|
79-.~ ~i~~~~:
<br />(k) nron2h prior to its due date dte annual rnorrgatgr ins-rranee prcmnnn in order to provide such holder
<br />with !`ands to paY such prerniunt to tEre Secretary of Hosrsing and C3rtran Dewelopment pursuant to the
<br />National Housing Act, as amended, acrd applicable Ftegufatirms thereunder; _ r
<br />(li} if and so tong as said note of even date and this instrument are held by the Secretary of E;ousing and
<br />C}rban Development, a monthly charge ; in lieu of a mortgage insurmrce premiunrJ which s:.alf be in an
<br />amount equal to one-twelfth (!/12) of one-half (I/3) per ceruum of the average outstanding balance
<br />due on the note coatputed without taking into account delinquencies or prepayments;
<br />(bl A sum equal tv the ground rents, if any, next due, plus the premiums that will next become due and payable an
<br />policies of fire and other hazard insurance covering th? mortgaged property, plus tares and assessments next due
<br />an the mortgaged property fall as estmrared by the Afortgagcel Ics's all sums already paid therefor divided by the
<br />runrbcr of mouths to ciapse before one 'month pnor to the date when such ground rents, premiums, toes and
<br />assessments will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre-
<br />miums, taxes and special assessments; and
<br />(c) All payments mentioned in the two preceding subsections of this paragraph and all payments ti> be made under
<br />the note secured hereby shaft be added together, and the aggregate anwunt drereai'shatl be paid by the Mortgagor
<br />each month in a single payment ter be applied by the Mortgagee to the following items in the order set forth:
<br />(1) premhun charges under the contract of insurance with t}te Secretary of Housing and Urban Development,
<br />or monthly charge (ir€ lieu q(mortgage iruumnee premiunrJ, as Qre case may be;
<br />(11) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(Ill} urterest on the note secured hereby; and
<br />(IV) anwrtizauon of the principal of said note.
<br />Any deficiency in tiro amount of any such aggregate monthly pavnrent shall, upless made good by the Mbrt-
<br />gagor prior to the duo date oC the Haze such paynrert, constiuue an event of default under flits mortgage_ fhe
<br />\forigagea may collect a "late charge" not to exceed tine cents (~t[t) fur each dollar (S 1) of cash payment mire
<br />dean (ifleen (I ~) darys in areas to cover dre extra expense involved in handling delinquent payments.
<br />ti. 'that if the total of dte payments made by the 1lortgagar under fb) of paragrtph S preceding shall exceed
<br />the amount of payments actually made by the lfortKagce for mound ants, faze- and assessments or insurance pro
<br />.- Itre ,..._ b~, -uch excess, if th th .; •he . °it°!} 1,< :-
<br />e ran is ~urr2nt, at e optio n ., 41a•tgag:;r `-- credred
<br />the Martgagee on subsequent payment; ter be made by the Mortgagor, or refunded to the .Mortgagor- ~lF, however, the
<br />rnanthly payments made by the Mortgagor under Ib) of paragraph 2 preceding shalt not he sufficient to pay ground
<br />rent, taxes and assessments ar insurance premiums, as the case may be, when the same shalt become due and pay-
<br />able, then the .Mortgagor shall pay to the Martgagee any amount necessary to make up the deficiency, an or before
<br />the date when payment of such ground rents, taxes, assesmenis ar insurance premiums shall be due. [f at any
<br />dime the 5}orkgagar shall tender to the Mortgagee, in accordance with ttre provisions of the note secured henrbv,
<br />full payment of the entire indehte,dness represented thereby, the M1lortgagee shall, in computing dto amoenG of leech
<br />indebtedness, credit to the accatnt of the Mortgagor alt payments made under the provi,icrn+ of fat of paragraph 2
<br />hereof which the Mortgagee has not become obligated to ply to the :secretary of Housing and t'rban Develolxnent
<br />rand any balance romaining in the Funds accumulated under the pnrvisions of ("6) aF paragraph ~ heron{. [f there
<br />shall be a del'auit under ant' of the provisions of this mortgage.' resulting in a public sale of fire premises coyeeed
<br />hereby, or if the 1lorigagee ac•ouims the property otherv+ise after default, the \k?rtgagae shall apply, :u the time of
<br />the commencement of such proceedings, or at the time, the property is othenvi-e acquired, the balance then remain-
<br />irn in the+ fund. ac•cumultted under €"!:J aF paragraph '~ preceding, as a credit against the amount of principal then
<br />remainip;,~ unpaid under said itoie, and ~h.,f1 Frt>p+rrlt adjus=t _n}' p'aymt€t•.t:~ which =half havt+ b€=~x rnada ttndcr~.'
<br />of paragraph `~,
<br />•i. That the Mortgagor wilt pat eruund rent., t;rxrs.. assrss!nrnts, water rates, and other governmrntaf oe municipal
<br />tih,rrges, lilacs. +u impoliticrnt. F,+r which pewi,iUa lies coat troop made hereinhefore, and in dr*ttuit thereflfi the M1fcxt:~grr may
<br />r s4' the s;rmr: anEt rh:€t Shi li.err t,:tuttr wart Ml'-rte r_(It ;tH.IitrF the z:t~.t tai re~Y: pea t`:eref+.r t=_} t62 ':ft?rl~3~s°-g.
