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<br />(1) month prior to Its due date the annual mortgage insurance premium in order to provide such holder
<br />with funds ro pay such premiurn to the Secretary of Housing and Urban Development pursuant to the
<br />National Housing Act, as amended, and applicable Regulations thereunder; or
<br />(H) If' and xi long as said mote of even date and this instrument are held by the Secretary of Housing and
<br />Urban Development. a monthly charge (in lieu of a mortgage insurance promnrm/ which shall be ir. an
<br />amount equal to one-twelfth (i[12) of one-h al( (1,r2) per uentum of the average outstanding balance
<br />due nn the note computed without taking into account delinyuencies or prepnyments:
<br />(b) A sum equal to the ground rents, if env, next due, plus the premiums that wJll next become due and payable on
<br />policies Lf fire and other hazard insurance covering the m~rtgagzd property, phts taxes and assessments next due
<br />on the mortgaged property (all as cttnnaterl b}' lire McrtgageeJ Izss all sums olrcady paid therefor divided by the
<br />number of months to zlapse before one month prior to the date when such ground rents, premiums, [axes and
<br />_ assessments will become delinquent. such sums to bz held by Mortgagee in Trust to pay said ground rents, pre-
<br />miums, taxes and special assessments; and
<br />(c) All payments men[ioned in the two preceding subsections of this paragraph and all payments to be made tinder
<br />the note-secured hereby shall he added together, and the aggregate amount thereof shall be paid by the Mortgagor
<br />each month in a single payfnent to be applied by the Mortgagee to the !allowing items ir. ihz order set forth:
<br />(i) premium charges under the contract of insurance with the Secretary i,f Housing and Urban Development,
<br />- or monthly charge (br /ieu of mortgage Insurmrce premiunrJ, xs the cage may be;
<br />(11) ground rents, taxes, assessments. fire and ether hazard insurance pre-miwns;
<br />(Ilil interest on the note secured herehy'i :md
<br />(iV) amortization of the principal of said note.
<br />Any deficiency in the amount ot" ;uty such aggregate monthly payment shall, unless made good by the Aiort-
<br />gagor prior h> the due date of the next such payment, ce;ns[itute an event of default tinder this aortgage. The
<br />19ongagee may eolleet a "late charge" oat ro cxeezd Move ~au[s i4g) far each cloliar (51) of each payment more
<br />titan fifteen (li) ~+:;rs in arrears to rover the extra expense involved iu handling delinquent payments.
<br />~. 'prat if the to[al of the puyment5 made by rho 1lortgaeor under Ibr of paragraph ? preceding ahull exceed
<br />the amount of payment. actually made by the ~lortrarr+• !or ground rent. la.xes ind acre=sment,~ ar insurance pre-
<br />miums, as the c:me may be, such excess, if the loan is current. at the option of the Mortgagor, shall be credued by
<br />the 1lortpaCee nn subsequent payments to be made by the Mortgagor, or refunded to the Martgagor- lC, however, the
<br />monthly payments made by the Jtorrgagor under I/~) of paragraph _° preceding shall nor he sufficient to pay ground
<br />rani, taxes and assessments ur insurance premium. as the:asc ma}' be, when the same shall become due and pap-
<br />uhle, then the .1lorthagar shall pay to the )Ivrtgagc~o any amount notes-cry to make up the deficiency. nn ur-before
<br />the dote when payment of uch_murid rents. taxn as-e>aments or insurance premiums =hail be due. If at-env
<br />time the 17urtgagor shall tendor io the \lor[gagee, in aecordan<:e tt=ith the pnrvisiuns of the note =eeurcd herelty,
<br />full paymenrof the entire indebtodness mpm~unied ihon':by. the 11ortgagee .=hall, in computin~~ the amount of =uch
<br />indebtedness, credit to the accvunt of the Mortgagor all papntcnrs made under the provisions of (ai tzf paragraph 3
<br />hereof which the Mortga;ee has nut. become obligated to pny- to the ;~ecretar,~ qt Housin~~ .nd l`rban Development
<br />and any balance remaining: in the iunds nccumulated antler the provisiom~ of±;., of paragraph ~ hereof. [I'there
<br />shall he a default under env ri[ the provisions ui' this mortgage insulting in a public salt of the pn'•mi=e= envered
<br />hereby, nr if the tim~tgagee acyuims the proporty° otherwise after default. the Mongagt-u <h.+ll sppiy. at thr~ limn ui`
<br />the commencement of Bach proceeding;-, or ut the time the gingerly is otherwise acquired, the Lalunc•e then renutin-
<br />ing in the funds accumulated under lr.I of parte;rtph 'preceding. as a rredlt against the amount nl print•tpal ?hvn
<br />remaining unpaid under said nuts. and shall prarperh sidjust am payments r+hich =hell hat-r~ horn made under ~ rzi
<br />u[ paragraph '?,
<br />d. That the Mortgagor mil! pap ground rents. races. ,isles>mems. hater r~urs, and ~Hher eovcnnnr ntai or municipal
<br />charge>, fines. cir impositions. for which peaviston h:a nor tiezn made hcreinbrtarr, and in default thereof the Mottcuger may
<br />pay- the samz: and that the MortgagurwiU ~romptlp deliver the otiicial receipts there&rr ut the Mortgagee.
<br />~. The Mortgagor will gag all ta.ee> which ma} hz tatted upon the Viortgager's interest in said rrti estate and imprt~t-r-
<br />ments, and which may be levied upon this mortgage or the dzbt-~acured hereht~ that only to the r.~tent that such is not prohii~it-
<br />ed by law and only to the ex[ent that wch will nut make this loan vauriuus), bat escEuding env income tea, State or Fedzral.
