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<br />82--~~i~233$
<br />([)month-prior to its: due date the annual mortgage insurance premium in order to provide such halder
<br />with funds. to pay such premium to the Secretary of Housing and Urban Ihvelbpmen¢ pursuant to the
<br />Nations! Housing Act, as amended, and applicable. Regulations thereunder; or
<br />(TI)! If and so long as said note of even date and this irtstntment are held by the-Secretary of Hauling and "
<br />Urban Ikveloprrtent, a monthly charge /in lieu c~J'a mortgage insurance premitemJ which-shall tie-in an
<br />amount equal: to one-twelfth (l/12) of one-half (l)2) per centum of the average outstanding balance
<br />due nn the note computed without taking into account delinquencies or prepayments;
<br />(b) A sum equal to the ground rents, if any; next. due, plus thrpr0mlums that will next become due'-and payable oti
<br />polictes of flrz and other hazard insueance severing the mortgaged ptotterty, plus taxes and assessments next due-
<br />on`the mortgaged property{a1Las estimated by the Mortgagee) less all sums already paid therefor divided by the.
<br />number of .months to elapse before ane month prior to the date when such ground`tents, premiums, taxes and
<br />assessments will become:.delinquent, such sumsto be held by Mortgagee in. trust to pay saidground rents; pre-
<br />miums, tatter andspecial assessments; antl
<br />(c) Alt payman[s' mentioned in the. two preceding subsections of this paragraph and all payments to lie made under
<br />the note secured hereby shall be added together, and the aggregate. amount therzof shall be paid by the Miirtgagot
<br />each month. in a single payrnent ro be applied by the Mortgagee to the following items in the order set: fords
<br />(I) premium charges under the contract of insurance with. the Secretary of Hauling and Ur'oan llevelopment, ,
<br />ur monthly charge (in Geu of mortgage insurance premium}; as'the case rosy lie;
<br />(II) ground rents; taxes, assessmenu, fie and other hazard insutanczpremiums;
<br />{III). interest on the ogle secured hereby; attd
<br />(IV) amorti2ation'of the pripcipal of said note.
<br />Any deficiency to the amount of any such aggregate monthly payment shall, unless made good by the Mort-
<br />-gagor priortti the due date of the nexrsuch payment, constitute. an eventot 3efaultunder thisrriortgage. The
<br />Mortgagee may collect a "late chaise" not to exceed fni:r cents (3K) for each dollar (S l) of each paytneni more
<br />than Gf[een (IS) days in arrearsto cover the extra expense involved,m4tan32ing 3elinquent payments.
<br />:3. That if the local of the:paymtenc> made by the 3lortoaoor under ih) of paragraph; 3 preced ~,Q shall exceed.
<br />the amoun4 of payments actually made by the Alottgagee for around, tent, taxes and assessments pr`insurancc pre-
<br />miums, as the case may be.:?uch excess; if the Loan is Curren[, ar the option of the 9lortgagor, stiatl be credited b)
<br />the 11ortg:tgee on subsequent paymentsto he made by the. 37ortna~or, or refunded ao the 6lortgagor. {f, how•aver, the
<br />monthly payments made by the; N~rrgagor,under (~:J of paragraph ? oreceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance. premium=, a,, the. ca.~e may be, when [he ::=ame shalt become due; and. paw-
<br />able, then the Mortgagor shall pay to the )lortgaeee any' amount ncce~an"to make up the deficiency, on or before
<br />the date when payment of ,uch'ground mad. ,tales; a, essment~ uninsurance pmmiums shall be due. If at any
<br />Gme the 51oFtgagor shall tereder'to Lhe ~Morcgagee,in :u•corclance wi[hthe praci~ions o€ the note secured hereby;
<br />full paymenGof the cniirn indebtedness-ra~presentedthereby, the 1lortgar;ee shall. in et,m~uting theamount-ofsuch
<br />indebtedness, credit to the account of the Mortgagor all payments made under he provisions of7aj uEparagraph `2.
<br />hereof which the Mortgagee hasnot become obltgaCed to ,pay io the Secretary aC Housing .;nd lkbanUevelopment
<br />and any balance remaining in'the funds accumulate3 under Ghc provisionsof {hJuf paragraph'3hereoG 3f there
<br />shall be adefaultunder:my;of lheprob~isions gfthis nmrtga~e resulting ins public- xaileofthe prnmtacs caven:d
<br />: hereby, or iI the Mortgagee. acquires he properly otherwise after default. the 1lortgat;ee shall apply,,. at 1hetime of
<br />the commencementof ouch proceedings,or at thetime theproperty isitthenrise acquired, thebal:uicethen remain-
<br />ing in the funds accumulated under fig) of paragraph ? preceding, ao a credita;;ain.~i the amount of prutcipal then
<br />remaining unpaid under saidnote, andhall properly :uljust any p:tymenLs which>hallhave bee°nmade underfa)
<br />gf paragrapher.
<br />d. Tfiat'the Mortgagarwilt ~ayground rent., taxe.:.assessments,~wa[er rates.an3.o[hergovernmental or.municipal
<br />charges, fines: orimpasitians, for y+h[ch pmvisian has not been made hereirbefare, andin defauh thereat the lfartgagee may
<br />pay thz same; and that the Mortgagor will prcimptiy deliver theo~ficial receipts thetefor to the ;Llartgagee.
<br />5, The Mortgagokwill pay alldates which :nay be levieiiupan the Martgagee`.a interest in saidreal es[ate and iinprovz-
<br />meots. and which may tx levied upunlhis mortgage isr the debt secured hereby (but onlyto the extent that suchis not prohibit-
<br />e3by lawandonly to the extent that such will na[ make this loan usuriausl,;but excluding any income tat, State or Federal..
