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<br />$2-= Of~9~346
<br />(i) month prior to its due date the annual mortgage insurance prenuum in order to provide such holder
<br />with funds to pay such premium to the Secretary of Housing and Urban Developmem pursuant to the
<br />National Housing Act, as amended. and applicable Regulations thereunder: or
<br />(II) [f and so tong as said notz of ever: date and this instrument are held by the Secretary of Housing and
<br />Urban Development. a monthly charge (in lieu uJ'a mortgage insurance premium) which shall be in an
<br />amount equal to one-twelfth (1/32) of one-halt (1?') per ccnuun of the average outstanding balance
<br />due on the note computed without taking mto account delinquencies or prepayments:
<br />(b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on
<br />policies of Gee and other hazard insurance a>verine the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property (alT as estimated br the rNorrgageej lzss all sums already paid therefor divided by the
<br />number oC months to elapse before one month prior to thz date when such ground rents. premiums, taxes and
<br />assessments will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre-
<br />miums, taxes and special assessments: and
<br />(c) ,VI payments mentioned in die two preceding subsections of this paragraph and all payments to be made under
<br />the note secured hereby shalt be added together, and the aggregate amount thereof shalt be paid by the Mortgagor
<br />each month in a single payment to be applied by die Mortgagee ro the following items is the order set forth:
<br />(I) premium charges under the contract of insurarne with the Secretary of Housing and Urban Development,
<br />ur monthly charge /in lieu ujntortgage Gisurance premium/, as the case may bz;
<br />(11) ground rents. taxes, assessments. Gre and other hazard insurance premiums:
<br />([II) interest on the note secured hereby: and
<br />(IV) amortization of the principal of sail note.
<br />.My deficiency in die amount of any such aggregate monthly payment shalh unless made euod by the Mort-
<br />gagor prior to the flue date of the next such payment. eonstituie an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" nut to exceed G;ur cents t~ly) fat each dollar (51) of each payment more
<br />than fifteen t,15) days it arrears to cover the extra expense involved in handling delinquent payments.
<br />.>, 'that if the total of the payments made by the yfon~•agor under tbi of paragraph " prec•edin!,• shall exceed
<br />the amount of pagment~ actual h• made b}' the Stort~agee for eround rent.-, tuxt•= and asses<mtnit-,' or in.~ttrance pre-
<br />miums, as the case may be, web excess, if the loan is current, at the option of the Jlottgagor, shall tx credited b}'
<br />the Alorigagee on sub-equent paymeni.~ to be mado by the 3lortnaKur, ur refunded to the tlorteagor_ If, hoa't•ver, [hc
<br />monthly payments made hr• the Afor[gagor under r':=1 of paragraph _' preccefine shah nr~t be suf(ic•ient to pay ground
<br />rent, taxes and ag,~pysment- or in-urance premiums, as the case mac be. when thc~ -ame -hall become due and pay-
<br />able- then the ~llortg,:~or shall pay to the /tort-gagee any amoum ncc•e~san to m.rkr up the dei'ieioncy~. on or before
<br />the date when paymont of such ground renC-, rase-, a.-~o"sment~ r,r in~uranct• pmmium~ <hall bt• due. If ai env
<br />time the Mortgagor shall tender to the )tortgagee, in aecordance with the prat i~iun- oC the note secured hereby,
<br />full payment of the entire indebtedne=~ represented thereby, the llorigagrc <ha{I. in eumputing the amount n( ,uch
<br />indebtedness, credit to the account of the bfurtgagor sti pa}`menu made under the provtsiuns of r ~U of paragraph _'
<br />hereof which the Morteagee hs~ not become obligated to pap [n the ~ecrektr} of Housing ._nd urban lleyelopment
<br />and any balance remaining in the tondo uucumufated under rite pmyisfuns of 'il of paragraph `? hereof. If there
<br />shall be a default under any of the provisions of ihi= murt~age msuking in a public >ak• of the premi.<c~ covered
<br />hereby, or if 'the Mortgagee acquires the property othenyise after dclauli, the \lortga4ee -hall apph. at the time of
<br />the commencement of such pmceeding~, or at [he time the pruporp i= othenyise acquired, the balance then remain-
<br />ing in the fund. accumulated under;'-- of paragraph ° preceding. ar s credit main-t the amount of principal [hen
<br />remaining unpaid under said note, and shall prrrperly adju-t am p:tyment~ w-hick =hall hive been made under!al
<br />of paragraph S,
<br />a. 'i'hnt the 'vlurtgagor will pa}' ground rent., taxes, aors,mrnb. water rate,. and other guvrrnmanud or municipal
<br />charges, fines, ur impositiuro. for which provuiun has nut been made hcreinbrfore, and in default thereof the Mortgagee may
<br />pay the same: and that the 6lurtgagur will promptly deliter the offtciai receipts thrretbr to the Mortgagee.
