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<br />(b)
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<br />(I) 1II0llth pliur 10 its due d~tr the ~I1I1Ualll1l)llgagC' illSlIfall"':C premiulll ill uHJer 10 provide such holder
<br />witl~ funds to pay:such premium to thc SCl.:rC(;lfY of lfutJslIlg <lnd UTb.m Dc,!~lopmcl1t pursuant to the
<br />NatlOnalllo\lsing Ad, as amended, and applicable Regulations thereunder: or 83
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<br />(II) If and so long as said note of even u:Jte and this instrument arc held by the Secretary of Housing and
<br />Urban Development. a montllty charge {in lieu of a mOr/go!:c insurance premium} which sheill be 10 an
<br />amounl equal to ooe.lwelflh (1/12) of (me.half 0/2) per cenlUrn of Ihe average outstanding balance
<br />due on the note computed without taking Into account deiinquenclcs or prcp3ymcnts:
<br />A sum equal 10 the ground renlS, if any, nexl due, plus the pren1lu",s that will nexl become due and payable on
<br />policies of file and olhcr hazard insur~nce covering thr mortgaged property, plus laxes and assessments nexl duc
<br />011 Ihe mongaged prnperly(al/ a1 c1lin,arcd by rlre Mo"XagceI1e" all sums already paid Iherefor divided by Ihe
<br />nurnhcr or months to elapse hefore one 1I10nth prim to the Jatc when such ground icntS, premiums. [axes and
<br />assessments will become delinquent. s~ch sums to be held hy Mortgagee in trust 10 pay :.ilid ground rents. prc-.
<br />rniums. {axes and spec1al assessments; a'nd
<br />AJI- payments mentioned in the two preceding subscctinl1S of this paragraph and all payments to be made under
<br />the nOle secured hereby shall be added' togelher, alld Ihe a&:regale amoulll Ihereof shall be paid by Ihe Mongagor
<br />each mOlllh in a single paymenl 10 be applied by the Morlgagee to the following ilems in lhe order set forth:
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<br />(c)
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<br />(I) premium charges under the c<intract of insurance with Ihe Secrelary of HlJusing and Urban Development,
<br />or monthly charge (in lieu o.finortgage insurance premium). as the case may be:
<br />(II) ground rents. taxes. assessments. fire and other hal.ard insurance prcmiums;
<br />!III) interest lJn Ihe llote secured hereby; and
<br />(IV) amortizalwn of Ihe principal br said nole.
<br />Any deficiency in the amount l)r any such aggregate monthly payment shall. unless made good by the Morl-
<br />~agor prior to the due date uf the ne~1 such paymellt. cOllstitute an event of default under this mortgage. The
<br />Mortgagee may coHeet a "'ate charge" not to exceed flH:r cems (4,,) (ur t:ach dullar (S I j of each payment-more
<br />than fifteen (15) d~ys in arrears to cov~r the extra expense involveu in handling delinquent payments.
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<br />:1. That if the !Dtal of the payments made by the Mortgagor under (b) of paragraph 2 preceding shall exceed
<br />tht' amount of payments actually made by the Mortgaget' for "round rents. laxes and assessments or insurance pre-
<br />miums. as the cast' may be, sorh excess, if Ihe loao is curreot, at rhe option of lhe MOrlgagor, shall be crediled bl
<br />Ih., Mortgagee on subseqol'nt payments W be made by the Mortgagor. or refunded to the ~Iortgagor. If, however, the
<br />monthly payments made by Ihe Morlgagor under (bl of paragraph 2 preccdiog shall nOI be suHicielll to pay ground
<br />rent, taxes and assessments or iosurance premiums, as the case may he, when the same shall become due and pay'
<br />able. then the Mortgagor shall pay to the Mortgagee any amounl necessa')' In make up the deficiency, on or before
<br />th(' date whim payment of such ground rents, taxes. assessmt'nls or in~uran('(' pr('miums shall be due. If at any
<br />time the Mortga!!or shall tender to the Mortg~gee, in accordance with lhe provisions of the note secured hereby,
<br />full payment of the entire indebtedness represented thereby, Ihe \Iortgagl'e shall. in computing the amounl of such
<br />indcblcdness, credit to Ihe accounl lJf Ihe Mortgagor all paymenls made under thc provisions of (a) of paragraph 2
<br />hereof which the Mortgagee has not become obligated to pay to the ~cretary of 1I0using and Urban Developmcnl
<br />and any balance remaining in the funds accumulated under the provisions of (b) of paragraph 2 hereof, If there
<br />shall be a default under any' of the pro\'isioqs of this mortgage resulling in a public sai" of Ole premises covered
<br />hereby, or if the Mortgagee acquires the property otherwise afler default, the 'Iortgagee shall apply, at the tim.. oC
<br />the rommencement of such proceedings, vr at !he lime the properly is olherwise acquired, Ihe balance then remain.
<br />ing in the funds accumulated under (b) of paragraph 2 preCl'ding, as a credit against the amount of principal thell
<br />remaining unpaid under said note, and shall properly adjust an)' payments which shall have been made under (al
<br />uf paragraph 2,
<br />4. That the Mortgagor will pay ~round rents. taxes. asseSI:lOlrnts. water rates, and other governmental or municipal
<br />charges, fines, or imposilions, for which provision has nol been made hereinbelore, and in default thereof Ihe Mortgagee may
<br />pay Ihe same; and thaI the Mongagor will promptly deliver Ihe official receiplS therdor 10 Ihe Mongagee.
