. T1tIIt be bei'~y .u.~i. uanif~n: ;md ~u. o~.-e: to tn= MGt~. to. be applied to'AaZ"d the payment of the note and aU
<br />_ secured hentty in case of ;0 defa..lt in the performance o( any or the term. and condition,. of Ihis MOrtI"Ie or the .;ud
<br />!SOle. alllhe renls. reven.... and income 10 be denvcd lrom the morljaged premises dunnl such time as the mortgage indebted.
<br />_ sball remam u~; and tbe MonNee sllaII have power to appoinl any .,ent or agents It ma~. desire (or the purpose of
<br />~ MMi pnomu.e~.aDd of rentifta the same and coUecuna lhc: tents. revenuc:s and incom~~ and it ma~' pa~' out of said in~
<br />__ III expe_ of repairine said premi_ at1<l """euary commissions and e~penses incurred in r.nun, and managinll the
<br />__ at ct'lIl<<lilll remllls therefrom; the halancc remaining. tl any. to be applied toward the discharge of .aid mort,.,e
<br />~<
<br />I. Thal he wiD WI' the improvements now .."'ting ill herealter erected on the mort,.,ed property. ins..red as ma~ be
<br />~ from time to time by the MOftIllICe aaainst loss b)' fire and other hazards. ~asualues and comingencie. in such
<br />~... f.. $Ucb periods as may be required by tbe MOCIlllII"" .ad ,,'i11 pay promplly. when due. any ptemium. on such
<br />-..- ~ rot paY_'" of ",llicllllu IlO\ been m*" hereinbefore. All ins..rance .hall be carried in companies ap.
<br />~ by lIIe MOf'lJiIlIft and the policies lIlld re.....aIi thereof shall be held by the Mortl8llCe and have attached thereto ,,"s
<br />_.... ~i11 faVGf at and in form acce~ 10 the Morttaaee, In evenl o( kI.. MorlflaIor WIll &ive .mmedlate notICe by
<br />_101!IiI~, who may make pr<X)f of Iou if IlO\ made promptly by Mon...or. and each insu",nce company con.
<br />.......'..., aulllori:ad anddincle<l to make paY_I for such loss directly to thee MortJ&lltle inilead o( to the Mort,.""
<br />lIllIII dse ~ jQillIly.lllMI the i_ pr-.l.. or any part tltefeof. may be applied by the MOt1lla&ft al its opl",n eitheer
<br />IOlIIualllGllOll at the ~ heret>y te~'Uted or to tltelworation or reJ'll1f of lhe pro~rty damqed. In event of foredo.
<br />_ of lItiJ -....otltiJl' Il'll8Sfllr .,11iItl> 10 lhe motIflIIed property m ellillJUishm.,tt .>f thee indeblednu, .ecured herehy.
<br />.. ,..llllt_~ \'If the ~j!\ iWd 10 ""')I iMurance polieios lhcc<l m force ,hall pass to.he p..rchaser or llTafilee
<br />~. tltat ill. ~ iWd cQ/Weral _urity' for the ,aYltJt!nt of the note deKnbed. and all .um. to ","come du. unde, Ib..
<br />....... tbIo~ lIen...y ..!J!Ift1 t4l lhe MOl1pJte .11 profit>. revenoe.. loyalll... nllhlS and benefit. ""crui1lll to the
<br />~ iJJldfi allY lIlI4li!l ...1 iWd... J..,.,. \Ill _ pre"""'" w.1ll [he np. l<1 rective llIW r.celpt IN tbe .ame and .ppl~
<br />.... '*'..~ a. ....II bel..... .. af,,,r dela,.Jt in 1,bcc<,mdiUoo. of Ihi> mt\r~, and the M,"t;allee m.y dem.IW. sur
<br />toraad _<IV...., ,..eb pay_n.. .lMtn<i",,;ond pal/llblt. 001 shall oot he '"QUlted.O II' a" 11\j, "'Illnmen. .. to t<<mmate
<br />"'~.__"Old_fw!t_"f l.hti _t_.
<br />
<br />w.H),9:1t4]M t~.XH
<br />
|