|
82--t~u4J24
<br />(1) month prior to its due date the annual rnurtgage insurance premium m 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 ur
<br />(11) tf and so ;ong as said note of even date and this instrument nee held by the Secretary of Pleasing and
<br />Urban Llevelopmen[, a monthly charge /rn lieu i>J a mirtgage insurance premium/ which shall he in an
<br />amount equal to one-twelfth (111?! of one-half 1.1(=') per centum of the average outstanding balance
<br />due on the note computed without raking into account delinquencies or prepayments:
<br />fb) A Burn equal to the ground rents, if any, next due. plus the premiums that will next become due and payable on
<br />policies of fire and other hazard insurance covering the mortgaged property. nlw taxes and assessments next due
<br />on the mortgaged properly /al( as estin+ated fit= ,he Alongagce) less all Burns already paid therefor divided by the
<br />number of months to elapse before one month prior to the date when such ground rents, premiums. [axes and
<br />assessments will become delinquent, Boob sums to be held by htirtgagee in trust [o pay said ground rents, pre•
<br />miums. taxes and special assessments; and
<br />(cl All payments mentioned in the twi preceding subucGons of this paragraph and all payments to be made under
<br />the note secured hereby shall he added together. and the aggregate amount thereof shall be peed by the Mortgagor
<br />each month in a single payment to be anpiied by the !dortgagee to the following items in the order set forth:
<br />(1) premimn charges under the c ontrct of insurance with the Secretary of Housing and Urban [hvelopment.
<br />or monthly charge 1Lr lieu rrl ntrrrteaee irrsuraruelrrerniunal. a5 Iht case niay be;
<br />tit) ground roots. taxes_ assessments. lire and other hazard insurance prrmtmns:
<br />(111) interest un the note secured hereby: and
<br />QV} amortizanon if the principal of said note.
<br />Arrv deficiency in the amount of an}~ .act! aggregate muntldv yayment sh~lh unless made good by the Mort-
<br />- gager prior ro dte due date of the next such payment. c,mstinne an event of default under this mortgage. The
<br />Aiortgagee may collect a "late charge' not to exceed lam zrnu t1J) fur each dollar fSl) ufeach payment more
<br />than t?fteen f l ~) daFS in arrears to cover the extra expense involved in handling delinquent payments.
<br />:f. 'that if the total if the payment= made b} the \lortgaeir under r;,j of paragraph _r preceding =hall exceed
<br />the amount of payment= actually made by the. ihirt~x~ee for ground rents. arse; and a==e-smenis or insurance pre-
<br />miums. a~ the cute muv be, ;uch escecs_ i[ dtc loan is current. at the option of me 3lortgagor, shall l>e credited by
<br />this Alurigagee on =ubseyuem pat°monts to be madr~ b}' the liortga~or, or refunded to the llortgagioc ]f, ho;;ever. the
<br />monthly payments made by the Mortgagor under ; ° 1 of paragraph ? preceding shalt not be sufficient to pay ground
<br />rent, taw and assestimeat- or in-urance premium=. a< the c:re mutt ba. when the same shall become due and par-
<br />able. then the llnrtgagor shall pat- ur the \tonrapr•r~ ant :nnuuni necc,~ary to make up the deficiency. in or before
<br />the dais tehen payment if ~urh ground renal. taxc.~, ar-+•-;meat, it in.~urunce premium. ~hult be due, I( at any'
<br />time the Mongagor >hxll tender to the ilortgagec, in accnnlxnce with the provisioner of the note aecurcvt hereby,
<br />full payment of the entire indebtudne~s rrcpresentid thereby, the \lirt,~auee =hall, in cnmpuline the amount of such
<br />indebtedness, credit to the account if the Mortgagor all payments made under die prucisians uE (r:i of paragraph 2
<br />hereof which the Alortgaga~ ham nut become obligated to put to the ~ecretun~ i[ Housing; ..nd !'than Development
<br />afld eny balanct+ remaining in the fund; accunwlated antler the prori~iun= oC i ~_ of paragraph '2 herein'. If there
<br />shall be a default under any of the proyi-ior.~ of this mortgal;t• re-ogling in a public <ali of the premi=e covered
<br />hereby, ur i[ the MortgaKee aeyuire= the property idicrai-e after default. the Alirtt;urtee =hall apply, ut the lime of
<br />the cummeneement of wch proceeding=. ur at the time the property i~ ithen.i=e acquired, the balance then remain-
<br />ing in the funds accumulated under'!-; of paragraph 'preceding, u; a credit against [he antaunt i( prinripxl then
<br />remaining unpaid under maid afar- and ~haH pmpr~rl} adju,t wp puvment~~ which ;hull hac.~ bien made under la;
<br />of parafraph ?.
<br />J. That the Mortgagor will pay gaxrnd rrnts_ twee. assrs,rnrno, water rate,, end other goventmen[aI ur municipal
<br />charge.., tines, or impositions, for which proci,iin has nut been mace hereinbrfore, and in default thereof the Mortgagee may
<br />peg the samr_ and that the Mortgagor Nil! prump[ir drlierr the uflitial receipts therefor ti the Mortgagee.
