|
<br />so- ~~~
<br />t) month prior to its due date the annual mortgage insurance premiwn in order to provide such holder
<br />with 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 />(II) If and so long as said note of even date and this btstrument are held by the Secretary of Housing and
<br />Urban Development, a monthly charge (in lieu oja mortgage instrrurrce premium) which shall 6e in an
<br />amount equal to onr•twelfth (] JI2) of one-half (] j2) per cerium of the average outstanding balance
<br />due on the note computed without taking into account delinquencies or prepayments;
<br />(b) A sutn equal t9 the ground rents, if any, next dot, plus the premiums that will next become due and payable on
<br />policies of fire and other hazard insurancz covz;ing the mortgaged property, plus talus and assessments next due
<br />on the mortgaged property (alt ru esrinrared br the Morrgagec•J less all sums already paid therefor divided by the
<br />number of months to elapse before one month prior [o the date when such ground rents, premiums, tuxes and
<br />assessments will become dzlinquent, such sums to be held by Rfortgaget in trust to pay said ground rents, pre-
<br />miums, taxes and special assessments; and
<br />(c) All payments nun[ioned in the [wo preceding substaions 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 />loch month in a single payment to be applied by the Mortgagee to the following items in the order set forth:
<br />Q} premium charges under the contract of insurance with the Secretary of Housing and Urban Development,
<br />or monthly charge /in lira t?i mortgage insuranrc prertiun=l, as thz cast may be;
<br />(lt) ground rents, taxes, assessnents, lire and other hazard Insurance premiums;
<br />{Ill) interest on the Wort secured hereby; and
<br />fNl amortization of the principal of said note.
<br />Arty defciency in ifte amount of any such a~rtgatz monthly payment shall, tmlrss made goad by the Mbri-
<br />gagor prior to the duz date of the next such pay'nx nt. ;t.nsti[ute zn color of default under this mortgage. The
<br />Martga3ee may collar a "late charge" not to exceed frlur mots tA+t) fur each dollar (Sl l of each payment more
<br />loan iut~n;f 5) ua}3 in arras 3u can r iirt czai3 c-3t core- in.,lv'`cd n. ns~~uriclg del ly`uclli pat' lialll~.
<br />3. 7ltat if the total of the pa}taeniG made by the \lortgagor under lt,.+of paragraph ? preceding shall exceed
<br />the arttotatt of pa}'went actually made by the 1fon~~ee for eratnd renw, taxes and as~e.sments ar insurance per
<br />taltgl4'~. 1L'. the t'ase may Se, ttdt excess, if dte loan is current, at the option of the Mortgagor, shall he coedited b}'
<br />the !a3otigagex +an snbsequeni poi°toeatts to he trade b_y the 'Nar[gagor, or reft:nded to the >tartgagor< lf, hoveever, the
<br />raontltly pastttents wade by the 1Nartgageu under r a1 of paragr Ph ? preceting shall trot be sufficient w pay ground
<br />rate, taxes-sod a% or in~ttance premitrtas-, as the cu=e may rte. xfien the same shall hetwr[m due and pay-
<br />abie_ then the ilrgtgsga• shall pat io the Mortgagee an}' amount necessary to make up the deficiency, an or before
<br />the Bale whem paratent of such gagwrd rents, taxes, asse~stttents or insurance premiums shall be dt_re, if at any
<br />Yiaae rite aSM ~tal1 tender to the iktngagre, in accordance with the proxisions of the note secured lterehy,
<br />trot pavtaettt of the entire indebtelitea> repre_~enictl thetrby, the lfongagee shall, in computing the amount of ~rclt
<br />aadcixtxlenn-s, credit to the acewrtr of the- JMlortgagar all ps}-rrautts made under the {xncisiotts of r e, of paragraph 2
<br />keresf xhicb the 4tioxtgagee ha not lrecatae obligated to pay to the ~erretan' of ltouvng and Urban Development
<br />teed a_y ltaiatxe reaaieing in ti,e funds accumulated under the provisions of / b1 of paragraph ?hereof. if tltere
<br />;;hsi1 Itr a default trader atn; of rite provisions of this mortgage insulting in a public sale of the premises covered
<br />lan~eb!v, or it ~e Uortgagt~ acquires the propert} otherwise after default, the 4lorigagee ~taH apply, at the time of
<br />tin catataenresmt of e~ttch pittceedin~, or at the time the property is otherwise acquired, the balance then retnaim
<br />ittg is wr frmds arrvttatslated wades { }.1 of patsgraph :' preceding, a= a credit against the amount of principal then
<br />r+atsstiaing tttgsaid tatdrr :mid Harr, attd Mall properly adjust any pa}~aents wfticls :hall have been made under fcT
<br />of ptoagraptt ~,
<br />a. 'llsat the Martgttgcu Hill pay graxrnd rents. taxes, assessments, water tortes. and other governmental ar municipal
<br />~targrs, {intr. or impasttitms, far wltia-,h provision leas nsK l+ttn made hzreint More, and in dtfauit tlttrtaf the tfnrtgagte ma}:
<br />pas the s~mr: and that the Mortgagau wilt pt'omptiy delis tt fix cdTrial rrctipts therrfar to [#x Mtmgagee.
