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<br />(J) month prior to its due dale th- annual mortgage insunnee premium in order 10 provide such holder
<br />with funds to pay such premium to the Secretary of Housing and Urban Developmenl pursuant 10 the
<br />National Housing Act, 3S amended. and applicahle Regulations thereunder: or
<br />
<br />(II) If and so long as said note of even dale and Ihis Instrument are held by tbe Secrelary of Housing and
<br />Urban Development. a monthly chargc (in 1it!U of a mortgage insurance premium) which shall be in an
<br />amount equal 10 one,twelfth (J )12) of one.half (1/2) per centum of tbe average oUlstanding balance
<br />due on the note compuled without taking into account delinquencies or prepayments:
<br />A sum equal to the ground rents. if any. next dUe, plus Ihe premiums that will next become due and payable on
<br />policies of Ore and other haurd insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property (aN as estimared by rhe Mortgagee) less aU sums already paid !'here for divided by the
<br />number of months to elapse before one month prior to tbe date wben such ground rents, premiums. taxes and
<br />assessments will become delinquent, such SUms to be held by Morlgagee in trust to pay ,aid ground rents. pre.
<br />miums. taxes and special assessments; and
<br />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 amounl thereof shall be paid by the Mortgagor
<br />each month in a single payment 10 be applied by the Mnrtgagee to Ihe following items in the order Sel forth:
<br />CC
<br />C\l (I) premium charges under the contract of insurance wllh the Secretary of HoUSing and Urban Development.
<br />o or monthly charge !in lieu of morrgage insurance premium). as the case may be;
<br />It:l (11) ground rents. taxes. assessments. fire and other hazard insurance premiums;
<br />o (III) interesl on Ihe note secured hereby: and
<br />C (IV) amorllzalion of Ihe principal of said nole,
<br />I Any deOciency in the amount of any such aggregate monlhly payment shall. unless made good by the Morl.
<br />C") gagor prior to the due dale of Ihe next such paymcnt. constilute an event of default under this mortgage, The
<br />00 Mortgagee may collect a "Iale charge" not to exceed focr cents (4~) for each dollar (5 I) of each paymenl more
<br />thut fifteen (IS) days in arrears to cover the extra expense IOvolved in handling delmquent payments.
<br />
<br />(b)
<br />
<br />(c)
<br />
<br />t
<br />
<br />:\. That if the wtal of the payments made by the \Iortga~or under i b I of para~raph 2 precedin/l shall exceed
<br />the amount of paymenlsactually made by the Mortgap:ee for eround rents. taxes and assessments or insorance pre,
<br />miums, as the case may be. such excess. if Ihe loon is corre11l. at the oPlion of Ihe Morlgagor. shall be crediled Iry
<br />the Mortgagee on subsequent payments w be made by the Mortgagor. or refunded to the Mortgagor. If. however, the
<br />monthly paymenls lIllI<k by Ihe Mortgagor under (b) of paragraph 2 p",ceding shall not be suHicienl 10 pay ground
<br />rent, taxes and assessments or insurance premiums. as the ('a."Sf' may be. \\;hpn the same shall become due and pay.
<br />able, then the Mortgagor shall pay to the Mortgagee any amounl necessal)' to make up the deficiency. on or before
<br />the date when payment of such ground rents. taxes. assessmenls or insurance premiums shall be due. If at any
<br />lime the Mortg.r shall tender to the Mortgagee, in at'conlance with the provisions of the note secored hereby.
<br />full payment of the entiro indebtedn".." repre..ent.ed thereby. the \lort/l3!!"e shall. in computin/! the amount of soch
<br />indrbredness. credir 10 rhe accounl of lhe Mortgagor all payments made under Ihe proVIStonS of i 0) of paragraph 2
<br />hereof which the Mortgagee has not become obligated to pay to the 1'>ecretary of 1I0using and lirban Developmenl
<br />and IUIY balance l'Mlllining in the funds accumulated under the provisions of (b) of paragraph 2 hereof. If there
<br />shall be a default under any of the provisions of Ihis mor413!!e r..sulling in a public sale of the premi.es covered
<br />hereby. or if the Mortgagee acquires the property otherwise after default. th.. \Iortgagee shall apply. at the time of
<br />the COIIImenc_ent of such proc<l<ldings. or at the time the property is otherwise acquired. the balance then remain'
<br />ing in the fundsaccuawlated under fb) of paragraph 2 precedinl\. as a credit against the amount of principal then
<br />remaining unpaid under said note. and shall properly' adjust any payments which shall have been made under (oj
<br />of paragraph 2.
<br />4. That the MO/1&8IOr will pay ground renlS. taxes. assessments. warer rale;. and other govern menIal or municipal
<br />rhuses. fines. or impositions. for which provision has not been made herembefore. and in default thereof the Mortgagee may
<br />pay th!>same; and thallhe MorlgagOr will promptly deliver the official receipts therefor 10 the Mortgagee,
<br />5. The Morr.aaaor will pay aU taxes which may he levied upon Ihe Mortgagee' s intereSl in said real eSlate and improve'
<br />ments. and which may be levied upon Ihis mortgage or the debt secured hereby (PUI only to the e.lenllhal such is nol prohip,t,
<br />cd by law and only to the extenllhat such will not make this loan usunous!. pUI excluding any income tax. Slate or Federal.
