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<br />83~(lrj4QQQ. .,
<br />(J) month prior (o'its dlfe aYe the annual mortgage ,"surance 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 11 mortgrzge insurance p1'Y!mwm) whichshall.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 computed without raking into account delinquencies or prep~yments;
<br />A sum equal to the ground rents, if any, next dUe, plus the premiums that will ~xt~omedueandpayable'on
<br />policies of fire and other huard insurance cOYering the mortgaged propeny, plus taXes and asseSsl'llents next due
<br />on the mortgaged property (all as esrim/Zted by the Mortgagee) less all sums already paid therefor <livi<led by the
<br />numb.. of montl.. 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 held by Mortgagee intrust to pay .aid ground.rents. pre'
<br />miums. taxes -and spe-cjaJ asses.unents~ and
<br />All payments mentioned in the two preceding subsections of this paragraph arid allpaymenlS to be m~de under
<br />the note ...cure<l heTeby shall be added together. and the aggregate amount thereof shall be paid by the Mortgagor
<br />e2Ch month m a single payment to be applied by the Mortgagee to the following items in the oroer set forth:
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<br />(I) premium charges under the conttact of insurance with the Secretary of Housing anll Urban Development,
<br />or monthly charge fin lieu ofmortgtlge insuft,"ce premium I. as the case maybe;
<br />(II) ground rents. taxes, assessments. lire anll otherhnard ,"surance premiums;
<br />(Ill) tnterest on the note secured hereby: an<l
<br />(IV) amortization of the pnnclpal of Said note.
<br />Any deficiency tn the amount uf any such aggregate monthly paymenl shall, unless made good by the Mort.
<br />gagor prior 10 the due date of the nut such payment, ","slltute an event of default unller this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed I'm" cents (4Jt) for each 1I011ar (SI )oreaeh payment more
<br />than fifteen (15) d,ys 111 arrears to co"'" the extra expense ulVolvell in handling delinquent paYl'llents.
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<br />.1. That if the Iotal oC the p"~....ents made by the \lortgagor under fbj of paragraph 2 p"'e>><lingshall exceed
<br />the amount of payments actual Iy made by the\longagl!<' for 2cound rents. taxes and assessments or insurance pre-
<br />miums, JU; the case may be. such excess, if lhe loon IS CU,","I. at the oprionof the Mortgagor, Shall be credited b)
<br />the Mortgagee on subsequent paym....t. w be made by the \!ortgagor, or refunded La the Mortgagor. I f, however, the
<br />monthly pay.....nts made by Ihe Mortgagor under ill) of paragraph 2 prec:eding shall not be sufficient 10 pay ground
<br />""'t. tax,,!! and "",S"""""",t5 Of insurance premium~. as the c...~ may be, when the same shall become <lue and pay.
<br />able. th;m the \Iortgagor snail !>llY to the 'Iortg~"e an~ amount necessary to make up the deficiency, on or before
<br />the date when p.llyment of such ground rtmts, taxes, asse"sme.us nr insurance premiums shall be due. If at any
<br />HlIle 1h&. MortglllJOf' shall tender La the \Iortga!!"". in accord",..:e w,th the provisio.." of the note securedhervby..
<br />full payment of the enti",indebtedn""s r"pre~ented thereby, the \lortgagee shall, in computing the amount of such
<br />inddnedness, ~'t<:dit 10 the account oj the Mort&a&ot all payments made under the proVIS'onS of (a) of paragraph 2
<br />hereof which the ~ hu....t become obligate<lto pay La the ::",cretary of Housing and Urban Development
<br />ami iIllY balance reaalniRf! in the funds accumul..teci under the proyjsjun$ of (b) of paragraph 2 hereof. If th....e
<br />shall"" a <lef...lt unller lUIy of th<! provisions of this ""'rl~ag~ ",!tulting in .. public sale of the p",mii<es covered
<br />hereby, or if the M"~",, aequite''' th.. properly osherwi$e after default. the \lortgag.... shall apply, at the Lime of
<br />the """",_c_ent of such proc&edings, or a.t the lit..e the property is otherwis" acquired. the balance then remain'
<br />ing in the flltl<ls ltCCUImllated un.. I/;! of paragraph 2 preceding, "'" a credit againsl the lUll<lunt of principal then
<br />"""alning UlljJai<l under said note. and snail properly Wj""t lint payments which "hall h""" been m..<le under (a)
<br />of i>&l"il'Bl'h 2,
<br />4. Thai the Mort_r will pay ground renlS. taxes. aue,'menls, waler rates, and other governmenlal or municipal
<br />charl"$, i\ne$, or ,mposition,. for whl<:h prov"iof1 has not h<<n mlide hereinbefore. ..nd '" default thereof the Mortgillee may
<br />pay the same: and tilJlt lhe Monp.aor will promptly deliver the oflicial roc.'pts therefor to the Mortgagee.
<br />5. n.e MortIlllJOf will pay all ta..e, wh..:h mal be levied upon lhe Mortpllee's inleresl in ",ill real estate and improve.
<br />menes. and which may be ",viell upon this mo"1lli" or the debt ..curell herebyihot only to the extent thai such is nol prohibit.
