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<br />83-005240
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<br />(1) month poor to its due date the annual mortgage insurance' premium in order to provide such holder
<br />with funds to pay,uell premium tathe Secretary of Hausing and Urban Development pursuant to the'
<br />National HousingAcr, as amended, and applicable Reguliltions thereunder: or
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<br />(D)
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<br />(II) If and '0 long' a..aid note of even date. alld'this mstrument .are held by th~ Secretary of Housing and
<br />Urban Pevelopment, a monthly c11arge (in lieu 'ofa morrgvIge if/sufaf/ce p~miuml which shall 'be 'in an
<br />amount equal to one,twelfth (I/! 2) of one,half 0{2) per centum of the average outstanding' balance
<br />due on the note computed without takiIlg into account JeHnquencies or prepayments;
<br />A 'su.~_ ~9ual to the gr(Ju~d r_en~~.~ if a~y" ~~Xl due, plus the prefn~Um$ th~l will ~e~~__?ecQme ,due .~nd ~aY~ble: on
<br />P?licle.of fire and other haza,d insurance covering lhc mortgaged ptoperty, plliStaxes.nd assessments.neJct.due
<br />on the mortgaged propeny (all as estimated by the Mortgagee) less all sums already paid thereCor divided by tlie
<br />; number- 'Of rl10nths to elapse before one month pnor to the date when such ground rents, premiums, taxes and
<br />IJSSeSSments will oecome delinquent, such sums to be held by Mortgagee in trust to pay said ground rentkprc.,
<br />miums. taxes -and special-assessments; and
<br />All payments mentioned in the two preceding subsections of this. paragraph and' all paymenn to be made under
<br />the note secured herehy shall be added togetheL and the aggregate amount thereof shall be paid by the Mortgagor
<br />ead.'month in a single payment tn be applied by the Mortgagee lothe following items in the order set forth:
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<br />r
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<br />(c)
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<br />OJ
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<br />l'remium charges under-the c-onl'ract of insurance With the ~ccretary of Housing t!nd l)rban Development,
<br />or monthly. charge (in lieu of mortgage insurance premit{mj._ as the cq.se may_pe~ "
<br />(ll) ground rents, taxes. assessments. fire-and other ha?,iud insur.ance premiums;
<br />(II]) interest on [he note secured hereby; and
<br />(IV) amortization of the principal of Said note,
<br />Any d-eficieol.::Y in the amount of any such aggregate monthly paymem shall, unless -made good, by the Mort;
<br />gagorpri6r to the-due--date of the next sUl.::h payment, constitute an event of default u~~~r this m?ftgage. The
<br />Mortgagee may coUect a "late charge" not to exceed f"'Jr cents(4~) for each dollar ($1) of eaciT payment more
<br />than fifteen (15) days in arrears to cover the extra expense Hlvolved in handIlng delinquent payments.
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<br />3. That if the lotal. of tlw paympnt' mad.. hv the \lol'tgagor under i U of paragraph 2 preeeding shall exeeed
<br />the amount of payments ac(uaHy made by tht> \-lortgag('e for around rents~ taxes and assessments or i.nsuranc,e pre_':
<br />mium8~ as---th~ ea..~(> m3V be. sueh excess, if the loan is current, (It the option of the Mortgagor, shall be credited-by
<br />the 'wrtgagre on :-:mbs;quent payment.:-; tt) be made by the 'lorlgagor') or refunded to the l\1ortgagoL Jf, however, the
<br />rnonihly'payment8 made hy the Mortgagor under (l)) of paragraph::' pret.:eding shal1 not be sufficient to pay ground
<br />Nm4 taxes and assessments or insurance premium.::;, as the ('.a.':w ma.v be. ~\hen the .--ame i:lhall become due and pay-
<br />able,ctbcn the Mortgagor ,hall pay '0 the Mortgagee any amount necessary ta make up thedefideney, on or before
<br />the date-wh-en payment of such ~round- -rents. taxes~ ass{>$sments or Insurance premiums shan-be'due. If at-any
