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<br />KL - A- L.t:41~ e.J
<br />83-00507/ 83.:.... iJ04572
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<br />(1) month prior to ils due date Ihe annual mortgage insurance premium in order 10 provide such holder
<br />with funds 10 pay such premIUm to lhe Secrelary of Housing and Urban Development pursuanllo the
<br />National Housing ACI, .s amended, and applicable Regulations lhereunder; or
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<br />(II) If and so long as said nole of even date and Ihis instrument are held by Ihe Secretary of Housing and
<br />lIrban Development, a monthly charge (in lieu of a mortgage insurance premium) which shall be in""
<br />amounl equal to one-twelfth (1/12) of one.half (1/2) per centum of the average outstanding balance
<br />due on Ihe nole compuled without taking inlo account delinquencies or prepaymcnts;
<br />(b) A sum equal 10 the ground renlS, if any, nexI due, pluSlhe premiums thaI will next become due and payable on
<br />policies of fi,e and other hazard insurance covering lhe mortgaged properly, plus taxes and assessments nexI due
<br />OR the mortgaged properly (all as estimared by the Mortgageelless all sums already paid therefor divided by the
<br />numbet of monlhs 10 elapse before one month prior to Ihe dale when such ground rents, premiums, laxeS and
<br />assessments will become delinquent. such sums to be held by Morlgagee in \rUSllo pay .aid ground renls,pre.
<br />miums, taxes and speciaJ assessments; and
<br />(c) All payments mentioned in the Iwo preceding subseCllOns of this paragraph and all payments 10 be made under
<br />the note secured hereby shaJl be added tuge Iher, and the aggregale amount thereof shall be paid by the MortgllJOr
<br />each month in a slOgle payment 10 be applied by Ihe Mortgagee 10 the following ilems in Ihe order set forth:
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<br />(I) premium charges under Ihe contract uf insurance wllh the Secrelary of Housing and Urban Development,
<br />or monthly charSt (in lieu or mortgage insurance premium). as the case may be;
<br />(II) ground rents. taxes. as.sessmcOlS. fire and other hazard insurance premiums;
<br />(Ill) mlerest on the nOle secured hereby; and
<br />(IV) amortlZallon of Ihe princIpal of saId note.
<br />Any deficiency in the amounl uf any such aggregale monlhly paymenl shall, unless made gond by Ihe Mort,
<br />gagor prior to the due date of the next such payment. constItute an event of default under this mortgase. The
<br />Mongagee may collecl a "Iale charge" nOI to exc"e" [,":r cents (4V) for each dollar ($1) of each paymenl more
<br />than fifleen (15) days In arrears to cover Ihe eXlra expense involved in handling delinquent payments.
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<br />3, That if tlt~ wlal of the payments made by Ule ~lortgagor under (6) of paragraph 2 pf1!ceding shall exceed
<br />the amounl of payments aClually made by the Mongalle(' for eround rents, taxes and assessments or insurance pf1!-
<br />miums. as the <,ase ma,' be, such excess, rf ,hc loan IS curren!. al Ihe option of Ihe Morrgagor, shall be credited b}
<br />the Mortgagee on subsequent payment~ UJ Ix, made by the Mortgagor, or refunded to the Mortgagor. If, however, the
<br />monthly payments made by Ihe Mortga~r under {hi of pam graph 2 precedmg shall not be sufficient 10 pay ground
<br />rent. taxes and atI~~~~m-l.nGi or in~uranct. premium,,",, a..; tht. ('a.~.(' may be, when the same shall become due and pay-
<br />able. then th(' \lorlgagor ~hall pay 10 lhe \lorlga~N' any amount necessary to make up the deficiency. on or before
<br />the date when payment of such ground rent~, lax~" :L,~e,;~ments or insurance premium.. shall be due, If at any
<br />time the ~lortg"l!or shall tender to the \Iorl~a~.'~, rn anordance with the provisions of the note secured hereby,
<br />full paymenl of the enlire indebtedne,;,; "'pre~enled thereby, Ihe Mon~agee shall, in computing the amount of such
<br />indebredn.,ss, credit ro the accounl of ,he Mongagor all paymen!s made under the provisions of (0) of paragraph 2
<br />hereof which the ~agee has not become ub"~ated to pay 10 the ~crelaf)' of Housing and Urban Developmenl
<br />ll/Id any balance remaining in the fund~ acc'umulated under lbe provisions of (6) of paragraph 2 hereof, If there
<br />shall be a default under an} of the pro\\slons of thb mOrLga~t> re-suUing. in a public sale of the premises covered
<br />hereby, or if the ~longagee acquires Ihe prop"'l) uther"i.~ ail.., default, the Morlllagee shall apply, al the lime of
<br />the Commencemenl of such proceedings, or al the lIme (he properly is otherwise acquired, the balance then remain.
<br />ing in the funds accumulalerl under (hi of paragraph ~ prN'edlllg, as a credit "I!ainst the amount of principal then
<br />r_aining unpaid under said now. and shall properly ad)u,;t any paym~nl,; which shall have been made under (a)
<br />of paragraph 2,
<br />4. That the Mon&aaor Will pi)" ground renb. Unc:'lo, a~)('s~menh, water rates, and other governmental or municipal
<br />charae., lines, or imposillOns, lor which prO'l""n has nOI been made herernbefore. and in default Ihereof Ihe Morlgnaee may
<br />pay the same; and Ihalthe Mortgagor w,lI prompll) deilver Ihe olocial receopIslherefor 10 Ihe Mortaallee.
<br />5. The Mort_or wHl p;ly alllaxes whICh may be le'led upon Ihe MOrlgagee's inlerest in said real eSlale and improve.
