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R~- hteorel~tP~
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<br />(I) month prior to its due date the annual mortgage insurance premium in order to provide such balder
<br />with funds to pay such premium to the Secretary ol- Housing and Urban Development pursuant to the
<br />tiatinnal Housing Act, as amended, and applicable Regulations thereunder; or
<br />(11) If and sn long as said note of even date and this instrument are held ny the Secretary of dousing and
<br />Urban [hwelopment, a monthly charge (in lieu oja mortgage insurance premh~m) which shall he in an
<br />amount equal to one-twelfth } l /! ~) of one-half f 1?2) per centum oi' rite average outstanding balance
<br />due on the note computed without taking into account delinquencies or larepayments:
<br />(b) A sum equal to the ground rents, if' any, next due, plus dre premiums that will next become due and payable on
<br />policies of fire and other hazard insurance covering the mortgaged property. plus taxes and assessments next due
<br />on the mortgaged property iaU as estimated hp the Mortgaged less all sums already paid therel'nr divided by the
<br />number oC months to elapse before one month prior to the date when such ground rents, premiums, [axes and
<br />assessments will become delinquent, such sums to be held by Mnrteagee in trust to pay said ground rents, pre-
<br />miums, taxes and special assessments: and
<br />(c) Aft payments mentioned in the two preceding subsections nl this paragraph and all paymerts to be made under
<br />the note secured heretry shall he added together. and thr aggregate amount thereof shall be paid by the Mortgagor
<br />each month in a single payment to he applied 6y the Mortgagee to the ?allowing items in the order set forth:
<br />(t) premiwn charges under the contract of insurance with the Secrotary of Housing and U~nan Development,
<br />nr monthly charge !in lieu r;f nrvrtgage irtswanec premiunrl, as $ic .ass may he;
<br />ill) ground rents, taxes. assessments, the and other hazard insurance premnuns;
<br />(111) interest on the Hate secure) hereby; and
<br />(IV) amortvation of the principal of said note.
<br />An}' deticiency in the amount ~rf am' such aggregate monthly hay;nent shall untccs made good by the Mort-
<br />gagor-prior to rho-due date of the next such payment, antsntute an went of default under this mortgage. Ttte
<br />Mortgagee may collect a "late charge" not to rxceeJ four cents (-+tcl tar each dullarlSll nd each payment more
<br />than tTitren (f ]i e:rs in arrears to cover rite extra expense involved in handtin, deiiniturnc payments.
<br />'>; That if the total uF the payment- made be the Mnrtgaeor under!^' of paragraph'_' preceding -hall exceed
<br />the amount of payments actuutlti ^esde by the 1lorteagee for ground runt=, taxu~ and a.~e==insole or incur :nee pre-
<br />miums, :L~ the <•:r:_e mac be. -uch excess, it the loran is current. ;u the upnon of the Mortgagor. +hal! be credited by
<br />the ylortgagec un =uhseyuem payment= to be maJr by the Mort,~a!=or, ur mfunded to [ht~ Mnrtga4or If, huwerer. the
<br />monthly' paymen[~ made b}• the Jtcxtga}±ur under ~ .+f p2trat;raph _' grecedinq shall nut he zudicicnt to pay grtwnd
<br />rent. taxes and as.>essment= ur in~urancc pn~mitmt~, a.. iht~ e:r,'[~ may bc. ahem the ~xmn =hall become due and pa~-
<br />able. then the Mortgstgor -hall pay [o the Mur~eagee any amount nece--xry to make up the deficiencc, on or hefom
<br />the date when payment of >uch Bound Hints. taxv?, ac:<c-smear= or in~urmce pmmtum.-- -hall bn due. If at any
<br />time the Mongagor?hall tender to the Mortgsgee, In accordance with flit provi~ion> of the note -scared hereby.