<br />imposed un Mortgagee, and will file the udieiul receipt showing such payment with the Mortgagee. Upon violation of thi. under-
<br />taking, or if the Mortgagor is prohibited b}, in} Eaw sort or haretdlrt aaisting Irum pap-ing the whole or anp portrun of thz afore-
<br />said rases, or upon the rendering of any coon decree prohibiting the puy;ncnt by [he `lartgagur or ang loth taxes- or if such law
<br />or decree provides that any amount ui paid hw the ~ica~tgagur shall br credited rnt the ^:.~rtguge debt. t}re ;A1oi igagee shall have
<br />the right to ~,ive ninety days' wrinen notice to the otvreer of the mortgaged premise., repairing the payment cif the nmrtgage
<br />debt. if streh notice he given, the said deb[ .hail Lxruntr due, payable :urd colfrctible at the expiration of :aid ninen° days.
<br />b. 'Chat should he fail to pay any swn or keep any covaen ant provided for in this Mortgage, then the ~lurtgager, at its op-
<br />tion,may pay or periorm the same, and alt expenditure. so made shall be added to the nrincipai sum owing on the above note,
<br />shall be secured hereby, and sh:dl bear intere_t at the rate>ct [orth ht the said note, anal paid.
<br />'. -f hat he hereby assigns. Ira_mfers anu sct> over to ihr A4ortgagza. to be applied toward the pay-meet of the note and all
<br />sums secured hucby in case of a dzfau)t in the performance of un} oC the [tem. and conditions of this A1origage or the said
<br />note, all the rents, revenue, sod income tti be dzrirerl from ihr mortgaged premises during such lima as ihr mortgage indebted-
<br />ness shat! remain unpaid; xnd the 5iortgageq shut! ha:'e pvwrr to appoint any agent ur agcn[s it may de,ire (or the purpose oC
<br />repairing-said premise._c and of renting the >ame and coileedng Fhr rents, revenue-, end income, ztnd it :nay gag out of saki in-
<br />eomes :dl expensos of repairing said pramFsrs and necessary commissions and eapennea uuurred in reining and managing the
<br />same and of collecting rentals [hereirom: the hareem remaining, if any, to he applied toward the disehargr of said mortgage
<br />inuzhtedness. - - - -
<br />R. 'That he ?vill keep the improvements truly existing or heraufter erected r;n the mortgaged property, insured as may hr
<br />rtyuirtd from time to lime by the Mortgagee against loss by lire ;md other-hazards. cusualtir~ and umtingrneiey-in such
<br />antaunt> and-far such periods a may he repaired by .l :~ 'iortgagee :tad wit! pay prompi:y . when dui, :my prcmiu;n r,n ,,act;
<br />Insurance provision far payment of witi~h has !tat Ewen made he2inhefore. Al! insurance shai7 he carried in companies up-
<br />prcived_by the Mortgagee a+nd the po[icics and renewals [herof shall he held by the 3iongagec and have attached thereto tos>
<br />payable-tlauseSin~iaeor of sent in-fonnaesrptabte to the Mortgagec_ in event of loss Monga$or wit! give immediate notice by-
<br />mail wthe Morigs,gae, who may ntuke near.[ of lass it not made promptly by (•9ortgugor, and each insurance compatry cort-
<br />cernrd i,c hereby aalhorizgd anti directed ar make payment for arch toss zli[ecOv to the Mortgagor in_cteaJ .~f t,~ the yortgagor
<br />end the_4(oTtgu~rce-jomuv, aa.d the insurance rroverd , err-any pan ±herrrrf, m ar Fu_- ~pplird he th.. 41cng.~gt -, option either
<br />h~ the reducttatt nfShc.indebtedness hereby accured nr io tits restoration ~=rrrpaircrf the proper!. damatged- ~. . cart of forerla-
<br />surc of slits mortgage t,t other trnrofcr oY ride u, the mortgaged property in cztinguishntent of [he indchtu~dne.,, ,v-ured hereb}-.
<br />elk right. ode and inictrut cf the pinngagar in and ter any insuance l'o!i.rtes [hen in farce .;tall Pass to ihrpurchaser nr gt;;atrr.
<br />4. ~I'ttztt krs atWeuonal and cttiluteual ~restrity Pur the ,:zip-meet tzl ehc note de.cribed, e.nd alt lures to 2,ecomr, due under this
<br />l naW'Ijta~e, tlte.Mraeigagi'rr k><reh\` JSDIA.,n~ .t? ihr ~„(6r1~; ~l'c aiE prt±ii Cti. fctt`riuYt-~ CtrtBiUC ~_ r{glliS and bziteitt'.-J~: ~'rS11n~ 74,) the
<br />tAut7ga{3o; :eerier arty-r .u ar :rte eat au3 gA., i„a,c.- r n ,u d ,.:.iniic-,, with the _rigfti to rra•it r and rrreipt ?rn~ rk?e -. •tmr -;rtu ugtpE}
<br />fhent in said inciehL-,Ene.re as wail Eratne ... an,rr urfaagl _r the.-rerdiudrs eiflht- n tr't z~ugv- artd the `vt -n}ages^ n .ey aarrraud, eua
<br />,'ur ..rni c ..cr ai+} - ,aY ,+a yen nt ,:,Errs, dt.+~,±nd ,^. pabEz, tttu chat not t+r,-^quirrd ~,:..a, ,,,, 3-ern a ~.}in,.ii'an .. to termin,~e
<br />a>k! tx. -z c nua: n ,e=rd.~.:r re a+s- •+f tidy ntang:rye - -
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