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<br />(I) UHJllth pllor tll its dur. JJte the alllluallll"ltga~c imULJll..:t premium II1 order 10 provill(" such /Jolder
<br />with funds 10 pa)' such premiuJIl to Ihe Scuctllry of Housing and Uroan Dc,!ehlpmCJ1t pursu3nllO till:
<br />NatiollJJ limning Al.:t, as 3lTlClldt'd, :JIlJ ;lpplicJhle Rcr,ul:tlHHls thcr.t"undcr; or
<br />
<br />r
<br />
<br />(II) If and 50 long 3S said nole of even dale and this instrument arc held by lhe Secretary of Housing and
<br />Urban Development, 3 monthly charge (in fj(.u vf a morrgaxC' i1lsurance premium) which shall be in an
<br />amount equal 10 one.lwelfth (1/12) of (,"e.half (1/2) 1"'1 Cl'nlurn of the avecage outstanding balance
<br />due on the note computed withoul tJking into ,ICCOUll! delInquenCies or prepayments;
<br />(b) A sum equal to the ground rents, if any, nexl due, plus Ihe p(emillms thai will next become due and payable on
<br />policies of file Jnd other hazard insurance covering the lllort~agcd propCTty, plus taxes and assessments next tlue
<br />on the mortgaged property (all as esrimaled by Ihe MOrlKagee) less oil sums already paid thereror divided by the
<br />numher of months to elapse before one month prior to Ihe date when such ground rent5, premiums, taxes and
<br />assessments will become drlinquent. such sums 10 he held hy Mortgagee in trust to pay ;,,3id ground rents. pre.
<br />miums. taxes and special assessments; and
<br />(d AJl payments mentioned in the two preceding subsections of this paragraph and all payments 10 be made under
<br />the- nOle secured hereby shall he added together, and the Juregate amount thereof shall he paid by the MOrlgagor
<br />each month In J single payment to be JppJied by the Mortgagee 10 lhe following ilems in the order sel forth:
<br />
<br />c:c
<br />C\J
<br />oo::t'
<br />U)
<br />C
<br />Cf
<br />\I')
<br />~
<br />
<br />(I) plenuulIl charges untler the 'ontrac! ufmsllrallcc with the Secretary of Housing and Urban Develupmenl,
<br />or monthly charge (m heu o(mortgage insurance premium), as the case may be:
<br />(1) ground rents, taxes. assessments, fue and \)lhcr h3l~lfd lIlsurance premiums;
<br />IIII} Intert'st on the no Ie secured hereby; and
<br />(IV) amortil.atwn of the principal of said notc.
<br />Any deficiency In the amount of any such aggregate mOlllhly payment shall, unless maJe good by the Mort.
<br />~agor prior to the duc dale of the next such paymellt. (;llllSI!IU!\' an e"cnt of defaull under this mOr!gage. The
<br />MortgaRce may collect a "laIC chJrge" not Iu exceed fmir cenlS (~j/) for each dollar (S I) (If each payment more
<br />than fiflccn (15} L~::J.)'S: II' arrears to co....er the extra expense InvulveJ in handling delinquent pliyments.
<br />
<br />.....
<br />
<br />:1. That if lhp !.ulal of Ih~ paym~nls mad~ by th~ Morlgagor under {hi of paragraph 2 prec~ding shall exc~ed
<br />lilt' amount of paym('nts actually mad(' by thr Mort~af!P(, for L!round rpnt~. taxes and as~essm('nts ur insurance pre.
<br />mium.s. a:-i 1I1(' ca...;l> may be. such excess, If the loan IS current, at the option of the Mortgagor, shall be credited b}
<br />thp \1ort~al!:('(' on ~ub:-;('qu('nl pa}'mf'nts (.U be madl' by lhp MnrtAagor. or [('funded to the :\1ortgagor. If, how('\,cr. the
<br />,"onthly payments made by the MOrlgagor under (1)) of paragraph ~ preceding shall not be sufficient to pay ground
<br />n'ol, ta\{>~ and R!'==sessmC'ots or insurance premiums. as thp elL';;!' may hl>. whrn the' sam(' shall become duC" and pay.
<br />abl~, th,,,, th~ Mortgagor shall pay lo the \lorlgag~c any amollnt n~('cssary to mak" up the deficiency. on ur beror~
<br />Ihp dati' wh(~n pa.ymrnt of such ground rents, lax('s, ass('~smf'nts or in.....uranc(' prt'mium~ shall be dup_ If at an,.
