|
<br />(b)
<br />
<br />A'L -,rk4~EJ
<br />83-00507/ 83..:.... 004572
<br />
<br />(I) month prior to ils due date the annual mortgage insurance premium in order to provide such holder
<br />with funds 10 pay such premium 10 the Secretary of Hou$ingand Urban Developmenl pursuant to the
<br />National Hou$ing Act. as amended, and applicable Regulations thereunder; or
<br />
<br />(II) If and $0 long as said note of even dale and this inmumelll are held by the Secretary of Housing and
<br />Urban Development, a monthly charge (in lieu of a mortgage Uuu1'llllU pnmium) which shall be in'8ll
<br />amount equal to ooNwelfth 0/12) of one-half (1/2) per centum of the average outstanding balance
<br />due on the note computed wilhout taking into account delinquencies or prepayments;
<br />A sum equal to the ground rent.. if any, next due. plus the premiums that will next become duellOd payable on
<br />policies of fi,e and other hazard insurance covering the mortplOd propeny. plus taxes and assessments next due
<br />on the mortgaFd property (all a. estimated by the M"rrgqel') less all sums already paid.therefordivided by the
<br />n~r of months 10 elapse before one month pnor 10 Ihe date when such ground rents. premiums, taxes and
<br />_nu will become delinquent. such sums 10 be held by MOflgagee in lrusllO pay .aid ground rent., pre'
<br />mi"illS. laus and special assessmenls; and
<br />All payments mentione<l in Ihe Iwo preceding subsections of this paragraph and all paymenu 10 be made un~r
<br />the note secured hereby shall be added together, and rhe aggregate amountlhereof shall be paid hy the Mortgagor
<br />each month in a smgle paymenl 10 be applied by Ihe Mortga8ee 10 the following items in the order set forth;
<br />
<br />I
<br />
<br />co
<br />w
<br />,
<br />
<br />~
<br />,
<br />
<br />
<br />(c)
<br />
<br />(1) premium charges under Ihe contracl of insurance "'llh the Secretat)' of Housing and Urban Development,
<br />or monthly chUF (in I,~ of mOTl~ InJUnvtce p",mlumJ. as the case may be;
<br />(II) ground renu. laxes. assrssmenls, fire and olher hazard insurance premiums;
<br />(III) tnlerest on Ihe nole secured hereby; .nd
<br />(IV) amorttUlIon of the pnnclpal of SlId note.
<br />Any defiCIency 10 the amounl of an~ such agglegale mOllthly paymenl shall. unless made guod by the Mort.
<br />gqor pilar 10 the due date 01 Ihe nexl such payment. consutule an event of default under Ibis morlgage, The
<br />Mortpace may collect a "late ch..8"" not to exceed I,"" ceOl. (4~) for each dollar ($1) of each payment more
<br />lban fifteen (15) d3YS I" arreus 10 cover Ibe extra upen... IOvohoed ill handlint delinquent payments,
<br />
<br />3. That if th.. IAlLaI of th.. paY"'~Ls ..ade by the \lortgajlOr under tbJ of panograph 't preceding shall exceed
<br />the _unl of paY"'enl.~ IlClually made by th.. \!ortgal!t'e lor l!fOlInd "",15. l.ues and asseS8lllet\15 or insurance; pre-
<br />..t_, as iii" "..." '"y btl. llUdl excc"". ,llhe loan I~ ,"Urrcnl. al me opIioo of Ihc Martllap. shall be credued b)
<br />the Morl<<lIf!:ff "" "'Ibsequeal pay_IS Ie 1M' mad.. by lh.. \Iort~. or r..fWlde<!1e the Mortgasor. If, however, the
<br />-utI)' pay_II'" madr by the Morlgagor under {i,} ol p......graph 2 prtteding shall ooc be sufficlefll 10 l'i'Y ground
<br />AlII!, 1...811 ud a.~"""-'>lll_' or in....nutcl. pr.....'um". a.s tn.. (.""t. may' be. wh.... the ...... "hall bec:o_ due and pay.