<br />time the Mortgagor ~halltender to the \lortgage", ;n ""cordane" with the provisions of the note securedhereb)',
<br />ful!pnyment of the entire ind.'btednes, represented thereby, the Mortgag,.e shall. in computing the amount of such
<br />indebtedness, credit to tbe aee",-,m of ,be Mortgagor all paymen's made uoder ,he provisions of (oJ of Raragraph.2
<br />hereof whieh the 'lortgagee ha" not beeome obligated to pay lo the ::;eeretary of llousing-nd Urban Devdopmenr
<br />and any halarwe mma'ining in t.he- funds ;lc('umubu.ed under the provisiun:;. of (f;j of paragmph 2 hereof. If t.here
<br />shall be- a default under :.my of tht" provi:-:jofl~ of this mortgage resuhing in a public sale of the premises ('overed
<br />hereby, or il'the \tortlt"gep at'qui"'s the property otherwJs" aHer ddault, ille Mortgagee shall apply, at the lime oC
<br />the commencement. of ~uch procet,ding~. or at lhe Unw t-h(~ property b otherwis~~ acquired. the halance then remain-
<br />ing in tht> funds an:umulated ulld4;~r (I..) of paragraph 2: pn.-'('eding. a6 a ('[edit. against tht' amount of principal then
<br />remainin~ unpaid under :5aid note, and shali properly adju~t. ,my paymenb which .:::ha.J1 have bee-n made under (al
<br />af paragraph 2.
<br />4, That the ~lortgagor will pay ground renl";, ta;\e;-., a-,sc~'\ments, water rales, and other govc::rnmental or municipal
<br />charges. fines. Dr impusitions, for w!Jkh proviSIOn ha~ lW( been made hereinbdore. ~ifld in defauh thereof the Mortgagee may
<br />pay the same: and that the Mortgagllf will prompll)' deliver the official receipts therefor to the Mortgagee.
<br />S. The Mongagor will pay all taxes which may ik' k\jed upon the Mortgagee's interest in said reai estate and improve-
<br />me-nlS. and which may be levied upon this mortgage: tlf the debt secured hereby (but only to [he e-xtent that such is not prohibit-
<br />ed by law and only to the c:([cnt thtH such will not make this loan usurious.). hut exdllding ~lI1y income tax, Stttte or Federal.
<br />imposed on Mortgage-e. and will tile the dJ1iclal rect'ipl :'ihowing such payment ''''ii(h the Mortgagee. Upon violation of this under-
<br />taking. or if the Mortgagor is pruhihited by any law now or hereafter existing from paying the whole or any portion of the afore-
<br />said taxes. (J[ UNO t~_e,rcndering of 1m)' ~ourt decree prohibiting the payment hy the. lv!ortgagor or any such taxes, or if such law
<br />or decree provides that any ,amount so paid by ihe Mortgago~ sohal! be credited on the mortgag.,e debt, the Mortgagee sh::lll have
<br />the right to give, ninety days-' written notice to the oWner of _the mortgaged premi~es. requiring_ the. pilyrnent of the mortgage
<br />debt. If sucb notieebe given, the said debt shall beeome due, payable and collectible. at lhe expiration of said ninety days,
<br />(" That ,Iwold he faiLtopay any sum or keep any covenant provided forin this Mortgage. then the Mortgagee, at ils op'
<br />tlon. may payor perform the same, ilnd all c).:penditures ~o made shall be added to the principal sum owing on the above nOl~.
<br />shall be se<:ured hereby. and s.hall bear intereSi (It the mte set forth in the said note. umiI paid.
<br />7. That he hereby assigns. transfers and sets over to [he Mortgagee, to he applied toward the payment of the nole and all
<br />sums secured hereby in case of a default, in the performanc(.' of any of the term~ and conditions of this Mortgage or the said
<br />noteo an the rents, Tt'Venues and income to he deriveJ from the mortgaged premises during such time as the mortgage indebted-
<br />ness ~hatl-remajn-Ij.npaid; and the Mortgagee shall have power 10 appoint any agent or agents it may desire for the purpose of
<br />repairiDg-sa;d.premises.and of-renting [he s.ame and collecting the rents, revenues and income, and il may payout of: said in-
<br />cnmcs aRexpeR$e.s of repairing said premises.-and_oecess3r}' commissions and expenses-incurred in renting and managing the
<br />satti"an~.of collecting,renta~ tber.from: lhe balance remaining. if any, '" be applied toward the discharge of said mortgage
<br />indebtedriess, ., '.
