|
<br />I
<br />
<br />r
<br />
<br />(I) lJIonth prior to it~ due dale the Jnnual mortgage inSlH Jrh.:~ premiunl III order to provide such holder
<br />with funds to .pay SlH;:h prermurn 10 (he Se~rctary or Hou;,if1g and Urban Development pursuanl 10 the
<br />National HOUSing Al:t. as amended. and applJcable RegulatJrms thereunder' or "83 () 0
<br />' -, 5259
<br />
<br />(Il) If and so long as said note of even date and this instrument arc held by the Secretary of liousing and
<br />Urban Development, a monthly charge lin lieu of a mortgage insurance premium) which shall be in an
<br />amount equal to one,twelfth (1/12) of onc,half (1/2) pn centum of the average outslanding balance
<br />due on the note computed without taking into accounl delinquencies or prepayments~
<br />(b) A sum equal to the ground renlS. if any, next due. plus the premiums that will neXl become due and payable on
<br />policies of fi,e and olher hazard insurance covering the mortgaged property. plus taxes and assessments next due
<br />on the mortgaged property lall os estimoted by the Mortgagee! less all sums already paid therefor divided by the
<br />number of monlhs to elapse before one month prior to the date when such ground rents. premiums. taxes and
<br />assessmenls will become delinquent. such sums to be held by Mortgagee in trust to pay ,aid ground rents. pre.
<br />miums. laxes and special assessments; and
<br />(c) All payments mentioned in the two preceding subsections of Ihis paragraph and all payments to be made under
<br />Ihe note secured hereby shall be added logelher. and the aggregate amount thereof shall be paid by the Mortgagor
<br />each month in a single payment to be applied by the Mortgagee to the following items in the order set forth:
<br />
<br />(I) premium charges under the contract of insurance wilh the Secretary of Housing and Urban Development.
<br />or monthly charge (in lil!lJ of mortgage insuronce premium!. as the case may be;
<br />(II) ground rents, taxes. assessments, fire and other hazard insurance premiums;
<br />(III) interest on the note secured hereby; and
<br />(IV) amortization 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 />gagar prior to the due date of the next such p3ymclll, constitute an event or default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceeu fOl:r cents (4il) lor each dollar (5 t ) of each pay men t more
<br />than fifteen (1.5) days in arrears to cover the extra expense lnvolved in handling delinquent payments.
<br />
<br />
<br />3. That if the lotal of the payments made by the Mortgagor under (b) of paragraph 2 preceding shall exceed
<br />the amount of payments actually made by the Mortgagee for .round rents. taxes and assessments or insurance pre-
<br />miums. as the case may be, such exccss. if thc loan is currcnt. at thc option olthc Mortgagor, shall be credited by
<br />the Mortgagee on subsequent paymenis 10 be made by the Mortgagor. or refunded 10 the Mortgagor. I f. however, the
<br />monthly payments made by the Mortgagor under (J,) 01 paragraph 2 preceding shall not be sufficienr to pay ground
<br />rent, taxes and assessments or insurance premiums, as the case may be. when the same shall become due and pay'
<br />able, then the Mortgagor shall pay to the Mortgagee any amount necessary (0 make up the deficiency, on or before
<br />the dale when payment of sud ground rents, taxes, assessments or insurance premiums shall be due. If at anv
<br />time the Mortgagor shall tender to the Mortgagee. in accordance with the proYisions of the note secured hereby,
<br />full payment of the entire indebtedness represented thereby. the .\lortgagee shall. in computing the amount of such
<br />indebtedness. credit to the account of the Mortgagor all payments made under the provisions of (a) of paragraph 2
<br />hereof which the Mortgagee has not become obligated to pay to the ~crelal)' of Housing and Urban Development
<br />and any balance remaining in the funds accumulawd undcr (he provisions of (b) of paragraph 2 hereuf. If there
<br />shall be a default under any of the provisions of this mortgage resulting in a public sale of the premises covered
<br />hereby, or if the Mortgagee acquires the property otherwise after default. the Mortgagee shall apply, at the time of
<br />the commencement of such proceedings, or at the time the property is otherwise acquired, the balance then remain'
<br />ing in the funds accumulaled under Ib) of paragraph 2 preceding, as a credit against the amount of principal then
<br />remaining unpaid under said note, and shall properly adjust an)' payments which shall have been made under (a)
<br />of paragraph 2,
<br />4. That the Mortgagor will pay ground renlS, [axes. assessmenls. water rates. and other governmental or municipal
<br />charges. fines. or impositions. for which provision has nOI been made hereinbcJore. and in default thereof the Mortgagee may
<br />pay the same; and that the Mortga~or will promptly deliver the official receipts therdor to the Mort~agee.
<br />5, The Mortgagor will pay all taxes which may be levied upon the Mortgagee's iOlerest in said real estate and improve-
<br />ments. and which may be levied upon this mortgage or (he debt secured hereby (bUt only to the eXlentlhat such is not prohibit,
<br />cd by law and only to the extent.lhat such will not make this loan usurious). but excluding any income tax, Slate or Federal.
