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<br />83-005080
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<br />(1) month prior to its due date the annuaJ mortgage insurance premium in order to provide such holder
<br />wllh funds 10 pay such premium to Ihe Secretary of Housing and Urban Development pursuant 10 the
<br />Nalional Housing Act. as amended. and applicable Regulations Ihereunder; 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 />Urban Developmenl. a monthly charge I in lieu of a mortgage insurance premium) which shall be in an
<br />amount equal to one.lwelflh (1/12) of one.half (1/2) per centum of Ihe average outstanding balance
<br />due on the note compuled wilhoul laking 1010 accounl delinquencies or prepayments;
<br />(b) A sum equal 10 the ground rents, if any. next dUe, plus the premiums thai will next become due and payable on
<br />policies of fire and other haurd insurance covering the morlgaged property, plus laxes and assessmenlS next due
<br />on the mortgaged property (all as estimated by the Mortgagee) less all sums already paid Iherefor divided by the
<br />number of months 10 elapse before one month pllor to the dale when such ground rents, premiums. taxeS and
<br />assessments will become dehnquent, such sums to be held by Mortgagee in Irust to pay .aid ground rents. pre.
<br />mlums, taxes and special assessments; and
<br />(c) All payments mentioned in the two precedlO8 subsections of this paragraph and all payments to be made under
<br />the nole secured hereby shall be added togerher, and the aggregale amount Ihereof shall be paid by the Mortgagor
<br />each month in a single paymem 10 be applied by the Mortgagee to Ihe following items in the order set forth:
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<br />(I) premium charges under the contract of insurance with the Secrelary of Housing and Urban Developmenl,
<br />or monlhly charge IIn lieu of mortgage Insurance premium). as Ihe case may be;
<br />(II) ground rents, taxes. assessments. fife and other hazard insurance premiums;
<br />(III) intereSI on the note secured hereby. and
<br />(IV) amorlizallon of the prinCipal of said note.
<br />Any deficiency in the amount uf any such agg'egate monlhly paymenl shall, unless made good by Ihe Morl.
<br />gagOl prior 10 the due date of the next such paymenl, conSlltute an evenl of default under Ihis mortgage. The
<br />Mortgagee may collect a "Iale cha'ge" not to exceed I,,", cents (4,) fo, each dollar ($1) of each payment more
<br />than fifteen (15) days in aneaIS to cover Ihe extra expense IOvolved in handling delinquent paymenls.
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<br />3. That if the !Dtal of the payments made by the \lortgJ1j?or under (b) of parJ1j?raph ~ preceding shall exceed
<br />the amount of payments actually made by the \10rlllallee for f!round renls, laxes lU1d assessments or insuranc,: pre.
<br />miums. as the case may be. such excess, if lhe loan IS current. at the option of the Morlgagor, shall be credlled bj
<br />th. Mortgage" on subsequent paym..nts to be made by lh,' Morlllaw>r. or relunded to the Mortgagor. If, however, the
<br />lIIODthly payments made bj' Ihe Mortgagor under II,} 01 paragraph 2 preceding shall not be sufficienl to pay ground
<br />rent.. taxes and assessmenL<.; or insurance premium~. a.::: the {~~':it"lo may be. when the same shall become due and pay.
<br />able, then Ihe Mortgagor shall pa)' to the Mortgage.. any amount necessary to make up the deficiency. on or before
<br />the dale when paymenl of such ground <<!Dts, taxeb, aSbessments or insurance premiums shall be due. If at any
<br />time the Monga!!or shall tender to the \lortgagee, In a('CordlU1ce with the provisions of the note secured hereby,
<br />full payment of Ih. entire indebledne.b ,epre"..nted thereby., th,' \Iorlgagee shall, in compullng the amount 01 such
<br />indebtedness, credllto the account 01 the Mortgagor all payments made under the provisions of (a) 01 paragraph 2
<br />hereof ...-bleh the Mortgag.... has not becom.. obligat..~ to pay to the :"ecretary of !lousing IInd Urblln Development
<br />and any balance remaining in th. lunds accumulated under the provisions nl Ib) 01 paragraph 2 hereof. If there
<br />shall be a default under any' of th. pro,ision" 01 this mortgage ,esultin!! in a public sale 01 the premises covered
<br />h_by. or if the Mortgagee acquires the properly oth,,,,,",se after defaull. the Mortgagee shall apply. at the lime of
<br />the co.......e...ent of such proceedings. or at the !lm,' Ihe properly is otherwise acquired. the balance then remain.
<br />ing in the funds accumulated under (b) of paragraph Z precedin!!. as a credit J1j?ainst the amounl of principal then
<br />remaining unpaid under said note. and shall properly adjust any payments which shall ha,'e been made under (a)
<br />of paragraph 2.
<br />4, That the MortgaJor wiJi pay ground rent~. ta:\(~. a~)es!l,menh. water rates, and other governmental or municipal
<br />charlCS. tines. or imposition., for ",.htch p,uv"wn ha. "ut been made herembelore. and in default Ihereof the Mortgagee may
<br />pay lhe same; and lhat lhe MortPBOf will promptly deltver the ul!iciai receipts Iherefor to Ihe Mortgagee.
