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<br />0) month prior to its due date lhe annual mortgage insurance premium in order 10 provide such holder
<br />wIth funds to pay such premillm l<> the ~cretary of Housing and Urban Development pursuant to the
<br />Nauon.1 Housing ACI. as amended. and applicable Regulalions thereunder: or
<br />
<br />(b)
<br />
<br />(II) If and sn long as said note of even dale and thIS mstrument are held by the Secretary of Housing and
<br />Urban Developm.nt, a monthly charge Un lieu of a mortgage insurance premium) which shall be in an
<br />amount equal 10 one.twelflh (1)12) of one.half (1/2) per centum of the average outstanding balance
<br />due on the note compuled wilbout taking into account delinquencies or prepayments;
<br />A sum equal 10 the 8"ound renlS, if any, neXI du., plus Ih. premiums Ihal will next become due and payable on
<br />policies of fir. and other hazard insurance covering tbe mortgaged property. plus taxes and assessmentsne.t due
<br />on the mortgap,ed propeny (1111 ttJ esrimtltM by the Morrgl1gee) iess all sums already paid therefor divided by the
<br />numbe1 of months to elapse before one monlh prior to the dat. when such ground rents; premiums. laxeS and
<br />a.....ments will become delinquent. such sums to be held by Mortgagee in trust 10 pay ,aid ground renls, pre.
<br />miums. taxes and special assessmenls; and
<br />All paymenls menlioned in tbe two preceding sllbsecltons of Ibis paragraph and all payments 10 be made under
<br />the note secured hereby shall be added logether. and tbe aggregale amounllbereof shall be paid by the Mortgagor
<br />eacb monlb in a single payment 10 be applied by the Morlgagee to tbe following ilems in tbe order set forth:
<br />
<br />(c)
<br />
<br />r-..
<br />'"
<br />o
<br />1..0
<br />,~
<br />F
<br />(Y')
<br />00
<br />
<br />(I) premium charges under tbe conllact of insurance wilb the Secrelary of Housing and Urban Development.
<br />or monthly cbarge (in lieu of mortgage insurtlnce premium), as the case may be;
<br />(II) ground rents. taxes. assessments. fire and other halard msurance premiums;
<br />(III) inl.r.st on Ihe nol' secur.d b.reby: and
<br />(IV) amonizallon of the pnncipal of s,"d nole.
<br />Any d.ficiency in the amount of any such agregale monthly paymenl shall. unleu made good by Ihe Morl'
<br />gagor prior 10 the due dat. of tbe neXl such paymen'. constitute an e.ent of default under this mortgag.. The
<br />Mortgagee may collecl a "lat. charge" nol to exc.eo 10'" cenlS (4..) for each dollar (5 I) of each payment more
<br />tban fifteen {IS) days in arrears to cover Ibe extra expense Involved in bandling d.llnquent paymenls.
<br />
<br />3. That if the total of !he payments made by the \lortgagor under ib.l 01 paeagraph 2 preceding shall exceed
<br />!he amount of p.ymmts actu.lly made by th.. MOr\jlIl!l.... for eround renls. tax..s and assessments or insurance pre-
<br />..io....., lIS the cut> m.y be, such excess, il Ih. loan is currenl. at tbe oplion 01 the Mortgagor, shall becredil..d b)
<br />!he Mortgagee on subsequ",,1 p.yment~ to be made by the \lortgagor. or refunded to the Mortgagor. If, however. the
<br />......thly p.y_nt!! made by Ihe Mortgagor under {I,} 01 paragraph ~ p~ceding shall nOI be suflicient 10 paygrOllnd
<br />rent, taxes and assessment. or insurance pre..iums. a$ the ellS" may be. wben lhe same shall become due and pay-
<br />able. th.... the MortgIlgOt shall pay to th.. Mortgagee an) amounl n..ce55al)' to mak.. up the deficiency, on or belo....
