|
<br />$ { ~ f, t }month prior to its due date the annual mortgage lusaranc;e premium in order to provide such holder
<br />'(~ ~ ~9 with Funds to pay such premium to ilea Secretary a£ Housing and urban Development pursuant to the
<br />'g.~ ty " iVatianal i-fousiteg act, a, a;rende;l, a;td appticab;e ncgaiaiions iitereunder• ar
<br />(11; If and sa tong as said note of even date and this instrument are held by the Secretary of Housing and
<br />Urban Deve#opmenr, a menfhly charge (in lieu of a rat©rtgage insurance premium) which shall be in an
<br />amoum equal to one-twelfth (3liZ} of one-half (i.r'.) percentum aY the average outstanding balance
<br />due on the note t:amputed wiilraut taking irta account delinquencies ar prepayments;
<br />(hi A sum equal tti> the graund rents,sf any, next due, plus the premiums that will next become due and payable on
<br />policies a£ fire and other hazard insurance covering Fhe mortgaged property, Pius taxes and assessntenzs next due
<br />au the mortgaged property (all as estimated by the .~furtgagea) less all stems already paid therefor divided by Ehe
<br />numtaer o£ months to elapse tlefore one month Attar to the date when such graund rents, premiums, taxes and
<br /><ssetsn€ents will became delinquent, such s.~,.=s to bz held bt, ~Ie€sgage:- in '-rust `a pay mid m;nand canes, pre,
<br />miutns, taxes and special assessments: and
<br />{cj Ali payments mentioned in Lhc iwu preceding sttbaections a#' this paragraph znd aIi paytents to be made under
<br />the note secured hereby shat! be added tc>ge€her, and the aggregate amaunt thereof shall he paid by the Mortgagor
<br />each month in a single payment to be applied by the Mortgagee to the following items in the order set facile:
<br />{Ij - premium charges under the contract a€insuranc-c xith the Secre*_ary of-Hausine and urban Development,
<br />ar monthly charge /in lieu of mortgage insurance prenriuml. as tile' case may i,z__
<br />{tf} graund rents, taxes, assessments, fire and other hazard insurance premiums,
<br />tlltj interest on the note secured hereby; and
<br />flV) amortization afthe principal a€said Hate.
<br />tiny defit:iencytn the amount of any such aggr=_ga€e monthly paynter,t shall, unless made goad by the Mort-
<br />gagor Prior to the due date of the next such paynte~;t. „.;.astitute ar; e.en[ of defaut! under this mortgage. T#te
<br />Mortgagee may collect a "late charge" na[ to exceed t<,nr ants t~iej tar each dollar (SI) of each payment more
<br />than fifteen (1 c} days in areas zo cover tlta extra expense irtvoived in handling delinauen± payments.
<br />:3. That if the tats! of ttte pa}~trtents made by Ute 3iortganurunder;:; of paragraph 2 preceding shall exceed
<br />the amaunt of pay=meats actually made 6y the fartgagee far seaund rents, faxes and assessments ar insurance pre-
<br />miums, as the case may be, such excess, if the loan is current, at the option of the Mortgagor, shall be credited by
<br />the larfgagee an subsequent payments to be made by the liortgagar, or refunded is the ltottgagur. lf, however, the
<br />^tarttltly payments made by the Mrxtgagtx• under io1 of paragraph 2 preceding shall not be sufficient to pay ground
<br />rent, taxes and ass€ssments or insurance premium;, as the caste may be. wtren the same shal3 become due and pay.
<br />able, then the tlartgagor shall pay to the i#ortgaQee env amaunt nece-ssazti ice make up the deCt:iencv, on or before
<br />the date when payment of such Around rents. taxer, assesrmerts ur in=urance premium= shall be due, if at any
<br />Time the ifbrtgagor shalt tender to the tbartgaree, in accordance zvizh The provisions of the note secured (tetepy,
<br />full payment of the entire indebtedness represented thereby-, :he 5yorigagee shad, in caatputing the amaunt a' ~
<br />indebtedness, credit rn the account of the Mortgagor alt pas-mettts made :!n~er the provisions of r`a) of parageaptt 2
<br />ltereaf which the Mortgagee has oat become obligated to pay iu the sec€eta.~ of Han*ing and t-rban t~evelopment
<br />and Bury balance remaining in the funds accumulated ender U€e pmvisions of iii o£paragraph `? hereof. If them
<br />,hall be a default under ar.y of t,~e prvviion.s of tills mortgage resulting in a public sale of the p:Emises covered
<br />herein, ar if the Skirtgagea acquires lice property otherwise a£t_r default, ta'te 4iort,Qagee shall apply, at ttte time of
<br />the eamnteneemeni of retch proceediagts, or at the time the praperiy is otherwise acquired, the balance theft remain-
<br />sng in the funds accumulated under Iv) of paragraph3 preceding, as a cradle against the amaunt of principal then
<br />remaining unpaid under said Hats=. aced shaS¢ praperi} adiust env navments which ghali hav-a hint n;.ade und2r.u)
<br />of paragraph 2.
<br />~. T"„ar the Martgtgo-r nett p°av ground ants. sages. assecsmertts..vatzr rates- and atlter governmental ar m~±nicipaf
<br />charges. tine3, or imperil€an<. for v:h~~ trout t n s< ;nor t>zen made ^errtr:~fcre and ir, defaalt tltereaf the .'viort
<br />pay the Same; and that iha 4#,rtgag. r Y! „ ~m z r deriti e he ;tfiria; recctpts therefor to ihe'eicrt pagee-may
<br />s. The +furtgagor ,:€~r pry ail a..xe a,hic n m,;, ~aa P,agee.
