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<br />82- i~U4'7~iy
<br />(1) month privr tv its due date the annual mortgage insurance premium in order to provide such holder
<br />with funds tv pay such premium to the Secretary of Housing ante Urban Development pursuant to the
<br />hiativnal Housing Act. as amended. and applicable Regulatirms thereunder, or
<br />(If) if and so long as said note of evem date and this instmment are held by the Secretary of Housing and
<br />Urban Development, a monthly charge (rn lieu njo mortgage fnsrtmnce premium) which shall be in an
<br />amount equal to one twelfth (1/12) of cme-half (I/2) per cennun of the average outstanding balance
<br />due on the note computed without taking into account delinquencies yr prepayments;
<br />(b} A sum equal to the Bound rents, if any, next due, plus the premiums that wfll next become due and payable on
<br />policies of fire and other hazard insurance covering the mortgatted property, plus taxes and assessments next due
<br />on the mottgageai property (al! as estimated dy the Mortgagee) less all sums already paid therefor divided by [he
<br />number of months [v elapse before one month prior to the date when such ground rents, premiums, taxes and
<br />assessments will become delinquent, such surtis to be held by tsiortgagee in trust to pay said ground rents, pre-
<br />miums. taxes and special assessments; and
<br />(c} Alt payments mentioned in the two preceding subsections of dtis paragraph and all payments to be made under
<br />the note secured hereby shall be added «+gether, and the aggregate amount thereof' shall be paid by the Mortgagor
<br />each month in a single payment to be applied by the Mvngagee to the following items in the order se[ forth:
<br />(i) premium charges under the contract of insurance with flee Secretary of Housing and Ur'nan I?evclopment,
<br />or monthly charge /in lieu cjrnortgage insurance prrmiuntJ, as the case may he;
<br />111) ground rents, taxes, assessments. lire and other hazard insurance premiums:
<br />(Ill) interest vn the note secured hereby; and
<br />f1V) amortization of the principal of said note.
<br />Any deficiency in the amount u( any such aggregate munthh payment shall, unless made good by the Mort-
<br />gagor prior tv the due date of the next such payment. constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed tour tens (qrl for each dollar 151) of each payment more
<br />than tlttaen (I5) days to arrears to cover the extra expense: involved in handling delinquent payments.
<br />3. That if the total of the payment,. made by the Morteagonmder !h! of partenph L pmceding shall exceed
<br />the amount of payments acwally made by the Mortgagee for eround rent=, taxes and a-sesamenes yr insurance pre-
<br />miums, as the rase may be, such excess, if the Bran is current, at the option o[ the Mortgagor, shall 6e credited by
<br />the Mortgagee an subsequent payments tr, he made- In the Mangngor, ar refunded to the Marnoagur. 1f, howe-our, the
<br />monthly payments -made by the Mortgagor under r!. ui paragraph _' preccdinr; shall not he sufficient to pay ground
<br />rent, taxes and aseessments yr insurance premiums. as the cs..e msy be. when the same shall become clue and pav-
<br />a61e, then the 1lvrtgagvr chart pay to the )torteaget: am amount nece.»an to make up the deficiency, on or before
<br />the date when payment of such ground rents. lase-, as=essments or insurance premium, ~hxll be due- If at any
<br />time the 1lortgagor ;hail tender to the Mortgagee, in accordance with the prucisiuns of the note =ecured hereby,
<br />(oil payment. of the entire indebtednr_ss represented thereby, the 1lvrrnaree -h:dl. in computing the amount of =uch
<br />indebtednes+, credit to the account of the ;Liortgagar ail payments made under the provisions of (u) of paragraph-2
<br />heroof which the ]brtgagee ha- not become abligaled to pay «r the aecreinry of housing _nd 1-roan Dcselopment
<br />and any balsnee remaining in the funds accumulated under the pruvi-inn- of,,; of paragraph1 hereof. If there
<br />=hat! he a default under any of the prarision~ u[ this mort,~:4;e rewrltitig in tt public ;ale u( the premises covered
<br />hereby, or if the Mortgagee acquires dre property mherwi=r after default, the 1lortgagee =hx11 apply, at the t-ime of
<br />the commencement of =uch pruceedinc~, or at the time the propert} i~ othcn~i~e acquired, the balance• then remain-
<br />ing in the Cupds accumulated under, [~%oC paragrtpit 3 preceding. a> a credit again-t the amount of principal then
<br />remaining unpaid under -aid nvu~- -and -hall pruperl} adju~r any- payments +vhirh hull ha+=e been made under /c%
<br />of paragraph 3,
<br />q. That the lfongagar will pay ground rants, taxes. aueasmenti, water rates, and other guvermnenlal yr municipal
<br />charges, fine>. or impositions, for which prov-tcron has nut been mane hereinbelore. and in default thereof the b{artgager may
<br />pay-the .amt: and that the lortgagur will prompSy deliver the otticiai receipts therefor' io the Mortgagee.
<br />~. 'fhe Mortgagor will pay all razes uhi:h urrj hr levied repro the Murtgagre~s interest in said real estate and improve-
<br />ments, and which may be Ie+ied upon this mortgage or the deM scaued hereby ihut only to [he extent that such is not pr~hibit-
<br />ed by law and only to the evtem that such a ill nut rnake this i:!an usurious), hm excluding any income tax. Starr yr F~edrral.
