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<br />(1) month prior to iu due date the annual mortgage insurance premium in order to provide sucil holdu
<br />with funds to pay such premium to the Secretary of Housing and Urban Deyelopmenl pursuant to the
<br />National Housing Act, as amended, and applicable Regulations thereunder; or
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<br />Ir.).
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<br />! (b)
<br />{Y)
<br />CO
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<br />(II) If and so long as said note of even dale and this instrument are held by Ihe Secretary of Housing and
<br />Urban Developmenl, a monthly charge (in 1it!U of a mortgage imwrmce premium) which shall be in an
<br />amount equal 10 one.rwelfth (1/12) of ""e-half (1/2) per cetltum of the average outslanding balanee
<br />clue on the note computed without laking into account delinquencies or prepayments;
<br />A sum equal to the ground renu, if any, next dUe. plus the premiums thar will next become due and payable 0'1
<br />policies of tlrea!ld other hazard insurance covenng Ihe morlgaged property. plus laxes and assessments next due
<br />on the mortpllCd property IttJillS estint/lled by the MlJrrgagee) less all sums already paid Iherefor divided bylhe
<br />number of monlhs 10 elapse before one monlh pnor 10 Ihe dale when such ground renlS. premiums, taxes and
<br />assessmenls will beC"",,, delinquenl. such sums 10 be held by Mongagee in tcu>! 10 pay .aid ground renlS. pre.
<br />miums. taxes and specW assessmenls; and
<br />All "aymenls menlioned tn Ihe Iwo preceding subsections of Ihis paragraph and all payments to be made under
<br />the nOle secured hereby shall be added IOgtlhe" and the aggregale amoonlt:,ereof shaU be paid by Ihe Mongagor
<br />each monlh in a slOgle payment 10 be applied by Ih. Mongagee to the following items in the order set forth:
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<br />(c)
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<br />(I) premium charges und.r Ihe wnltaCI of insurance with the Secretary or Housing and Urban Development.
<br />or monlhly clurge 1m 11m or' morrgagt! ilUUf'l1nce premiumj, as Ihe case may be;
<br />(11) ground rents. taxes. assessmenn. fire and other hazard insurance premiums;
<br />(Ill) Inter.st on Ihe not. secured h.reby; and
<br />(IV) amorta'lIon of the pnnClpaJ of said note.
<br />Any deliciency in the amount of any such aggr<gale monthly paym.nl .J1aJl. unless mad. good by the Man,
<br />PlOT prior to the due date of the next such payment. I.:onstitutt an even( of default under this mortgage. The
<br />Mongo@"" may colket a ~late char!!,,~ 1I0t to exceed j"ut cents (4~) for each dollar (S I) of each paymelll more
<br />thon fifteen (15) coy, II' arrears to cover th. extra expense mvolved in handling d.linqu.nt payments.
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<br />3, That if th.. wt.al of tile pa~"'enls made by th.. \Iong'llor und..r I b) of paragraph 2 prec..ding shall exc..ed
<br />the _I of paY"'ents aclually made hy the \Iort!!age.. for zround rents. taxes and .ssessm..nts or insurance pr..-
<br />..iulft$, liS the cue may be, ;meh excess, If the loon IS currenl. at the oplion of the Mortgagor, shall be crediled by
<br />the Mortgagl'e on slIbsequent parmen... l<1 be mad.. by the \long.gor. or refunded to the \lorlgagor. If, how..,'..r, Ihe
<br />""",thl) pay.......ts Ill8M by the Mortgagor under I',i of paragraph 2 precedlllg shall nOl be sufficient 10 pay ground
<br />rent. taxes and &Sse"".......t. or in...rsnce premiums, as Ihe t.llS" may be, ",ht'll the same shall become due and pay.
