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(!)month prier to tts due date the annual mortgage insurance premium in s:rder to provide such holder
<br />with funds to pay suelt premium to the Secretary of Housing and Urban Development pursuant to the
<br />National Hauling Act, as arnended, and applicable Regulations thereunder; or
<br />(Il) 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 (in lieu oja mortgage insurance premium) which shall be in an
<br />amount equal to one-twelfth (1/12) of one-ha1C (}/2} per eentum of the average outstanding balance
<br />due on the Hate computed without taking iota account delinquencies or prepayments;
<br />(b) A sum eyual tV [he ground rents, if any, next due, plus the premiums that wi?I next become due ant payable on
<br />policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property (all as estimated by the Mortgagee/ less alt sums already paid therefor divided by the
<br />number of months to elapse before one month prior to [he date when such ground rents, premiums, taxes and
<br />assessments will become delutquent, such sums to br held by Murtgager in trust to pay said ground rents, pre-
<br />miwns. taxes and special assessments; and
<br />' (c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under
<br />~ dte note secured hereby shall be added together, and the aggregate amount thereof shall be paid by the Mortgagor
<br />~ eact nwnth in a single payment to be applied by the Mortgagee to the following items in the order set forth:
<br />(I) premium charges under the contract of insurance with the Secretary of Housing and Urban Development,
<br />or monthly charge (in Fieu oJ'nu7rtgage insurance premiunt~, as the case may be;
<br />(il) ground rents. taxes, assessments. fire sod utlter hazard insurance premiums;
<br />(Ill) interest on rite note secured hereby; and
<br />(IV) amortization of [hc principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly pavmtn[ shall, unless marls good by the Mbr[-
<br />gagor prior to the due date of the next such payment constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "fa[e charge" Hat to exceed four cents (4K) for each dollar {5?) of each payment more
<br />t.".a:.:iftc,.: (: ~ j :l::y~ ... ,..,,.~ .., ...,... [I:: Cn,ia iz frr,;c ,:,:,.,.tom .r, hait\:iiiig u...,:,y::c,:t payi',.,..a.
<br />3. That if the total of the payments made by the Mortgagor under !b.t of paragraph '2 preceding shall exceed
<br />the amount of pa}menu actually made by the 1lortgagee for ground rent., taxes and assessments or insurance pre-
<br />miums, as the case mac be, such excess, if the hart is cureent, a[ [he option of the Mortgagor, shall be credited by
<br />the Mortgagee an subsequent payments io be made b} the Mortgagor. or refunded (o the iiortgagor- if, however, the
<br />monthly payments made by the Mortgagor under (F.} of paragraph 2 preceding shalt Hoe be sufficient to pay ground
<br />tool, taxer nod ,less-smeots or insurance premiums, a the eti_~:r may be. when the satno shall become due and pay-
<br />abl[~, then [hc• Mortgakor shall pay to the Mortkagee an} amount nersssary to m:tkr up the deficiency, an or before
<br />the date; when payment of ouch grcaund rents, taxer, a.?sessments or in+urance premium:+ shall bs due. if at any
<br />time the Mortgagor shall tender Cn the ~iortgaKee, in accordance with the provisions of the note .scored hereb}',
<br />full payment of the entire indebtedness represented thereby, the 1lorigagse shall, in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor alt payments made under the provlsiats of taJ of paragraph c'
<br />hereof which the 1lortgagse hss not bctc•ome obligated to pa} to the ~vcn•tan of fiuusing and f'rban Development
<br />and an} balance remaining in the funds accumulated under the pntaision~ of i i ,' of paragraph 2 hereof. ff there
<br />-hall >~ u default under any of the pmvisinns of this morty:age resultinyz in a public• -ale of the premises covered
<br />beech}, or it dte 1lortga;ee acquitr.= tha• property otherwise af[a~r default. the lk,rtgagee shall apply, at tl[s time of
<br />the cnmmenrement of such proceedings, er at the time the proper[} i~ otherwise ac•gwred, the balance then remain-
<br />ing in the funds accumulated under F:t of paragraph '' preceding, a- a rn•dit again-t the amount nt principal then
<br />.:.....:..i .... ........:a .,.. d.,..=..:d ....... ...,.F ~6..f1 ......... _.. ...a.--. , .._. ~.,. «,.....-. a-k:... i. 6~EE 4..,.., Sa.,..„ .«:. a« .... a....: _ t
<br />r?f pars; raph ~'~
<br />~. 'Fhnt the !+ti,rtg:t}:isr u+I! pat kround rent,, tsvr,. 4,sr„nttnts, eater rzttr,. anti other governmtntat or municipal
<br />thargr,. fine. c,t ra,r ,:ilia=~ . ?or +; h cn fjro+aci- ., fe.ee n,,f it2en road ~ htre;n,rtc,rr..nd ,n 3efatrf thereof ffx 4iarfga,gez may
<br />pay the s:,mr; :end thtu tht i1e.. tg.;gor writ promp,,-, drl.vrr the oth.aai rri:ftpts rhr€efar io the Alartgagrr-
<br />4. Thr Mor a -~tl! ._ ; ,.. -_ w h:.,:...,,: t•~ ~ viz=.' t:~+n titz 41e,€t r , tntr€>:st trt lard €ea, is ~
<br />tt; g:>r pt~ , gage tart affil int, €avt-
<br />,nents trod ->*•ifis~h -r,°,>- 1~ !r _ _ _,..F s .,. .r the iftht s~ks:,t~1 h r£hE -h _ :nl;~ tc? tl:r extent zh;.t ut;c is nett pr.thtbit.
