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~~~° A~)1t4~4~J?
<br />a '~
<br />{ d) month prior to its due date the annual mortgage insurance premium in order to provide such Ixrlder
<br />with futrds 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
<br />(A) If and so long as said nose of even date and this instrumetu are held by the Secretary of Housing and
<br />Urban Development, a monthly charge (in lies of a mortgage dnsxtmnce premium) which shall be in an
<br />amount equal wane-twelfth (1/i?) of one-half' (1 Jz) per centum of the average outstanding balance
<br />due on the rate computed without taking into account delinquencies or prepayments;
<br />(b) A sum equal to ehe ground rents, if any, next due, plus the premiums that will next became due and payable nn
<br />ptilieies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />an ttte mortgaged property (aU as estimated by the Mortgagees 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 ro he held by Mortgagee in trust to pay said ground rents, pre-
<br />miums, taxes and special assessments; and
<br />(c) Ad1 payments mentioned in the two preceding subsections of this paragraph and all payments to be made under
<br />the note secured hereby shall be added together, and the aggregate amount thereof shall be paid by the Mortgagar
<br />each month in a single payment to he applied by the Mortgagee to the following items in the order set Earth:
<br />(I) premium charges under the contract of hnsurance w[th the Secretary- of Housing and Urban Development,
<br />ar monthly charge Jin flea t~J mnetgage insurance pretniumJ. as the ease may be:
<br />{lt) ground rents. taxes, assessments, lire and other hazard insurance premiums;
<br />(III} interest on the note secured hereby; and
<br />(IV1 amortization of the principal of said note.
<br />Any deficiency in the amount of any such aggmgate monthly payment shat!, unless made good by the btort-
<br />gagar prior to the due date at the next such laaymerai, constitute an event of dcfaadt under this mortgage. The
<br />Mortgagee may toilet*. a "late charge" not to exceed ti>ur ants (dk) for each dollar (S 1) of each payment more
<br />dean fificen t I ~ 1 days in arrears to cover the extra exlTense involoed in handling delinquent payments.
<br />~. "!"hat if the weal of the payments made ba the liarcaagor underl6, of paraeraph 2 preceding dhatl exceed
<br />rho amount of pavtttents actually made by the lhtrtragee for around rc•nls, taxes and a se.-sments or insurance pre-
<br />miums. ~ the case may be, such excess, if the loan is curren[.:tt the option of the Morgagur, shall be credited by
<br />thr'yktrteagee on sulrsequont payments to be made by the 1larteagor, ur refunded to the 4lartgagor_ If, how`everv the
<br />^vonthly pa}mcnt;; made by' [he §9ortgagor under r'~i of paragraph _' preceding shall nut he sufficient co pay ground
<br />rent, taxes and assessments ar insurance premium=, as then ease may= be, 'alien the same ,hall become due and pay-
<br />able, then the Alortgagor shut! pay to the ylortgaeee any amount neces.,arv to make up the deficiency. on or before
<br />rhea daft when payment of .;urh around rents, tazr a_-eas.~ment> ur insurance premiums shall be due. If at any
<br />time the '13orfgagnr shalt tender to the 11ottQagee, in accordance with the prosisiona of the Hate secured hereby.
<br />full pacment of the entire: indebtcdness_ropresentr'd then 6y. the tfottgagee shall, in computing the amount of such
<br />indebtedness, credit to the account of the Mart~gor aft payments maale under the provisicros of (a of paragr.~tph 2
<br />hereof which the Mart~a,<1ce has not become obligated trt pay u> the' ~+ecretat`V of lh3u=ing end 'Urban Development
<br />and any balitncc remaining in the funds arcnmuleeed tinder the prove-ions af: h! of part~;rsph ? hereof. if there
<br />-lief! be a default under any- of the provision- of ihi. murt;tue<' re<ultine in a public gale of the premises covered
<br />hereby. or if the lkort.KaRee acquires the properly uthorw(se after dei'ault, the 1'iangagee ,hall apply, at the Lime ref
<br />the corttmencement of wch proceeding=, trc at ihe• time the ph7perty i~ u[hPrwi>c acquired, the ba{ancr: then rr_main-
<br />inp,• in the funds acc•umulatetd under rt.i of paraeraph ~_' prccrdins;, a, a credit a;!ainst the ;tmouat of principal then
<br />remaining unpaid under said nau•, trod half pntperly adlu ~t am nasments which hail hate been made under [a)
<br />of paragraph -?,
<br />-t- '1"hat the 4fortgegor wiU ray ground -ants, taxes. asscsnmenn, water rates, ;end other governmental or municipal
<br />charges. lines. err impoadorzs, for which prowr,ian ham nut been made heretnbefore-:end in tlefeult thereof ihe 6ortgagee may
<br />pay the seitt@; and Thal the ~d4ortgagor wit! promptly deliver the ef3icial receipts therefor to the A4oflgagee.
<br />?. The 'startgagor N11i pay all taxes ,ahtch n?a. he leered upon the y§artgakee s interest in said real estate and imprave-
<br />mcnts, and which mat he ievizd upon this mortgage err [he debt secured 9r%reby tout only tr> the extent that such is oat prohibit-
<br />ed bu +aw and only- to the extent th:r[ such will nut make flits loan usuriousi. but exeludirsg any income tax, State or Federal.