<br />tk:Tbat ,he.wiU:kee-p. the impTovement~-now existing -or ' hereafter ,erected on the mortgaged property. insured as may be
<br />re,quire-d from time to tim.e by the Mongage-c agi:linSl loss by fire and other h<izard:".. ca:HJaltie~ and comingenciC:i in such
<br />am()Wtt~an?fot:su(:_h-'pefiod~ as.ma;y he_'req~ired-by the ~i~)r[gaaee and win p_ay promplly. when due, any premiums on such
<br />i~sura.nce.-pro-vjsion-' fOf"payment .o(-'which has not been, made hereinbefore. An insunmce ~haH be carried in ('1..1mpame.5 ap-
<br />proved by the Mortgagee and the pc.lid('s and rc;newals thereof shall be held by the- Mortgatcc and. have attached thereto Joss
<br />payahl_c c~~s~s in favor 9~,~d ~Jl f~~f!1.,l;;CCptll,bic _~u the_ ~1ongp!?:ce. In event of loss Mortgagor will give immediate notice by
<br />man tQ-tbC'-Mbrt~age-e~:'~40: may make proo-f:oi 'loss if not madb-'_,pro~r{IY by MOr(gngor, and each insumnce company con-
<br />cet:tl~ is'lu"ehy,autlwrlz<id and direeted to make parment Cor s~chJossdirectly to the :'.Iorlgagee instead of to the Mortsagor
<br />and the MOltg3j!ee jointly ,an'Vb\:,jf\S~rance pI(}<;eed~.pr any paft.the~~of, maybe applie<!by the, Mortgagee at .its option either
<br />to:tb~.1~UC~j:H'[tl:Wdnde~~e'~neS5 fi-ere~y secured or to' the nist~~t.ltjon or rcp~irof the property damaged, In event of (orecIo~
<br />snre of thil;l!lbrtgageOrQtJlerIl'ltnsfer of tilt" to tile mortgagedproptlty inextinguishm<'llt of the indebtedn"" secured herehy,
<br />an right. tJtIt.' and h:Hen~st of the Mongag..,r in imd to. any in.i\unmce rolicib ihen. In fo-n.:e "hall pass to the purdUISC[ (If grantee.
<br />9. TIM! a,s- addihrma} and ~oHM('ra! ",cClJrit\, for the paymeHI ~.lf the note: de..\:rJ~ed, {lnd aU SUHh l\..l bc\:omc -due under this
<br />mllftgage, the- Muttgag~)r hereby l'I!O;!oi-igm ILl the ,Mortgagee all pmth.\, revcnuc~, royahi~:., r-ighb and benefits ilCGuing hI the
<br />M(Jrt~.g()r tHl{j~rIW\! and <tll oil and ga'i !",:~!j;';;:'l! 1:H1 ~id p-n:rn.i"es; with ~h(" right W rf,':....eih" ~Imj n.,>c('ip-l for {he ~ame lwd apply
<br />t~m '0 -'iajd ind(bteJn-e$\.. iioS wen helorc ll~ after dd~iUJt 1n the "{)Odilion,,, of this f/wn:gag{'", .',mJ lhe Morfgagee- !!l-ay dCm~lnd, '>uc
<br />fot ~uld fen1VC'T any .'iu~h PWt1'n-,<:IH<s ""hen due ;~ild p~~:8:Ne-t~u~ ')~!-~;! Cl,\.H beJ~qiJj~t:d "'~~ lP dn lhis ,!:'\i~j!lnm~JH j~ 1(1 {crnllnat-e
<br />;Ul-d hc>;tHiH:: nun ;;"nu VOId Up'-1-I1 rcte1ht "f rhi, m('ift~~-<; ,.,. ^ ' r'
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<br />HUCH1214;)M f9.nH
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