<br />?. Thr ~tortgagur will pa} ail [axis which ma?.' he levied upon the \fongagte\ mtrrest in snit real estate and improx'r-
<br />mrnts, and u inch may ha levied upon this mortgage rte the doh[ secured hereh_t that only to the rxtem that ,uch is not prihlhit-
<br />ed hp lea and only to the latent that such will nit make this loan usuriousl, but rx~iuding ^ny income tax, State or Federal,
<br />imposed ,+n Mortgagee. and gill file the itficial receipt :hewing such payment anh the ~furtgager. Cpon violation oi' this under-
<br />taking. ur if the Aiongugor is prohibited ht- ant lea not; or hereafter e-xisting from paying the a hole or any pinion of the afore-
<br />,aid taxes. or upon the rendering of any court dower prohibiting the pa}meat h} the i~fungagor or:ur. such tears, ur if such law
<br />ur decree prot•ides that any amount su paid h} the :Wur[gagor shall ire credited un the mortgage debt. the \-lurtgagre shall ha.e
<br />the right to give-ninety des,' written nOtidt to the oa~nu of the mortgaged premises. reyuiring the payment oC the mortgage
<br />debt. If such notice be given, the said dept shall be vme due, payable and collrctihle at the expiration if said ninety days.
<br />6. !'hat should he fail to pay any sum or keep an} covenant Prot ided far in this Mortgage, then the Mortgagor, a[ its op-
<br />tion, ma} pay ur prrfirm ihr ;ame, and a0 e.xprnditute, so made shall hr added to the principal sum owing on the above note,
<br />shall he. secured hereby. and shall bear interest at the rate se-t forth in the said note, until paid.
<br />7. "That he hereby assigns, ttansfrrs and srti dyer to the Mortgagee, to br applied toward the payment of the note and a!I
<br />sums severed hereby in cast of a default in the perfonn:utre of :my of iht tens. and conditions of thu INortgage ur the said
<br />note, all the rents. revenues and income 0.r hr deiced Iron the mortgaged prcmix•, during ,uch time as the mirtgage indebted-
<br />ness shall remain unpaid: and the Mortgagor .hall hate you rr to appoint any agent or agents i[ mac de_;ire fur the Purpose if
<br />repairing said premises and of renting the samr and collecting the teals, revenues and income. and it may= pay out of said in-
<br />cvmes aL' expenses of upairing said premises and necrssan comrmcsions and experoes incurred in renting and managing the
<br />same and o[ eolireting rentals therefrom, the balance rrmuining, if any. to 6r applied toward the discharge of .aid mortgage.
<br />indebtedness.
<br />8. That hr will keep the imprpvrment> now rusting ur hrreut[rr rrreted on the mwrtgaged property. insured :u ma; be
<br />required 2'nrm time to time by the Mortgagee against loss h}fire sad other hazuds, casuahies end canungrncie± m ±uch
<br />am,~runts and fur such periods as may hr required by the h(ur:gages ;tad will pa}~ prvrnpU}. ,ohrn due. any prra+iums ;rn soch
<br />insurance provision fur payment of which bus out horn made hereinbr(ore. ~iil insuru,ce .h:dl hr tarried in compamc, ap-
<br />privrd by [hr itiortgagrr and the policies and renewals therecf ,hat! b. held by the 'vkrrtgagrr and h~,r attaCheJ thrreta lox.
<br />pay-able elausrs in [aloe of and in form acceptable N the Mortgagee. in evens of lox, Mirtgugur a ill gi,a immediate nonce Gy
<br />mail to the Mirtgagee. >Fhi may rnakr proof ,.rf Ma, if nut made promptly hp Mort~gur, and each insurance a»up;ury con-
<br />cerned is hereby authorized and directed to make payment fur >uch loss directly to the Jiurtgager instead o! to the .4i~rrtgsgir
<br />erg} the 1lortgager jnimly, sad the insiiraner proceeds. it any part thereof. may he apniied he the MortAuger a€ ih opuin tither
<br />act the redueatin of the indehtednrss hrrrhr,ccurrd or to the restotnticn ut repair of the- pa,prrty dnmax=,' , ~ tat of trwccio-
<br />sure if this n:;irtgage it fiber transfer n[ nttr to the nxrrtgagrd {^-rupetty in rxtingeuvrntem of the inzie^' _ ~.ured harfey -
<br />all right. title ;end interest of the Mirtg:,gur in anti to :m}-insurance pahcirs then in L,rc e ,Hall pas, to ~ he ;~ .~ ur gr,rntec
<br />4. "!'hat as additional anti totiaterel sec urny fur the payrncnt of ihr oirle descr~'*ed. .rod a0 Bunts tr, ht~; .,,t~e~d;x•undrr this
<br />rncvt~ge. ttse~ M1isrpg~or berth} assigns is the Mor±gagre a!I profits, rreemies, ro}ahies. ,ightc eardnencihs .rca ming ur the
<br />hit ri,~Etgt.+r nndGf ~tig-and :,11 oil •snd ga', terse try alt ,aid premises, aiih the right le trrrtsr wad re._-cipt f<+r the -,roc at+,f .q,p[+
<br />thorn to :aid ittdehteetnass .+. H-ell before ,t<<,tter default in the cottditio,.>,~f this mcrtga ge_.nret rhM ~irrrtg,igee may der+~and, ,ue.•
<br />ar ar,r, res.,;er an± -u..h is:rymems w hen due a=td Pavabtr, but ,hail not he •yiirc.t +_ ,io t7r i~a;neat „ t.~ rc„+rt:r;,ia
<br />and trraime miff and void ifkm tries-s t';ia mu; chap;:'.
<br />I+L'el ut ~jA jh1 ial-'*e
<br />
|