<br />able. then the \!ortgll/!or ~hall pay 10 Ihe\lortgalle. any 'RlQunt nec..~saC)' to mak<l up the d<lfieiency. on or before
<br />the dale when paym~t of ~tlCh ~mund rents, la.x~5. as..seiosmenlS or Insurance premiums shall be due. If at any
<br />ti..e the \longa!lOr Mall lender 10 the Ilort/lallt't'. 10 accordance w,th the provisions 01 the note secured hereby,
<br />lUll payment 01 the enUre ind"bledn".s repre...nted thereby. the 'long a!!.... .hall. in computing the amount of such
<br />indebt~ss. <Tlldtl 10lhe acCOUnt 01 the Mon_ all pavmenls made under lhe prOVISionS alia) 01 paragraph 2
<br />hereof ....icb the 'dortgagtoe has no' beenm.. "bligate" 10 pay 10 the ~erelary of Housing and Urban Deyelopmenr
<br />and any balance remaining in the fund.. ,"ccumulaled under the provision.\; 01 (b) 01 paragntph 2 hereof. If ihere
<br />.sitaii be & default under an)' 0; the pro\ isians of this mortgage resuh.ing in a pubiic sail' oi the pnamises co\-erea
<br />it_by, or if lite \~ acquires the Propertl otherwise alter deClUllt, the \Iortgagoo shall apply, at the lime 01
<br />the COMmeIlc.......t of such p~ings, or al the LimO' the pmpeny is otherwise acquired, the balance then remain-
<br />ing in the fWtds accu_lated under Ii;) of paragraph 2 ,,",cedinA, as II c....dit 3j!alnst Ihe ..moun' of principal then
<br />......aining unpaid under said note. and shall prnpO'r!, adjusl any payments ..hich shall hav.. been made under (al
<br />of parqraph 2.
<br />4. That tBe- .Monpaor- ",'in P,l\, ground rents. t~l:\.e... J,~),e-~_\-ments., ~ater rales. and other lZovernmentsl or municipal
<br />charae>. nne.. or Imposition.. for whICh proym'>n bas nol been mad. herelObefor.. and In delaulllher.of Ihe Mongagee may
<br />pay the sam.; and Illallhe MorlptOr ...U promplll dellyer the offiCial recclpts ,her.for to th. Mort..,ee.
<br />S, TIle Mortpaor will pay all laus whICh may be lev,ed upon the Mon..,<< 's IlIICres' In said r.al .state and improy..
<br />ments. and which may he levied upon thJS morlll3$C or Ihe debt ,ecured hereby ,but only 10 the ulen'lhal such is not prohibil'
<br />ed by law and only '0 ,he utent that such wdl not make thIS loan usunousl. but..cludingany income lax. Sta'. or Federal,
<br />imposed 011 Mortpae... and Will file Ihe official r'Celpl ,howm, such palment wilh the Monpgee, Upon yiola'ion of Ihis under.
<br />rablla. or if the MortpjJOf '" prohibited by any I... no.. or h.r.aiter ..islln. from paying the whole or any portion of th. afore,
<br />said lUes, or upon the rendenn. of any' <ourt decr.. prohiblUng the payment by lhe Mortgagor or any .uch laxe.. or if such I.w
<br />IX decree pro.ides tbalany amount SO pald by' the Mort_ slull be credlled on Ihe mor'gage debt. the Morlgaaee shall have
<br />the riIht 10 IPse nil>ety days' ""nlIen notice 10 lbe owner 01 the mongaaed prenus.., requlrin. lhe paym.nl 01 the morlg.g.
<br />debt, If sudlllOll<< be liven. lhe said debt shall be\:om.. due. pJlyahle and collectible allhe .xpilation 01 said nin.ty days.
<br />6. ThaI should he fail 10 pllyan)' sum or keep any cov....""1 provid.d lor in Ihis Mort...... then Ihe Mort,aae~. at ils 01'-
<br />lion, may pay or perform lhe same. and all eApendltll1.. '" ma4e shall be added to lhe principal sum owing on the aba," note,
<br />shall be _wed herel:ty. and slull bear Internl allhe ral' sel forlh to lhe said note. until paid.
<br />1. 11m he hereby llUlIM. lra"$lers and .eU oy.r 10 the Mortga{(ee. to be applied toward Ihe paymenl of th. note and all
<br />_ secwed hueby in case 01 a defaull In the performance 01 any of the !elm, and condllion. 01 thiS Mortgage or the said
<br />_e, aU the not.. reYefJllll. and income 10 be denvcd from Ih. mortgaged premlse,.during ,uch lime a, the mong.g. indehl.d.
