|
<br />-: 525
<br />gQ :;~-~.
<br />t 1) month prirx to i[s due date the annum menga£E insur:irr,.e premmm m order to provide sub lanfder
<br />wfih funds to p4,y sttth premium to the Secretary of Housine and Urban I3evefoprttent pursuant iu t1tE
<br />Ala±iora! housing Aci, as amended. and applicable Regulations thereunder; cr
<br />(I() If and so sang as sai3 Hate of even date and thi3 ittsirusrxnt are held by the Secretary of Hous:ne and
<br />Urban Development, a monthly charge ffn lieu rsja mr~rigage insurtmce prEmiumJ which shall be in an
<br />amount equal Wone-twelfth fl/T2) of aria-ttaff {l/') per centum of the averagE outstanding balance
<br />due on the note computed without taking into account delinquenciES or prepaymen+s;
<br />{b) A sum equal to the ground rents, if any, next due, plus the gretnfurtts that will next became due and sayable en
<br />policies of fue and ether hazard insurance covering the mortgaged property. plus taxes and assessments next due
<br />cn the mongaged property (atf as estimated by the Mortgagee/ less all sums already paid therefor divided by the
<br />number of months to elapse before one month prior to the daze when such ground rents. premiums, taxes and
<br />assessments wit} become delinquent, such sums to be held by Morteagee in wst to pay said ground rents. pre-
<br />miums, taxes and special assessments; and
<br />{cj A,II payments mentioned in the two preceding subsections of this paraeraph and all payments n; ce made under
<br />the note secured hereby shall br added together. and the a¢-,gregete amount therm(shat! be paid by t}te Mortgagor
<br />each month in a sing}e payment to be applied by the Morgagee to the failowine items ir. the order set forth
<br />{I) premium charges under Ltte contract of insuranre with the Secretary of Housing and Urban Development,
<br />or monthly charge (in lieu njrrwrrgage insurance premfurni, as the case may he:
<br />QI) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />{1fI) interest on the note secured hereby: and
<br />{IV) amortization of the principal of said note.
<br />.ratty deftciency in the amount of any such aggregate montitiy payment shall, unless made good by the Mort-
<br />gagor prfar to the due date of the next such payment. c~,,nstitutc an went of default under this mortgage. The
<br />~4origagee may collect a '"late charge" not to exceeJ font cents (4yj for each dollar f51) of each payment more
<br />than fifteen {i5j days in areas to cover the extra exnensr knvulved in handling delinquent payments.
<br />=' That if fhe Wtal of the payments made by the. '4longagor and<rr }'b) of paragraph S preceding shad exceed
<br />the amount of payments acWally made by the Uortgages'for around rents. taxes and a.==esmenc nr insurance pre-
<br />miums, as the case may be, such excess, if the loan is current, at the option of the liortgagor, shall 6e credited by
<br />the Mortgagee on subsequent payments W be made,ry ihs Mortgagor, or refurtded to the Mongagoa IC, however, the
<br />monthly payments made by the '.1lortgagor under (~; of paragraph '_ preceding shall oat bc- sufficient to pay ground
<br />rent, taxes and :tssessmenta or insurance premiums, ac the case may be. when the same =hall become due and pay-
<br />able, then tits 31or[gagor shall pay to the hlangagee any amount necessary W make op the deficiency, on or before
<br />the date when payment o€ such ground rents, taxes, assessments or inwrance premiume shall be due- It at am'
<br />time the Mongagor shall tender to the Mortgagee. in acc•ordmu;e with the provi.>ion4 of the note secured hereby,
<br />full payment of the entire indebtedness represented thereby, the 3longaree <hx1l. in computing the amount of such
<br />indebtedness, credit to [he accoun[ of the Mortgagor all payments made under the provisions of laj of paragraph Z
<br />hereof which the 3tongagee has riot become obligated W pay to the hseretary of [lousing and t:rban Development
<br />and any balance remaininz in the funds accumulated under tk:€r pnrv9,sions of %!-; of paragraph 3 hersrrf. IC there
<br />steal] be a default under any of the provisions of this tnoriga¢e resaEling in a public -ale of the prsmi:=e= covered
<br />hereby, or if the Mortgagee aeyuires the property otherwfse after default., the Mnngagee shall ^ppfy. at the lime of
<br />Ghe eammencement of such proceeding.=, or ai Ehe time the property i- nrherwi~c> acquired, ttt4- balance then remai.n-
<br />irg in the funds accumufafsd under t'~i of paragraph -2 prtrcrdinK. a.- a credit again-=t the amount of principal then
<br />rt.maining unpaid under Said note, sod shall properly adjuit ant payments which -hail have been made under ~,:i
<br />of _p..::.graplt_'.
<br />4. -fhat the Mortgagor win pay gruunJ ren«, taYeb, as,esmrn[., ws±er tate~, soil other suvrrnmeuta: r~r municipal
<br />charges, fines, or impesitinns, for which provision bus na[ been maJr hereinbefure. anJ in de(ault thereof the ~iongagee may
<br />hey the same: and that the Mortgagor ui11 promptly deliver the otticial receipts therefor to the Mortgagee.
