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<br />1'3~ 83-u()4912
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<br />(1) month prior to its due date the annual mortgage insurance premium in order 10 provide such holder
<br />with funds to pay such premium l<> the Secretary of Housing and Urban Development pursuant to Ihe
<br />National Housing ACI, as amended, and applicable Regulations Ihereunder; or
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<br />(II) If and so long as said note of even dale and this inslrument are held by the Secretary of Housing and
<br />Urban Development, a monthly charge (in lieu of a mortgage insurance premium) which shall 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 nOle computed without taking into account delinquencies or prepayments;
<br />(b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on
<br />policies of file and other hazard insurance covering the mortgaged property. plus taxes and assessments next due
<br />on the mortgaged property (all as estimared by rhe Mortgagee) less all Sums already paid therefor divided by the
<br />number of months to elapse before one monlh pilOT to the dale when such ground rents, premiums. taxes and
<br />assessments will become dehnquent, such sums to be held by Mortgagee in trust 10 pay .aid ground rents, pre,
<br />miums. taxes and special assessments; and
<br />(c) All payments mentioned in the two precedmg subsecllons of this paragraph and all payments to be made under
<br />the note secured hereby shall be added together, and the aggregate amount thereof shall be paid by the Mortgagor
<br />each month 10 a smgle paymeOl 10 be applied by the Morlgagee to the following items in the order set forth:
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<br />(I) premium charges under the contract of msurance wllh the Secretary of Housing and Urban Developmenl,
<br />or monthly charge (in lieu of mortgage insurance premium), as Ihe case may be;
<br />(II) ground rents, laxes, assessmenls, 'It" and other halard insurance premiums:
<br />(Ill) rnterest on the note secured hereby; and
<br />(IV) amorttutlon of the princIpal of satd note
<br />Any deficiency in the amounr of an} such aggregate monthly payment shall, unless made good by the Mort,
<br />gagor prior to the due date of the next such paymclll. ~ollstjtute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to excced jO"r cents (4~) for each dollar (S I) of each payment more
<br />Ihan fifteen (15) days III arrears to co~r the extra expense mvolved in handling delinquent payments,
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<br />3. That if U,e total of !he payments made oy !he \Iortgagor under (bj of paragraph ~ preceding shall exceed
<br />the amount of payments actually made by the \kJrtgagee for eround rents. taxes and assessments or insurance pre-
<br />miums, as the case may be, such excess, if [he loan IS curren[, a[ the option of the Mortgagor, shall be crediled b)
<br />the Mortgagee on subsequent payments to be made by the \lortRagor. or refunded to the I\Iortgagor. I f. however, the
<br />monthly paymen~ made br the Mortgagor undei (hj of parngrapa' 2 preceding shaH not be sufficient to pay ground
<br />rent. taxes lUld assessments or insurance premrums. as the ellSe may be, when the same shall become due lUld pay.
<br />able, then the Mortgagor shall pay to the \Iortga!!;ee any amuunt necessary to make up the deficiency, on or before
<br />the date when payment of such groond rents. taxe>. assessments or insurance premiums shall be due. If at any
<br />time the I\Iortg~r shall tender to tbe "orlgagee. In aeeordance with the provisions of the note secured hereby,
<br />full payment of the entire indebt.edoess repre,ented thereby, the \lortRagee shall. in computing the amount of such
<br />indebtedness, credll to [he acCOUnt of tbe Mortgagor all payments made under [he provisions of (oj of paragraph 2
<br />hereof which the Mortgagee has not become obli/lated [0 pay to the ~cretary of Housing and Urban DevelopmcOl
<br />and any balance remainin/l in the funds accumulated under Ihe provisions of (b) of paragraph 2 hereof. If there
<br />shall be a default under any of the pro\lsrons of this mortgage resulting in a public sale of !he premises covered
<br />hereby, or if the Mortgagee acquires the property. o!herwise after defMIt. !he Mortgagee shall apply, at the time of
<br />the co_enc_ent of such proceedings, or at the lime Ihe properly is otherwise acquired. the ballUlce then remain-
<br />ing in the funds accumulated under (f,) of paragraph 2 preceding, 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 paragrapb 2,
<br />4. That the Mortgagor will pay' ground rent~. ta.\(), <t!!a)CSi01enh. watee rate~, and other governmental or municipal
<br />clwae', ti~s. or impo.il",n.. for whlCb prov"JOn ho. nol been made herelObefore. and in default thereof tbe Mort&aiee may
<br />pay lhe same; and tbal the Mortgagor will promplly delrver Ihe official receipls therefor 10 Ihe Mortgagee,
<br />5, The Mortgagor will pay all taxe; whICh may be levied upon Ihe Mortgagee's intere'l in said real eslale and improve,
<br />ments, and which may be levied upon this mongage or the debt secured hereby tbut only to the extenlthat such i. not prohibit,
<br />ed by law and only to the ..telll that such WIll nor make Ih" loan usurious). but ..eluding any income lax, State or Federal.