<br />CuII payment of the entire indebtedne-s rep re-cnu~d thereby, the Mortrugeo shall. in computing the amount of each
<br />indebtedness, cYedit to the atcawnt of the v9ortgagur all payments made under the }'>anrsions of tor) of paragraph 2
<br />hereof ~^hirh [hi llortqus;ec ha= not bet•ume obligated to paq to the ~t~crt^tar} 01' Ilnusin, .nd l-roan Dcvetopment
<br />and-any balance remaining in tht• Cund~ areumulated under the proci~iun- r,f ^,% of paragraph _r heresC. I[ there
<br />shall be a default under any of the prrtv5siun- al chi= murte~;e rc-uhinc in a public Talc of the premises covered
<br />hereby, ur if the 1lartgager acquires thr propc~rtt nthrrwi •e aftrr default, the Mortl;aoet• =-hall apply, ;u the time of
<br />the enmmencement o[ -uch proct•cding=, ~.+r at rho time the prupr~rty i~ utht•rwixe acquired, the iralance the-n mmain-
<br />ihR iu the funds accumulated under t~~l of paragraph -_' preceding, a., ~.t cmdit a+r±uuu~t the amount a[ principal then
<br />remainin}; ^npaid under maid note- and =hall properly ;uiju=t nor payment= ++hirh -ball ha.r• been made under ter!
<br />ul' paragraph '_'.
<br />4. -that [he ~inngagrn ;vi!t pay ea+unJ rents. IaXr>. asxssments. uaier ratr~, anJ other guvenunenial of municipal
<br />charges. tincs_ or intpusitions. for which proci,Ioa ha, not hren made her•inbrinrr, and m default thereof the blurteagee may
<br />pay thr sane, anJ thin the lortgagor will pruntpdy dthvrr [he +rdia.J rrcript. therefor to the Mortgagee_
<br />S. Thr Mortgugur alt pay all taxes winch may hr lrr ir4 upon the Mortgagor + nttrrrst in .aid root estate gad impruvr-
<br />ments. and which may he levied u}xm thn rnurtg~ige qtr thr JeM ,scared herehy that only to lire extrnt that such i. ^ut pr~hibit-
<br />ed he law anJ only to the carrot that wch a t!I nut makr this loran u,ariou.r. liar eschtding urtr income a;x, State or ftederal.
<br />impose) nn Mortgagee. nnJ will file the atfici.r! rrrequ sitouing wch p;pmrnt unh thr V!ungagre. t`pun t~iolatian of thisundrr-
<br />taking. or if thr \9orlgugor i+ pre hibited by .my tau nr>u nr herraftrr rvteung from paying the u hole ur any portion of the afore-
<br />said rtxea-nr upon the rendenng.+f an} court Jeerer ptohitnting the payment by the Mortgagor oran_v wch loess, nr i[ such law
<br />or dnrrr prnctdr-~ that ;+ny amount eo pant by the Sfe-ttgaEor ~hatl he ~reditrd rtn the mortga@e deht_ the Mnrtgagde shall have
<br />the right to give ninety days' uriaen Honer to flit ~~u nrr of the tuurtgaged prcrnises, reyuiring [he paymrm of the mortgage
<br />debt. if such Holier he given. the sail Jeht shat) t+e.ome Jue, payablr and collectible at the acpiruuun of said nineq~ days.
<br />6. That should he fait to pay any unit or keep any rnveuant prov^ides( k+r m this Mortgage. then the Mortgagee, a[ its op-
<br />tion, may pay or perform the saint, anJ all estmndituteti so made shalt he added [o the principal sum awing un the above note,
<br />shall he securoJ hcsabv, and shall bear mterrst at the rate,at forth in the sail note. antii pail.
