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<br />(I) month prior to its due date the annual mortgage insurance premium in order to provide such holder
<br />with funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the
<br />National Housing Act, as amended. and applicable Regulations thereunder; or
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<br />(II) If and so long as said note of even date and this instrument are held by the Secretary of Housing and
<br />Urban Development, a monthly charge (in lieu of a morrgage insuTance premiumj which shall be in an
<br />amount equal to on..rwelflh (1112) of one.half (112) per centum of the average outstanding balance
<br />due on the note computed without taking into account delinquencies or prepayments;
<br />A sum equal to the ground rents. if any, next due, plus the premiums that will next become due and payable on
<br />policies of fire and other hazard insurance covering the mortgaged property, plus laxes and assessments next due
<br />on the mortgaged property (all as estimated by the Morrgageej less all sums already paid therefor divided by the
<br />number of months to elapse before one month prior to the date when such ground rents, premiums.- taxes 'and
<br />assessments will become delinquent. such sums to be held by Mortgagee in lnlsl to pay said ground renlS, pre.
<br />miums. taxes and -special assessmen ts; and
<br />All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under
<br />the nOle secured hereby mall be added together. and the aggregate amount thereor shall be paid by the Mortgagor
<br />each month in a single payment 10 be applied by the Mortgagee to the rollowing items in the order set forth:
<br />
<br />(I) premium charges under the (:ontract of insurance with the SecretaI)' of Housing and Urban Devclopmerf,
<br />or monthly charge (in lieu almongQ,~e insurance premium). as the case may be;
<br />(II) ground rents, {axes.. assessments, [jee and (\ther hazard .insurance premiums;
<br />(Ill) interest on the note secured hereby; and
<br />(IV) amortizatIOn of the prinCipal of said note.
<br />Any deficiency in the amount or any sud} aggregate O1lHllhly payment shail. udcss mad~ good by the Mort.
<br />gagor prlar to the due date of the next sut.:h pa:VI1lCllt. ,;u!1stHUle an evem oj default under this mongage. The
<br />Mortgagee may colle;,::t a "!ate ch.arge" not to cx.:ced lour (ems t41J for cadI dollar ($1 , of each payment more
<br />than fifteen (15) days if! arrears to rover the exua expens.e involved in handUng delinquent payments.
<br />
<br />"" That if thp total of tht~ paymf'nt:-; mad!! by 1-iw \1nrlgagor under i Ii J of paragraph:! pren'ding shaH exceed
<br />I-he amount of payment..'3 act-uaHy madt:. by the 'lnrtgu~e~ fur ground u'nL..:, (axe::; and asees,:::;mems or insuran<~e pre-
<br />miums. j..'5 the easp ma\' hI', ...:;uch excess, if the loan IS current. ar the option of the Mortgagor, shaH be credited b,
<br />tht~ 'Iortgagt~e on ;.:;uhs;qutmt paymtml:-- (.{) b., mad._, by lIlP \1ort~agor. or refunded to thp \tortgagor. If~ how(~ver, th{~
<br />mnnthly payments made hv (he Mortgagor under, i,) of paragraph 2 preceding shall nOI he sufficient !O l'ay ground
<br />rent~ tllxe~ and asst>t!smentH or in~urance pr(>mium~. ;t;-. tlU' niZ't' may ht:>, wh(>n the :"amt~ ~hall beeome due and pay~
<br />able, then tho Mor-tJ{Hg'or :-;hali pay to t.he \'lortg:al!N~ an~' amount tH~l'l'....:-,ar~: to 111(ih.t' up lhe defieillncy, on ur b(~fore
<br />the tiat.e when payment of :,uch ~mund TPntl-'. t3\('-,..." a~i'('~~fl1-{lnt~ or in,o;uram:p prt'miums ~haH be due. If at any
<br />limo thl~ \tortguMor Bhatl h~der to f,ht_! \tor4Z:a.get~, in al'l'orth\-JH.t~ with th(~ provL--ioo1-; of thH note ",ecur{~d hereby,
<br />full paymt'nt of the {mtire indcbtm;int~.....~ n)pn:.~t'nh'd t!wn:!'hy, !ht' \lortg:ul!ep ~halL in f:omputing t.hp amount of f'uch
<br />indebtedness, credit to the t:1cl'ounl of (/1(.' Mortgagor .!i1 p.:J.ymcl1t's made under the provisions of ((I) Qf ~'" '''-raph 2
<br />hereof whith the \tortA"ag-e~! ha.... not b(!-~-'ome oblig<lU~d 1(1 pay to t.he ~e(;rNary of lIou:-iing and (:rban Deve! Jpmt:ut
<br />and any ba)an(~t~ rem-ainjn~ in Uw fun-U:-i aceumulatcd under the pt'Uvlslon$. of (!J) of para;rraph :! h~reor. If thert~
<br />shall be a default under uny of th(' pm\"i~lOn~ uf t1Ii~ mortca~t~ n,t~ultin~ in a puhlic ~al(' of t1w premises cover.pd
<br />hm-eby. or jf tlw \'o~agt.t. a{,(,ul"'~ tlw proP-Pfty odH'ry,i~p aftt'r d('fault. Ilw \tortga~('t" _..;haH apply, at thp timt~ of
<br />the <"omrnoncem-t'nt of ;.;u{~h procl.t>dinJ,!-"", or at [ht~ Urnt' Iht. prup{~rty I~ otlwrwj,....l. <lc(tuircd, the balaI1('e thpn fpmain-
<br />inl'!: in the funds accumulated und(~r: r of paral!n!ph :! pren-ding. ;1," it crt.dit ap:uin~t thf' ;-unount uf prindpal then
<br />remainin~ unpaid Undt'f ~aid nob.'. and ..,hall pntpt,'rh adju,...t ~tny pU.Vfiwnt;-;- \\hich -hall haH' htwn madt~ UIlUPf fa)
<br />or para/(raph 2.
