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(1) month prior to its due date the annual nroregage insurance premium in order to provide such holder
<br />with funds io pay such premium to the Secretary of Housing and Urban Development pursuam to the
<br />National Housing Act, as amended, and applicable Regulations [hereunder, or
<br />(II) If and so long as said note of even date and this instrument are held by the Secretary of Housing and
<br />~ Urban Development, a monthly charge (fn Lieu of a mortgage insurance premium) which shall be in a;t
<br />amount equal to one-twelfth (I/12) aF one-half (1/2) per centum of the average outstanding balance
<br />,..~ due on the note computed without taking into account delinquencies or prepayments;
<br />~ (b} A sum equal tq 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, plus taxes and assessments next due
<br />' nn the mortgaged property tall as estimated by the .Mortgagee) less all sums already paid therefor 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 will become delinquent, such sums to bi; held by Mortgagee in trust to pay said ground rents, pre-
<br />miums, taxes and. special as~sstnettts; and
<br />{c) All payments mentioned in the two preceding subsections of this paragraph and alt payments to be made under
<br />the note secured hereby shall be added together. and the aggregate amount thereof shall be 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 forth:
<br />(i) premium charges under [fie contract of insurance with the Secretary of Housing and L'rban Development,
<br />or monthly charge (ire iiete of n:ttrrgage insurance premium/, as the cast may be;
<br />(II} ground rents, taxes, assesssnents, fire and other hazard insurance premiums;
<br />(HI) interest on the note. secured hereby: and
<br />(IV} amortizatio^ of the principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly payment shall, unless made good by the Morb
<br />gagor prior to the due date ref the next such payment, culutimie an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed focr cents (4Q) for each dollar (S I) of each payment more
<br />than fifteen (1>) days its areas to cover the extra expense involved in handling delinquent payments.
<br />3_ That if the total of the payments made b}• the Mortgagor under /b; of paragraph 2 preceding shall exceed
<br />the amount of payments artuaHy made by the 1krtgagee for ~rotind rent" taxes and a~ses5srents or insurance pre-
<br />mium., as the case may be, such excess, if the loan is current, at the option of the Mortgagor, shall be credited by
<br />the Zlortgagee on a7tb_=.equent payment, w be made by the lhtr[gagor, or refunded to the lloctgagor. If, however, Uie
<br />tnoathl? payments made. by the Mtxtgagor tender ? 5) of paragraph 3 preceding shall trot be sufficient to par grated
<br />r®st, taxes and a se~menes or insutance premiums, as the case may be, when tfie same shall become due and pay°-
<br />able, then the 1S~tgagor shall pa} co the Mortgagee any= arrauni necessary to make up [he deficiency, on or before
<br />the date x#ten pay-setst of such ground renks, [axes, assessment= or insurance premiums shall be due. if at any
<br />titer tfte hiattgagor shall tender tct the 4krtgagee, in accordance witft the provi=ion= of the note secured hereby,
<br />fitlt payment of the entire intkbtedness represented thereby, the )krtgagee shall. in computing the amount of such
<br />itttkbtecbtess, credit to the account of the Mortgagor alt payments made under the provisions of a j of pazagraph Z
<br />hereof wftieh dre ~torteagee has tat became obligated to pay to the ~ecrrtan of Housing and urban Development
<br />gad nay halanre remaining in the lands accumulated under the provision, of ~ of paragraph ° hereof. iF there
<br />shall be a default under any of the provision= of this ttsnrtgage rnsultine in a public gale of the premises t-overed
<br />hereby, or if the'.tortgagee acquitrs the propem otherwise after default, the ~torteagee shalt app]}, at the time of
<br />the cotaaterteement of such proceedings, ar at the lilac the ptuperty i= otherwise acquired, the balance then remain-
<br />ing in the fttrrds accumulated under ~' %of paraeraph '> preceding, ar a credit :grain-t the :amount of principal then
<br />r~siait[g tmpaid tinder said note. and shall properly adjust any payment-~ which shall haze been made under; ai
<br />of paragraph a-
<br />s TTtat tfie Mttrtgagar will pay grautxt settle, taxtc, assessments, watts rater., and ether gevtrnmema or municipal
<br />cfisrgr>, fence, in impositions. for which provision has tau tsetn madt herrinl+eforr, sad in drfautt thereof the Mortgagee may
<br />pay t}u saint; arxt that the Mongagar will promptly deliver the ot7rt tai receipts ilxrefor to the Mongagre.
