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<br />(11 month prior to it. due dtue~ the annual mortgage insurance premium in order to provide sfrcla balder
<br />with funds to pay such premium to the Secretary of 1-ipusing and Urban Developmentpursuent ro the
<br />~'aticnal Housing Act, ss amended, ynd applicable Regulations thereunder; or
<br />(it) if and so Long as said note of even date and this instrtnnent ate held by the $eerotary of Housing and
<br />Urban Ievelopment, a monthly charge fist lia•er nJ a nrortgag[° instrranca: prendumr whidt shall be in an
<br />mnoum equa'1 tc one-twelfth (1?1?1 of one-half (1 f3) per cenaun of the average outstanding balance
<br />due. on the note ecxnputed wrhout taking into accountdelirtquencies or prepayments;
<br />(b) A sum equal tp the grot:rid rents, if any, aext flue, plus the premiums that will next become clue and payable on
<br />policies of lice and other hazard insurance cove~dng the mortgaged property, plus taxes aru9 assessments next due
<br />on the mortgaged property (all as a°srimarad dr the A9orrgagcei less all sums already paid therefor divided by the
<br />xiuntbci ofmonths to elapse before one moot}t prior to the date when such ground rents, premiums, taxes and
<br />assessments will become Ael'urquent, such sums w be held by bfortgagee in trust to nay said ground rents, pre-
<br />miums, taxes and special assessments; and
<br />(c_) AU payments mentioned in the tv/o preceding subsections of this paragraph and all payments to he made under
<br />thenota secured hereby shall be added together, and the aggregate amount therer,rf shaHbc paid by the Mortgagor
<br />each month in a single payment to be applied bg the Mortgagee. =.o the following items in the order set North:
<br />(1) premium charges under the contract of insttrattce wah die tiecretaty of Housin, and Urban Development,
<br />ur montlily charge jrn licz+ [?! nzrartga~ insurance premitrnz~, as the case may be;
<br />{fl) g=.ound rents, taxes, assessments, lira and other hazard insurance premiums;
<br />t;Il[) in:eresi un the note secured hcrebv; and.
<br />(IV) amortization. of theprirtcipabof_aaidnotc_
<br />Any deficiericy in the- amount of any such aggregate mon~tly payment shall. unless made good 6y die Mort-
<br />gagur prior Ito the due, date of the next such payment, constitute au event of default mtder thi> montgage.r "fhe
<br />Mdrtgagee may collect a "late charge" not toexceed four cents (1tt} for each dollar (S C) ni each payment more
<br />thart Fifteen (1 a 1 d;ysir~ arrears to sever the extra expense involved in 'rtandling delinquent payments.
<br />;t, `that if the total ttf the payments made by the tlnr[gagor underr,l of paragraph'? preccciing shalt exceed
<br />the amount o€payments actually- madebv the ylortga_ee For arpund rents taxes and ~ .~essmeniV`. or insurance pre-
<br />miums. as the ca,;e may be. such. excess, if the loan is current, ac the option of the 1Mortgagtir, shall be credited by
<br />the ~lortgageeoh subsequerrf payments to be made by the h~lortgagor. or refunded to the .Alartpagor.. tf, howec~er; 1,he
<br />monthly paymehc= made by the llortragor under ihi of paragraph Z preceding shall not. 6z sufficient ro,payground~
<br />rent. t-axe3 and assessments or insurance premium.>. a.: the c.L e may. be. When the same sha1F becume'drte and pay-
<br />uh[e, then: the +tlort~agor shall pay to the 'r1ort u;;ee arty amount nccessttrs+-w make up (kte defrc. i envy, on or before-
<br />the date:d~hen payment of ~ueh grauntl ten#:~, text; . a .c ssntent~ or insurance premrums shall he due+ If ai erns
<br />time the lorigagoc_shall iendef to the flMortgagee. is accordance tsit.h tilt pruvisiun: of tht note >ecuced hereby:
<br />full puvmentof theenUrr indebtedness reprerenf.ed thereby. the tlorlgagee slta}i. incomput,ing the amount of uch
<br />indebtedness, credit to the acciium of nc~ MongagSr all pt;•ments made under the provisions of ('t.) of paragraph.?
