|
<br />(1 t month prior to its due date the annual mortgage insurance premium in orris: to provide such holder
<br />udth funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the
<br />National Housing Act, as amended, and applicable Regulations thereunder; or
<br />(ft) !F and so tong as said note of even date and this instrument are held by the Secretary of Housing and
<br />Urban Development, a monthly charge (ire lieu oja mortgage insurance premium) which shall he in an
<br />amount equal to one4welfth (}/t2) of .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 t4 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 />M on the mortgaged property /a(/ as estlmated bt- the MurtgageeJ less all sums a]ready paid therefor divided by the
<br />number of months to elapse before one month prior to the dart inner. such ground rents, premiums. taxes and
<br />"' assessments will become delinquent, such sums ro be held by Mortgagee in trust to pay said ground rents, pre-
<br />'~ miums. taxes and special assessments; and
<br />i (c) All payments menilmted in the two preceding subsections of this 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 Mortgagor
<br />!n. each month in a single payment to be apnlied by the Mortgagee to the following ergots m the order set forth:
<br />(1) premium charges under the contract of insurance with the Secretary of Housing and Urban Development,
<br />ar monthly charge +in lace c+f mangagc insurance premium j, as the case may be;
<br />(tl) gmund rents, taxes. assessmenn, t7re and other hazard insurance premiums;
<br />(HI) interest on the note secured hereby: and
<br />tIV) amortiaarron of the principal of sold note.
<br />Any deficierc}' in the atnoum of any such aggregate monthly payment stroll, unless made good by the Mor[-
<br />gagar prior to the d~rP date of the next such pa~me>>t, ._.;nstitute an event of default under this mortgage. The
<br />Mortgaget may collect a 'gate charge" nut to exceed four cents (4y) for each dollar (S i) of each payment more
<br />than fifteen i 1 ~ 1 days ui areas to :ove*. the extra expense involved in handling delinquent payments.
<br />3- That if the total of the pactnents made by the Mortgagor under /b) of paragraph Y preceding shall exceed
<br />the amount of payments acwalty made by the 1lortgagee Eor ground rents, taxes and assessments or inst:rarrce pre-
<br />miurns, as the case tray be. such excess, if the Loan is current, a[ the option of the Mortgagor, shall be credited by
<br />the 1Sotigagee on subsequent payments to be made by the llarigagor, or refunded to the }fartgagor lf, however, the
<br />rnonthl} payments tttade bx the Mortgagor under ; h) of paragraph 2 preceding shall not be sufficient to pay ground
<br />tent taxes and assessments or insuranre premiums. as the case may be, when the same shalt become due and pay-
<br />able, then trite A'brtgagor shall pay to the )tortgager any amount necessary to make up Use dePcienry. an or before
<br />the date siiten paymmerrt of such ground rents, taxes. assessments or insurance premtums shalt be due. If at any
<br />time the Mortgagor :Jtal[ tender to the ~fartgagee, in accordance with the provisions of the note secured hereby,
<br />tuft payment of the entire indebtedness represented thereby, the 1}ortgagee shall, in computing the amount of such
<br />indebtedness, credit to the account of the Mattgagor al! payments made under the provisions of ~ ~ of paragraph 2
<br />hereof which the Mortgagee has not become obligated to pay- to the ticcrecan of Housing and Lrban peveloptrtent
<br />and any bafanre remaining in the funds accumulated under the provisions of bi of paragraph -~ hereot. ff there
<br />shall be a default under any- of the provisions of this mortgage resulting in a public sale of the premises covered
<br />hereby, or if the 4lortgagee arquires the property atheruise nfter default. the 1lortgagee sfialt apply. at the time of
<br />the eommencemeni of such proceeding=, or at the time the property is otherwise acquired, the balance then remain-
<br />ing in the funds accumulated under:- of paragraph ~> preceding, as a credit against the amount of principal then
<br />remaining unpaid under said note, and shall properh adjust any payments which shall have been made under {al
<br />of paragraph ?,
<br />4- That the ,S4ortgager u-rtl pay ground :eats, rates, assessments. water rates, and other gosernmen[al or municipal
<br />charges, firrcs, or impositions. for which prosision has not been made hereinbefore, and in default thereof the hfortgagee may
<br />pay the same: and that the Mortgagor will promptly deliver the official receipts therefor to the Mortgagee.