<br />impaled ran Mortgagee. and will 111e [he official receipt .hawing uch payment wnh the Mortgagee. Upon violation of this under-
<br />taking, nr if the'klortgugor rs prohibited M' any law now- or heraa.iter e°:i,ttng from praying the whale err any portion irf the afore-
<br />said taxes, ar upon the rendering of ane court decree prohibiting the paynrem by the Mortgagor ar any such taxes. or if such few
<br />ur decree pwvKfes That any arnvunt so paid by the Mart~gar shalt he credited on the martg:~ge debt, the h~5ortgagee shat( hove
<br />ihe right to give ninety dads' written notice to ihe owner of ihe murtgaaged premises, requiring the payment of the mortgage
<br />debt. If such rsatice be given, the said debt shall become due, payable oral cotlectibte a[ the expiration of said ninety days.
<br />b. That should he fail to pay any sum or keep env corenaat provided for in this Morrgage, then the Maregagee. at its op-
<br />eian, may pay or perform the same, andal} expenditures so made shed be added to the principal sum owing an the above note,
<br />shall he secured hereby. and shaft bear interest at the rate set ferffi in the said note. until paid.
<br />'. That he hereby assigns. transfers and sets over to the ~iartgagee, to be applied toward the payment of the note and all
<br />soma secured hereby in case of a default in the performance of say of the terms and conditions of this Svfortgage ar the ,aid
<br />Hate., alt the rents, revenues and income to he derived from the mortgaged premises during such time as the mortgage indebtect-
<br />nes+shail~emain unpaid; and the Mortgagee shall have power to appoint any agent or agents it may desire far [he propose of
<br />re:pakrtnt; said premises oral a# xenring the same and roliecung the rents, revenues and income, and it ma}~ pay out of said in-
<br />wmes all capeuses of repaizing said premises and necessary commissions anti expenses incurred in reneing and manat~ng the
<br />same and of catlecting rentals *,herefrom: the balance remaining, if any, to be applied inward the discharge of said mortgage
<br />indebtedness.
<br />R. Thai he wit{ faeep the improvement now existing or hereafter erected an the mortgaged property, insured as may he
<br />reaurr~l fee m cline to time lv the k4ortgavre min.. [ ~, tip. Ere :tort nrtta'r hazards ctsrra.[ties and contingencies in such
<br />amounts and far such petiole as Wray be re4uired by the Martg;igee and wtl) pay promptly, when due, any premiums on Brach
<br />insurance preasasixnt for pay-meat of which has not been made hereinbefure. All insmrance shall be c:rr=_ied in companies a.p-
<br />pruved by [E[e ~4artgagec and the policies and renewals thereof shall be held by the Mortgagee and have attached thereto loss
<br />parab?: clztuses in favor of and in farm-acceptable to the A4artgagee. In event of lass Mortgagar will gn~e immedrate notice b',
<br />tine;( to cite ttortgage•c,. wtto rn.ry make proof of Inss if oat made promptly by° Mortgagar, anti each insurance ca*mpany ~un-
<br />c coca c t;~ re~t~ sut'saor¢rri ane! directed to make payment for such hysr, directly to the Mitrtrzagre m.aead of [o the tiortga+gar
<br />amt ih+r tt.,rr ac. j,,;nt3e, 2nd the insurance proceed. cx an,' part (hereof. mar be applied by the Afiortgager. at tt r,ption either
<br />t: rr ~ceiert sun of ttr_ indebtedness hereby +~eeurel or w the rrsioratiar. acs repair of the propertt damaged. =n evert z. , r : _aio•
<br />t 7-., i ~ ,^.rgea~r trti:cr transfer of trite [a rite mar[&a£;ed property inexunguishrnerri of the tnaiehtedn s:a- r:rrd herehr.
<br />„ t,.. ~:[1 ,~,.. 'r[erest vt t#se 'Ion agar +o and ro any rrasururece pwticics theft in forayhail pails to the par n.r,er or tran[ee
<br />r~
<br />..~- ,;:.,>,,:,; and c. ~~c-.,e s_.:uriiy for [h• pag,~*seut ref t$e rroEe descntn~, coat ;all aunts fir k*ra.rmc due ~..,d,r rltrs
<br />r _ s ~atku bz i.~ tn:na tz. the Maattgugee a}# proki:x, revenU^s rtxyaltttb, riulus and hen iris .rY:rurtc rv [he
<br />,' a~=>_.°. ' ,.•- .. - ~~~ -.,. r say stn sx;d p=e,tnis~+. ;vtih the =tght t~> r;tr;tat~ :and .ei:eip! ti+r ihe 5hmr .a,td a[npty
<br />u .. ._,ai :mot r ~,.- a ..,'. ,d't.°; dcfxeult to the wun.Irnsr:ns of this rs;r>rtyrx{re. octet the 49c+re,grsgre mss dern.utd. >ue
<br />per :,~ r , =.. <-',rn6- ,. Ften life acrd pny:tE+tu; $ut .hak? nrn t+e ra eturs'eai a, t<+ du I?tt+ ~atgt.arr,•¢os r, ;, crtxitrzatt
<br />- rr.=r'.iE ..~.. ~ 't7<•?r~ ~... ,rlhrwnio•rtgage
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