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<br />(I) month prior to its due date the annual mortgage insurance premium in order to provide such holder
<br />wf[h-funds to pay such premium to the Secretary of Housing and Lrban Development pursuant to the
<br />National Hous9rrg Act, as amended, and applicable Ragulatinns thereunder, cr
<br />{II) If imd so fang-ss said note of even date and this Instrument ere held by the Secretary of Housing and
<br />!trban Development, a -monthly charge ffn lfeu of a mortgage insurance premium/ which shall be in an
<br />amount equal to one-iwe{fth (1(i2) of one•ha}f (1(2) per centum of the average outstanding balance
<br />due on the note cmnpu[ed without taking into account delinquencies or prepayment;:
<br />(b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable nn
<br />palicles of fire and orrice hazard insuranw covering the mortgaged property, plus taxes and assessments next due
<br />an the mortgaged property (all as estimated ty the Mortgagee/ less all sums already paid therefor divided by the
<br />number of months to elapse before one month prior to the date when such ground rents, premiums. taxes and
<br />assessments will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre-
<br />mimrts, taxes and speciEt assessments; and
<br />(c) All payments mentioned in the two preceding subsections of ffiis paragraph and all payments to be made under
<br />the note secured hereby shall he added together, and the aggregate amount thereof shall be paid by [he Mortgagor
<br />each month in a single payment to he applied try the Mnrigsgee to the following items in the order set forth:
<br />(t) premium charges ureter the contract of insurance with the Secretary of Housing and Urban Development,
<br />or monthly charge (in lieu o,! mortgage fnsuram•e premiumj, as the case may be;
<br />(l9) ground rents, tares, assessments, tire, and other hazard insurance premiums;
<br />(ITI) interest on the note secured hereby; and
<br />(IV) amortization of the principal of said Here.
<br />- Any deficiertcy,itt,ihe, amotlnf of'any such aggregate monthly payatent shall, unless made gaud by the Mort-
<br />gagor prier to the' due date q~;he Hex[ such payment, c.l~nstitute an crvent ,:[ dalault. under this mortgage. The
<br />• : Mortgagee may-~ctrlieat;at ,"late charge" not tar exceed hour cents ('4'y) 1i?r each dollar (SE 1 of caclt payment more
<br />thanfitteen ft5)•days iriareas to cover the extra cq?ense 'mvnlvodia handling delinquent laayvnents.
<br />That if the total of Ure payments matte by tyre 11nrt;agor r.tnder i t,! of laragraph ~r pmcodin,a shall exceed
<br />the amnuni. aC paymteni5 actually made by the Mortgagee far ground rent-, taxes and as e.s~meni oe insurance pre-
<br />miums, as'the case may be, sucEt excess, if [he trxtn is current tit ihr option ref [hrc 4lartgagrrr ,hrtil Ire credited by
<br />the 4fortgagee an ubsequent,payments Io be made by the 4lortgagor, ar refunded to tlhe 41arl~al;or. If- however, the
<br />monthly pa}intents made be the Mortgagor under /(%) of paragraph _ preceding shall not he sufficient to lrn• ground
<br />rent. taxes and assessment, or insurance premiums, as the oa.~o may be, ishen the -ame -hail become duo and paa-
<br />able, then the 4lortgagar shall pay to the 41artgagee any amount neco~san to make up the deficiencyy on ur before
<br />the date when paymertt of such ground rents, taxes, assessments or ins;uranc•e premiums .hall be due. If at env
<br />time the Mortgagor shall tender to the 4fortgatee, in accordance with the provi=ions of the note secured hereby.
<br />full payment of the entirn indebtedness represented thembc, the Mortgagee shall, in computing the amount of such
<br />indebtedness, credit to the account of thK Mortgagor all payments made under [he provisions of ia! of paragraph
<br />heresf which the 4farigagee has net become ahlinated to pay to the ~eerc:tarv of Housing and urban Develupntenr
<br />and an4 bahurce remaining in tht• funds acet!mufatrd ender the proviz=Ions o[ t!=! of para~•raph Y heresr?f, !f there
<br />sltal# hu u't default under any of [he provisian> r?I' this imerteage ra•~tdtirtg in a faubilc male of du= premi.=es cova•red
<br />herirhy, or if the AHrr#g-aCee ucqu4 res the property m~banvise utter de~faull, rho 4lortaagoc shall apply, at the times of
<br />t.hr+rnmmrnrcm+mt of ~urh proceedings. or at the time rhr props+rty ,.. olhe•rnis;r a[quirod, dte i!alane•e then remain-
<br />tng in tltra €trnds aectrmuirttttl under i %~i of pa.ragraplt =' Pror•rrdintt.:i-w da r•rrdit wain-~t [he outpour of principsl thtin
<br />nans:tlniryS unpaid under raid mrae, and ftaH pr?petty adju-t. trop [tey~tnrrnc4 iehie~h .hall huvo boon mudo under r+zi
<br />of ptt,-t+Rrtu.it ~,
<br />a. Th;tt the -M4+rt~:a~;Ur w-ill pa+ ground r ., ,.a ___- T,sesst=t=!!+s. i:!t><r :____ -:ps! .~rher _- rrn;nrnial .:r n:uu+rtpal
<br />chnrxes, fines, or impusi[ians, for which provision n t, Hui here merle hetrmnrt orr~~and m default thereof the Mortgagee mss
<br />pay rhr same: and that the Mortgagor will promptly deliver the uttirrd rc.'ripis therefor to the Mortgagee.
