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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 lands to pay such premium to the Secretary of Housing and CJrban Development pursuant to [hz
<br />National Housing Act, as amended. and applicable Regulations thereunder; rn
<br />(II) if and sn long as said note of even date and this instrmnent are held by the Secretary of Housing and
<br />Urban Deve]opment. a monthly dtarge !in lieu of a mongage insurance prentiumT which shell be in an
<br />amount equal to one-twelfth (1/12) of one-half (I j~) per cenhnn of the average outstanding balance
<br />due on the note computed without taking into account deLnqueneizs or prepayments:
<br />(b) A sum equal [o the ground rents, if any. next due, plus the premiums that will next become 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 (adl as estimateu br the Mortgagee/ less all sums alrzady paid therefor divided by the
<br />number of months to elapse before one month prior to the date when such ground rents, premiwns, taxes and
<br />assessments will become delinquent, such sums to ba held by Mortgagee in vast to pay said ground rents, pre-
<br />miums, taxes and special assessments; and
<br />(c) All payments tnentimted in the two preceding atbu:ctions of t}tts paragraph and all payments to be made under
<br />the note secured hereby shall be added together, and the aggregate amount thereof shall be paid by the Dturtgagor
<br />each month in a sineJe payment [o he applied by the ;Mortgagee to the fallowing items in~ the order set forth:
<br />(t) premiwn charges under the contract of insurance with the Secretary of Housing and Urban Development,
<br />ur monttily charge (in lieu q(nu,rtga.4e insurance premium). as the case may be:
<br />fII) ground rents, taxes, assessments, fire and other hazard insurance premiums:,
<br />(lll) interest on the note secured hereby; and
<br />(IV) amortization of Che principal nfsaid note.
<br />Any deficiency in the amount of any such aggregate monthly payment shall unless made good by the Mort-
<br />gagor prior to the due date of the next such payment, eonsrimte an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed four cents l~¢) !or each dollar 1 Sl) of each payment more
<br />than tifteen (1 i) chi's in arrears to cover [hz extra zxpensa involezd in handling delinquent payments.
<br />S. That i[ the loud uF tho payments made by [he titongsi~or underlbl of paryeraph Y preceding shall exceed
<br />the amount of pavmente actually made hx• the llon«aeee for eround rents. lases and xssessmenis or insurance pre-
<br />mium" a.~ thv case may' be, such excess, if the town is current. at the option of the 1lorrgagor, shall be credited by
<br />the \lortgagee un subsequent payments to be made by the 1lortgxgor, or refunded to the )lnrfgagor, If. hoeever, the
<br />monthly payments made by the Stortgagor under : `~i of paragraph _' preccdin~ shall nut he sufficient to pay ground
<br />rent, taxes and assessments or in-urance premium=. as the ca:~.e mac be. when the same shall become due and pay-
<br />able, then the llortgagor shill pay to [he ltongat!ee um amount nr•cr•s.,an' to make up the deficiency, on or before
<br />the date when payment of such ground rent=. tsxes, a`=es=meets nr in-urancu premium= Khali be due. If at any
<br />time the )tongagor;hull tender to the itortg~,ne, in accordance ttith the provision= of the note secured hereby.
<br />full payment of the entire indebtedne=~ rtgxe~enu•rl thetrby. the Vortgugee shall, in computing the amounCOf such
<br />indebtedness, credit to the account of the Mortgagor .tll pacments mode under the provisions of faJ of paragraph ?
<br />hereof which the 19ortgagee has not become nbli_ated to pap to the ~ecmtan' a[ !lousing -.nd urban llevelopment
<br />and any halxnce remaining in the funds acrumuluted under the prodsiuns a1';?=,' of paragraph 3 hereoL C[ there
<br />shall he a default. under ;m} of the provision- of this munga!~e rosukina in a public sale oC the premises covered
<br />hereby, a• if the )lortgagec acquire= rite propertt nthentisr after de(aull. the )lortgxgec• =hail apply, ai the time of
<br />the commencement of such proceedings, or at the time the property i= othenv-ire arquircd, the b;dance then remain-
<br />ing in the funds accumulated under!LI of p;tr-agraph ' prc•ceding, u= a credit again=t the amount of principal then
<br />remaining unpaid under said note, and shall pruperft :tdju.-t any paymems which hall have been madz under laJ
<br />of paragraph '?,
<br />9. That the Mortgagor will pay ground reran- ta.~es, assessmenn. tooter rites, and other gnvernmentxl or municipal
<br />charges, finer. or impositions for w hick pn,ci;toa has not been made heminhefore, and in default thereof the Mortgagee may
<br />pay [he s:mte: and that the Mortgagor v:ili promptly delivar the official receipts therefor to the Alortgagee.