<br />the d.1e when p.y......! of such Ilround rents. lax..s, a.ssessm..nts or insuranc.. p....miums shall be due. If al anv
<br />tim.. the MortgllgOt shall lender to th..'lortlla~... in accordanc.. with lb.. provisions of th.. not.. s~'Cured hereby,
<br />full pay....nl of the entire indebtedness 'epresenled thereby. the \\ortgagee shall. in compuling the amount of such
<br />indeblednrss, credillo rhe accounl o/tbe Mortgaaor all payments made under Ihe provisions 0/ (a! 0/ paragraph 2
<br />h_1 which the Mortgag..e has nol beeo.... oblillated to pa~' to tbe "<!l'tetary 01 f10using and llrban Developmenl
<br />...d ""y balan.:e n!II!.ining in the lunds accumulated under the provi"ions of (bioI para!(r&ph 2 hereof. If there
<br />shall be a default under any of the provisions 01 this mortgag.. resulling in a public sale of the premises covered
<br />hereby, or if !he Mortgagee acquires the properly oth..rwise ./t..r defaull. th.. Mortgagee shall apply. al the lim.. of
<br />th.. c_menc_ent of ....ch proceedinll", or al th.. time Ih.. prop..rty i. olh..rwis.. acquired. the balance then remain.
<br />ing in the funas ac~lated under (6) of paragraph 2 pr..ceding. as a cr..dilll!lainsltbe amount of principal then
<br />.-aininll unpaid IlIlder said nole. and ,ball prop...r1, adju'l .n~ paym..nt, wbich shall hav.. b....n mad<' under (al
<br />01 p&raIlraph 2.
<br />4. That the Mort.p.IOr win pay ground r~"U:. (axe~. assc~sments. \,\'31rr rales. and other ~ov-ernmental or municipal
<br />charaes. fines. or impositions. for ....hich plo.i"oo hai not been m.de h.retnbefor.. and 10 defaull tbereol lh. Mortgagee may
<br />pay tbe same; and thai the Mort,...... will p,omptly deli.er the official receipts th.re/or to the Mortpa.e.
<br />5, The MOItjpIIOf will pay all t.... whJCh m.y be levl.d llpon the Mort~agee's .nt.r.st 10 saId r.al eSlale and improve,
<br />menls. and wbicb may be levied upon Ihis mortgage or lhe debt ,.cured hereby ibut only to the .xt.ntlhal such is not probibil.
<br />ed by law and only 10 lhe ..I.nt that such will not make tbis loan usunousl. bul ..cluding any IOcome ta<. Slate or Feder.1.
<br />lmpoted on Mor\gaIce, and will Illelhe olliclal rec.iplshollo'lna ><Jch paymenl wllh Ih. Mortgagee. Upon viola lion 01 this und.r.
<br />tallina. or if lhe MortaaIor is prohibned by any la.. now orb.r.after ..isling from paying tbe whole or any portion of tb. .fore,
<br />said laus. or upon the r.ndelina of any court decr.. probibiliO/lthe paym.nt by the Mortgaaor or .ny such tues, or i/ such law
<br />or dKrec provides that any amoUn! so paid by the Mortpaor shall be cr.dit.d on the mortgage d.bt. lh. Mortgag.e shall bave
<br />the richt to give ninety days' wrillen notice to lhe owner olrhe mortllO/l.d premises. r.quirina the paymenl 01 rbe morlgag.
<br />debl. II such notice be given, the said debt shall become due. pay.bl. and colleclibl. allhe ..piration of said nin'lY days.
<br />6. 1llat.houId he laillo pay any sum or ke.p anycov..nant prl>vlded lor in Ihi. Mortpge. lhen Ibe Mortgag.e. at its op'
<br />tion, may pay or petform the same. and all expendilures iO made shall be add.d 10 the princip..! sum owing on lb. abov. note.
<br />1lhall be secured hereby. and sball bear mt.rest at the ral. sel/orth in lhe said nol.. until paid.
