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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
<br />{ft) tf and so long as said note of even date and this instrument are field by the Secretary of Housing and
<br />Urban Development, a monthly charge !in lieu of a mortgage insumnce premium/ which shall be in an
<br />amount equal to one-twelfth (l?12) of one-half {1/?) per contain of the average outstanding balance
<br />due on the note computed without taking into account delinquencies or prepayments;
<br />(b) A sum equal to the ground rents, if any, next due, plus the premiums that will next became due and payable nn
<br />policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on .the mortgaged property (o!! as esrimnte<i by 1He Mnrtgager~l Tess all sums already paid therefor divided by the
<br />number of months to elapse before one month poor m the dal: when such ground rents, premiums, taxes and
<br />assessments will become delinquent, such sums to be held by Morteagee in trust to pay said ground rents, pre-
<br />miums, taxes and special assessments; and
<br />(c) Ail payments mentioned in the two preceding subsections of this paragraph and all payments to be made under
<br />-the notz secured-hereby shall be added together, and the aggregate amount thereof shall be paid by the Mortgagor
<br />each month in a single payment to be applied by the Mortgagee to the following items in tbz order set forth:
<br />{f} premimn charges under the contract of insurance with the Secretary .rf Housine and Urban Development,
<br />_ ur monthly charge tin Lieu of mortgage insurance premium 1, as tltz use may be;
<br />{If) ground rents, taxes, assessments, tixe and other hazard insurance premiums:
<br />(il[) interest un the pore secured hereby; and
<br />QV) amonization of the principal of said note.
<br />Any deficiency in the amount of any such aggregate mmtthh' payment sltali, unless made good by the Mort-
<br />gagor pritar to the due date of the next saeh payment. cansti[ute an event of default mtder this morteage. The
<br />Mortgagee may collect a °iate charge" not to e.xcezd tiro cents t~ii f.rr cadt dollar (S t) of each payment more
<br />than fifteen (I5) days in arrears to cover the extra expznsz invoiced in handling delinquent payments.
<br />.. That if 'the total of the payment- made by the Mortgagor under t,',/ of paragraph Y preceding shall exceed
<br />the amount of payments actually made by thn 4torcgugee for eround rents. taxes and assessment.: or insurance pre-
<br />mium. as the cure may be, such excess, if the loan is curzeat, at the option of the D1ortXagor, shall tee credited by
<br />the Mortgagee on subsequent payments u, be made by the 4iortgagor, or re{ended to the 4lorcgagor. I[, however, the
<br />monthly papmnnta made by the :4tortgagor under ti:i of paragraph _' preceding shelf nut lxx sufficient to pay grwnd
<br />rent, raze= attd assessments or insurance premium. u~ the ca_~e mxv 6e.:ahen the same shall become due and pay-
<br />able, then the Mortgagor shall pay to the 4lortgugee any amount neae-saty to make up the deficie-ncy, nn ur before
<br />the dste when payment of such ground rents, tale-, arse-sment- or in=urance premiums =hall be due. If at env
<br />time the Mat2gagnr =hall tender to the llortgaeee, in xcconfance with the provision- of the note secured henrtr},
<br />full payment of the entire indebtedness represented thereby'. the Uortgagee ;hall. in c'ompuiing the amount of .arch
<br />indebtedness, credit to the acccwnt of the 1,fortgagor all payments made under the provisions of /.r; of paragraph "?
<br />hereof which the Martga~ee ha, nut become obligated to pay Iu [he ~*cretar} of Housing ~nd l'rb.m (kvelepment
<br />and any balance remaining in the funds accumulated under the provi=ions of 1::; nFpara*;raph '3 hereof. [t dxrre
<br />shall he a default under any of the procisions of this murtz:age insulting in a public ,ate ui flee premises covered
<br />hereby, or if the Mortgagee acquires the pnrper[v otherwise after default. thc• \lurtt;a:<ee -halt apply, at the time of
<br />the commencement. of such procec•ding~, or at the time the property is otherwise ucyuinsl. the balance then ramnin-
<br />ing in the funds accumulated under F ^ of paragraph ' precedin_, a-.:t credit against the amount of principal then
<br />remaining unpaid under said nun+, and shall pmperh adjir-t :+m payment= which -hall hxye been made under i,<?
<br />of paragraph 3,
<br />-t_ That the 6fortgagur ..•iU pay ground rant,, ct~zs. assessments. water rate;. and other guvernmrntal or municipal
<br />ehargz>, fines, ur impositions, for which pr:ni,iott na, not Nzrn made hrrrtnhrtore, and is default thereof the Mortgagee may
<br />pay the same; and that the Sturtgagor w ill promptly aiehvzr tNr udicial receipts therefor to the Mortgagor.
<br />?. The Mortgagor Hilt pa} oil taxr_, chich tna} t>< levied upon the Mongagee's interest in .aid real estate :md impruvr-
<br />mrnts,and which may be levied upon this mm~gage or the debt srrorcd hereby thus only to the uatrnt that such is nut prohibit-
<br />rd by law and Doty to the extent that such w?f nut make this loan usunousl. hen rxzfuding any incuntr tax, State ur Federal.