<br />lime the Mongagor shall l~ndcr to the ~lorlgagc", in accordanc~ willI the provisions of the note secured hereby,
<br />full paympnt of the cnlin' ind('btt'dn{'~s rrprescnl<.d ttll'n.~bj'. the \1ortgaj!l'(' .....hall. in computing th(' amount or Ruch
<br />intlebtt'dnes.s, crcJit to the account of [he Mortgagor all pa!'mcnls fTlJJc under [he proVISions of (a) of paragraph 2
<br />hereof which the \lorlgagcc has nol bceom~obligated to pay to the :->ceretar)' of !lousing and Urban Developmenr
<br />and any balance remaining in the funds accumulated under tht' provisions of (bJ of paragraph 2 ht'reor. If thert>
<br />shall bE:' a de-faull under any of the proviSions of this morlgagp resulting in a public sall~ of Ule premises covered
<br />hereby, or if thl' Mor(~agee acquires lh~ properly olherwise oHer d,'faull, the .\1orlgag~~ shall apply, allhe limp of
<br />th(. ('ommrnrt"m('nt of such procet'dtngs. or al the lime lh(' properl)' i~ othl'rwise aCfiuiretl. the balance then remain-
<br />ing in the funds Bccumulatt'J und{'r [DJ of parap,raph 2 pr{'('t~Jing. as a cH.dit ~:lIn.....t lhe 41moun! of prinripal Uwn
<br />rpmaining unpaid under said nOle, and shall properll' adjusI an) payments which shall have b~en mad" IInMr (a)
<br />uf paragraph 2,
<br />4. Thai the Mortgag\.)f will pay ~round rents. tax.es, as:-.es\nlents. water raIn, and other g,overnmentJI or municipal
<br />charges. fines. or Impositions, for whteh provision has nol been made hcreinbdlHC'. and in default thereof the Mortg.lgee may
<br />pay (he same; and that the Mortgagor will promptly deliver the ulTlcial receipts therefor 10 the Mortgagee
<br />5. The Mortgagor Will pay all laxes which may be II:vieJ upon the MlJrtgJgee \ mterest in said re-iil estate and improve-
<br />men", ond "hich may be levied upon thi, mortgoge or the debt secured hereby (bul only to the extent thot such is nol prohibil'
<br />tJ ~y 1.1\1. and onl)' to the extent that such ",ill nol make Ihis loan usurious), but excluding any income tax., Slale or Federal.
<br />imp(H.ed on Mortgagee. and will file the official receipt shtH~'ing such paymenl with the Mortgagee. Upon violation of this under~
<br />t.akin~_ or if the Mortg;;lgor i~ prohibited by any law now or hereafter cxisling (rom paying (he whole or any portion of the iifare.
<br />said (a.\C"~, or upon the rendering of any court decree prohibiting the payment by the Mortgagor or an)' such taxes. or if such law
<br />or decree p"w,des Ihat any amount so pa(d by the Mortgagor sholl be credited on the mortgage debt, the Mortgogee shall have
<br />th~ right to give ninety da)'s' written notice to the ownC'r or the mortgaged premi:-.cs, requiring the payment of the mortgage
<br />deb!. I[ such notice be given, Ihe said debl sho.' become due, pay'oble ond collectible al the expimlion of soid ninely day's,
<br />b. Thai should he (ail to pay any sum or keep onycoven.nt provided for in this Mortgoge, lhen the Mortgagee, ot iI' op'
<br />llOn, mol' pol' or perfolm Ihe some, and oil expenditures so made shall be added to the principal sum owing un the above note,
<br />shall be: secured herc:by. and shall beJr interest atlhe rate set forth in lhe s.aid note. until paid.
<br />7. Tbol he hereby' assigns, transrers ond sets over 10 lhe Mortgagee, 10 be applied toward the payment of the 1I0te and all
<br />sums 50ecured hereby in Case of 3 defaull in the performance of an)' of the- terms. and conditions or thi~ MOrlgage or lhe said
<br />n,1fe, all the rents, revenues and income to be derived (rom (he mortgaged premises during s.uch time as the mortgage indebted.
