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<br />(1) month prior to its due da€e rise anauaf mortgage incur--nee premium in order ro provide such holder
<br />with funds to pay such prernium zo the Secretary of Housing and Urtran Deve?opment pursuant to the
<br />!National Housing Act, as amended, and applicable Regulations thereunder: ar
<br />(If) if and so long as said note of even date and th;s irrstiumeni a;e heId by the Secretary of Housing sad -
<br />• -s, Urban Development, a monthly charge {in trou of a mortgage insurance premium/ which shall be in an_
<br />d amount equal to cne-twelfth (l Jl2) of one-half (I J2) per centum of the zveraga outstanding balance
<br />due on the Hate 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 dux and payable on
<br />~~', policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />or. the mortgaged property ;all as estimated by the .Mortgagee) less all sums already paid therefor divided by the
<br />^umber of months to elapse before one month prior to the date when such ground rents, premiums, taxes and
<br />O assessments will become delinquent, such sums to be held by Mortgagee ir. trust to pay said ground rents, pre-
<br />miums, taxes and special assessments; and
<br />~~ (c) P.II payments mentioned 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 />each month in a single payment to be applied by the Mortgagee to the fallowing 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 lieu of mortgage rnsurance premium), as the case may be;
<br />(li) ground rents, taxes, assessments. (ire and other hoard insurance premiums;
<br />{Ili) interest on the note secured hereby; and
<br />(IV) amortization of the principal of said note.
<br />- .Any deficiency in the. amount of any such aggregate monthly payment shall, unless made gaud by the Mbrt-
<br />- gagor prior to the due date of the next such payment, ccnsTitute an event of default under this mortgage. The
<br />- - Mortgagee may collect a "late charge" not to exceed foot vents f4y} far each do}lar (51) of each payment more
<br />than fifteen { ] 5) days in areas to saver the extra expense involved in handling delinquent payments.
<br />:3- That if the total of the payments made by the Mortgagor under Ib) of paragraph 'L preceding shall exceed
<br />the amount of payments actually made by the F1ortgagee for eround rents. taxes and assessments or insurance pre-
<br />miums. as the ea_,e may be, such excess, if the (oan is current, at the option of the >loagagor, shall be credited by
<br />rtes Stortgagee on subsequent payments u, be made by [he Sortgagor. or refunded fo the Mortgagor. If, however, the
<br />r[onthly payments made by the ~fongagor under lb) of paragraph ?preceding shall nor be sufficient to pay ground
<br />rent, saxes and assessments or insurance premiums, as the ease rosy be. when the name ehall became due and pay-
<br />able. then the \lortgagor shall pay to the Mortgagee any amount neeessan~ to make up the deficiency, an or before
<br />the date evhen payment of such ground rents, taxes, assessments or insurance premiums =hall fm due. [( at any
<br />time the Mortgagor shall tender to the Mortgagee, in xecordance with the provisions of the note secured hereby°,
<br />full payment of the entire indebia~tness represented thereby, the ~fongagee shall. in computing the amount of such
<br />indebtedness, credit ro the account of the Mortgagor all payments made under the provisions of n,i of paragraph Z
<br />hereof which the ybrtgagee has not become obligazed to pay to the .secretary of Hou-ing and Urban Development
<br />and any balance mmaining in the funds accumulated under the provisions of !%•i of oara2moh ?hereof. if there
<br />steal! be a default under any of the provisions of this mortgage re=ultin, in a public -ate of the premises covered
<br />hereby. or if the liartgagee acquires the property otherwise after default, [Ile ylortgaxee shall apply, at the time of
<br />the commencement of such proceedings, ar at the time the prapet*.y i-- atherwi-e acquired, th€+ balanua ;hen remain
<br />ing in the funds accumulated under r G/ of paragraph ?preceding, a4 a credit against the amount of principal then
<br />remaining u;tpaid under =aid note, and .,stall property adjust soy payments which ;bait have been made un~!er!a1
<br />of aaragraoh 'l,
<br />4. Tfiat the Mortgagor wilt pay ground rents. razes. assessments- water rtes, and other governmental ar municipal
<br />charges. tines, or impositions, far which provision has not beer. made hereinbetere, and in default thereof the Mortgagee may
<br />pay the same; and that the :'vortgagor wi(t promptly deliver the official receipts therefor [o the Mortgagee.