<br />5. The Mortgagor will pay all taxes which ma} be levied upon the :1lurtgager's interest in said real estate anJ improyc-
<br />ments, and which may he levied upon this tnurtgagr er the Jrht secured hereby (but only to the ex[rm that such is not pruhihit-
<br />rd by law anJ only to the extent that such will nut make this loan uwriuus). hm eaciuding any income tax. State ur f=ederal_
<br />imposed on Mortgagee. and will fife the olhcial rceeip! showing such payment with the \lortgagee. [ipun violation of this unJer-
<br />taking, or if the Mortgagor is pnrbibited by any law now ur hereafter e xisting from paying [he whop ormy portion o(ihe af~re-
<br />said lase+, or upon thz rendering of anv court decree prohibiting the payment by the Dfortgagor or an} such taxes. or it such tau
<br />or decree provides that any amount w paid by the Mortgagor shill be credited on the mortgage debt. the Mortgagee shall hove
<br />the right to give ninety days' written notice to the owner oC the mortgaged premises. requiring the payment of the mortgage
<br />debt If such notice be given, the said debt shall become due. payable ;md collectible :u the espira[iun of said ninety days.
<br />6. That should he fat{ to pay anv sum or keep any coven alt provided for in this Mortgage- then the Mortgagee. at hs op-
<br />tiun, may pay er perform the same, and all expenditures su made shall br added to the principal sum owing un the above note.
<br />shall be secured hereby. anJ shall bear interest at the rate set forth in the laid note, until paid.
<br />'.. That he hereby assigns.-transfer arrJ sets over to the ::\lortgagee. to he applied toveard the paymrnt of the note anJ all
<br />sums secured hereby in case of a default in the oerf=+rmance of any of the terms and conditions of this Mortgage ur the said
<br />note, all the rents, revenues and income to hr derived from the murtgtgeJ premises during such time as the mortgage indebtrd-
<br />_nrss shall remain unpaidc turd the 4fortgagee ,hail have power to appoint any agent or agents it may Desire fur [he purpose of
<br />repairing said premises and ut renting the same and collecting the rent,. revenues and income, xnd it may pay out of said in-
<br />eames all expenses of repairing said premises and nacr~sar} commissions and expenses incurred in renting and managing the
<br />same and of -collecting rentals therefrom; ttte bnfance rem:Jning, it any, to be applied toward the discharge of said mortgage
<br />indebtedness.
<br />& That he will keep fhr improcemrnis now misting or hereafter rrccteJ on the murtgageJ praprrtt. insured as mnp• be
<br />reGUired from time tc lime by the Mort~a€ee sgainst toe: by rite anJ other hazards.::asualiie. trod cottthtgenctcs in snch
<br />amevnts and for such periods as m:ty he required by the 6furtgagee anJ will pay promptly, when due. any premiums u^ <uch
<br />incurance prwisb.+n fur paymem of which has nut Feen made herembrfura..ill insurance shell he carrier! iu companies .tp-
<br />pruved by the Mortgagee and the policies and renewals thereof shut, tx he[d by the \1or[gagce :mJ have attachrJ thereto iu,s
<br />payable clauses in Cavtx of and in form acceptable u: the M~+rtgagez. In event of lea ilongugur will git e immediatz notice by
<br />rnai7 to fhr Mortgagee, who may make pnxaf of loss if nut Horde pn+mp[ty by Mortgagor, and each insurance .:ompan_y cun-
<br />crrned is Fierebt' authorised and directed to make payment fur xuch lus+ dhecti} to !hr 1lortgagee instead of to fhr Mortgagor
<br />and the S1vxt~ger jt+inlty, and the insuranc€ pr;?cceda, ur any part thereof, rmty he applied by fhr tforigsgnr .rt i~ s option either
<br />[o the reduction-of the indrbtednr~s hzrrby seaareJ or to the tees+ratiot. nr re;+_nr of !hr property damaged of of forrcfo~
<br />ems c+f Fhis mort~;e or other [ransfrr irC [f!tr to the mwt$agrd propery in ettinguisivtncnt of the indrbted:,c --need hereby,
<br />all right, title end interest of the :Akrrtgagur in and to any insurance poiiizs iben in furs .hail piss to the putchn•.er ur grantee
<br />9. That as aeddi4onaf anJ cotiatrral security for the payment :.d' thz nutz Jtactibed. aisd all wmc to become du:: under this
<br />ntortguge, the Msxt$a~ar hereh} :a.±igrrs to the Murtg;t[ree nR prutiu.:zyenuca. «+pnitie~.. rigfas std httreti!> accruing to the
<br />Mcr;tgirgnr under anp' and rfl nit .rid gas tea=cs un said prenirsrs, wnh the right ter erect ~ an+I r<<vi rp? for rfae .a=ne .;Hsi api'it
<br />thee,} try Sail irulebtedncns yes welt }+rfare .~-suer default in the conr'rtior at thi ,r r_~,gc. ~n.i the "-I>+ti~sKer •t,av deutanJ. +uc
<br />for and re .xr air; ru.^t? pay:nenis w-heetJ~r :rttJ p•ecnbte, t?ut,irxd2 n.,i t+e .c': lied .- .r ;Tie t at(,nr+rcnt is to iernunate
<br />»nJ he[ume trot/ and vu+cl u, ,n [e lc.,zw r=f fhr. r.+t~ri>}age
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