<br />imposed on Mortgagee, and will file the official receipt showing such paymenl with the Mortgagee, Upon violation of this under-
<br />taking. or if the MOrl8llllor is prohibited by any law now or hereafter existing from paying the whole or any portion of the. afore,
<br />said ta~es. or upon the rendering of any court decree prohibiting the payment by the Mortgagor or any such taxes. or if.such law
<br />or decree provides that any amount so paid by the Mortgagor shall be credited on the mortgage debt, (he Mortgagee shall have
<br />Ihe right 10 give ninety days' wrillen notice to the owner of the morlgaged premises. requiring the payment of Ihe mortgage
<br />debl.lf such notice be given, the said debt shall become due. payable and collectible at the expiration of said ninety days,
<br />6. That should he fail to pay any sum or keep anycoven.nt provided (or in this Morlgage. then the Mortgagee, at its op'
<br />twn, may payor petform the same, and all expenditures so made shall be added to the principal sum owing on (he above note.
<br />shall be 5Ccured hereby. and shall hear intetest at the rate set forlh in the said note. until paid,
<br />7. That he hereby assigns. transfers and sets over to the MOrlgagee. 10 be applied toward the payment of the nole and all
<br />sums secured hereby in case of a default in the performance of any of the terms and conditions of this MOrlgage or the said
<br />IIQte. all the rents. revenues and income to be derived from the mortgaged premises during such time as the mOrlgage indebted.
<br />ness shall remain unpaid; and Ihe Morlgagee shall have power to appoint MY agent or agents it may desire for the purpose of
<br />repairing said premises and of renlingthe same and collecting the rents. "venues and income. and it may payout of said in-
<br />comes aU expC,ns.es of repairing said premises and necessary commissions and expenses jncurred in renting and managing the
<br />same and of collecling rentals therefrom; the balance remaining. if any. to be applied toward the discharge of said mortgage
<br />indebtedness.
<br />8, That he will keep the improvements now existing or hereafter erected on the mortgaged properly, insured as may be
<br />re-q,uirc~, arom time to tim~ by the Mortgagc<, against loss by fire and Other hazards. casualties and contingencies in such
<br />Jl1Ilounlsa"" tor such perinds as may be required by the Mortgagee and v. ill pay promptly. when due. any premiums on such
<br />insurance provislonf"r paymenl of which has not bee" made hereinbefore, All insurance shall be carried in companies ap-
<br />proved by 1M Mortgagee and the policies and renewals thereof shall be h<id by Ihe Mortgagee and have attached thereto loss
<br />payal1le clauscs in favor of and inform acceptable to the Mortgagee, In (Vent of loss Mortgagor will give immediate notice by
<br />lItlIiltO the.MortaaIee. who may make.proof of loss if not made promptly by Mortgagor. and each insurance company con-
<br />ce:mc:disIlere.bya~riud and directed to mak.e payment for such loss directly to the Mortgagee inslead o( to the Mortgagor
<br />ani.lJIle Mot.,.c JOintly, andlhe insllrance proceeds, or any part lherw(, may be applied by rhe Mortgagee at its option either
<br />to tbercd~ 01. the ind@ledness hereby secured or to the reSloratian or repair of the propellY damaged, In evenl of f oreclo.
<br />sllr".cl{~ ~ or oIhertr.n$ferof title to the mortgaged property in extinguishment of the indebtedness secured hereby,
<br />.11 r"bl, Iltle and lnlJUeS! of tbe Mortgagor in and to any iosurance poltei.. i hen in fOfCe shall pass to t.he purchaser or grantee
<br />9, Thalatllddili;l.w and collatera! .ecurity (Of the payment of the rWI< dC5crihed, and an sum, to become due under t.h"
<br />men....... tIle Mot!JllllOf hereby ass,,'n to the Mort.agee all profits, rrv<oues, royallle;, right.s and henefit> accru,ng t.o th.
<br />M(J~ ~r Anr'U~.n ()U an~ .cas Itas.ts on said ~l'tmi..:c~.. w',th lhe ,nght {Q rectjvt and rc.ct'lpt for the ~amc and apply
<br />them to ""4 indcb1e4ntss I' wcll hefore as atlerdcfaultm the ,Mdlt"'''' (i Ihis mortgage. and the Mortgagee may demand. ;ue
<br />fo-t.1-ild ,.e.Co-V~'t 'In.)' tu-ch p~ymc:nb when du~ afid. parable. hut shaJj I\tJ', ! 'C rtqum~~d so h" d,) ThiS j~!.lsnmenl 1$ to tc:rmtMH(
<br />,1><1 become IlioII a..<I void U/JQn release ,,( thi~ mor!Ila.~.
<br />
<br />~-H.Jr:,--9:': HUM ttJ.. i'!H
<br />
|