<br />hereof which the ~tottgag~e has not become nt~ligated to pay to the ~ecrelerp~ of llou,ing _nd l.;rban 1)cvclopment
<br />and anvbalancc remaining Pn the funds ac[umui3tedundcr the provisions of /b)of paragraph 2 h[n'eof. ]f there
<br />>hall be a def:wltupder am^ofCheprovisions o.' Ciiis mortsa~c re>aitint; in a public axis of the premiss- cnvored~
<br />hereby. orif the gortgagee acquire the pwpert.y oth[ rt+ic after d<fault, the tlorig t [ c shall °tpply, at Ute timev;i
<br />the commenc~mcnt of such procc~a,ding=; or xt the f.ime the property rS nibs r~si>eatyutrod, the balance Ihen remain-
<br />ink in the fundsaccumulatedunder (?~; of parat;raplt :> prert=diit~, ~ a. ercdit :q;ttinst the umrrunt of principuLthen
<br />remaining unpaid under seta note, and .shall pn,perly~ adjust any pa.ymenis which shall h:we been matte under (ai
<br />of paragraph.''.
<br />4. 'c'hat th .''.Mortgagor will paygrpundrenrs, rases, assessments, w-sier rotes, and usher governmental or municipal
<br />charges. 6rses. or mipositians, forwhich provision has not been made hereinbefore., anJ in default thereof the 4ipt[gagee clay
<br />pay: the Ume: and ihaethe Mortgagorwiilpromptiy deliver theafficial receipts thereforta the Mortgagee:
<br />~. The-iblurlR'dgor wit! pay aH rtxrs whichmayhe levied-upon the Mortgagee ;interest. in raid real estate and imprvve-
<br />mania. undvrhich may be lea red upcin this mortgage orthe debLsecurcd hereby.{hut only to the extent thursuch is not: prohibit-
<br />ed:by law and Doty tci the extent. that suchwill pat make this loan uuriuu+).hut excluding any income tax, State qr Federal,
<br />inipusedon bMcu'tgagee. xnd wiltfiiethe. oYFcial receipishowing.,ucb payment. with theMortgagee. Upon violation-of this under-
<br />taking, or if the ~Mor[gagor is prohibited by any Maw now or hereafter en,ting fnim paying the whole or any portion of the afore-
<br />said iaxes,:or opontherendering of any court decree prohibiting thepaymep[ t?y [he 'viorigagor or any such axes, or it such law
<br />or Secret provades [hut:my amount so paid br the Mortgagor shall be c,edited on the mortgage deF.t.. the Mortgagee shut! have
<br />theright t6give ninety days' svriiten nittice to the owner of the martg,tgad prerni>e>, requiringihe paymeniof the mortgage
<br />debt.lf suchnouee 6e giveK. the said debt~hailneaimedue. pay:tbleand zultectilzle at the expiration ut saidnineiyday5.
<br />6. "fhaF should hefail iu pay any aumor keep any eu vcnantprvvided fonin this Mortgage, then [he Mottgegee., ut its op-
<br />clop- may pay ur perfurui the same, and allexpendnures so atadr shahbeudded tv the principati sum owing on Bic ~abovenate,
<br />shell be accuses hereby, and shall !sera interesrat tkie race set forth in the said note. untilpaid.