<br />`. Tltt Mortgagtn will pay all [airs which may rte levied upim the Mortgagee'> interest :n .aid real tctatt acrd improve-
<br />ments, and which may lee teyird upon this moneage ur the debt secured hettby ;tut only to the extent tfiat curb is trot prohibit-
<br />s: by law asxt ~~=}v its t}te extent [fiat s,tch w:'r ; xt tnakr tlas ;i:an usu;i<-us;, h;:t: xc,uding a- ir~~.=znr tai. State a F~drral-
<br />impttsrd on Mortgages. attd will file tier oiTicial tt.~eipt sfi owing such pat mint w itfi the Mongagtr. t'pon 1hiriaticNl of this untter-
<br />takitrg a if the Mon~gor is prohit:ttrd'ey any taw new or hereafter euszing fra~m ply ing tine w}folt cn any txvnion~f the afore-
<br />said taxes, nr upan Cite retrdtrittg ill any crmn tttcrsc njhibiring the payrnsm by tier ~forigagnr or any such taxes. ,x if such taw
<br />.K de.^rte provitks that any amount eta paid b> the '+9a+tTgngor sha}3 ]x credited nn the mongagr debt, the Mongager shall haze
<br />[fie rig}tt to gist ninety des s' wnttrn rtotacs u+ the .+w net .+f the mong„gsd premius. requiring the payment of the mongagc
<br />drt+t. if sucle rtutict he gistn. tlx seta debt shall brc~:ms due, payable and collectihk a! the txpitatinn of said ninety days.
<br />ti. That s}toatid 3u fail to pay arty sum or keep any:ttreaant pntvtd~l for in this Mortgage, thin the Mvxtgagre. at its op-
<br />tiat. taay pat tr perfaxm the same, and alt rxptttditurrs sc+ made shall br added to the principal sum owing on the above note.
<br />sltad ire seLtatd fiurt*y. and shat! tear interest at ttrc :;ate set forth in €hr said Wane. until paid
<br />'. T3tat }te hettby assigns. transfcrc sad set, oust to the'tlartgagtt. to tx applied toward the payment of the Wort and all
<br />sums stsurrd hereby in ..ass i~f a default in tfsc ;+crformana at any of the terms and conditions of this Mortgage or the said
<br />t~+is_ at1 the rtttts. rr:rtters and itwtsnte to t e drritird from ihr mortragrd psemisrs during such time ac the mongagt irtdrhred-
<br />aess slta}I zttttaia ttnpaid: artd the ?dvtgagee shalt hour power to apposnt any agent or agents it may desist fur [he pttrpttst of
<br />said p*rmisrs and :** rretmg ihr sasnr and a~lle~ting the slats. revrnetcs and income. and it ma} psy art of said in-
<br />ixa~rrs ail expeasrs of rrpairutg sake premises and ettctssarv commissions and expenses incurred in renting acrd managing tlu
<br />s sad ~ vxtfitc[irrg ttnta;a thrrefram; rate tra}attcc rctnai. if any, tr+ isr applied tuwazd the discharge of saint mortgage
<br />i~wrdaess.
<br />tf. That lee wig krrp the impro>.•tmrats tts~x existing cx hrrtafttr erccttd on the mortgaged propeny. insured as may be
<br />rrx}etiatd front titer to tint M' the Mortgagee againat ]f*SS try far and rreher hazards, casualties and contingemies in such
<br />mottari tad kn stxb pettods as may 6r trQ+ttrcd by tier Mortgagrr and u ill pay promptly-often dos. any premiums on sucfi
<br />insgaanec provisiat tar psymeat of wbictt has not hren made hrrrinbcfott. A:t tnsuranec shall he carried in companies ap-
<br />Ssovcd by the Mortgagee and the policies and rcoswats thereof shall rte ]relay by the Mcmgagrc and hat c attached thereto kiss
<br />p4yabt?e elausts to fa+~r o1 amt in fora accrptabk to the M:mgagce. In cvtnt of ?lass Mongagor urll glut immediate Wolter by
<br />aeai! to [he idtxtgrgeK, tvlto may matt prnctf of lass d tint msdr promptly by Mtutgagor. and rarfi insurance company eon-
<br />ocraod iiz ]treretw tut6arixed attd dirc.-ted ro [Hake payment for such &tss directly to ttie Mortgagee instead of to the Mortgagor
<br />atad the t+#trtga~er joifth. sad the ittsurattcs pruteeds, or any part tluttvctf, ema} be applied by the Mortgages at its optiwt either
<br />to tfae rtt~k tAe ~drhiss herrtty seesra! de'to iht trtdoraticxt ~ rrpat of the ~nprrty damaged !n rural of focr;:kv-
<br />sr a et fettle aaattgage ar ru6rs Tta~r-+~ tick tst the mortgaged prdyrtrry inextinguisfirrunr of the indebtedn,css secured htretty.
<br />~ tip. oitle sad merest d theldrr in and to any insurance policies then in fora steal] pass to the purchaser or grantee.
<br />g. 'f'lty[ u additional stet cvftg[eral security 3or the payment of tftt tart described, and all sums to ltet;amc due under this
<br />. ~e 3laaigt~or lrerr3ty ass~txs to flu Mt>rrgagre all profits, rrvtnues, royalties. rights amt t±enefi[s accruing to the
<br />1~rrgstgnr tender atn• sad alt o:7 sea! gas leases on said premises, with t}u right to receive and receipt for the same and apply
<br />them ~ said indebtedness as rtti txforr as after default in rite cortditiwts of this mortgage. anti the Nongagee may demand, sue
<br />der attd rte~rt?aety vte3 paymrntx whet[ due and payable, but shall cwt be required su to dt~ This assignment is tit terminate
<br />earl breams e~ and vai8 upon rrlaau of this ntortgsge.
<br />FHA-214aM f10-771
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