<br />_. $ball remain unpajd; and lhe Mortgagee .hall bave power 10 appoint any a..,nl Ot aaenn it may d.",e for the purpose of
<br />re~ said premis.e~ and 01 fen""" the s.amc and cull<<-ttns the tems, revenues and Income. and it may pa)' out ot said in~
<br />cntllC$ lIlI....pcn"'. of repairiAe said premises and neces.ary commisSlons and ..pense. incurr.d in r.nling and managin", the
<br />_ iIIId of coIlectina rentals; lherefrom; 1M balanc~ remauuns. if any. to be applied toward the discharge of said mortpg'
<br />itlclcbled_..
<br />8, n..r. he will keep lhe impr"""",,,nts no.. ..i,long 01 beruft.r er"cled on lhe mortgaged property. insured as may he
<br />~ lrom ti_ to IlIne by lbe MOtr_t aplOst loss by tire and other haurd.. cuualues and COntlOllencies In ,uch
<br />__ and for.ud! period. as mlY be r"'luired by the Mortj!lI@"" and will pay promptly, wh..n due, any premium. on .uch
<br />~".visioR for pay"",nt of wbich lu., nor bee.. mad. herelnhelor.. All in,uranc. shaU be carried in companies ap-
<br />pro,," by tbe M~ and thr pohc..., and r.newals th.rcuf ,hall b.. beld by the MOflgl1#e .nd have allachcd thereto loss
<br />PIlIiibk .__. m I....a< at and In IOfm .cceptabl. to lhe Morl"4e.. In .y....t 01 loss Mort..,,,r "',lIl11yeimmedlale nollC' by
<br />!Nit 10lbe ~, w~ may maltt pr<><>f of I(ln if nor made pwmptly by MoftPJOt. and each insurance company t'on.
<br />~ is hereby a!llhoritcd and d~1ed to mat. pllymetlt for so.:h 10.. directly IOlhe Mortgagee instead of 10 the Mort",",,,,
<br />_Ifle ~ ,uitIIly, :rod lhe 1MUflIfJCt" prOCeed" or llny part ther.ul. may' be applied by th.. Mort....... at it< Orho" .aher
<br />IOtJIot'rWlICtioll at the .ndebttiln<<. berelly ,.cured or I" Ihe res\<:lUlI"" or repall of thr pft.pen!' dam.,..d. In ...enl of lor.d",
<br />wa of ttIis -.... <<othitr tnlIuer t>llltlt.<> the ""'ttflllCd propert~. in eJtlinlltJishmellt 01 lbe indebl.dn.... ...cured her.b)',
<br />1lIl..t*_>ftlCftlll at lllce ~ m and I".n,. ......rafl(e pol.."e. then I" force 'laU pass 1(1 tbe purcha'er or granle.
<br />9..l'lo;g ...Ikl~ oM ~Pljlktlll_IH1IY lilt the pay",.m oj the MI. "'k:nbed, and all sum, 1<' MCO"'. due und.r Ihi,
<br />~. the Mot~ lie,,,"y ......n. 10 lite Mt!t1pt<< allprOOI', rne_.. "').)1..... r"nl' and bendm a~'.ru"'r to lh.
<br />~ ~I allY MId aU ,,,I .1Id I'" IN"""" WIld lOr..",,,.,, "'"h tbe n~'" 10 r<<.t'.. alld receipt ft'" the ,alll<' and .r!,l,
<br />IlItaJ "" WIld ~fI<J".' "eJ1 i:l<!l.". a. afttt .a11l,,1l"1 tMc<>ndniotl. 01 thr, mOflr..... Jnd the ),.f"HJ.ge. mal "ematld. ,ur
<br />fOf a.M. tKu.-.ct -.ili) :tiKf\-~..mt"f'lIh '\;htn d~..!Iid J)a'}'-',abit, hut ituli 00' be te-Qf.JtItr\l '$-0 fn d{) rhu. .l:~"i"JlI'fI(rH h W fCrmH\-att
<br />*~_~-W!i~ ~ fif!*,.-\I'''Jlfru~ m.vH~~
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