<br />ell by law and OfIly to tbe utenl that such will not maile this loan uSunoUSl. holudullinll any incomo tax, Slate or Fe<leral.
<br />imposed on Monpcec. and will fiIc the offiCIal r<<elpt sho.....a such payment wllh the Mortgaaee. Upon violation of this un<ler.
<br />tWnt, Of if the MOtIllaiOr is prohibiled by any taw now or hereafter e.~ist'"a from payina the whole or any portion of the afore-
<br />said lUes. or upon tlle ren4eri"" of any ,;oort decTe.. prohibilina the payment by the MOflPllor or any such taxes. or if such law
<br />or tlci:rae provides thai any alnQUnt so paid by the MortaalOt shall be "edltell on tho mortll..e debt, the Morl&aiee shall h"e
<br />the riabt to JiWl ninety <lays' ...riUen oolite to the owner of themortPllC'd premises, requiring the paymenl of the mortgaae
<br />debt. If $lII:h notice be JiYCII, the said deb< shall become due. payable llIIdcollectible .at the. expiralion of said ninety days.
<br />b. That shoWdhe f~ to pay....y sum or keel' anyc<>venanlprovi<!ed for in (hIS Mortgaae. then the Mortgagee, at its op,
<br />tion.may ~y or perform the_e, and all expenditures so made shall bealldell to the principal sumo..ing on the above note.
<br />sltalIbe _~ herebY, alld shall ~ imereSlat the rate set forth in the 5<Ii<l note. until paid.
<br />'_ That he. hcreOr as.lim. transfers and s.ets over to the l.lortgaaee, 10 be <ll>plied tow.rll the payment of the note and all
<br />SI!fII1i. _wed hereby in CJlSC of a <letault in the pertormaO<.:e of any of the terms and conditions of this ~ or the saill
<br />QQ(e, all the rents, revenues and income to be derivell from the mortgaged premises durina such time as the mortllage indebted-
<br />""'" shail reJlllin ulll'llid; and the Mort~ .ltall have pow"r toal'p<>int any _no or agents it lOlly desire Cor the purpose of
<br />re~ saill ""..mise. afld of renting the .same and collecting the rents. revenues and inrome. anll ii may payout of said in.
<br />t:QII!AaIleXjle!l$CSof repairinasaidpremlse. and nocesslltycommlssio!l..nll expenSes inwrrell in renung alld manaatng the
<br />-..of~renlal. therefrom: the ba!arn;eremainma. if any. to be applied toward the di.charie of said mOrlgase
<br />~M$S'
<br />S. That he will. keep lhe improvement. now existing or herealler erected on ,he mortgagell property. iMurod as may be
<br />~ from lil!Ie to rime by the M~ .inst loss by lire and other hazards, casualties and cantingen.::... in such
<br />allll"!AlJ)'l!I4:t~.sw;bpe~ as ....y be required by the M(lrtJlIJUand will pay promptly. when due, any premium. on such
<br />~~for paymelllofwllicllhu not been made hereinbefore. All tnsuran<:e shallbecarriell in compa...es ap.
<br />~~the~ and the policies and renewals thereof .hall be helll by the MortNee and bave attached thereto loss
<br />~'.~ lqfllJ!Of of and ill form _eplJlble to lhe Moo....e, III event of !oS' Mortpgor ...ill &lye immelliate not..:e by
<br />",tq me ,"11 .11l&ke .pI'QOf of Io$s ifnol made promptly by. MOI1JlIillI' and each insurance company con.
<br />anddirt>:l!l<llOlUlulp3.llmentforsudtlos. dire.:tly tathe MOftllIIllU instead of to the MOrtNOf
<br />_~~.. orlltlllPl\1tberHl, may be applie<lby the Mo<<aaaee at il$""tion eitber
<br />!lilfeOlI-ed or to t~re.toratlon Of repair of the propeny damaaed. In ovent of forecto'
<br />!!fot titklWJhe~pr"pel'1yiltextinaWsh!nemofthe illdebte<lne.. _cre<l hereby,
<br />, and to iIllyj!:'ftl~Pl!licie.d'CIlinftm:..haIl pass 10 the purcha.er or grantee,
<br />lMlll~~~llrity (or the "all_lit of thellOt. d..cribed. an<l all sum. to b<<ollle due under thIS
<br />lMfll~. &m,n. lU the MOfI....aIlprollu. r""enue.. roy~. rllltltHIId benefits acer...nlllo lhe
<br />~ .~. aay~ itlloiJ _... 1'-3' [)n1l4idpr'~.. wi,lh the n~l to nellve and. rK.ip/lor the "me and al'J>l)
<br />IllCIll to.~.~""~..,,,dlbef_ a. afllt. ~fl>>lllin the condittt'l>! at this m(\rtaalI". and the Muttp..." may deman<l. sue
<br />~,_~.IItI}' _II pllyll\<rnl. "'.hen due afi!Spar~. but shall nol be rei/lilted i" te dc, Th,; ."i,nment j, I" tem"....t.
<br />_c~llIlllat>d~oid~r.lou"f thIS 1lIu~,
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<br />(b)
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<br />(c)
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<br />"Vl>9~I.JM '11-1111
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