<br />~. That he hereby assigns- transfers and acts over tci the Mortgagee.t0 be applied toH urd the paytmentof the note and all
<br />suhrs seauredhercby in case of a detatrh in the performance of any of tfie ierma and cpnditians of this Mortgage or the said
<br />Hate, all [he ienta, rev~enuaa andincame to be.derivzd from the mortgaged premises during such time as fhe mortgage indebted-
<br />ness shall remain unpaid; andthe. Morlgtgeeshall have power to app rrtt enyegetrt or agents it may desire for the purpose of
<br />rrpai~ng said. premises and iifreniingthe same. and collecting ttre septa, revenues and.incom-, etndit muY pay-. auP. pt said ire-.
<br />cornea all expen:ea of repairing said premises and necessary-commissions-andsxpenscs incurred in renting and managing the.
<br />sania aadof..eollectin~{ rentals there[rom: thebalanceremaining, if any. to beapplied tousrd the dischargeof card mortgage
<br />indebtedness. ,-
<br />3. That he will keep the improvements navy existing or hereafter erected on. the mortgaged property, insured as may be
<br />requiredfromtime io-time by the Mortgagee against toss by fire and other hazards, casualties ena contingencies in such
<br />amounts and for suchpetiudaas miry be required by d,e Mortgagez and wiN pas promptly, when due, any prerniumst+n each
<br />insrrmoe provision ~~~r pa}ment i*f whtciihas nut beenmade hcreinbefare. All in;urencc shall be c.itried in companies ap-
<br />jltuc _ by t34rr: e -r urn €he. pohczcsattd rencwaSs thereof tih.il( be held sty. the Mortga~t nod hays attaehcd hersto Ions
<br />pas. l Ina to r r .r a i 3 inform t teptal fe to theliurti,:rgce. In evenntf lrr - Miyt~.tgor alit g+le immedinic. rata. by
<br />mail ~ tit .~Moit~~„~~ ~~, ma: mak. p.~ 7f lo~~ It not niaCle pramptlyt~ fit,:rt~agor- ^ndeachinutance ccr.,.~~te::ort-.
<br />cr 7 ~ rr izcd r t drrertc ' ldtaa .mint for such l:fss dtr 'y t the tiMurt>,n~c ihsi~ ul f to the M1furirugar~
<br />- .tnd t st ~:,k i ~cJJ~. _ ~~,~, Jai. ii.-~ ;pre e~.,a, ureny p rri. therc.rf_ r~r.~,. F>e,,>r~hed be the 49ort,eLec cr its option aithcr
<br />~_
<br />te~ ~h t:ir;r me ina. ~ ,e,_ f ~raccitre[i nr to thexesruratia.r , t[,nci~ Sf the property d:arnat..r~f. In dent of toreelp-
<br />i
<br />•:c~ r: _ ~ ,; F [a r . lifts to thvrrorigar,c,d property in t_xtingmshment a h ndcbtcdr css seauc M Sir. °by.
<br />al! r_~r ~,~ ;.~ ~ ~ n _ :„ a, „_ , ~.,wt.-' to tmd try any insur~ince pali« i~. theta in h,~~ ~.?r.tll pnn> to the, ur.h:rserr ,_r.uuce,
<br />r ;set:~., ~ .i~_us'. .I ~ -.-_: itriti.o~thc payer ~:nt o:'th,, tt.r.a [;:~~ ri,-e' xnd .t~l sums t~ bccu[nc:tue under thi.
<br />.. ....- .. to hh~ bMu :ego- pr47tiYZ.:cvcmie,_ a(ties. n>hta r,~i t er.etiu n~-u~rriag t~~ tits
<br />,..~~r~i , , ~ i ~,.,.i 2h .1i ictvt ...: hie .i „! ~..vlp+i h`r the -,:m c. -,ply.
<br />''r.-~ , ~., ~ ~ .. w.,)I k>c` _. ... ., -. i~;t, .~.. ~~ the i~.4 art
<br />:.. w ,.n .I.~ ~~... .._ .e Ir:. "ri;f ~ . _ . ~ ._ ~,. , ni: ~, € w i tJ r -rasit•
<br />'~' i ~ 5` w r . i. i- Lli
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