<br />nes.s. ",hall remain unpaid; and the Mortgagee shall have power 10 appoint any agenl or agents it may desire for the purpose of
<br />rt'p-airing said prC'mi~es. and or renting Ihe same and collecting the renlS, revenue.. and income, ~nd II may payout of said in-
<br />comes aU expenses or repairing said premises and necessary commissions and (: xpc:nst'S incurred in renting anu managing the
<br />s.ame and of collecling renlab IhercffUlll: the balance remaining, if an)I, 10 he applieJ toward the discharge of said mortgage
<br />indtblcdntu.
<br />1\. That he will lo.eep the improvements now existing or hereafter crc-.:ttd on the mortgaged properly, insured as may be
<br />required (rom time lO time hy the Mortgasee against loss hy fire :lIld other hal<Hds. casualties and contin~enclcs in such
<br />amounts and ror such pc:rioJ30 ~s m:!y be required ~y the Mortg:..lgcC' .tnJ will pay promptly, when due. any premiums on s.uch
<br />in")urance provision for payment of which has not been made hereinbefore. Ail imurance shaH be carried in companies ap-
<br />proved by tbe MOr1~agee and the polio"s and renewols Ihereof shall be held by Ihe Mortgagee ond ho"e ollached thereto loss
<br />p;Jlahk d;HJ\t~ in favO! uf .and in form acceptable 10 the Morl,g;lgec. In ncnt of h))~ Mort~agor will !!IVC immediate nOlice by
<br />mall t(\ the Mortgagee. who may make proof or !O'.s if not n\Jde prompt;}. by Mortgagor, and c;H:h lH'iUranCe comp:lny con-
<br />d'rncd l'i ~~Iebj' authorized and dir("dcG 10 make paj-ment (or sUi:h !Co~~ ollfC:CIly In the Mo; .g:lgec inSlc;l\.J of i~i lhe Mortgagor
<br />and 1ht '40ltga8cc )oiml~, 3.nd Ihe insurance proceeds, or any part thcrnJi. mOl) be ~rplicJ 1->) ihc Mongagee iil ih option ellher
<br />h~ rh<- fnlu('lwn or the ind~btcdncs., hue-hj ~el;ured or tn fhe re\tllrafl(ln (lr rep;tl( of the prl)perl} Jam<lgt:d In evenl of foreclo.
<br />~urr tit Inu morti~ftC' or other :r31\der (,f title: In Ih!'" morl~~lge-d property In n,t:n~lIl'.hm('nl of lhe intlcblednc.\!i ,,(cured hereby,
<br />,ill nght, flHe ;ttld itHete-s-t pC lhe: M-lJll)Jat::\H In ;lntllO J.O>. In!,Uf.l,Ih':c pO!lni'.... then In fm..::c \h;J.ll f'.J\'> til ihe p\JfCha\Cf or j.;(<Jlltce.
<br />9 Th;:1t ~l" ,lJ"hhi'1J! .md l,:oihtef;;l! \c...u!!'} for Ihe pa}'mt:nt (If fhe rHllt;' In.L"nht,j, ..nd ~ij 'dlr:,,> In become due under thl'.
<br />mor1.t41C".. the \hlo,...,Of h(,fCh)" ;lBign'\ !tllhr ~hntgJ.ga aU pr.dn~.__ ft\-'l'"nun. r<l:.,Jiit..... ~;nJ bend\!\ ,l(,,:rumg (0 the
<br />~h}n~~"lr un-Jtt >iny M'H.f Jjj ~+if and t:~.. li::,~..t'l on l,:jiJ prt'UlII,C'>, u ::h ih~' n~hr Ll [('(.t l\ C 1 C,,:CI;'\ ~'" tht ~,:mc .Jnd ap:'!:,
<br />thtm h' ~;ud mdcbft,,ll1css <-1'\ \Ioril hd,H~ .~', idt!:~ deLH.Jir ifi the \. (lnJ;!ioll\ .f if1/'> ,Pt',: :h~ Mdq.'.j~t{: !.L'~ dem3n,J, \'-Jt:
<br />IN :J.N.l fl:n''\"C't ~;I'; ~tJ(h piiPfJ.':'t1h i4i!en Jut' ,'Hld fta.,...ble. hj[ .,hJ!j jlt'! :'''~ ',,1 k ~:,' ! fU, ,1\\;>': :t\1(..fj( 1\ ;~', !r;j:-,lll,J!c
<br />H}.~J -t:-->tCPf1l( nuH ...,t~d ~ ~:'Id U!'-f,l). rr.tt.'>t~~ ~~f Ihi:. moft~j;~C
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