<br />ment., and which may be I..led upon Ihis morlga~" or lbe debt ,e"ured hereby (but only to Ihe extenllhat such is not prohibil.
<br />ed by law and only 10 lbe euent thaI su.h ...rll not make IhlS Joan usurious), but e.eluding any income lax. Slate or Federal,
<br />imposed on Morllll8ee, and will file Ihe official recelpl showmg ,uch payment With the MOrlgaaee. Upon violalion of this under.
<br />talUn&, or illhe Mortaa&or is prohibIted by any la" IIOW or hereaher e.iSling from paying Ihe whole or any portion of Ihe afore'
<br />said taxes. or upon the rendering of any COUrl decree prohiburng Ihe payment by the Mortaagor or any such taxes, or if such law
<br />or decree provKles lhat an) amount so paId by Ihe Mongaaor .hall be credited on lhe mortgage deb!. Ihe Mortgngee shall have
<br />lhe right to give mnely days' wriUen nOli.. 10 Ihe owner "f lhe mortgnged premises, requiring the paymenl of lhe mortgnge
<br />debt. If such notice be given.lhe said debt shall become due, pa)'able and collectible allhe expiration of said ninety days.
<br />6, That should he fail 10 pay any sum or keep any coven anI provided for in this Morlllll8e, then the MOrlgngee, al it. op'
<br />lion. may pay or perform lhe same, and all e.pendllures so made .hall be added 10 Ihe principal sum owing on Ihe above note,
<br />shall be secured hereby, and shall bear inlere.t allbe rare sel forth to the said note, until paid.
<br />7. ThaI he hereby assigns, transfers and sel. o><r to the Mortaallee, to be appiled ,oward the paymenl of Ihe note and all
<br />sums secured hereby in case of a defaull in Ihe performance of any of ,he lerms and conditions of this Mortgage or the said
<br />oote. all the rents, revenues and income to be derived from the mortllll8ed premise. during such time as the mortllll8e indebled,
<br />ne.. sIutIl remain unpaid, and the MOrla"''' shall have po"er to appotOt any agen' or agents il may desire for Ihe purpose of
<br />repairioa &aid premlses and of renung lhe same and coHecting the rents. re\lcnues. and income. and it may payout of said in.
<br />comes an expen$e$ of repairing said premi~.s. and necc~s.ar)' commissions and expenses incurred in renting and managing the
<br />same and of collectina temals therefrom; the balance remaming, il any. 10 be applied loward lhe dISCharge of said mortgage
<br />itldcbled...... .
<br />8. That be wlU keep the: improv'-mcnh now e"I~llng or hereafter erected on the mortgaged propert)'. In~u.rcd as may be
<br />required from time 10 Ume 1:>)' the Mortaagee agalnsl loss I:>~ fire and mbel hazard,. casualties and conlinaencies in .uch
<br />__ and for s..ch periods as may be required by Ihe Motlgagee and w,lI pay promp,ly. when due, any premiums on such
<br />iMuraIt<:c provision for payment of which bas nol been made berembefole All insurance shall be carried," companies ap.
<br />proved by the Mortpaee and lhe policies and rene",'.1s lbereol .hall be held by lbe Mortgagee and h..e auached lhereto loss
<br />payable cia..... in favor of and in form acceptable W lbe Mortll3l1ee. In evenl of loss Mortgngor will give immediate notice by
<br />mail 10 the MOrlllall"", woo may malIe proof of los, if nol made promptly by MOlllll8Or. and each insutance company con.
<br />-..d i. hereby authori:wl and dire<:ted 10 make payment for such 10.. directly to the Morlpau in.tead of 10 lhe Mortgagor
<br />and the Mor\gnpe jomtly. and the insurance procnd.. or any part lhereof. may be applied by the Mor.,.,.,e alllS option erlhel
<br />to tile redllClion of the itldcbled"".. hereby secured or 10 Ibe leSloralion \IT repall of the property dam"lled. In evenl of foreelo,
<br />"'". of tJJis moflNe ()t olher "...der of title to the mongaaed p",!,<,rty in e.rjn81"sbment of lhe indebtedness ,ecured bereby,
<br />all fitht. title and intere., or lhe Morti"llOr.n aoo 10 an)' insurance policies lhen In force ,hall!",ss to (be purchaser or grantee
<br />9. T1w. a.add"iona! lI.nd ,oIl.leral secumy for the p.yme'" of the note de",ribed.and all sum, 10 become due undellh"
<br />mott.lalC'~ the Mot-~ M-(cb-t' aUipi tL:; tM MurtPice .litH prohh, r~vcftue~, rn,a:iUC''l, nghls' and bcnC'fit~ acnums to Ihe
<br />~_ under olD)! and iU Of.i ahd pi It"a~'i- Ofl ~.ud pre-mJ\C". with the nght w re(tJ\'t tind receipt for lhe \ame and ;!ppl)
<br />.....to Wd- ttttkbledtkn,-., we.N bdOlt ali att~r d-rf.auh In the- ((lfuhuon", (If tn,,- tnortsa&c. ;iOO the MorfgajC(' ma)- dt'mand, '>uc
<br />fO' ... t"O~tf .n)' lu-c:h p-.a}'~nb wtt.ft; dUf .md p-",YOifbk. -bul ,hall not he: reqUired ~ti 10 Jv llw5 A "'_\tgnmcfH ,\- ht tctmuuHc
<br />1Mtd ~ IIoIll aA;:I.Ut<l_" 1.le..", 0.' tl... mmllWle
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<br />r-HrH"}.9}14JM H} 191
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