<br />'. That he hereby assigns, trans{rrs sod sets over to rite Mnngatger, ;u hr applied toward the payment of the note and aft
<br />sums secured herehy in case of n Jrfautt m the nrrtormance oI any of thr terms end tunditiuns of this Mforgagr ur the said
<br />note, alt the rents. revenues and-income to t+e denyed from the mertgageJ pr•ntises during ,uch time as ttrr mortgage indehted-
<br />ne.a shalt remain unpaid; and the Mortgagee shall have puwrr to appoint any agent or agents it may desire for the purpose irf
<br />repairing said demises sod nt renting the same and calleeting the rent., revemtrs and inc~+me. and it may pay nut of s:Jd irt-
<br />comps all exprttsrs a[ repairing sail premiaex and necessary Cummissioos and eCpenSrs incurred in renting and managing the
<br />same arni of collcaaing rentals therefrom: the hahtnce remaining. if any. to be applied wwanf the discharge of sail mongagp
<br />indebtedness.
<br />fi. -That he wi41 keep the improvements now existing ur here:dter rrecteri on the mottgaged property. irteurrd as arty he
<br />rryuire~d from time to tintp by she ~lorigagCe ag:ains[ los by foe and other hazards, cuwalues and contingencies nt such
<br />amounts andfnr such periods as may t+e required 6y the Afartgagee and will pay promptly. v.•hen Jac, env pr%miums nn ,ash
<br />inwrance provrion for payment :;f u-bleb has out been maJc hrreinhrfurp. Ail insurance shall t±e .'arripJ in amtpnnics ap-
<br />prove) by [he Mortgagee anJ the policies anJ renewals thereof shall hr held by the ykrttgagre anJ have attache) thereto logs
<br />payabte clauses in faucet of atoll in faxm acceptable to the Mortgagee, ht rveni of loo tiinrtgagor uifl give immeJiate ra+ticr by
<br />ntad to t)re Murtgager, who maq make proof of loss if nut made promptly by Mortgagor. and rash insurance campmty con-
<br />cerned es ftereby nuthauizad anJ directed iu make payment f+.7r such 3oss Jirect3y t.+ the Mortgagee loose) n[ t+t tba :y4urtgagur
<br />arY:S the 4htrtgngee ktintiy-. and the insurance proceeJs. pr any part thereoL snug he appheJ by the Morttti+gpr :rt its option ether
<br />to the redurtkrn of the indcbte~inpss hrrebr sectu~eJ rte to tyre re~ioratiart or repair ref the property-damaged. hi etirnt of farecla-
<br />sur- t7f flits!=zt?rtb.tgs cu •..ther transfer rt( ttUz_i+: the rxxtgageJ pr•.tpcuy nt eanngui.hmem rte the inJeAtrdne~+;acm~ed herehy,
<br />uiF nghi. tit& amt interest of the Mot ipygor in ant! to;nts uxurancp puacte; dten in i'urr shall Pats tr+ the ~.~ r ~..vr r,t~ gtautcY.
<br />ri. `;"h-at acaddiuaua{ and ~olfa,tara; ac-.'uriY}- f:ar the payment of the nrtc descrihrd, ::nd adi sumo [^- ~r• Jur under dos
<br />nu,uigage• the Mortgagor herzhg assigns to the Moriyst},ee a}I proigs, rvrenui_- r=.tyaltics. ~igbts ~nd rrr,u~te eccruiug fee the
<br />.'+IortBiraiux uude(ateg std aH rrr! and teas ;x,t : +nt sa,d , rrm[,ea. wttfr tfae' tight n ~ ., ar_t and reczgrt for ttre -arnr and:q+pty
<br />tlterq iu s:srr#.iarletnednest as we:4 t>e3 urr a= afltr Default in t}tt,EOnWtiurts o_f tin- ~t t;!a~ ~ _ n:~i t4rc 4{urtRa};ec neat ~Frm~nJ. war
<br />Jur _traf=r •cnser array .o<3t {wynte±tes ~bets+Ipr ,teed pttyabfe. but h:dt Writ tx• rruur~,:d • , ..+ ;t:~ ;~'~+<...,tlxtav4'na is t:~ ,rrtuinakr
<br />rn«f trtarmr nttit and 4 lid ltxzry :: `ra.r „i this trl:>r tytagp
<br />trUlr-tt2idJM i9 :!/t
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