<br />tee 'eG.~~ upon the s#tlrzgagee s interest in .said real estate and improve-
<br />ments, and which naav ~+.evie-,? €rp <:n this m:;rtg~sg< „r the dzt,t secured hereby tbur only :a zhe extent that such is notprohibit-
<br />ed by lain and only to the extent rt3as such ui#i oat ;Hake tbs. l..an usuriousi. but excluding any income tax, State or Federal.
<br />impos^d nn y.Surgagrr. a-sd uii Fero he c73T a. e e a hvuing <_e€eh payment with zhe '..:^igagee. tFpan vialaticn of this under-
<br />tak_ng err f t#t=_~ Lt_±. t„'spa bF s h - ,• ov :-r r°e colter existing tram paying the whole or any portion of the afore-
<br />said t~sxe:. ~r upon r'r€ carnet rag t t ; s u-t ,+r+. e; r~,hi',r€arg Lire payment by the ifarrgagor or any such taxes, ar if such law
<br />ar decree Arai ide that an amaunt ~ aid ;,} ne °is,r±grt; ,r <hu:"I he credited an the mortgage debt, the ~9artgagee shall have
<br />the Rghr to grFe rrre€} da};' utirten ~tc,,ite tc t„c ,» nrr t.t she mortgaged premises. requiring the payment of the mortgage
<br />debt. I; such ttott.e he git.zn. zi€z ,tici ,sei?t..i:aii t+z«,mc uue. pry-able and ealtectibte ae the expiration of said ninety days.
<br />5. That sh~fiufd he fail tt~ p;sy ors sum or kec^ any ca: anent pray ided fur in this tLiortgage, then the Mortgagee, at i£s ap-
<br />Lion. may gay vx prrforut the stin?e. ~^d a1I ex..~e~itiitares sa made shall br added to zhe prncipa3 sum awing on the above Hate.
<br />shalt be secured hereby .and shsl# t+tar interet r the raze set fartl: in the said note. until paid-
<br />"'. That he here"y assigns. transferq ar,.i .er: ryver to the Mortgagee, to be applied toward the payment of she noes and all
<br />sums secured hercbs i*t case ,£ a default :r.:lf,e perfs?rmance of any of the terms and conditions of This ?mortgage or the said
<br />Hale. all the canto. revenues a.nd :ncome to be derived from the mortgaged premises doting such time as kite mortgage indebted-
<br />ness sleet#l remain unpaid: aztd the y4artgagee she#; hate power t:::,ppoint any agent or agctsts it may desire #or rite purpose of
<br />repairing said premises, and of renting €he same told collecting [ire rents, revenues and income. and it may pay aui of said in-
<br />zores ail a;pettses of repairing said pre :rises and necessary commissions and expenses incurred in renting rnd managing the
<br />sane and a, ccileceing rentals there#rcm; the balance remaining, tf any, tc be applied toward the discharge of said mortgage
<br />indebtedness.
<br />H. i hat he Witt kezg the imprzsv~rtrents tww existing or hereafter erected an the mortgaged praperi;•, insured as ;tray-be
<br />required from time to €itne by the 4tartgitgee against ,ors by tare and other hazards. casuatties and cantiagencies in such
<br />amounts and far sac;^. perit~s as ozay be required by the lortgagee and will pay promptly, when due, any premiums an such
<br />insuraztve provision far payment of uitich has oat been made hereinbefore. AU insurance slsalt b e carried in eampanies ap-
<br />prna`ad i±v the ~fi: tg:tgee and t;te policies and renewals thereafi shall t?e Izeld by the Mortgagee and have attached thereto toss
<br />payable clauses in favor of and in form acceptable to the Mortgagee. Fn event of loss h4arigagar will give immediate notice by
<br />°ntil ti'-the Mortgagee, who-may make proof of #oss if riot made pramptfy by Mortgagor, and each insurance company can-
<br />and tlte~M~~by~ authcatized a{-td.dkre=_~ed to make payment far sucYt ws directly ro the Mortgagee instead of io the Mortgagor
<br />gagee jointly, avd ette insurance proceeds, ar anY part tttereaf; may be applied by tfre >afcartgagee ai its optioh either
<br />stthe reduction of Ehe iittlelxgde#ess hereby secured ar tit the iastoration or fepair of the pragartu damaged: In event of #oreelo-
<br />sure of this tnartgageor titttertransferaf tide to the mortgaged granger;y is extingztisEimont of the indebtedness sectu~d hereby,
<br />ail right. title and interest of the h4ortg;tgar in and to any-insutata:e ppiicies thin in €aree shall pass to the Purchaser or grantee,
<br />~- ?ltat a*r at3ditiatza! and cadateral sa.rtrity tar the payment of the note described. and ail sutras to became due under this
<br />mortgage. the Mortga~oi hereby assigns ici the /tsat•tgagee all pr.--,fits, revenues, rayaities, rights and benefits accruing to the
<br />Iti#ortgagur under any and aH oiI and gas Ieases on said- premises, with-the right to receive and receipt- #ar the same and apply
<br />thi:m to said ittdebteiiness as well before as a£tei default in the c:anditioss of this rnartg:sge. and the tmortgagee may demand, sue
<br />ftrr az€d recover any such payments when due end payable: hat shalt n©z be required so to do. Thisassignment ie to terminate
<br />and bev'ome ittttl and voi¢ ugtin release of this rrtartgagc.
<br />- ~__ FtiA-7723:4 (ta-7 T;
<br />
|