<br />abl... then th.. !IIor1<<.,.... shall pay 10 th.. \Iolll!~"" ""! aRKlunl "'''~.."sU)' 10 mal.e up the deficiency. on or ....fore
<br />Ill.. dale wll.... pay_ of such ground renls. I....'. a""""stll"015 or ,nsuranc" p.....iu.s shall be due. If at uy
<br />li_ the MortgllflOr shall If!IItIH Ie the \Iortll~"'" '1' ""C"rducl' with th.. pro,'isi""s of the note secure<! hereby,
<br />lull payment of th.. lIftli... intlebledn.."s "",""s..ntPd th.....by. Ihe \Iortg.,.... shall. 'I' l'Olllputing the lUIlOunt of such
<br />IOdebcedM'''''. credil <0 lhe accounr ollm, Mol'lPlor .,11 pa,menls rna.k under the proyislon" ol (a) ol paragraph 2
<br />hereof Mlid! the 'IIortgape hu nol beeo..... oblillated 10 pay Ie lb.. ~Iary of HOlllting and l!rblllll Qcyelopment
<br />lIIId lIIIY batann .-aiaillll in the fWlds accuRlulat..d und..r th.. proVIsions of (1,) of p.....graph 2 hereol. If there
<br />shall be a def...lt under any "I th.. pro' iSlOns of lbo> _flg"4!e r.."ulling '" a public sal" of the premises covered
<br />h~, or if Ill. MDrtg~ .cqw..... th" property "th",,,,,,,e dlt'r def...ll. the !IIor1<<"lI:.... Mall apply. at the time of
<br />lh.. _ctl<lilelll of ...dl JI"lCMdinC'" or lU the II... the pt'Ol>t'f1y is otht'noise acquired, the balance then retllain-
<br />ia, ia the fwttIs "".,....11llA!4 ""de< [oj 01 pll1lll!raph 2 prt'~e<i'n<<. .... . credit .,..nst the _nt or principal then
<br />'-aiaillj! WlJIaid ...Iler said note. ud :<h.ll propt'rly o<l,usl atly pay_IS ..'hid! shall have been made under (a)
<br />of~:t
<br />4. 'That the /.l0ltJll80l will pay ifOuoo <to" '~'.', ."eHmenlS. "'.Ie. rotes. aOO olher /lo_emmenw or municipal
<br />cllarlcs. lines. or imposllIons. lor ..hich pro....on ha, nOl betn made heretnbelore, anti 10 default lhereof lhe Mortaaace may
<br />JIIlY the l&llle; ud that the Nort&aIor ..,II prornpll) dell...r lhe ollk&al reCelpl\ lherefor 10 lhe Monpaee.
<br />,. The MortpIOf ..ill JIIlY alllne. which mal' be le.fed upon lhe Monaaaee', IOlerest in said real estate anti impro_e-
<br />..ats. llllcI wbicll may he Ie.fed upon IhI. mOilPI<' or lhe Ikbl >ecured hereby lbul only' 10 lhe utentthal slIch is not prohibit-
<br />ed by law Illld only 10 the utenlthat 'lI<b ""II not mue Ibl\ loan uwrlOUlI. but ucJlltIill8 any income In. Slate or Fecletal.
<br />impoMd 011 MOfIC*llllC.llllcIwillllle the 08\c&al rec.lpl,lw..',n/l.llch payment Wllb the Mortpacc, Upon violation of this under.
<br />takilta. or if the MOI1pIOr i, prohibttetl by any I... no.. or herealler ulSllIII from paYlllltbe whole or any portion of lhe afore'
<br />said lUU. ot UIIOIIlhe readenna of any court de<:ree prohiblUllllhe PAymenl by the Mortpaor or any such ta..... or it sllch law
<br />or de<ne Pf'O"ides that .ny _Ill so paid by lhe MoftPlOf shall be cre.htcd on the monpae debt. the Monaacee shall have
<br />the rip! to live fllftC(y day,' wnucm OOCI<< 10 the owner of the mortP&Cd premi.... requirilllthe payment of lhe mortgajJe
<br />debt. If wdl fiiJliec be ii"Cfi. the >aid debt shall bc<;",..., due. payable and collecllbl: lithe npintion of said niMlY days
<br />to. That should he fail to JIIlY any lWII or ....p aR)cove.umlpro.idecI for in this Mortpp. then the MOflJaICe- al ils op-
<br />tioa. may JIIlY ... perform the _. llllcI aU upendltulcS '" made ,hall he added to the priacipal sum owill8 on the above note.