<br />impoaedon Monpgee. and will file the official receipt .howingsuch payment with tbe Mortgagee, Upon violation of Ihi. under.
<br />laki.... or!f the MoI'\l8llOl' i. prohibited by any law noW or hereafter e.iSling from paying the whole or any portion of lhe afore-
<br />said laxes, or upon lhe rendering of any court decree prohibiting the paymenl by the Mortgagor or any such la..s. or if such law
<br />or deQ'ee provides lhat any amounl so paid by the Mortgagor shall be credited on lhe morlgage debt. the Mortgagee shall have
<br />the rlthtto pve ninety days' written notice 10 lhe owner of lhe mortgaged premises. requiring the payment of the mortgage
<br />debt. If slIchnotice hepven. the said debl .hall become due. payable and collectible al the ..piration of said ninety days.
<br />6. ThaI should be fail tf) pay any sum or keep any covenaol provided for in this Mortgage, then the Mortgagee. at ils op-
<br />lion. may pay or perform the same. and all expendilures so made shall be added 10 Ihe principal sum owing on the above nole.
<br />shall he $eCured hereby. and shall bear inlerest atlhe rale sel forth in the said note. until paid,
<br />7. That he hereby assi&lls. transfers and sets over 10 the Mortgagee. 10 be applied loward the payment of Ihe nOle and all
<br />$1111\$ $eCured hereby in case of a default in the performance of any of the terms and conditions of this Mortgage or Ihe said
<br />nole. aIllhe rents. revenues and income 10 be derived from the morlgaged premises during such time as the mortgage Indebted.
<br />ness shall remain unpaid; and the Mortgagee shttll have power 10 appoint any agent or agenlS ir may deme for the purpose of
<br />repairi..said premises and of reoting ihe same and collecting the rents. revenues and income, and 'I may pay nUl of said In.
<br /><;0- a1hxpe_ of repam.. sa", premises and necessary commiSSIons and expenses incurred in renung aod managing the
<br />~atIlIofcollecti.. rental$therefrom; the balance remaini.... if any. 10 be applied toward lhe discharge of said morlgage
<br />~s.
<br />II. That he will keep tbe improvements .now e.listing or hereaher erecled on the morlgaged properly. insured as may be
<br />rcquirecl from time to time by lhe Mortpgee apia,t loss by fire and olher hazards. casualties and contingencie. in such
<br />anlQIIldl and for su<:bperiods as may be required by the Mortgagee and will pay promplly. when due. any premiums on such
<br />~.provisioo for paymealof which bas nol been made hereinbefore, ,"II insurance shall be carried in companies ap-
<br />prov"by till: M~ and the policies and renewals (hereol shall be held by the Mortgagee and have allached lhereto loss
<br />pay.~c~itlf."Or of and ia form ac<:eptable to lhe Morl833<e. (n event of loss Mortgagor will give ,mmedrale notice Py
<br />m.alO tlll:.MIXlPiee. wh!lrna)' make proof of IMS if not made promptly by Mortgagor. and each msurance company con,
<br />r:crtle<lis liq'cb)'ll1I~zc4 and directed 10 rnaltepa,)'mertl for such Iou directly to lbe Mortgagee instead of to Ihe Mortgagor
<br />~..~. ~joUItJ)'. and the, insurance pruceeds. or any part lbereof. may bo applied by tbe Mortgagee at ils "pt,on either
<br />IO.tbe~ol t"~s hereby $eCUf.ed Of to Ihe r"toration or repair of lhe properly damaged. In evenl of foredo.
<br />ll/ft'of"'llIOr't@Por o\l!er tralluerof litle 10 lhe morlga8ed properly in e.linauishment of lhe ,"debtednes~ secured hereby.
<br />all.. !iUe.lUldltl\~",1 (l/ the Morlli&lJt in and to an)' ,nSllran,. policies then in force .ball p3." to tbe purch..er or grantee.
<br />'.'ThIt&1l aMitiolW and wllal.erat KClIrity l\if tbe paymefll 01 lheno.. described. and all sums 10 become due under Ih"
<br />~, the M~ hc!'eb)'lluiala 10 the MOI1Il18Ceall profits. revenue.. myallies. righl~ and benefih ..:cruillg 10 the
<br />M~under: anY and all oil and .....I.m. on stid ",.mise,. With the rigM to re"ive and receipt for rhe .,ame and applj
<br />.lhom 10 _~ as wellbCfote auf tel defaull", tbeCOndll!on' of Ihis mortgage, and the Mort...ge< may demand. ,ue
<br />f..... nor;cw<< &IIY IIUCh ll'ly-ltI. wllcnd.uan4 pIIyab!l!. bitt shall not be required w to do, fbi, .,,;gnme", " 10 le.miMI.
<br />llnd ~ null alMI "old UPOl\ re/Uk of lhis. moJ1&altL,
<br />
<br />HU[).91i4,JM HJ. i9t
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