<br />5. The Mortgagor will pay all taxes which may be levied upon Ihe Morlgagee's interesl in said real eslate and improve'
<br />ments, and which may be levied upon Ihis mortgage or Ihe debt secured hereby lbut only 10 the extenllhat such is nol prohibil-
<br />cd. by law and only to the exlent that such will nol make this loan usurious), bUI excluding any income lax, State or Federal,
<br />imposed on Mortgagee, and will file Ihe official receipt showing such paymenl wilh Ihe Mongagee. Upon violation 01 this under.
<br />laking, or if the Mortgagor is prohibiled by any law now or herealter existing from paying Ihe whole or any ponioll 01 the afore.
<br />said taxes, or upon Ihc rendering of any court decree prohibiting Ihe payment by the Mongagor or any such laxes, or if such law
<br />or decree provides thaI any amounl so paid by the Mortgagor shall be credited on the mortgage debl, Ihe Mongagee shall have
<br />Ihe right to give ninety days' wrillen notice 10 the owner ollhe mortgaged premises, requiring Ihe paymenl of the mortgage
<br />debt. I( such notice be given. the said debl shall become due, payable and collectible atlhe expiralion of said ninely days.
<br />6. ThaI should he fail to pay any sum or keep any covenant provided rlJr in this Mortgage, then the Mortgagee. al its op.
<br />lion, may payor perform the same, and all expenditures so made shall be added to the principal sum owing on the above nole.
<br />shall be secured hereby, and shall bear interesl at,the rate set forlh ill the said nOle, unlil paid.
<br />7. That he hereby assigns, Iransfers and sels over to Ihe Morlgagee, to be applied toward the paymenl of lhe nole and all
<br />sums secured hereby in case of a default in the performance of any of the terms and conditions of this Mortgage or the said
<br />nOle. all the rents, revenues and income 10 be derived from Ihe mortgaged premises during such time as the mortgage indebted,
<br />neS5 shall r('main unpaid; and the Mortgagee shall have power to appoint any agent Of agents it may desire for the purpose of
<br />repairing said premises and of renting the same ~nd collecting the rents. revenues and income. ar.J it may payout of said in-
<br />comes all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the:
<br />~ame and of collecting rentals therefrom; the balance remaining. if :tny. (u he applied toward the discharge of said mortgage
<br />indebtedness.
<br />R. Thai he will keep Ihe improvemenls now existing lJr hereafter erecled 011 the mortgaged property, insured as may be
<br />required from lime to lime by' Ihe Mortgagee againsl loss by fire ,\Od olher hal.ards. casuallies and contingencies in such
<br />amounts and lor such periods as may be required by the Mortgagee and will pay promplly, when due, any premiums on such
<br />insurance provision for pa)'ment or which has not been made: hcreinhefnrc, All in\urance shall he carric:d in comp,lIlies ap.
<br />proved by Ihe Mortgagee andthe policies and renewals thereof shall be held hy Ihe Mongagee and 'Hive allached thereto loss
<br />payable clauses in favor 01 and in form acceptable 10 the Mortgagee. In eyenl of loss Mortgagor will give immediate O<1lice by
<br />mail to the Mortgagee, who may make prool of,loss if nol made promptly by Morlgagor. and each insurance company con,
<br />.-erned is hereby authorized and direcled 10 makr payment for such loss directly 10 the Mortgagee inSlead "f IOlhe MOrlgagor
<br />and Ihe Mortg311ee Jointly, and Ihe insurance proceeds, or any partthere"f. mal' be applied by Ihe Morlgagee at its oplion either
<br />1".lhe reduclion or the indebtedness hereby secured or to Ihe restoration or repair of Ihe property damaged. In event of foreclo,
<br />sure 01 this mortgage or other transfer of title 10 the mortgaged property ill extinguishmenl ollhe andebtedness secured hereby,
<br />all right; thle and inlcrnt of the MQrtga~or in and~(o any insurance polidc~ then in force shall pa~s to {he- purcha'\cT or grantee.
<br />9. Thai as_additlc!\al and collateral securilyJor the payment of the n~1le des.nihc:d. ilnu Jon sum~ to become due under this
<br />mOrtgage:. t.he: Mort&<;'bor hereby assigns to lhe ~1ortgagc:e all pwl11S. rc: venuC'~~ ruyalt!e~, TIghts ;l~d henclit'S i.lC\.:i uinS 10 the
<br />Morlpg.qf under any and aU oil and a~s Icases on said premises. with the right to reco\c and receipt for the ~ame and apply
<br />ahem ({,i \aid indcbudne.ss as wdl berore as after default In the condItion:'> ~1r this mmlt-:~t~e. an.d the MunJ,:;Ip,cc m~ty dC01anu. s,ue
<br />{or and ltC-over an)' suc_hp-.ymenh when-due arid payable. but shall nol he T(:-quired su to UI,) Thi~ J'i.\lgnmcnl IS to Irrminalc-
<br />~I\d become null arod voW uwn release of this mortJlue.
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<br />HUi}-9:.!t~:)M 1~.19j
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