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<br />fJ,:;:-JS!;~ 83-005080
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<br />(1) month prior to its due date the annual mortgage insurance premium in order to provide such holder
<br />wilh funds 10 pay such premium to the Secretary of Housing and Urban Development pursuant 10 Ihe
<br />National Housing Act, as amended. and applicable Regulations Ihereunder; or
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<br />(II) If and so long as said note of even date and this instrument 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 (J /2) per centum of the average outstanding balance
<br />due on the note 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 fl,e and other hazard insurance covering the mortgaged property, plus taxes and assessmenls next due
<br />on the mortgaged property (all as estimated by the Mortgagee) less all sums already paid therefor divided by the
<br />number of months to elapse before one month prior to the date when such ground rents. premiums; taxeS and
<br />assessments will l>ecome delinquent. such sums to be held by Mortgagee in trust to pay .aid ground rents. pre-
<br />miums. taxes and special assessments; and
<br />(c) All payments mentioned in the two preceding subsechons of this paragraph and all payments to I>e made under
<br />the note secured hereby shall be added together. and the aggregate amount thereof shall be paid by the Mortgagor
<br />each montb in a single payment to be applied by the Mortgagee to the following items in the order sel forth:
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<br />(I) plemium charges under the conlract of insurance wHh the Secretary of Housing and Urban Development,
<br />or monthly charge Ii" lieu of mortgage insurancr premium I. as lhe case may be;
<br />(II) ground rents., taxes, assessments, fire and other hazard insurance premiums;
<br />(Ill) Interest on the note secured hereby. and
<br />(IV) amortizauon of the prinCIpal of saId note
<br />Any defICiency in the amount of any such aggregate monthly payment shall, unless made good by the Mort,
<br />gagor prior to the due date of lhe neXI such payment. C'"lStltute an event of default under this mortgage. The
<br />Mortgagee may collect a "Iale charge" not 10 exceed 10llr cents (4~) for each dollar ($1) of each payment more
<br />!han fifteen (15) days In arrears to cover the extra expense involved in handling delinquent payments.
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<br />3. That if tlte lotal of the payment;; mad(' by the Mortgagor under (b) of paragraph 2 precl'ding shall exceed
<br />the amount of paymenL' actually mad<.> by !he ''''rt~a~ee for eround rents. taxes and assessments or insurance pre-
<br />miums. as the case may be, such excess. if Ihe loan IS <'Urrent. a' the o!"ion of Ihe Mortgagor, shall be crediled b)
<br />th... ~"'l1<<agl'''' on subsequent paymt'nts 1<1 b.. mad.. by the Mortga~or, or refunded 10 the Mortgagor_ If, however, the
<br />monthly payments made D)' Ih" Morlgagor under {;,} of paragraph 2 preceding shall not be suffici"nt ro pay groond
<br />rent, taxes and asseSSlltenls or insur....ce premium" as the (.""... may be, whl'n the same shall become due and pay.
<br />able, then !he Mortgagor shall pay to Ihe ''''rlgagee any amount nece;;sary 10 make up the deficiency, on or before
<br />thl' dale when paymenl of ;;uch ground rents. lax..,. as;;e;;smenls or insurance premiums shall be due. If at any
<br />lime the Mortga8"r shall tender to the ''''ngagee. in a<'Conlanc.. with the provisions of thl' nole secured hereby,
<br />filII payment of the enti", indebtednes, representl.d thert.by'. Ih.. ''''rtgagee shall. in compllting thearnounl of such
<br />indeb<~ss. credit to the aceou", of lhe Monpgor all paymeOls mad" under the provisions of (a) of paragraph 2
<br />hereof which the Mortgagee has not become obliga'ed 10 pay 10 th.. :,ccretary of Housing and Urban Developmen(
<br />and any balance remaining in th.. funds aCl'umulated under the provisions of (b) of paragraph 2 hl'reof. If there
<br />shall be a default under any of the pro" ",ons of!hb morlga~.. resulting in a public sall' of the premises covered
<br />hereby, or if the Mongagee acquires the property other..i;;l' after default. thl' ''''rtgagee shall apply. at lhe time of
<br />the _enc_ent of such proceedings, or at the time th. property is other..i;;e acquired. the balance then remain-
<br />ing in the funds accumulated under (b) of paragraph 2 p,,'ceding, as a credit llgainst the amount of principal then
<br />remaining unpa.id under said nOle, and shall properly, adjusl any payments which shall have been made under (a)
<br />of paragraph 2.
<br />44 That th~ Morl&a,or wiJI pay ground tenh. ta~e\. a~s.e)!:>ments. ""-aler rates. and other governmentaJ or municipal
<br />charleS. fines, Of Imposilions. fur whi<h pro.,,,on ha, nol been If\lJde heretnl>efore. and in dcfaultll>ereof the Mortgaace may
<br />pay the ""me; and lhatlhe Mortpjor will prompll) dehver lhe offiCIal receipts therefor 10 the Mortgaaee.