<br />imposed on hiurtgagee, and will file Ute odiciad rruila :hiruing,uch puysnent with the \tortgager. t'pun violation of this under-
<br />taking, tx if the Mortgagor i, prohibitzd Ny an} lau nua ur hzrra[tcr evisung f nrm pa}'rng the abate or any ponic!n of the ~tfure-
<br />said lases, ur upon the rendering of any court dzeree proteihtting the pa}nunt by the Murtgagur ur any such taxes, ur d such Ltu
<br />ur decree pruridrs !hat any amount ,o paid M the Murtgagur ahntl tcz credited un the mortgage drbt_ the Mortgagee shall have
<br />the right to give ninety day,' urittrn noutr to the owner cd the mortgaged premise., rcyuiring the payment of thz murtpage
<br />.leht. If such notice Ne given, the said debt shall become due. parable and cutlectihle at the rxpiratiun of said ninety days.
<br />6. -Phat should he fail to pay any ,um or keep any roven;a^.t provided fur in this Siortgage, then the Stortgagez, at its op-
<br />tion, may pay ur perfunn [he saner, and ati expenditures .o made shad br added to the principal sum owing on the ahoy note,
<br />shall he secured hereby, and xhail Near interest -st the rate set forth in the said note, until paid.
<br />'. That he hereby assigns. transfers and sets over to the Mortgagee. to br applied toward the p:ryntent of the Dote :md :dl
<br />sums secured hereby in vase of a dr[ault in :hr prriarmance of any of the tzrms and ccmditiuns of thin \tortguge ut the said
<br />note, all the rents. revenues and income to hz derived from the mortgaged premises during such time as the nxtrtgagr indebted-
<br />ness shat) remain unpaid: and the Mungager shalt haze power to appoint nog agent ur agents it ma} desirt (ar the purpwe of
<br />repauittg stud premise. and ut renting the same and uslkcling the rents, revenues and inwmr. and it may pay out of said in-
<br />comes alt expenses of repairing >aid premises cad necessary commissions and expenses incurred in renting and managing the
<br />same and of eoiltctirtg rentals therefrom; the balance remaining, if any, to be applied toward the di,charge of wid murtg:+ge
<br />indebtedness.
<br />8_ ThaF he wiH keep the improvements now existing or hzreaArr ctevtted on the tttortKagrd pruprm, insured as nta}- tie
<br />reyttired Crotty time to time by the Murtgagrt against loss by fire anti other hazards, ;asusltira .and , on[it+Krncies in such
<br />aatuttttta and fttr sash periods as tnay t,e required by the <turtgagrr and.wifi pay prumptl}, when der, ;fns prrntiutns +m str::h
<br />itt+urance ptavisixm for papmrnt of which hn. nut tarn made hereinNetore- All insurance shall i+r c_.rned to cumpank.s ap-
<br />proved by the Mortgagor and the pi+lis:ita and renewals thereof shaft k+e held by the Muctgagrr and has r attacirrd therru: !,*„
<br />payatrle clauses in favor of xnd in form acxptablr to the >furtgagre, In rcem of toss Muriwgur u iIf gir r tmmed,;nr nonce by
<br />ma+~ fu the idurigagte, who may-make proof of )ass if not made promptly he Mortgagor. and each in>urana~ ~,.,n} ron-
<br />csraed islttr¢t+y authuriatd and diroaed to make pa}mrnt for such tus> directly to the Mottgagoe instead . ? t~• :ur tgagot
<br />artd-tht ~•(or{gager jointiY. and flee arsurantr prurerds_ err an} par[-thrr~of. mot F+r upphdd by the yiurtyrty3ez at tip _,r.non auhcr
<br />to iht rc~fuctictrt of thr<indthtedtsess hrrrbyseC.utrd .rr to ihr trstotakkan :=r repair of the pu+pert> dsntagzd, t~ evet'n of furrc;o•
<br />curt of this trtortgegr ar ~sthrr transfer of-title to the nturtgagrd prrpcrt} ir, exuttguishntrnt r?f the intichtednes, secured hereb} .
<br />nll right, title artd interest of for Mcxigttgur roam: to any insurattct rw{icirs tarn in lone ,hall p,x*., tea tfle pur<ha et ur kranire.
<br />4, That as ;+ddititmal and otulateFat sartuity fat the payment of ttu nuts drscnhed, and alt ,unu [.= fxeaa[e due under this
<br />nuKtga~, tfx Murigayor ttrre6y assrgsts h! tCte_sfc.trtgagee sti tvczfitx, rcvrnurs, rcrgaltisrs. rights and isenefits accruing to the
<br />'$igstgttgar utwkr any and utl oil anJgx teatits set said prenrrt5. with the trght to a-~ei~e and trcrtpt far trir same rued apply
<br />thorn-io ltd uttiett#td}te3s sa ,~att F>tiiMr as a[trr tkfagti m the eurWttitas u[ thrs nturtpaee, ave. toss 4turtgttgrc+na} dnnand, ,uc
<br />fcyr cad t't,=cave>--an,Y ,u.h gym€nts K-Neu due :fnd paY'>,bie, P,w; abaft oat t+e-trquftzct +v: i„ d,~ '1=hi, n,xttntmrnt ix t,~ rcrm+nat,°
<br />znd 6€cix~ tutCf~ttd vtml ttpun retea5~ °rf th,4 ;nc,rtgrtgr:
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