<br />`- The M1ie:rtr, i},.,r wilt p .alt rave ~ vvtrich rr y tc levied uptrri the 'viurtg:tger`s inirrest in vrid rest estate and improvr-
<br />~n.s, =h€t-h t .e_, t,pz,r, thi „cr'rK,tz r,t tF:e ~c€*F +ecured hcrei=> Eirut «rriy €o liar ; x€enr €hs€ :,r.h is not pnihihit-
<br />rd by ,a3:...~ .rr . ,~ ..". . t.t=:s€ [hat sasth ~:1! s~~t :;tsA; Itri~ :.a€, u<„rr: tt<'. ,~zrc Ezti.ti.:i~ acv inGV:rrc to;. Si_,rr : ~ €ei"i raz.
<br />tmpased nn itortgagre, :,red wifl file [hr edictal recerpt shawing such pa}~mrnt wuh the M1iartgargee. Nlnm vivlauian of this under-
<br />taking. or if the Mortgagor is pn>ttihitrd ny an} Ia+i nou or hereafter existing from pu} ing the w haft rvranc ~trrion of the atore-
<br />saiti rates. or upon the rendering of any a,urt decree pnrhihiting thr payment b} the Mortgator or any such !axes, ar tf sus h fa+r
<br />or decree provide, th:,r ao} amount so paid by the Mortgagor .hull he crcditrd on the mortgage dept. the Mortgagee shall ha. e
<br />the right to give pipet} da}s' written notice to the Dante of the €nunpagrd prenti,e+, rectuinng the p:wment of the mortga;;e
<br />dcht. Ef such notice hr given, the satd daht shall hrcornr due, pa} ably and arlleruhle at the r<purutun of .aid rnneh' da}s.
<br />6. That should he fad to pay .u?} sum or keep any cnvenarnt provided for in this 1lortgage. then the 1ortgagee, at its np-
<br />;iurt, may pa} or perform t1€e smnr, .md all c vprndiRtres sa epode sh;;ll he :iddrif tc~ tfir pnncip:d sum o.. tny; e,n the above note,
<br />shall br securest hereby, :end shall bear urtere;t,,t the r,tr set forth m the card Harr, until paid-
<br />.. `that he hcrehy :nsit;ns. n:m,frr, and sets over to the Mortgagee, to he epplird towani the pa}mrnt ,rf the n.ne and all
<br />sums scoured hereby in case of a dcfuuh in the prrformuncr of an} ed the terms and condiu,ms of this .t(nrtgagc or the said
<br />note, all the rents, revenues and mcurne w hr drnecd f« ,m the mortgaged premise. drtntrg such ume us [hc m:,ng.,rtr ~ndrhted-
<br />ness sh:tfl remain uttpatJ: and leer Murtgaytc shall h:rse power to appuim any ~urttt or .~erru a may drssr tot k".c purpose at
<br />repairinyt said prrmisr> and crf retttrng the sactrr and collecting the rents. revrrrurs :end mcamc~, and it m.r) pay- trot erf said fn-
<br />t:omcs a!1 expenses of repairin}t said premises acrd necessary cumtrrissions:md expenses tn,urred in renting and managing the
<br />lance and of collreting rrnrrls thrrrfrcrm; the balance remaining, if any, to err applied tow;ud the discharge of said martgagr
<br />indehtednrs<.
<br />4- f t h~=_ ~E1! k -_ ? t~t~ € fr 3-~ f - .rtk ~r~ ~_ :r~r~af:et~ sty 1 t`-#: th;~ ??rc~rt~,~~E-, pr.y c-, 4 a.tzix zr.s may i,c
<br />required! fr•,rnr €in€e to time by the~Morigag~r agesina f.+„ by fire and rrther h:,eitrd,, ca.ualrics ,rod vv=nhr~rncic5 is uh
<br />amounts and fur such periods zti may hr required by ttre 1lnrtguttrc and will pay prompt!} :hen vier- .rng pr2rtthturs en suyh
<br />insurance provision For payment of which has not been made hereinbeforr. All insurance shall (xx carried in companies ap-
<br />peaved b} thg Mortg:r~re and tfie ptvlieirs and renewals thereof shalt ix held by the Mortgagee and h:tye .utachrd tharrto loss
<br />twyahlr clauses in favor of and in Form acceptable to the Mortgagee. In event of lus Mnrtgdq;or will give immediate notice h}~
<br />mail to the Mort~ee, who may make proof of 1QSS if Hat made promptly by Mortgagor. and each hrsuran~r ~umprtnr +<an-
<br />cernrd is hereby authorizes! and directed to make payment for such foss dire~ily to the Mortgagee irtstrad of to the Mortgagor
<br />and the hfortgagee jointly, and the insuratncr }+FOCreds, or say part thrreot, may be applied by the Mortgagee at itv option Tither
<br />ro the reductian of the indebtedness hereby secured or tc. the restoration ar repair of the pnrpcrty damaged. In event at fnreclo-
<br />surr of this mortgage ar other transfer .?F title to the tnortgagrd property in extingui.hment of the indebtedness secured hereby,
<br />all right, title and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or granter.
<br />H. That as additional and collateral security for the payment of the note described, and :d! sums to become due under this
<br />mortgage, the Mort}caeor hereby° assigns to the M1lottgager all prs.$ts, revenues, rayaftirs, rights :end trenrtits accruing to the
<br />Morteagor under ape and :all ail and qas leases on said premises, with the right to receive and receipt for the same and apply
<br />them .o said indrhtec}nrss as well before as after defauit in the conditions of this mortgage, and the Mortgagee may demand, sue
<br />for and recover any Such payments when due and payable, but shall Hat hr rryuired str to der. "1'hi< ussignm~nt is tdz trrmitwtr
<br />and become null ant! void upon release of this mortgage.
<br />FHA 2743M 170 771
<br />
|