<br />sIsIII be seand llctcby. alld sIsIII bear inter"1 at the r.le leI tonhm the said note. until paIlI.
<br />1. That he hereby 1lHlIti, uusfcn anti >ets .>ler 10 lhe Mor\llllCC. 10 be applied loward the payment of the not. and all
<br />_ _ated hereby in cue 01 a default in the pctformaac. of OJIY of lhe terms anti conditions of tm. Monpac or lire ..id
<br />_. ..the mM5. re_ IIld ia<:ome 10 be ~ri..ed from the mllflPled premises durilllsucll time as the monaaae indebted-
<br />_ .... reJRaiIIllllJIIlid: IIld the MOftJJlICC ,hall Ita... po..'.r to appelt" .ny _nl or _nlS il may delire for the JIUI'PO'" of
<br />~.... pfQIt1eS and 01 retttilItlthe...., llftd ;;ollectina lhe renl.. revenues and income. and it ftUly pay oul of..id in,
<br />-.lIIlt"flCllllOS of rtplIirina ..... prttIUses alld R<<"'sary commISsions and expeDlCS inr:urTed in retllinI and manalilll1he
<br />_llllcI of r:oIlKIiaa R1ltah therefrom; the balance remJllmna. if any. 10 be apphcd loward the di5clulrae of said monpac
<br />~s.
<br />I. That he will ktc1> the improy_t' no.. ""''''''If ,.. hereafter erected on lhe motlpJCd properly. insured as may be
<br />r~ '- time to time by lhe Mortpace apt"'l 10lS b) fire and other hazards. casualties alld continacncles In ,uch
<br />___ aIlll fw wdl periods lIS _y be required by the Monpace anti will pay promptly. whell due. IIIIY premiums on such
<br />-.r- ~ for .,..at of wllic:h has 1>01 bee.. made here,nbefore. All insuram:e shall be carned in companies ap..
<br />.PnIMlf by the ~ UMI the poQaes aad renew.k lhereof shall be held by the MOrtPIee aOO hne altached theretO inss
<br />,.,... dIuMI ill faygr of and iII'fOfftl acceptable 10 lhe MOl1peH In nenl olloss MOf1IIIOr will.ve immedillte notice by
<br />..a 10_ .......... wllo _y make proof of loss it not made promptly by MortaaIor. and each iMUlllftCe company con,
<br />.....ltIlI!iInby HIIInmltd .... direcwd to maIle pa)'lMnt for 511Ch loss ditec1ly 10 the MOftJliItIe iftstead of to the MOft/IlIIOf
<br />............ jemIIy. llllcIlllc ___ proceeds. or aay par1lhereof, may be applied by the Mortptee al tts option either
<br />..........oftlltilllltb......btrcby_ed or to lbe rntOJtiionor repair of the property<lamqed. In event of foredo-
<br />....of... -.,.. 0J!NJr tnIIIfer of tide to the ~ property in utitlcwsMlcftl of lhe indebtedllC5S _ured hereby.
<br />....... *"'... ialrernt ollhe ~ in anti to .ally ,"wrance poIiac1 then III force r.llaIl pass to the pun:haur or arantee
<br />9: TIIIc.. ~ llllcI ~ senari(y for lhe payment of the not. described. aad all wm, 10 become dllC under Ihn
<br />~. the......... hereW anita' 10 the MortpeH .11 pruti.., re..,,_.. rOrlllll.S. riJbts alld benclih ...:crUlllB 10 the
<br />.........ldIOief..........~ 011 anti_lease. 0Il;..... prem.se.. ....Ih the riald to recti"", and receipt for lhe same oDd opply
<br />__to"" Jtr'~b wllllus 1M _I before ...fter <itfatilt us lhe c:0Il<bt_ of 1M ~, a.... lire Mort..... may demand. .....
<br />flIf...._ "--l*Y- ..1Mm dlM and parable, but s!tail not be re".med s" 10 do. This u"llI'll\t"n. is to lermmale
<br />.. __.lllllIllllcI.... _,dease of tIIit ",,",-*.
<br />
<br />HUP-91InM l~, 111'
<br />
|