<br />i. 1llat he hereby assiJIIS. nnsfe.. and sets over 10 the Morl,.,.e, to be .pp1ied loward lb. paym.nt of lhe nole and all
<br />....... secured hereby in case of . def.ult in the performance of any of the I.rms and condilions of this Mortpg. or Ihe said
<br />note. aD lhe ...nl$. rev_ and incotne to be derived Irom the mort,.,.d premise. during such time as Ih. mort gag. indebted.
<br />MS$ shall remain unpaid; and the Morl,.,.e shall hay. po....r to appoinl any aa.nt or agents il may desire lor the purpose of
<br />re,.mlll said premi_ and of rentina the sam. and collectiO/l the r.nts, revenues and incom.. and II may pay oul of said in,
<br />_. aD e~ of repairinl said premises and nece..ary commis.ions and .xpenses incurred in r.nting and man..ing Ihe
<br />same and of colIectilll rentala therefrom; lhe balance remainlni. if any. 10 be applied loward the discbarge of said mortgage
<br />indebted_sa.
<br />I. 1llat be ...ilI keep lhe improvem.nls now exisliO/l or hereaft.r erected on lhe mort_.d property. IOsured as ma~ be
<br />required from time 10 time by the Man...... againsl loss by fir. and other hazards. casualties and conlmgencies in such
<br />_ and for such periods as II\llY be required by the Mortga&ee and will pay promplly. wh.n due. any premiums on such
<br />-.- provision for paymenl of which has not been mad. hereinbefor.. All insurance shall he carried in companies ap.
<br />pro~ by lhe ~ and tbe policies and rene...als ther.of shall be b.ld by the Mortaage< and have attached lberelo loss
<br />pay'" da.....~ ill f.vor of and in form acceptable to lhe Mortga&ee. In ev.nt of loss MOfIIalIor will aiv. immedial' nOlic. by
<br />mall 10 tile ~, ",110 may make proof of loss if not mad. promptly by MOrlPllOf. and eacb insurance company con.
<br />ccmedu. hereby atllboriaed and directed 10 IIIllke payment for such loss directly to lhe Mort...... instead 01 1<lthe Morl,aa'"
<br />aA4 tile ~ joiotly,and lhe iMuranuproued.. Of any part tbe1eof. may be applied by the Mortg..ee at ih option .ither
<br />\0 tile reductiol> of the illdchled_ hereby secured or to the IUloralion or ",pail of lhe properly damaa.d. In ev.nl 01 loreelo.
<br />_ of tllit ~ or other traMi.. <If ritle 10 lhe lIWt'lpted propeny in ..tinpish_nt of the ind.btedne" ..cured hereby.
<br />all ritht. tidt aM lnultesl of the Mott....... m and 10 any iMunn('C pobcies then.n fore. sball pass to the purcbas.r or gram..
<br />9. 1llat III ad4kioaal and ,~ral w:urily lor the paymenl 0/ the note described. and all sums 10 become due under Ihis
<br />.tIJIIIII!llII. the ~ hereby auians lolbe MotIJIiee all prolils. revenue.. royalties, riahts and hen.lits accruin, to lhe
<br />~ uftlkt aay and all oil and f&$ lftKs on wd pre.mlan. with lhe right to rKtiH .nd rec.'PI lor the same .nd apply
<br />IIlcII$IO SIIi4 irldcl>Ied_ III wcO bdor... aft.,r defaull in lhe COnd.lrior.. of lhis mortgajlC. and. lbe Mort",..e may demand. ,ue
<br />for and r_vl!f arty Mich pAYlMftU "'heR due and pAyable. blrt.shallll<ll he r."ulr.d s<' to do Th.. a"'jlf\m.ol " '0 te.m.nal<
<br />___1IlIlI and void lO1I011 ",1<.$0 of litis ll'llrl_
<br />
<br />l
<br />
<br />H\J()..lJ.214JM {Q.191
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