<br />5. 'The Mortgagor will pay all laxe. ",hICh may be leVied upon the Mortgagee's inleresl in said real estate and improve-
<br />menls. and whIch may be leVied upon this mortgage or the debt "cured hereby (bul only to the exlent that such is not prohibit,
<br />ed by law and only 10 the ntenl that .uch will nut make tltlS loan u,uriou.). bUI e.cluding any income ta., Stale or Federal,
<br />impo.ed on Monpaee. and will file lhe offic,al receIpt show 109 ,ueh payment with the Mortgagee. Upon violalion of this under,
<br />taking. Of if the Mortgagor is prohibtled by any la.. now or hereafter ..isting from paying tbe whole or any' portion of the afore-
<br />said taxes. or upon the rendering of any court decree pruhlbitlng the paymenl by the Mortgagor or any such taxes, or if such law
<br />or decree provide. lhal any amounl so paId by the Mortgago, ,hall be crediled on the mortgage debt. the Mortgagee shall have
<br />the riabllo give ninety days' wriuen nOllce ltl Ihe owner ul the mortgaged premi,es, requiring the paymenl of the mortgage
<br />debt. If >UCh notice be liven, the said debl ,hall become due. payable and colleclible a. the e.piration of said ninelY days.
<br />6. That should he lajj to pay any sum or keep any covenant provided for in this Mortgage. lhen Ihe Mortgagee, at its op.
<br />tioll. may pay or perform the same. and all expenditures so made shall be added 10 Ihe principal sum owing on the above nole.
<br />sball be liCCured hereby, and shall bear inlerest allhe rate set forth In .he said nole, unlil paid.
<br />7. That be hereby ">ips, transfers and sets over", lhe Mortgagee. to be applied toward the paymenl of the note and all
<br />_. liCCured hereby in CO$< of a defaull in the perfurmance of any of the terms and condilions of Ihis Mort.... or Ihe said
<br />nole. all the rents, revenues and income to be dell'ed from the mortgaged premises during sucb time as the mortgalle indebled,
<br />lie.. shall remain unpaid; and lhe Mooaagee shall have power to appoinl any aaenl or allents il may desire for Ihe purpose of
<br />~ said preillises and of renting lhe same ami collecting the renl>, revenues and income, and it may pay OUI of said in.
<br />"""'" .n eJt~ I'f repairing said premtses and ne<:essary commisSIons and expenses incurred in renling and manaaing lhe
<br />_ IDd of collecting rentals lherefrom; lbe balance remaininll. if any. to be applied loward lhe discharge 01 Sllid mortllage
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<br />a. ThaI he will keep lhe improvements now . ,isllng or hereafter erected on the mortgaged property, insured as may be
<br />~ from time to lime by the Mongagee agalDst loss by fire and olher hazards. casualties and contingencies in such
<br />_1Dd for 5nch periods as may be required by tbe Mortgagee and will pay promplly, when due, any premiums on such
<br />~ prov;.jon for payment of which has not been made hereinbefor.. All insurance shall be carried in companies ap.
<br />proved by the ~ and the policies and renewals thereof shall be held by the Morlaagee and have auached thereto loss
<br />payable c__ ill lav.. of and io form acceptable to the Morllla&ce. In evenl of loss MorlpjOl' will live immediate notice by
<br />_ 10 the Monppc, who ....y make ptoof of loss if not made promptly by Mortllaaor. and each insurance company con.
<br />__ ;. _<by 8llthori.zed all<l dircl:led to make paY_OI for such loss directly 10 lhe MortaallCe instead of 10 the Mortaagor
<br />IDd the ......... jQipt!y. all<I tM insuraD<:C proceeds, or any part thereof. may be applied by the Mortaagee al its option eilher
<br />\(J the r8lluc1illll of lhe iadebtc4ne.u hereby ",cure\! Of 10 the reSloration or repair of lhe property dam.,ed. In event of foreelo.
<br />_ 01.. -..... Of other transfer of title 10 the mortaaged property in extinauishmcnl of the indcblednc:ss secured hereby,
<br />all riIld, title all<l irttcrUI of thol Mor\llltOf in and 10 any insurance polic",' then in force ,haD pass to lhe purcha,er or grantee.
<br />t, T1laI h a4dilinrlal and collatoral_urilY for lhe paymeol of the note described. and all sums to become due under thl<
<br />_'PI<. the M~ hereby..... 10 rhe Mort.aa&<< all pronlS. revenues. royaltie.. righU and benents accruing '0 the
<br />~ under aflY and -.II oil llA<l... I..... "" !HOld prenH$<', wltlt the light to re<<we and recelpl for the same and apply
<br />!lIe.mt.o _ ~IIC"" well MIOfe as afle, delaullln the ,condlIK"" of lhi. mortltllle, and lhe Morl....e may demand. ,ue
<br />'''' ... _er aflY _h parN"'. when due and I"ly.bk. but .hall n<>l he r<"",ired 'ow d,'. '111i, ....s"ment " 10 I.rmm",'
<br />.... __ f11;118fIlI .... u_ rrinse <>i 1m' mort_.
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<br />Hu[).911 431.< !9.191
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