<br />impase3dn Mortgagee and will filethe,~ttieial receipt shcrwingsuchpaymcnt withthe Mortgagee,L'pan violaticinof [his under-
<br />taking, orifthe Mortgagor is prohibited by a[iy Eaw now or hereafter zsisting from paying the whale nr any partian at tits afore-
<br />. .said taxes: or upanthe renderrog of am- caurt decree prohibiting the payment by the INartg:igor or any such taxes. or if such law
<br />ordecrae proa•ides that any amvunt w paid by the :Liangagor +hall he creditedan themortgagedebt, the :Mortgagee shalihave
<br />the right tggiveninCty days' written notic: to the owner of the mortgagedprzmises,requiringtfie'paymentof the mortgage
<br />debt. If such nau:e be given. the aid debtshall Ixcome due. payable andcotlectibleartfre expiration of saidninetydays
<br />6. 17rat should he fail to pay am• sum orkeep any covenanrprovided for inthisMwtgage. then the Mortgagee. grits qp-,
<br />lion. may payor perform the same. and alt zxpendituresao made shall be added to the princpa}sum awing on the'ahove pate.
<br />shall be secured hereby.. and shalfbear mierest at tharatz set forthinihe lard note, until pail.
<br />That he hereby°'.assigns; transfers and sets oter to the. ~4arigelret. w be applied taward the payment. of the note and al!
<br />aums,ecuredhereby',incaaeofadtfauttinrheperformancebfany. fthetermsandcanditiiinsufthis~1ortgugearthe.said
<br />note- alFthe rents; reti•enues and income to be derived from. thz mortgaged prenasesdaring uch dme as the mortgage indebted-
<br />Hess shaft remain unpaid; andthe :Mortgagee. shalt list~e paver to appoint any ageat tr agents it may desire for. the purpaseof
<br />re~au~n Said-premisesand of renting the same sad eoltectinz the rents, re~~enuesand incamc; antl it. maypay out ~~t. said'in-
<br />romp. a'I-expenses of repairingsaid premises and nee essary ~commissians and expenses incurred in renting and maaaging the
<br />sane ,nd nf'caltecUng rentals iherefrtym; the balance remaining; ifiany: to be appliedtoward the discharge of said mortgage
<br />indettcdne-~;. - -
<br />h "that he v.ili keepthz improvements nqu existing. or hereaftererected on the mortgaged property. insured as may be
<br />zcy:.ired prom ~mx to Mime by-the Mortgagee against:{ass 6y fire anti other hazards; casualties and .contingencies in. such
<br />amount. and ti,r such periads asmay he requited by the Mortgagee and will. pay. promptly-when due, anypremiumson such
<br />::,r ,, s .. .,. p _....[ h'ch has r t ~, en m ,;.+z hcreinbefare..All insurance shall be c trriad in compaNes ;gyp-
<br />prc,t d be ,nc 4L t r~,bec and the paliaes anz3 renewalsthereof sha71 be held fiy the Mortgagee and have artathad thereto cuss
<br />pica c ~ ta~se m t ~ :r rf and in Porn. acceptable to she Mortgagee. In evant2rf lass lVlortgugar wIiIlEire immediate rsoticeby
<br />rail t th~~ xtort,, i,., t . ~. h~• era, make praaf of loss if oat made promptly by htortgagar, and each insurance c umpany con-
<br />L :ciao Fe~.~h i ,h~aii i ~ a itr~t d i.~ rriake payment fur such lass direulg to the Markgagez imtEad of to the ~tor (agar
<br />,nd tt i Lie -tga t t nth t 1 tt« ir.s a n~c proceeds. or-any partthereof may },e appGcdhy the Moi t},agee at ik'+ aptivn either
<br />to 4h~ cdu_,ion ~. the ind. .cdnes. h .irp3acured ar tathz restoration ar rzpairn( t6c;>rapen}~ damap,ed In cleat of forzcb-
<br />su.e t ihi; root < ge nr , ic- rran~fer of tie7e tc• ;he mangaged property i:r extinguistrment of the indebtedness seatmd hzrebv,
<br />atfr ~. i i't~c :::~ ~ Lirci r-.d ih ~ U„t ^.ea~ar in ;rod taanr insurarrti policies than in force shall p,na to the purshaxtr or t;rr,ntrc,
<br />T'h:a; ,Y. i~iti~:~, - r' , ;~_,is i' •tcurityfi~r the payment taf the riots dc,tritxd,.aitdall sums to hecorr,e dine under this
<br />marl ,gr. rtic ~r ~. ih-~ r r - 'w~+rr to the Mirt .sec eA aro5ts n,ic. ra} t ias rrghis::azd he.tetits .itcnung tt the
<br />~fctr[gsgar iimlr ,r y a~J ~, c;l :.rd k,u ,cases err ,m ~~~. with if.< ,Nha t.> rei'eive .rod rc ceipt t,r the s:.t>c sad u,tply
<br />tti~em CS? siitl ino ~:i tt<_'-., i" i star: s alts sI2+-.~,i . n Cw!` C~>r7d.:i ~ .if: (t`~, ~ ;IUBg:c. :~~1(i thK 11 <)t y,.Ike'< 9o~;,ta nlC nlJ nil. `.l;L'..
<br />fzerand.c~.<.vcr st.p ..;,h, ~.,~,, :. tit--,: <itte; n1 ; ~,,.: i~ hue -haV ~„i ;~e-zeci~rrt~:! sa so ,!. phis :; rgn;€~cat ~ .,, c rr.unah:
<br />,mdlxsomrnuitandvc~~:(un r.-r,,,. ~rthistaortu.:rr.
<br />w~~ i,tht+a[str[t
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