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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 to pay such premium to the Secretary of Housing and Urban Development pursuant to the
<br />National Housing ~+ict, as amended, and applicable Regulations :hereunder; or
<br />(ltl If and so long as said noto of oven date .and this utstnlment are hold by the Settetary of Housing and
<br />Urban tkwetapttent, a monthly charge (ln lieu of a mongafge insurance premiurnJ which shall be in an
<br />amaupt equal,ta one-twelfth {I/l~} of one-half (I/2) per centum of the average outstanding balance
<br />due sn-the no+P computed without t;#king into account dtlinquctlcies or prtpaymettts;
<br />{b} A sum squat tq the ground rents, if any, next due, plus the premiurns that wr11 next become due and payabte on
<br />policies of fue acid other hazard insurance covering the mortgaged property, plus taxis and assessments next due
<br />on the mortgaged piopetty (all as estimated tsy the Mortgagee) Tess alt sums already paid eherefar divided by the
<br />number of months to elapse before one-month prior to the date when such ground rents, premiums, taxes and
<br />>~• assessments wilt become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre
<br />C:7 miurrts, texts and spacial assessments; and
<br />t;$y (c) Ail payments mentioned in the two preceding subsections taf this paragraph and ail paynrerrts to be made under
<br />~. the note secured hereby shalC be added together, and the aggregate amount thereof shall be paid by the Mortgagor
<br />;~ each month iA a single payment to-be applied by the Mortgagee to the following items in the order ~t forth:
<br />, ~, (I) premium charges under the- contract of insurance with the Secretary bf Housing and Urban Development, '
<br />~ or monthly charge (in lieu ojmortgage insurance premium J, as the case may be;
<br />~, (Il) ground rents, taxes, assessments, fire and other hazard insurance prcmfums;
<br />fill} interest on the note secured hereby; and
<br />(IV} amortization of the principal of said ndte.
<br />Any deficiency in the amount of any such aggregate monthly payment shall, unless made good by the Mort-
<br />- gagor prfdr to the due date of the next such payment, canstituse an event of default under this mortgage. Tht
<br />Mortgagee may collect a "fate charge" not to exceed four cents (4e} for each dollar ($1 } of loch gayntent Mort
<br />than fifteen (t.5} days In-areas to cover the extra ex;.tttse in=rolved in handling delinquent payments...
<br />3. That if the -total of the payments made by the 9lortgagor tinder (bJ of paragraph ~ prereding shat} exceed
<br />the amount of payments actually made 6y fete 1lartgagee for ttraund rents. faxes and assessmens ar tnsw•ance pss-
<br />mfums, as the case easy be, such excess; yr ills loan is current, ar the option of the Ithmgagor, shall be credited by
<br />the Mortgagee on subsequent payments fo be made by the Mortgagor, or refunded b the Mortgagor. lf, however, the
<br />rnonthiy payments made by the Mortgagor under (bJ of paragrap} 2 preceding shalt nor tie sufficient to pay grotcnd
<br />rent, taxes- and assessments or insutanee premiums, as the case may be, when Ills same-shall become due and pay-
<br />able, then the Mortgagor shall pay to the Mortgagee airy amount necessary to malts up ills deficiency, on or before
<br />the date when payment of such ground rents, taxes, assessments or insurance premiums shall be due, if at any-
<br />time the Mortgagor shat! tender to the Mortgagee, in accordance with the provisions of the note secured hereby,
<br />full payment of the entire indebtedness repre§ented thernby, the Mortgagee shalt, in computing the tiniaunt o' tilt
<br />irtdebtedrmss, eredi+ +n *!te account of tfitt Mattgagar alt payments in~e utder the provisions of (a} iaf paragraph 2
<br />here<,f-which the Mortgagee has not become obligated m pay to the Seenetarv of Housing and-Urban Bevelopment
<br />-and arty balance-remaining in the -funds secumutated under the pro~~silirts of (bJ e€ laragraph 2 tteresf: I# fliers
<br />- shall be a defauttundet any of the provisions of this mortgage resulting in a public sa}e of-the eternises covered
<br />hereby, or if the Mortgagee acquires the property otherwise after default, the Rlortgagee shall apply, of the- time a#
<br />the commencement of-such proceedings, ar at the time the property is otherwise acquired, die balance then- remain-
<br />. ing in the funds accumulated under (bJ of paragraph 2 preceding, as a credit against the amount of principal then
<br />remaining unpaid trader said note, and shat! properly adjust any payments which shall have been made under (aJ
<br />of paragraph 2,
<br />~. That the Mortgagor will pay ground rents, taxes, assessments, water rates, and outer governmental at municipal
<br />cttargts, fines, or impasitians, for which provision has not been made hereinbefare, and fn dtfauk thtreot the ?dortgagte may
<br />pay the same: and that the Mortgagor will promptly deliver the official receipts therefor to the Mortgagee.