<br />~. The Mortgagor will pay all taws w bleb map he levied upon the Mortgagee's interest in said real estate and impruve-
<br />maots, and which may he Izvied upon this mungagr or the debt secured hereby that only to the ex[rm [hat such is nut prohibit-
<br />ed by taw and only to the extent that .uch will not make thi, loan usuriuutr, but excluding any income tax. State or Federal,
<br />imposed on Mortgagee, and will 61e the odicial receipt .bowing such payment with the Mortgages. t'pnn violation of this under-
<br />taking. or if the Mortgagor is prohibited ht ;my lave now ur hereafter exiting from paying the whole or any portion of the afore-
<br />said tares. or upon the rendering of ;my coon eiecree prohibiting the par ntrm by the Mortgagor or any such taxes. or if such law
<br />ur desre pruridzs that any amount so paid by the \krrtgagur ,hail he credited on the mortgage debt, the Mortgagee shall have
<br />the right to give ninety days' written nutics to the owner of ihr mortgaged prrmins>. requiring the payment of the mortgage
<br />debt. if such notice be given. the said debt shall become duo. payable and cullertibie at the expiration of said ninety days.
<br />6. 'that should he fail to pay any sum or keep an} covenant provided for in this mortgage, then the Mortgagee, at its op-
<br />tion, may pay or perform the same, and all sxpsnditnres so ntadz shall he added to [he principal sum owing on the above note,
<br />shell be secured hereby, and shall bear interact at the rate set forth in the maid note, until paid.
<br />'. That he hereby assigns, transfers and ssts over w the Morteagss, to he applied toward the payment oC the note and all
<br />sums secured hereby in case of a default in the performance ut am of the term. and conditions of this Mortgage or the said
<br />rests, all the rents, revenue. and ineonte [o he derived from [he mortgaged promisee during such nine as the mortgage indebted-
<br />ness shall remain unpaid; xnd the :Mortgagor shall haven power to appoint an} agree[ or agenn it mac desire for the purpose of
<br />repairing said premises and of renting the ,ame and collecting ihs reran. rcvrnues ;end income, and it may pay out of said in-
<br />conrza alt expenses of repairing said premises and necessary commissions and sxprnaes incurred in rooting and managing the
<br />same and of collecting rentals thrrsfnxn: the balance remaining, if any. to be applieJ toward [he discharge of said mortgage:
<br />indebtedness.
<br />R. 7-hx[ he will keep the improvsmsnts now misting ar hrraaftsr srsded on the mortgaged pntperty, insured us may be
<br />required from dine to time 6y tfie Mongagss against loss by fire and other hazards, casualties and nnuingencies in such
<br />amounts and for such period= as Wray' hs required by the Mortgagee and w-ill pay promptly, when due. any premiums on such
<br />insm'ancr provision for payment ui which h:u nut been mods herrintn:fore. -lit insuraua• .hall he rvried in aunpunirs up-
<br />proyrd by the Mort~grr and the policies ;end rcuewals rherani shall be held by file Mangagre and have ;u[acheJ thereto toes
<br />payaF=le clauses in favor of and in form asrpl.ahle :o the Mortgagee. Cn sv en[ of Ions Mortgagor will give immediate nutire by
<br />mail to the Mortgages. who may make proof of lu_s if not made promptly by Mortgagor, and each msuntuee company axt-
<br />ccrnrd is hershy aafhorized and directed n+ make parnicni fur-wch lvss dirrdk to the Mortgagee iro[eud ++f to the ~tong;igor
<br />and the Mur[gagsa jointt>~, and the insuuutct pn+cseds. ur any part thereof-eta} ter applied by the Mort,r,=-~~ ~ -,i iks option either
<br />to the rrductian of the rodebtedness hereby secured or to the rc.+turation ai r.palr al the praparty ri,unae+ <<~ent of fote~la-
<br />cure eC this mortgage or o[iter transfer o[ title to the mortgaged propert}- in extinguibntsnt uC the indebtc,;ae,-, sscu[ed hereby,
<br />all right. +iits and interest of the Mortt~got i:r trtd to any it,suran. e poiicie, then in force half pass h, the pn: choose rr grantee.
<br />'i. i hat as ::ddiu.xr i and s'oifataral ve.uon fm~ the payment rat the note dsxribea. aoJ oil rum, tv ha:ame due under this
<br />rncrrg,::gc. tt~ Mortagor ncreby assigns :o ~hr Muttgagee ail pndtn, « vsnuas, tuyallies, r+ghn and laaeeri h. accruing w the
<br />!yionpagor +riWrr a, }' and ;di ~+ anda~ 'e.,ves on .uiss pientisea, w~ntt the right 1v r,=ceivrr nd ~t~ vtpl ;er tht vumc .!nd ;+pplt.
<br />them tcx_.;,+tflmtEt+t4ii Wes;. as weal h;i'as ,'._s.ttu =. loch in lhs vn_tdtti,tc~ot hi; mostKH ru tec~lfot tgagec stay demanJ_.ue
<br />(Ur at<d ~a o.cr say won y+avment* when due and pray=ahlC, but ~hrit rr•;t M: tc4+i sled ,.= 1„ a.~- t i=t> a,sit;oni~nt 1a Lc ttrmiuatc
<br />oaf t?ctumr nrdl and ;surd ufkn releav-ea' tlli. ;ei~ntgage
<br />ttUti iitllyN! Vu-tyt
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