<br />5. The Mortgagor will pay al] taxes which may he levied upon the Mortgagee's interest in said real estate and improve-
<br />ments, and which may be levied upon this mortgage or the debt secured hereby [but only to the extent that such is not prohibit-
<br />ed by law and only to the extent that such will not make this loan usuriausl, but excluding any income [ax. State or Federal.
<br />imposed on bfortgagee. and will file the atTciel receipt showing such payment with the Mortgagee. Upon violation of this under-
<br />taking, or if [he Mortgagor is prohibited by any taw now or hereafter existing from paying the whale or any portion of the afore-
<br />said taxes. or upon the rendering of any court decree prohibiting the payment by [he 4f ortgagor or any such taxes, ar if such taw
<br />or decree provides that any amount so paid by rtes Mortgagor shall be credited on the mortgage debt, the bi or[gagee shall have
<br />the right to give ninety days' written notice to the owner of the mortgaged premises. requiring the payment of the mortgage
<br />debt. If such notice be given, the said debt shall become due. payable and collectitlle at the expiration of said ninety days.
<br />6. That should he tail [o pay any sum or keep any coven ant provided for in thu Mortgage, then the Mortgagee- at its op-
<br />tion, may pas or perform [he same, and al! expenditures so made shall be added to the principal sum owing un the above note.
<br />shall he secured hereby, and shall bear interest at the rte set forth in the said note, untd paid.
<br />7. That he hereby assigns, transfers and sets over to the Mortgagee. to he applied toward the payment of the Hate and :t!I
<br />sums secured hereby in case of a default in the performance of any of the terms and conditions of this Mortgage or the said
<br />note, all the rents, revenues and income to he derived from the mortgaged premises during such time as the mortgage indebted-
<br />ness shalt remain unpaid; and the Mortgagee shall have power to appoint any agent or agents it may desire (ar the purpose of
<br />repairing said premises and of renting the same and collecting the rents, revenues and income, and it may pay out of said in-
<br />comes alt expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the
<br />sane sad of cal!ecting rentals therefrom; the batons:. remair,.ng, if any, to 6a applied [award the discharge of said mortgage
<br />indebtedness.
<br />R. That he will Keep the improvements now existing or hereafter erected on the mortgaged property. insured as may be
<br />revolted from time to time by the Mortgagee against loss by fire and other hazards, casualties and contingencies in such
<br />-amounts and for such periods as may 6e required by the Mortgagee and will pay promptly, when due, any premiums an such
<br />insurance provision far payment of which has not been made hereinFlefore. All insurance shall he carried in companies ap-
<br />proved by the Mortgagee and the policies and renewals thereof shall be held by the Mortgagee and have attached thereto loss
<br />payable clauses in favor of and in form acceptable u, the Mortgagee. In event of loss Mortgagor wilt give immediate native by
<br />mail to the Mortgagee, who may make proof of loss if not made promptly by Mortgagor, and each insurance company con-
<br />cerned is hereby authorized and directed to make payment for such loss directly to the Mortgagee instead of to the Piartgagor
<br />and the Mortgagee jointly. and the insurance proceeds, or any part thereof, maybe applied ny the Mortgagee at its option either
<br />to the reduction of [he indebtedness hereby secured or to the restoration or repair of the property damaged. In event of farecta-
<br />sure of this mortgage or other trarosfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby.
<br />'all right, title and interest of the Mortgagor in and to any insurance policies thin in force shall pass to the purchaser or grantee.
<br />9. That as additional and collateral security for the payment of the note described. and all sums to tlecome dot under this
<br />mortgage, the tviortgagor hereby assigns to €he Mortgagee all profits, revenues, royalties, rights and henents accruing to the
<br />wiartgagar under an-y and all oil and gas teases on said premises. with the right to receive and receipt for [he same and apply
<br />them fa said indebtedness as well before as after defaah in the conditions of this mortgage, and the Mortgagee may demand, s~~e
<br />for and recover any such payments when due and payable, but shall not he required so ?a via This assignment is to terminate
<br />and become Wulf and void upon release of this mcrtgage.
<br />FHA~2183M (.i ]71
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