<br />'L That the ~h_lrtgagor \\-IH pa\ .~f~)UnJ ft:nt". !~L\t."", ,l,....e...'" I1H:; nl'i. \..i\fa rates, ;lntl \\ther ~ll\ernrnental or municipal
<br />('harges. fiOb. (~r tmpu",aion_,;. 1M Whldl pnH,i_,,>ltlP. h~'1_'" !Hlt rx-r:n made hcremhcf"fe, anti in "idaull thereof the Mortgaget: ma~'
<br />pit)' the same: ~md (hat [he Mort~agl..)f \\Jll prompt!\' deh\-t'r the l)tlh:I1i,J rC(t:lpts theldor to ihe !'v'ongagce
<br />), The Murtgagor Will pa~- aU til,-C'''' \~hKh may N: kviN tlJXHl th(' MOrlf:agt't"'-; nHel't"st in ";lid real ntalc ,1110 impfll\'e~
<br />nttfUS. and whit:h m~~. ~ 1\:'\;led upr;fl thi~ t1lPflg-i:Jj;!t' t'! the lie'pt \t'l.:ured herehv {but rlOh hllhe extent [lUll >;\Ii.:h is nol prohibit-
<br />ed hy law .lAd only hlrhc e\h.'nt that 'w.:b \loll! ntH make lhi, i~Mn \J..,tlfioll~!. hut t\dwjjn~ uny lnl,..'tlme tin. State Of Fedf.'ftiL
<br />imposed on MOrlgag,e,e, ;1ild wiff tile {hit lAfktal,cl.:clPl \h,w.-mg \lKh payment \...Hil the Mortgagee. Llp;..1n \'inJalion of Ihi:,> under~
<br />taking~ or If the Mortgagor I' pruhihitt;d bv any L-lW IhH\. ~lr hercaller exi~un~ frolll paying the whole ('I' any punion (,)f the afl..lfc-
<br />~ald fax.e~. -tlf upon the r-endenng of an\- (;JUn decrt':lt prohlhning the payment hy the M\.lngagor (lr any ~lll.:h ta'C)<i. or if such I.IW
<br />,Jr decree pfll\'idc~ that '-JOy atnount ~() raid hv Ih~ Mortgagv( "hJH he \..Tedited on the mongagc debt. the Mortgagee ..hall have
<br />the right to give ninety Jays' v.-ritteo notu.:c f\} the 0\1\ ner ;Jf the mlJrtgt:lged premt-;e\, requiring the pityment of the mortgalle
<br />debt. If sut:h notice be given, the ,-,au.i dt:bl ~haH bet.:O!TIC Jue, JHtyable and \:'olief.:lible at the t\piration of ~ald ninety days.
<br />6. Tbat should he faU to "pay ~m\' ...urn Of i.eep any covt'1lHnt pro\,.ided for in this !\,1ort~age. then the Mortgage~. ,l! it\ op-
<br />l)o-n. may Pit)' Pf perfofm the ~am(:, and .dllt\p<nJitur-e~ \(1 madt.' .,h~111 be ildJed to iht" rnn<:ip~ll ~um (1\\ iog ~Hl the ab(wc note,
<br />'\halt be \ecured here~y. and s-h~1I t>enr interest ,ut the mIe \et f(lrth in the: ~"ld note. until paid.
<br />I, That he hereby as-si~'i. transfers and ~els o\'er to the Mortgu.gee. to ~e applieJ toward tht' paymcrH l,f lhe nole and all
<br />s.um!-. ~\:ured hereby in case tlf a (iefault in tht prrftlrmunce of any uf the term... and condition~ nf ihis Murtgage- or rhe s,-liJ
<br />note. .dl the reots. r-evenues and income to he derived (rom the mortgaged premise~ during such time "'''' the mortgage indebte-tl+
<br />flC;SS shaH remain unpaid; and the Mortgag<< shali have power to appuint any agent or agent!' it may desire {\lr the purro~~ of
<br />repairing. said premises and of reoting the ~ame and (OHe\:'ling the rents. rt.'venue~ and im.'ome. and it may pa.y out of "aid in.