<br />5. The ~fartgegw will Day all taxes u hick may be levied uaon the \fort_r>agee's interest in said real estate and impreve-
<br />mer.L-and which may be ltvizd upon this mortgage nr the debt steered hereby that Dolt to the extent that such is not prahibii-
<br />ed by law and only to the extent that such wilt not make this loan usurious), but zxcludiag any income tax, State or Federal,
<br />imposed on Mortgagee, and will file the official receipt showing such payment with the Mortgagee. Upon violation of this under-
<br />taking, ar if the Mongagar is prohibited by any taw now or hereafter existing from paying the whole or any portion of the afore-
<br />said taxes- or upon the rendering of any court decree prohibiting the pay meet t+y the Mortgagor or any such taxes. or if such law
<br />pr decree provides chat any amount so paid by the ~fortgagnr shall he credited on the mortgage debt, the Mortgagee shall have
<br />the right to give ninety days' written notice to the ounce of the mortgaged premises, requiring the payment of [hz mortgage
<br />debt. t# such rattire be given, the said debt shall become due. payable and collectible at tfic expiration o[ said ninety days.
<br />6. That should ht fail to pay any sum or ketp any covenant provided for in this yfertgage, then the Mortgagee, at its op-
<br />tion, may pay or perform the same, and all expznditures so made shall bz added to the principal sum owing on [he a}hive note.
<br />shat} tz secu;td hereby, and shall bear intzrtst at ihz ratz set forth in the said note. anti! paid-
<br />?. That he hereby assigns, transfers and sets over to the Mortgagee, to be applied tauard the payment of the pate and all
<br />sums seeurtd hereby in case of a default in the p:rformance of any of the terms and conditions of this bfortgage or the said
<br />note, all [he rents, revenues and income to be derived from the mortgaged premises during such time as thz mortgage indebted-
<br />ness shall remain unpaid; and the Mortgagee shaA have power to appoint am agent ar agents it may desire for the purpose of
<br />repairing said premises aad of renting the saint and rn}lecting the rents. revenues and incomt, and it msy pay out o[ said in-
<br />comes rill expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the
<br />sam4 are} of eofkcting rentals therefrom; the 'salancc remaining, if any, to be applied toward the discharge of said mortgage
<br />mdebtedness-
<br />$. That lit will keep the improvements now existing or hereafter erected on the mortgaged property, insured as may be
<br />required from time to tithe by the Mortgagee against loss by fire and other hazards, casualties and contingencies in such
<br />amounts and for such periods as may be required by the Mortgagee and will pay promptly, whin due, any premiums on such
<br />itisutattcc provision -for paytaetH of which has trot beta made hertsnbefore. All insurance shall be carried in companies ap-
<br />provcd by the Mortgaget and the policies and renewals thereof shall be held by the Mortgagee and have attached thereto loss
<br />payable cheeses in favor of aad in farm acceptable to [he Mortgagee. In event of toss Mortgagor will give immediate notice by
<br />mail to the Mort~ee, who may make praif of Lass if trot made promptly by Mortgagor, and each insurance company con-
<br />txtaitd is #nrcby authorized and directed to make payment fox such foss daectty totfie Mortgaget instead of to the Mortgagor
<br />and Hte MtMgagte jointiy, and the insurance proceeds, ar any part thereof, may fie applied by the Mortgagee at its option either
<br />to t4c rc+iricYi~~ tilt indebtedt~ss hereby secured a to the restoration or repair of the props: ty damaged. In event of forezto-
<br />sttrt e3ths -trroflgagt or otfxr. transfer of title 20 the mortgaged property in extinguishment of the indebtedness secured hereby,
<br />aft rtghi, tuft and interest of the Mortgagor in and to any insurance policies then in force shaft pass to the purchaser or grantee.
<br />4. That as rtddiiionat and coftattrai security farthe payment of the note described. and ail sums to become dot under this
<br />trtortgage, the Mor{g@gnr hereby assigns to the Mortgagee a31 proSts, revenues, royalties, rights and benefits accruing to the
<br />Mortgagor tinder awy and off oil and etas leases on said premises, with the right to receive and receiot for the saint and anply
<br />them is said indebtedness as weN before as after tkfaul[ in [he conditions of this mortgage. and the Mortgagee may demand, sue
<br />for and recover any such payrrrtnts yrheti riot and p~yab>s: i_n~t shall net k+t regraired so tai do. This ..ssignmert is to terminate
<br />and became huff grid void upon release of this mortgatgt:.; - "
<br />FHA~21-03M (t O~JJ)
<br />.4~! 4wv'
<br />
|