<br />5. The Mortgagor wilt pay all saxes vtiich may be levied upon the ii#oRgagee's intertst in said real estate and improve-
<br />mtnis, and which tray be Levied upon this .-lorigage ar the debt secured hereby (but only to the extern that such is net prohibit-
<br />- ed by taw and only to the extent that such will not make this loan usurious), but excluding any income tax. State or Federal.
<br />imposed on Mortgagee. and will file the official receipt showing such payment z~•ith the Morgagec. Upon violation of this under-
<br />takirg, ar if the Mar*.gagor Es prohibited by any !aw now or hereafter existing tram paying the whole or any portion of tits afore-
<br />said texts. ar upon the rendering of any court s,ecrte prohibitit>g the payment by ttr_ Mortgagor as any such texts, ar if such taw
<br />or dtcrte provides that any amount so paid by the Mortgagor shall be credited an the mortgage debt, the Mortgagee shall have
<br />the right to give ninety days' written notice to the owner of the mortgaged premises. requiring the payment of the mortgage
<br />debt. If such notice be given. the said debt shall btcomc due. payabte and collectible at the expiration of said ninety days.
<br />6. -Thai should he fa7 to pay any sum or keep any covenant provided tar in this Mortgage, then the Mortgagee, at its op-
<br />tion: may pay or perform the same, and alt expenditures so made shalt 6e added to the principal sum owing on flit above note.
<br />shalt be secured hereby. and shall brat interest at the rate sit forth in the said note. until paid.
<br />7. Thathc hereby assigns, transfers and sets aver to the Marigagte, to rte applied inward the payment of the note and att.
<br />sums stcurtd bitchy in ~s< at a dttau : in the ptrformancc of any of the terms and conditions of this Mortgage ar the said
<br />riOtt. ail ihC rents, revenues and income to be derived from the mortgaged premises during such time as the mortgage indebted- -- -
<br />ness shall remain unpaid; and the Mortgagee shalt have power to appoint any agent or agents it may desire for the. purpose of
<br />repairing-said prtmists and of renting the same and caikcEing the rents, revenues and istcomt, amt it may payout of said in-
<br />carats ail expenses of repairing mid premises and necessary cemmfssians and expenses incurred in renting and managing;he
<br />same atsd of caltacung r-ntals therefrom: the ba[anct rtrttaining, if any, to be applied toward the disahargt of said mortgage
<br />indebteldness.
<br />tt. Ttmt he will keep the improvements now existing ar hereafter emoted on the mortgaged property. insttrtd as may be
<br />required from time to time by the Mortgagce against loss by $re- and other haiards, casualties and consingencies in such
<br />amounts and-for such periods as may be required by the Mortgagee-and wiftpay promptly, when due, any premiums on such
<br />insuraru:e provision for payment of which has-not born malt 6treinbtfare: "All insurance sbaII be csrrrtd in wmpanies ap-
<br />prtivad 6p tilt Mortgagee and the policies and renewals thereof-shall btheti3 by the Mortgagee and haue attached thereto loss
<br />payaisk cfausts in favor of and in form acceptable to thrMortgagee.:lnsvent of loss Mortgagor will give immediate notirx by
<br />mail to the Mortg~ee, vs-~ may-make proof of loss`~'ntlt matte promptly by ittottgagoi; and rack insttran¢e campa2ty con-,
<br />corned is Hereby auduuized arul directed to make payment fat sardi lass directly to t~ Mortagagta instead of to the Mortgagor
<br />'"-'= rF,e xi^"t~,~t D-"~'it!Y: *.lm =:tgttravem ~ ».-~a. ax ang part thE:oof, may !st applied by the Mortgagee sties option eitDer
<br />to the reductipn of the ndabtedttesa hereby secured ar rotltcrtstaratiortorrepairnfttatpraperty damaged. in event of foredo-
<br />. .::.sure of ~ mongape.ar,other trstisfefof title to-the ttiortgayped property iii extu>gtttshm`ntaf the indebtedriesssecuted hereby,
<br />• affright; title aril intertst of the Mortgagor inand 4o any insurance pa6cits their in force shall-.pass to-the purc}iascr argr~ntee: _
<br />g, That as sdditionaE and toflattraf security-for tits payment of fhtflafo described, and alt sums to become due tuu#tr this
<br />rriortgage,. file (t4artgagtti hereby assigns to the 8t?-all profitsa rtvertues, royal`; rights and benefits accruing to the
<br />Mottgagrsf under any and all ail aid gas karts on said prainists, wiifithe tight to receive and receipt for the same and apply
<br />them to said fndebtednass as 1vell before as after defauttin the conditions of this mortgage, and the iortgagee may demand, sue
<br />forand recover any such payments when drat and payable, but shaft. not be required so fo do. This assignment is to terminate
<br />and became null and void upon release of this mortgage. "
<br />- ~ - FHA~2263M r10~77)
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