<br />~. The Mortgagor will pity all taxes which msg f>z levied upon the Marigagee's ineerest in said real estate and impruvr-
<br />ments, and which maybe levied upon this mortgage or the debt secured hereby (hut only t+r the extent that ,uch is nut prohibit-
<br />ed by law and Doty to the extent that such will not make this login usurious), but excluding any iraune t:u- .State er Federal.
<br />imposed on ;14artgager, and wit! file the official receipt showing such payment with the Mortgagee. i.'pon vialatiun of this under-
<br />taking, or if the Mortgagor is prohibited by any law now ur 6erenfler existing from paying the whole or soy portion cf the afoa-
<br />,_
<br />taro razes, itr uiivit the te:iue: mg of .utv <aruri Jrcrcc 1>rohivittng the puyciicrii by i+ic :forig.,gvi <,r soy soil iaxc.s. :~i if ,uch law
<br />or decree provides that any amount so paid by the Pf ortgagor shall be credited un the rnurtgage debt. the Mortgagee shah have
<br />2hE right to give ninety days' written notice to the owner of the mortgage) premises. requiring the payment of the mortgage
<br />debt- If such notice be given. ;be said debt steal! become due, payable and a+d!eniMe at the expiration of sail nhtety Jaya.
<br />6. That should he fail to pay any sum or keep any covenant provided fur in this Mortgage, then the Mcrtgagee, at its ep-
<br />tion, may pay or perform the same, anJ elf expenditures so made shall be added to the principal sum owing on the above note.
<br />shall be secured hereby, and shall bear interest at [he rate se[ for[h Sri [he said note, until paid.
<br />?. That he hereby assigns. transfers and sets over to the Mortgagee, to be applieJ toward the payment of the note anJ all
<br />sums secured hereby in case of a default in the performance of any of the cerms and conditions of tfiis Lortgage or the sail
<br />note, all the rants. revenues and income to be derived frsm the mortgaged premises during such dmr as the mortgage indcbteJ-
<br />stess shelf remain unpaid; and the 1ortgagee Shan have power to appoin[ any agen[ or agents it may desire for [he purpose a(
<br />repairing said premises and of renting the same and cnilecting the rents. revenues and income, and it may pay out of said in-
<br />comes all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the
<br />5ar-' ~' apd :,f vet}ECting-ten°,:.'ts t aretrnnt: the ba;ance remainirsg, if any, to f:e applied reward the discharge of said mot igage
<br />SEtdEtrtedrtESS. - - - -
<br />g, That he wiU keep the improvements now existing or hereafter erected an the mortgage) pn,perty. insured as may hr
<br />required from time to time by the Mortgagee against loss by fire and other hazards. casualties and cun[ingencirs in such
<br />amaunis and for such periods as may. be requited by the Mortgagee and will pay promptly, when Jue. smy premiums on wch
<br />fosuranee provision €or payment of which has not been made hereintufure..An insurance shall 6e carried in companies ap-
<br />proved by the Mortgagee and the policies and renewals thereat shaft t>e held b} [he Mortgagee and have attached thereto h,s~
<br />payaht. clauses in favor of and in form at:ceptable to the Atartgager. to event of doss ~lortl; :got w ill gi:-e immcdiare notice hs
<br />n-wt# [o the Mortgagee. wttu may make proof of fu*s if nvi made promptly by Sfartgagur, and arch insurance company cun-
<br />ezmed is hereby authorixeJ ;rnJ directed to make paymrm for such toss directly to the Mortgagee instead of to [h<: ,Mortgagor
<br />acrd the Mortgagee jpintly, and the incur ~nce pnrceeds, or any port thereof. mu} be applied by the Ptortsagre at its option criher
<br />io rise reduction of the indebtrdnc: ~~ ^- i secured or to she resmra[ion or repair of the property damaGed. In rF aril ,,f fo:r~ ~>~-
<br />sure of this mortgage or other transfer td tzUe is the mortg:~ad prupert} in extinguishment of the inde]~`tednrss se<nrrd hrteby-
<br />afF right, tins sod interest ut the Mortgagor in astJ to any insurance poticie+ rhea in forte ;ha!: pass n, it;e ,,ur. txru•n,r grnntec•-
<br />2 The[ as additiutt:,; and wflateral nccurity lot tfu payment of the note de~crihed, and all ~nm-s t„ }>c note dare unJer tht-,
<br />rz;ortg:tge. '~ ~4cirtgr~cr herEtsy as->igns hr the Pixyttgagi-c off profits, revenues. my aitiES. rights anJ F,cacf:r, :;.~. ruing to the
<br />Mr~tgas ,_ ,rn~ar an~~ and -alt :al snJ ga3 fia,es , ,std per -r -z',. »tih e r,p,rr t _ „_ .uv r , ~r , _ ~s rite atsri ., i,lt
<br />thetn to [:alp mule t?taJgESS as wolf befatc as alter Jefauh zn ihr canditiansrzf thts +n v~trr. anJ fix f a teat-e • m„_a Jrm,:nJ, ~u~_
<br />ts~i atwd tECayet ar±.} arch pay merits when doe anJ payshfr h+.t .?t.r,f rut be re:;uir.., ,.. „ ., ,-.n, a..,i~,t etc n. >, -,., ter- ,~,.,.s
<br />tsnd iseeamr null and .-aid ufxm release of this tnr.nt~ge_ -
<br />Ht~2-92ia3'h*, s t91
<br />
|