<br />5. The MOrlsallOf will pay alllaxe, ..h,ch m.) be leVied upon the Mortgagee's intereSl in said real eslale and improve'
<br />ments. and wbich may he levted upon Ihl> mortil'lge or lhe debt ,e.:ured hereby (bUI only to Ihe ..tenl thaI such is not prohibit-
<br />ed by law and only 10 the e.tentlhal su<h will not make IhlS loan usuriou.), but e.cludins any income lax. Slale or Federal,
<br />imposed on Mort&aJCC, and will lile II>e official re<.ipl ,hO"108 ,uch paymenl wilh the Mortgagee. Upon violalion of Ihis under,
<br />1100"1. or if the Mortgaaor is prohibiled by an) la.. n"w or hel.aller e.istins from payinsthe whole or any portion of Ihe afore-
<br />said laxeS. or upon the rendering of any <ourt de.:ree prohiblllOg the paymenl by lhe Mortgagor or any such la.es. or if such law
<br />or de(:roe provide. Ihal any amounl so paid by Ih. Mongag,u ,halll>e crediled on the mortgage debt. lhe Mortgagee shall have
<br />1M riJht 10 give ntnely day, wrinen nolICe to lhe o..'ncr of Ihe mortpged premISes, requirinll the payment of the mortsase
<br />debt. If such notice be given.lhe said debl shall b<.:ome due. pay.ble .nd colleclible allhe expiration of said ninely days.
<br />6. That should he fail 10 pay any sum or keep any Coven anI provided for in Ihi. MorIPSC. lhen Ihe MortgaSCe. al ils op.
<br />tion. may pay or perform the same, and all..pendilures so made shalll>e added 10 the principal sum owins on Ibe above nole.
<br />sbaU be secured hereby', and shalll>ear inlerest allhe rale sel fonh in the said note. unlil paid.
<br />7. That he hereby auips. transfers and selS ovel 10 Ihe Mortgagee. 10 I>e applied toward II>e payment of Ihe nOle and all
<br />_. secORd hereby in case of a defaull in lhe performance of any of the lerms and conditions of Ihis MortPlle or tl>e said
<br />note. all the renb. revenue. and income 10 he deriv.:d from the mortgaaed premises durinll such time as the morlgaae indebted-
<br />ness sbaU relRllin unpaid; and the MOltlIill.e shall have power 10 appoinl any agent or agents il may desire for Ihe purpose of
<br />repairifta said promis.e. and 01 renting the same .nd <olle<l1ng lhe renlS, revenues and income. and it may payout of said in-
<br />~. all expenses 01 repairi", said premise, and necessary commission. and ..pens.es incurred in renlinll and managinlllhe
<br />same and 01 colleclin& rentals therefrom: lhe balance remainin&. if any, to be applied loward lhe discharlle of .aid mortgaae
<br />~s.
<br />8. That he will keep lhe improvemenl. now e>!S1ing Of hereailer ere<1ed on lhe mortgaaed property. insured as may I>e
<br />rcqWre6 from time to time by lhe MortPICe agaInsl loss by lire and other hazards, casualties and contingencies in such
<br />_and lor sucll periods as may he ""luired by lhe Mortgaaee and will pay promplly, when due, any premiums on such
<br />~ provision for payment 01 which has not been made hereinbefore. All insurance shall be carrted in companies ap'
<br />pwved by t!le MorIJII!<>C and the policies and reoo",al. lhereof .hall I>e l>eld by lhe Mortpgee and have anached lherelo loss
<br />paYllble ca_ in favor of and in formacuplable to lhe Mortsallee, In event of loss MortpaUl' will give immediate nolice by
<br />NillOtlIC~, who my make proof of loss if not matle promptly by MonPllor, and each insurance company con,
<br />t:el'lMd it hcreby.~ and directed 10 make payment for such Iou directly 10 lhe MorlpJCe inslead of to II>e Monaa&or
<br />lIAIl the Motlppc jointly. and the iMUrance proe<<d.. or allY parllhereof. may be applied by the Monaasee at it. option either
<br />10 tilt re4~ gf thei~ hereby $Ccured Of 10 the re.loration or repair of the properlY damaaed. In evenl of forecl<>.
<br />1IItI!. gf.. -.... Qf other tflUls(er of title to ,he tnorIPlI.:d property in ellingui,hmenl of the indebledness secured hereby.
<br />all"'. tffIe and inltIt..u of lhe ~ in and 10 any insurance pulide, then in force .hall Pluto the purchaser (lr cranlee.
<br />9. 1'hitt a. ~ and collatual ~co.arily for the l"Oymenl ollhe not. descobed,aml all sums 10 berome due Untlel Ihis
<br />iIIOf""", lbe MOrtiIIOT hereby ....s '" lhe Mor\j;aJC1: aU profit.. rev_.. royalues. riehl. and l>enclib accruing to lhe
<br />~ .....ruy and..u gjj Andp.ll.....s on wd "reml><:'. wHh lhe fI,hllo r<<LlVe and recelpl ror the ...me ami apply
<br />... 10 Aid ~u " ....II befort u .ftu def....ll in the c<>OdlllorU of tit.. mo;t,..., and the MortP/l<< may demand. 'u.
<br />r4t,1IIlOI ruovct JIll)' _b plI,mfl'U ..ben 11... and plyal>k:. but .hall fI"'l he reqUired '010 do Th" '''ianment "10 'ermlMle
<br />..... --. ...... void_ re,".. 011"'. ...on....
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<br />HVt).fiJI.I)U {i)<1'9.
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