<br />comes aU txpenses of repairing said premls.(':;" and nccessar~ Lornmi~.~ion~ ~tnd c:\penses im:urreu in renting anu managing-the
<br />~amc and of coUectintt rentals thef~i'rom: the bala.nce remainin~. if any. lu ne ap-piielt h.,w8rd the di\\.~har!!e (if said mortgage
<br />!Ildtbtedness.
<br />S. That he will keep the impru...tmem-s no"" t:-xi."tlng ~lr hereafter erected on Ihe mortgaged property, ins.ured;J\ may l1e
<br />required frum time h.'l time hy the Morfgagee again~t IUss by fire and other hi'uar-as. ;;<hu<l1tie~ and conHngencies in "ut.:h
<br />amouttlS and fot ,ucb_~riod~ ~~ may N: required b)' the M-ortgaget: ano wiH pay prompt!y. \.\ hen due, ~tny premium) \\n wdl
<br />inwtaD-<:-e provi~ for P-ayme-Dt nf which has not been made hcrt:m~f('r('. A,II io;<.urance "haH he ~;:Irrie-d In \..l.'!npan~e~ ap.
<br />pftlVed by the M~ -and lM ro-hcie~ and renewals tbeT~nf shan be heltl hy the Mortgagee ,,"no have .HHu:hed thea'lt} If"""
<br />p;aYA-ble clau$ts in favor of and in Corm ~c-(eptabJ.e to the Mortgagee_ In event of 10\"0 Mortgagor "Ill ~l\'e immedwte rl\l{h:-e h~
<br />mail In the: Mttr~, who ma}' make pU.lO! of ios,\ if not made pwmpti\' by ~fLwlga}l:OL and ('.<:11..-11 in'lLH.tn;.:e- l'lHnpany (',}fl-
<br />,C'1'Iled is. ~Nb)' authori-l:Crl and directed t.o make paymenl for su~:h }(l-~s. dirc't!y to the Mortgaget: lI)"t-t'au of h) tn(' 1\-!orlgag\-tr
<br />and. 1M MOI1pte-e f\.llntl;-'. and the tnsur.!flC"e ,pwcceJ.s-. Of an)' part thereof. may be applieJ {'Iy the !\-hlrl.l!agee at its option eilhcf
<br />ru l~re-du(;tion_.uf the indebt~-dM,S.!s hereby ~-curt!:d ()f to the re,lOrall<iD or (epal! of the. pr~JJ)('ny damage'tl, In t\'cflt 1.\1" hlr('l..'hl+
<br />rote_ of ~ P'Kltf~ Of mher tnm$.fer ul tttle tf\ the nldft.pged rrope'rty In t!"xtingUI"hmcnt of the lOd-fbtt"dne~'S. '1c~UI'ed. herebv,
<br />.tJi ri8bt. title and~!4 (>I {he MottpgOf in .and t~) any in_wrance puHcie'\ then in h)r;.:e ..haU p~b... to the purchaser .11' g.H-itllt:e
<br />Y. Thtit lit'" .oditk>RJd and coUatcrnJ ~~utiry ftn the fHn-<mCJil ~If (he note deM.:rihcd. ;ind aJ! sums It) ht,>(ume- Jue under lhh
<br />~.~~ the ,5d-~()f _hereby a'\.~n..._[(t the Mon.gag<< ilU rrofih. revenues, roy;dtl-e..,.. fJRht\ ,md t'endih ,t\....::fum~ h' the
<br />M~ lUlCitt:r arty.oo aU oH i.nd ~M l~alj('_1i. on ~;ajd r-re:m.i-f>.eiii with the fltilit 10 fcteive lln(.1 re>:ltlpl '',It (he _'-i-lftle unJ apr!\-
<br />t__ w ->>Ht ~~:Pc:n 11:-,. \\<eU bdutll; '1!,':< .alrer default in the' ~on-dtljOfl5 of lhh flilJ-rlg-agt:< ,md tilt' MOf1~a,get' ma\' dem.Hht _~l1e
<br />f..n and rt\<,_(*,\-ef 1Ul;Y ~-u"h paYffi?llb Wht'A ~ut and pay-a--btt.. 'but shall no-t N f-e'tiUl'ft"tl <;1-1 (.) t~;~. fhjo, a';.s..~)tnrn:""llll" In leq1ill;;Ht'
<br />.amj ~<<' nuU~ "'-tud uooo ttk-JlW -!;){ rhh- mort~.
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