<br />ed t,}' law and on?v [o the rvrrnt that .uch .cdl~not make tflt, kern it,urtutt~t, but tveiuding ,vny income tau, Starr ar Federal.
<br />impuhed an Murtgagrr.:zrttt w to f;?r the .,rice,! re~ripr showinfi saris p;.rrnent with tl~ Mengagre. l'pon cio`satian of thi, artdrr-
<br />takinf:• c+r ii the Ltortgaetor is prohti+itrd by any law now or hrrealter evr,ting irom pnyutg the whole or any portion of the afore-
<br />said tare.. ar upon the renderutg ,+f any coon dreerr prohthtting the pay meat M the ~1orlgaga,r or any ,uch taut,, ur tf web law
<br />or [Ircret provide, that :toy ,[mount ,,, t+aid by the "N,,rtk.tgor ,hall hr . redtrrd on tttr mongagr debt, the 4lortgagrr shall have
<br />the right to pivr Hiner} du[, antttn notice to the ovsncr of the mortgagrd prrntt,r,. rryuinnt; the payment of the mortgage
<br />debt. If such Honer hr eivrn. the ,aid drhi,hull become der. potable and collrs~tih!e:n the rxpir~uion of said Hiner} days.
<br />6, That ,hauld hr tut! to pay any sum ur keep ens cnven.na provided toe in th„ ~Atrlgagr. then the \lottgagrr, at its up-
<br />tiun. !nay pay ur prrfurnt the lotus. and a!! expenditttrr, ,o made ,?:,d+ hr added !o the princip;f! sum uwirtg on t?tt ahi,vt Hutt.
<br />,hall hr secures? beech;,and ,hat? brie intrrru at the rate set forth in the ,rid note, until paid.
<br />7. That ?tr hrrrby :usignx. transfers :md sets over to the \iortgagrt, to hr app!itd toward the payment of the note and a!I
<br />,um, ,reared hereby in e:+.r of a default in the prrturmance of any of the arms and amditiuro of this !4lnrtgagr or the sold
<br />note. all the rent,, rrvrnur+ and income to hr dirt, ed from the mortgagrd prrntise, during ,uch time :r, the mor[gage indthted-
<br />ttrx< shall rrmatn unpaal: ;,r,d the 'tlorti`•.aager sh;tll hair Hower [o .tppuint env agent ur agent, tt may dtsirr tot the purpust of
<br />rrp>lring ,ztirt pstmise, and of rrnitno~ t?ri• carne :and tulle [ins tht ten[,: rtvrnur±:?nsf inautnr, and it may psv ,:ut of said m-
<br />eumes all expenses of repufrtng +aid premiers and necessary cammisstans and expenses incurrtd in rrnung and ntanagint„ the
<br />5itme and of ro!tecting rcY11a!s therefrom; the balance remaining, it any. to be applied toward iht discharge vet ,ard mortgage
<br />indehtednes-
<br />1t_ `1't::at he v. it kelp th i [pt:?,rt ,~.,t . t.4 . _t.:Fing ,z h_r. tt_r z.:=trd ; n ,?tr tn`i`[g:r=-'_d ;+r ,.r*t`, `fl _ + - °- ` !~
<br />tee;uir..d f,or.. time to ti;n ti ,::r lt,~rtggre .c„..i... ! h t-,E ,e•.1 other h;:i<rc!: oz!,=r ,.! _ ,.,:..~_,.,.~ ._. uch
<br />amounts and for such perivtds as may br rtquired by the Mortgagee :and Hill pu>< promptly. when der, any premiums ,m such
<br />insurance pretvisittn far p;tyment of which has nc?t been made hrrrinheture. A{i tn,uranrr ,hall t+r rarrrtd m carnpanirs ap-
<br />proved by the ~ylnrtgagte and the policies and rtnrw,tts thtreof shall ht brit by tht '~iort~agee ant h,;re ,rtt;rvhrt thereto Invv
<br />payable clauses in fyvor of and in farm accrptablr to the Murtgalttr. in event of lns, Mortgagor wd! glue intmediatt Holier by
<br />mail w 1ht tdortb~ttget, who may make proof of toss it Hat mad[ prompt?> by Mortg:tgur..tnd each imuruut 4omp:uty con-
<br />cerned is hereby authorized and directed w make payment for .uch ?ass directly to the Mortgagee instead of to the Mortgagor
<br />and the Mortgagee jointly, and the insuranct proceeds, ar any part [hereof, may t,e applied by the Murtgager at it, option tither
<br />to the rrd[tctian of the indebtedness hereby steered ur to the restoration or repair of the property damaged. In event of forecl~-
<br />sure of this mortgage or other transfer of tide to the mortgaged property in txtinguishment of the indrhtedntss secured hereby,
<br />alt right, title anel interest of the Mortgagor in and to any insurance policies then in force shall pats, to the purchaser or grantee.
<br />4. '''hat as additional and collattral security for tht payment of the note described, and .;'! sums to hrcome due under this
<br />rnortgagr. the Mortgagor hrrrby assigns to the Murtgager a?I prohts. rtvtnue,. royalties, right, and benefits accruing to the
<br />Mortgagor under any and all oil and gay bases on solid premiers, with the right to receive anti receipt fur the ,amt and apply
<br />them tosaid indebtedness as well btfurt as otter drfaule in the cuneiitions of this mortgage, and the Mortgagee may detmtnci. sue
<br />for and rtrovrr any such paymenU when due and payable, but shall nor he rrquirtd sa to do 't'his assignment is w terminate
<br />and hrcome null and void upon release of this mortgage.
<br />FHA 2143M 110 771
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