<br />S. The Mortgagor will pay all taxes whtch may rte levi<•d upon ihr Mortgagee', inicre,t in .aid real c,tate and unprusc-
<br />ments, and which mazy tee levied upon this mortgage or rhr debt vecured hereby (hut only io rhr ca0.•nt ih:u such is nut pnthihit-
<br />ed by law and only to the extent that such will not make this loon usurious), but e<cludutg nap incuntr tar. State nr Pedrraf,
<br />imposed on Af nrlgager. and will rile the official receipt ,hvw-ing curb payment with the Mortgagee. i pun +iolatinn ut the +andrr-
<br />taking, or if the M19cxtgagor is prohibited by any law now or retest ter ceisdng from paying the w bolt ur.mv purtiou of the ature-
<br />s,dd taxes, ur upon the rendering of ;niy coon decree prohibiting rhr payment by the R9nngat:nr ur sup +uch e:nrs• of d such Lai
<br />ordecrec provides that any amuum u> Iwid by the Mortgagor shall hr credited on the mortgage Debt. rhr Jturtgagee .hall base
<br />the right to give ninety days written notice 0.r the owner of the mortgaged premier+. rryuiring the pay ntrnt ul rhr mortgage
<br />debt. It' ti!ch notice he given, the said debt shall heroine der, payable and mpecti6le m the expuatinn of seed ninety days.
<br />b, "that shewid ha fail ht pay ant vein nt keep any covenant pruvid^d for' in this Moriguge, then the `stortgagrr. at i.. op-
<br />tion, mAy pay or prrfoun the sanu•.:nrd all rxpenditurcs su made shall ha added to the principal sum ow mg uo rhr ahoi c note.
<br />shill ~hv~ secured hereby, and shall hear interest at the rate set forth in rhr sail note. uuifl paid.
<br />?. 't'hat he hrretry assign-s, transfers and vets over to the hlarttyager, to hr applied toward the payment rat the Hole and :ill
<br />sump. steered hereby in cane of a defau![ in the performance of any of the terms and antdition+ of ihr \Sortg:rgr w the ,;usi
<br />note, all the reins, revenues and income to be duiyrd from the ~nurtgagrd prendves during such timr as rhr mortgage indrhtrd~
<br />Hess shalt remain unpaid; :mil the Mongager shall have power to appoint any agent ur agcno it niay desire (,~r the porpusc of
<br />repairing said premises and ai renting the same end collecting the rents, revenues and incuntr. and it may pay out rf said in-
<br />c rotes all exltenves of rgpgFrinn ~:~id premises and necessary comvrlnstt.ns and ese uses incurred m rerun,, - nil +an +-in,>p ttt^
<br />same end of cnllecung renFals the~rrUnm; the balance remaining, it any ro be applied toward rite du<h u4e i i earl m ~ngegc•
<br />indebtedn:.ss-
<br />fS, Thin he gill keep the improvements now existing ur hereafter crcctui un the ntunu:Lerd pNpcrty, iosurrd as ntay he
<br />required from time in time by Ihr Mortgagee against lucs by tier acrd other haturds, casualtie, anct c<+a6tt:;rncirs an su.h
<br />antottnis ttnd for sueb periods as pray he required by the M19ortgager and wi:l pay inumprly, when due. any prcntiums un such
<br />insurance prnvisian for paytnen[ of which bus not M;en made hereinbetbre.:Ul msurutcc shall he retrial ip cumpanir. ap~
<br />provoti by the !.9angagee and the pubsies and renrwaN thereof ,hap he held bs the Mortgagee and base atLrdted thereto io.,
<br />....,,.. ~~. -~.•• ~ ~~ ic:r ~ av, ~ ~.. v, iga<ccc ,r, <rc.t r - " tt;ith n t;l~r Irmn4,U1,41e tilt ll:r h1
<br />inert to-she Mortgagee,•+ytte ma}'~ivake proof of loss if nut made promptly h} .Mortgagor. and c,+.h utsururc< tympany .,~n~
<br />Cecaed is botchy autFrarizcd and directed to make payment for such toss directly to rhr 6lurtgager instead of to the ulortg-spur
<br />and the bfaxt};agce jointly, and the iasurance proceeds, ur any part therevf, mey- he applied by the Mortgacec ut its option citlmr
<br />to rite redutxtun of the indebtedness hertbp secured ac to the restarstiun ur repair a[ the property damaged, to dent of fore: io-
<br />surc of this tnUrtgagr er ether transfaruf titi: w rhr' mortgaged property is rxitngutshnient of the indehudur„ sr, urr.t her<•hy .
<br />all [ighi.8t~ and interest cf ilk Msltgagcu in anti fir any insurance polities thee. .n ft~R:<•. <hatl pass to the purrh~ cr of grantee
<br />9. ;'bat :rs additional Eria'r eaflaieral sccueity fur rtre papmem cif the note dewihrd. ,roil ail wm~ n: i:e«rntr due under ihta
<br />!uaa[~agi., ttt;. 9ortg~ur herec5y assigns to the Mrrrtga>4ec ap prvftis. ;ce areas, nrgalfres. rights :end hen, hts a,aurng t<r the
<br />hlurtgtxgcyr under any erect .ell ryii_ and gas tees nn ,ai:t nic sti_ c-, wit_. tfa4 tight ! r =c -r :rlr t .4 ~ - t,:..- ,r:,_ + -
<br />Ehem to saidintic'rtrdttess at well before us after dcfrsuh irx the <undlu,r r _ of this m t .nri i < bt _rrt~ < ~ u ..-
<br />f<.r end rtv.~over say stet pay stems wirer due sad pxryable. but ,iurli nc4 hr toque e.~ .. -., ,t,, !his ,,s.~?;tuurn[ „ t•,~~ ireni3n,ac
<br />and become null and void aPrm relastsc .u'thin rravt[gagu.
<br />-:- E] tie: t 4.5'.'• t•r i 31
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