<br />imposed un Mortgagee, and a ill lile the oKcial a•~eipt chuwmgsuch pay itrant with the Mortgagee. Cpvn +ioixtiun of this under-
<br />mking, or-if the M1iortg:rgur i. prohibited by any law non or hcre:dterrzt,Ung from pat ing the uhote or any portion of the af~re-
<br />said taxes, ur upon the rendering of any court decree prohibiting the pert' ment by the \iortgagur or any such-taxes, ur if such law
<br />v~r decree provides that :my amount su paid by the s{urg:rgnr sh_,II he credited un the mortgage debt. the Mortgagee shall have
<br />the right [u give ninety days' written notice to the ounce :?f the mungaged premises, requiring the payment of the mortgage
<br />debt. ]f such notice tie given, the said debt shall become due, payable and collectible at [he expiration of said ninety days.
<br />E. That should he fail to pay any sum ar keep any coyenunt provided fur in this btortg:rge, then the Mortgagee, at its op-
<br />tion, may' pay or perform the sarrre, and all expendiuurs so made shall be added to the principal sum owing vn the above note,
<br />.hall be secured hereby. and shall hear interact at the r,[e set forth in the acid note, unui paid- -
<br />'-. Thai he hereby assigns- transfers and se[. o+-er to the Mortgagee, t+r 6e applied toward the payment of the note and alt
<br />sums secured hereby in case cf n default ut the performance of any of the tenn> and condition, of chi. Mortgage or [he said
<br />note. all the reris, revrmces and iniornr to he derived f; om the mortgaged premises during wch time as the mortgage indehted-
<br />ness shall remain unpaid: and the ?.iortgagee shall ha•.e power to appoint riot' agent err regents it may desire fur iht purpose of
<br />repairing card premises and of rentng the acme and ec±Ilecting the rents, « +•enueS and incr+me, :and it may pay out of said in-
<br />romes atl expenses of repairing sail premises and necessary commissions-and expenses incurred in renting and managing the
<br />same and of cohceting rertafs theretsom: the hafance remaining, if ant, to be applied toward the discharge of said mortgage
<br />indebtedness.
<br />g. That he will keep the intpruvements now rxi~ting ur hereafter erected un thy; mortgaged property, insured as may he
<br />required from time tv time by the :vlvrtpagee aeairzsi lass by fire and other har_xrds, easmdties and contingencies in such
<br />amounts and Car sech ptriot'-s as may be required b} the Mortgagee and wii{ pay prompt{;, whrr. doe. nny ~rrniums un ;uch
<br />irisusaitce provision for pay*stent of u pith hies not hetn :Wade herrinbefore. Ali in..u-rote shall he .:ire ~ ..:r•mpante, ap-
<br />proved by tbe. R3origagre mod the poiicres - td reneua!y thereof shall hr herd h+- ,he Si o, tgagea {nd ha+:: - ~ 1 thrreut loss
<br />payable viauses in favtfr arf and in form a.veptubie to the :~41ortK,gre In rvuu of tt!-,+ Mcrigagur wd~ gi+r i, .u.~iate noucr ny
<br />mxi, to the `~trtgage:, u'?tu may make proof ref toss if nut rtradc proutptiv by 4lvngager, and eah insurance cumparrv am-
<br />cerned is hereby autharilyd and directed Rs rnake payment far care h toss dirtily t? the ~4ongagee imirad e;f to thre lfartgagor
<br />sod the hivrtgagtt jointly, and the incur:+:+cc Prot•erds, [x any part tberevf. may tti +pplied hti [ire Mortgagee :rt ire optir,n e?iher
<br />io the reductign o1 the ircdebiedruss hereby secured ur to [hc r_~ntert orlon t+r re ptrir of ihr pr.~pc`rtp damsged fn r+u°nt erf foredo-
<br />iure c+f tltis;?:~,rtt;agea; other transfer of titlr;o the ;a=srtgagrd pr;epertr in extinguishrnettr of me ir°,iehtedne+s aecurd hereby.
<br />ul! right: title ;emi interest of the M xtgagr'r in and ±.> any insurance poiicars them in f+rrcc shat} pas_ e• fire purchaacr Lr g:amcc.
<br />q. 1'ta•rr ac addilionai and tcdYateril se;,nsp «a the payment of the nose dcscnt~d, snS all eurnz t+r irrconte +luz urtde~r this
<br />m.+rtc, ehc Murter hereby ,kssr~C += the M rtgage .v S; profs, tereuae.. ra+ i ic. dj;ht ;md Fenvhi ace, uipg tc t}+e
<br />at-~rrE~gfx mzdtt spy artd art iii and ga Oases rsn _r.d p. ernisc .. u rt(r the ugbt t=: rre,i+v end ct-tipt (car the xsr,=c a f _ t±,rle
<br />ahem in #~d irWr`k-+tedr~ss a= ~wrli 1?tfare as often defaait in the ~gndsu.'r=a r•f tiers r;t_rrtg; ~r.• .::[J the ~~tfutgattee nr.ry dcm,nxi. sac
<br />tut :rrrrl re.e.scr ,7+fi ,r,ih ~ Syr-Kr2t< a tfen iIa[ .rn.' par-abfc, but shalt not ;se reGu<red k,-t,s .S,r l'bis :r+aignrntrrt is te= terni,tt;:tr
<br />arrd ±+eetsnrc nr;#' an.i t „id rspon r27ea,.• .,r tt!t€ mortgsgt
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