<br />imposed on Mongagee, and will file Ihe official recerpl showmg sucb payment with the Mongagee. Upon violation of this under.
<br />talUng, or it the Mortgaaor is prohibited by any la... now or hereafter exisling from paying the whole or any portion of the afore-
<br />saw taxes. or upon the rendering of any ,ourt Je",ee prohihlllng the payment by Ihe Mortgagor or .ny such taxe.. or if such law
<br />or decree provides thaI any amount so paId by tbe Mortgagor ,ball be credited on Ihe mongaee debt. Ihe Mongagee shall have
<br />tbe rjaht to give ninety day's written flolIce 10 [he owner of Ihe mortgaged premises. requiring the payment of lhe mortgage
<br />debt. If such notice be given, lbe said debl shall be.'ome due. payable and colleclible atlhe expiration of said ninety days,
<br />6. That shook! he fail to pay any sum or keep any covenant provided for in Ihis Mortgage, lhen Ihe Morlgagee, at it. op.
<br />tion, may pay or p.erform lhe same, and all..pendilures so made shall be added to the princip.1 sum owing on the above note.
<br />shall he secured hereby. and .haIlbear interesl at Ihe rate sel forth m Ihe said nOle. unlil paid,
<br />1. That he hereby as.igns. tran.fers and sets o'er to the Mortgagee. to be applied loward the payment of Ihe note and all
<br />sums secured bereby in case of a default in the performance of any of lhe terms and condilion. of this Morlgage or Ihe said
<br />note. alltbe reors, revenues and income 10 be Jeri,ed from Ihe morlgaged premise> during such lime as Ihe mongage indebled-
<br />ness shall remain unpaid; and tbe Mortgagee shall have power to appoint auy agenl or agents it may desire for the purpo.e of
<br />repairU~.said premises and of renting the: same and collecting the rents, l-:venuc~ and income. and it may payout of said in-
<br />comes all exp.ense. of repairing ..id premises and necessary commISSion. and expenses incurred in renting and managing the
<br />same and of C<llJecting renlllls therefrom; lbe balance remaIning, if any, to be applied loward tbe discharge of said mongage
<br />indebtedness,
<br />8. That he will keep the improvement> now .'''tlOg or hereafter ereeled on Ihe mortgaged propeny, insured as may be
<br />mjuited from time to time by the Morlgagee .gainst loss by fire and olher hazards. ca.ualti"s and conlingencies in such
<br />IIDOUlII$.nd for such p.eriods as may be required by the Mortgagee and will pay promptly, when due, any premiums on such
<br />inslIran<< provision for p.yment of which has nOI been made hereinbefore, All insurance shall be carried in companies ap.
<br />proved by the Mortpgee and the policies aod renewals thereof shall be held by tbe Mortgagee and have anached Iherelo loss
<br />payable clauscs in fivor 01 and in form acceptable to the Mortgagee, In event of loss Mortgaeor will give immediate notice by
<br />mall 10 the M~. wbe> ffillY roUe prouf of loss if nol made promptly by Morlgagor, and each insurance company con.
<br />cerned it hereby authorized and directed to make piymelll for such loss directly hi the Mortgagee instead of to the Mongagm
<br />and the M~ i<>>lllly. and lhe insurance proceeds. or any part thereof. may be applied by the Mortgagee al its option eilher
<br />tb the redu<:tion of the indebkdness hereby secured or to the reSloralion or repair of the property damaged, In evenl of foreelo-
<br />sweof lllIilllOl'lpf< or other transfer of title to the mortgaged property in ..tingurshment of lhe indebtedness secured hereby,
<br />all rialU, title and Inferell of the MOI'tgagor in and \0 any msurnnce policies lhen in force shall pass to Ihe purchaser or grafllee
<br />9. TIoat a. additiooJioJ alld c<>lhueral SeCUllI} for lbe payment of the note de>cribed, and all sums to beeome due under rh"
<br />IIlotlple, the Mon,.,Of hereb} ."ien. 10 rhe Mortgagee all prufits, revenue,. ro;'a!t''', righi' and benefits ."cruing 10 the
<br />M~ uDdtf an)-- and aU viI and &as. lease\ nn $iUrl p-rtfl1l'oes, \I.'un the right to rectivt' and re.ceipt tur the same and appl)
<br />thc'tn to ~d. ,indfbkdlK'Sl A.\~" befo,r(" a~ a.t~~t ddafih ton the- i't1nduion'\ of this- m-of'l.p.@~. and the MOI1PMC'-e ma}' oC'tnanJ. \ut'
<br />for att4 t'(t)\"'e-t art> \\fe,h p,r;ymcnH- ~htnd:~e ;JOU rHryab:e. hut shali J'hJt ~ reqUIred '.i.i) In d,,1 This ;H\ignmenl I.. 10 terminate'"
<br />...., becoIII. ftIoIl "nd vr>td "1>011 '.lease of Ih" ",,,rtll.ae
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<br />rHJP92'l4JM i9 19i
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