<br />5. 71u Mtutgrtgtu wiTi pax all 33xe5 whn;lt may ht Irvitd upon the Mortgagors inure.[ in said real estate and impros'e-
<br />tneats, atttf w-lticll may l+e kt•ied upon this msw't_aagt asr the debt secured hcteby ilwt on]y to the extent that such is no[ ptohibit-
<br />>sd b} lax- and only to the extent that such will cwt make this loan usuriswst, but excluding an} intomr tax. State or Federal,
<br />sr9 asn ldtatgt~re, and will file ibe otitcial receipt ahttwing>ucia N}'mint with the 'tftwn_gagtr. Iipan vnYtation of this under-
<br />ter if tiu'x is prtthiiattd isy aay tax- ttaw or hertafttr existing from paying thz whole or an} partittn of the afatre-
<br />said taxes, or ttpoathe rtrwteriag avf nay ax~un drertt proltrltitityg the pat mrnt t+} [he MautgaF,r or anx such taxes, ar if such law
<br />es dttatt ~trvidts that any atntwni ±a paid b} flu MutRagor shall hr crrdrfrd iln the mortgage debt, [hr ltartgagtt shaft have
<br />the tjgwta tax pxe raaen nays xritttn nc+tict to ilae a+w'ner of tltt maRgagtd prttr:isra, requiring the pa} ment of tht mortgage
<br />.1f Witch m ire given. fix said det+t shalt htrnmr dur, paxabk and rnl]ectihlt at the rxpirauim of said ntrnty days.
<br />h. btwl+l he fat? ha pay aay sum arc keep any cav~ant procidtd for in this. Morigagr, then the Marigaget, a[ its op-
<br />titxt, ltuly gay ter pttform du ~[mt. and all txpetttfitttres sa madt shall be added to the principal sum owing en the atwvr note,
<br />spag be srcturd btsrl+y, zod shall l+tta ituzttst ar tnr r«u set Ruth in tAe said note, uatil paid.
<br />'. 1litat ht butt}' assigns. ttansftn and sacra over to she Mortgagez. to t+e applied toward the payment of [he no[e and all
<br />;tans str,.urtd hrrtby in case of a default tx: the ptrfa-manct of any of the tams and u,ndiriarts of this Mortgage or the said
<br />unit, ag the rrrtts, rtventxs attd income to be ~dcrivrd {rota the mortgaged premises during such time as iht mortgage indebttd-
<br />tess shad nsrotria utgtaid; attd the Mcarig~te shall hate power to appoint any agent ar agenu it ma} desire for the purport of
<br />prtm:~s mrd:sf tts~ tiax satee and s~kctittg the rents. rrvznuts and inet+mt, and it may pay out of said in-
<br />aw~ts ~ txpttists arf tepai~g said preatists a~ >ut?essary commissions and expenses incurred in renting artd managing the
<br />saint and ~` ~ rentals Sia~rireem; the tralant;r rrtaaitsing, if any, t.7 bt applied 'toward the disvhargt of said mortgage
<br />ittdtbtedrta~
<br />$. ire twig kr>rp lilt ir>~avtattats claw taiztir~ ate hettafter rrtcttd an the mangagtd property, insured as may be
<br />required from time to rime l+y the Mvatptl5ee against loss h} fire and other harards. casualties and contingencies in such
<br />aarl#~ such periods at; may be rtquirtd try the Mottgagte and will pap promptly, when due, an} premiums on such
<br />3ttt+c+tE fm payttttm r$ w6ic6 bn attt brrn made htrtitt6efare. Al! insurance shall be tarried in companies ap-
<br />proved by tltt Mx aad tlx pnlicits a:uf rctxwals rbertof shah be held ily the Mangager and have artsched thrretu loss
<br />payable c7auces M Savor tat read bt form acteptablt io for Mttgagee. In event of kiss Mortgagor w ill gist immediate notice fl}
<br />r~1to tleltlnttptttoe. situ my ands prt?of ~ ktss if amt trade promptly ley Mwtgagur, and tack insurance ctxnpan}~ con-
<br />ttHticd ~;hdrrhy atttbocitad and tlaected to taalt paytorrtt for such lass directly to the fdartgtigee it»tead of to the Mortgagor
<br />sal flat ~ ~intly_ ind the ~ pructeds, tx any pct ihtataf, tray lx applied h} the Mortgagee at its option either
<br />todrttadttetiaad thes~erebyrecttrcd or to the rtstaratian or repair of the property damaged. In even of forecla•
<br />xtae ~;~es tar9rt~t®t o[ xitber transfer d rtU¢ an dte wort property in exriuguishrntnt of the indebtedness secured iterrby,
<br />ati ri~1t[, title atxf ituetrsi at the ~+~ aMi w aay ittsdranCt policies them in farce shalt pass to [fie purchaser er granttt.
<br />9- ~3'lsW as aa~ taod3areral security fax tltt pa}mint ad the rtotr described, and all sums to become dur under this
<br />• ~t ltattpgar hereby assiates W the ld,artgaga afif proSas, revenues. royalties, rights and t+enefits accruing to the
<br />1 u/d~ asy atd at! al and gas feasts on seal prtmists, with the right to rzceivr and receipt for the same and apply
<br />them w~idiudebtts#tteasas weft btSote asafar drtaulr in the conditions of this mortgage, and the Mortgagee may demand< sue
<br />for and rrcmrr any utth paytntn;s wttett dur xud payable, anti s#tali oat ht ttyuired sv to do. This assignment es tr? [erminate
<br />~l±tc=!nt m~s~l vovd ~~+~t. n r -.lt»st ~ tiv~tnc+r>e. - -_
<br />tHA 71Y3M (1n X71
<br />
|