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<br />{ 1) month pricer to its due date *.he annual mortgag insurance ptem%um is ceder to protrfde sudr holder
<br />with funds to pay such premium to the Secretary of Housing acrd Urban Development prnwartt to the
<br />AFational (-Iorsiag Act. as amended. and applinble Regulations thereunder: or
<br />(II) If and so long as said note of even date and this imtrutrteni are held by the Secrotary of Housing and
<br />Urban Deveiaptnent, a rrronthly charge (tit lieu ojo morr~e instrrmrce ptarrtrem) whkh dtall be m an
<br />amount equal to ate-twelfth (l/12) of attrr-half (I J2} per ttntmn of the average outytauding ba3asut
<br />due on the note canputed without taking into account delingtrencies or prepayments;
<br />(b) A sum equal to the ground rents, if any, next due, plus the premiums that tvaTl next become due acrd payable oa.
<br />policies of fire and other hazard insurarta crnering the mortgaged property, phrs taxes and atmeawrtesrts next due
<br />on the mortgaged property /cell err estinmted by the Mortgagee) less all Burns already paid therefor divided by flu
<br />number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and
<br />assesarnents wilt become delinquent, such sums io be held by Mortgagee in trust to pay said ground reniy, pre-
<br />miums, taxes and special assessments: and
<br />(c) A!I payments mentioned in the two preceding subsections of thrs paragraph and all payments to be made user
<br />the note secured hereby shall t>e 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 following items in the order set forth:
<br />(i) premium charges enter the contract of insurance with the Secretary of Housing and Urban Development,
<br />or monthly charge (in lieu of rtwrt~rge insurance premium), as the case may be;
<br />(1[} ground rents, taxes, assessments, fire arid other hazard insurance premiums;
<br />f11I} interest on the note secured hereby:.and
<br />(IV) amortization of the principal of said note.
<br />A^.y deficiency to tF.e amaurtt of any such a~regate manthty payment shaft, unless made grfod by the Mort-
<br />gagor prior to the due dace of the nexa such payment, constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not ro exceeJ 1'irur crnis F4,!} for each dollaz ($1) of each payment more
<br />than fifteen (i 5}days in areas to cover the extra expense involved in handling delinquent payments.
<br />:3. 77rat if the total of the payments made by dta 1ortgagor under thJ of pazagraphl preceding sihatl exceed
<br />the aeaount of payments actually made by the Mortgagee far erotrrtd rents, taxes and assessments or insurance pre-
<br />miums, a'_ the ease may Ife, such excess, if the loan is current, at the option of tlfe Mortgagor, shall be credited by
<br />the: Mortgagee on auhsequent payments to be made 6y the blortgagrfr, err refunded to the Mortgagor. 1f, however, the
<br />monthly payments made by the Mortgagor under (Li of paragraph Z preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums, as the t•ase may be, when the same shall become due and pay-
<br />able, then the 4lortgagor shall pay to the 5lortgagee any amount necessary to make up the deficiency, on or before
<br />k`re date when payment of such ground rents. tales, a_ssessmenis or insurance premiume shall be due- I[ at any
<br />time the Mortgagor shalt tender to the Mortgagee, in xecordance with [he provisions n[ the note secured hereby,
<br />felt payment of Lfie entire indebtedness represented thereby, the Srgagee shall, in computing the amount of such
<br />indebtedness, credit [o the account of the Mortgagor all payments made under the provisions of rn/ of paragraph Z
<br />hereof which the lbrtgttgee has not became obligated w pay to the :iccretan• of Housing and 1'rban Derelopment
<br />and any balance remaining in the funds accumulated under the pmvisions of i h) of paragmph ;S fiertvff. If there
<br />shalt ifs a default under any of the provisions of this mortgage resulting in a public male n( the premi:.:es covered
<br />hereby, or if the Mortgagee acquires the property otherwise after default, the. }brtitagee ,hall apply, at the time of
<br />the cnmmencemant uC such proceedings, or ere the time the property i.s otherwise acquired. the balance then remain-
<br />ing in the. funds .ax~-cumulated under i?./ of paragraph % preceding, as n creatiC against li,e amount of principal thin
<br />ravnaintng unpait[ under <aid naia, and shall proper(} adjust. any payment= which -hail bane been made urdar (a/
<br />of paragraph '?.
<br />~. `1"Lat the Mortgagor viii pay- ground reins. laze,, assesnrnenl,, water tart,. cent other govrrnmentat err municipal
<br />charge=. 5nes. or impesitians. for which pnrvrsfun has nut been made herembefare, cent its Jefault thereof ihr ~#oslgaKez may
<br />pay the ,ame: and that rife Mortgagor u iii promptly teliver the official receipt, therefor to the Mortgagee.
<br />5. The A#ortgagor will pay all taxes which may tx levied upon the Mortgagee ~, intercst in Bait real estate cent rmpnrve-
<br />men[s, and which may be levied upon [hie mortgage or the Jebt ,ecured hereby (but only w the extent that arch is oat prohibit-
<br />ed by few ant only to the exent thst wch will nut make this loan usurious!, but excluding any income tar. Slate or Federal.
<br />imposed on Mortgagee. and will hle the ofticiai receipt shaving such payment with the Mortgagee, t'pon violation of thin unter-
<br />taking. or if the Murt~agor is prohibiteJ Ly any law now or hereafter existing from paying the whole or any purtian of the afore-
<br />sa~ taxes, or upon the rendering of any court decree prohibiting the payment L} the Mortgagor or any such taxes. ur if ,uch law
<br />or decree provides that any amount sa pail by the Mortgagor shall Le erediteJ on the mortgage Jebt. the Mortgagee shall have
<br />ttx right to give ninety days' written notice to the owner of the mortgaged premises. requiring the payment of the mortgage
<br />debt. If such mxice Le gicrn, the said debt shall frrcume due. payable and collectible at the expiration of aid ninety Jaye.
<br />6. 'That should he fail +o pay any sum or kelp any covenant provide) for in this Mortgage. [hen the Mortgagee. at ire ap-
<br />tion, may pay or ter rfnrm the ,ame, ant a!! expendiwres w made ,hall he atdeJ to the principal win owing tin the above ao[e.
<br />shall Le sec met hereby, and shat) Lear interest at the rate set forth to the snit note, until part.
<br />'. That he hereby assigns, transfers and sets over to the Mortgagee, to be applieJ toward ihr payment of the note cent all
<br />sum. secured fierelfy in case of a default in the pa~rformance of any u( the terms cent tonJitiuns of this Plortgxge ur the ,aiJ
<br />rroir, all the rents, revenues and income to br JeriveJ from [he mortgage) premrses luring such ame as the mortgage indebteJ-
<br />rtess shall rcmair. unpait; and the !vt artgagee shalt have power to appoint env agent ur agent, it may Jesirr fur the perrpose of
<br />rcpairiug said premises amt of renting the same ant eahecting rte rents. revenues and income, and it may pay out of said in-
<br />tomes aU expenses of repairing said premises ant necessary commissions and expenses incurrcr in renting and managing [he
<br />came our of cotiecting rentals therefrom; the tmlatrce remaining, if any, to be applied toward the discharge u( ,aid mortgage
<br />Lrf~etft~tfz°x8.
<br />tt, Thu! Ife wilt keep the improvements now existing or hereafter trecteJ nn the mortgaged proper±}', insured ;is may he
<br />required €rom time to lime h} [hr Mortgagee against toss Ly hre and other hatardc, easuahies ant cuntingenne, in wch
<br />amounts sod for such periods as may Fee required by the Mortgagee ant will pug promptly. when rue, any premiums tin ,uch
<br />insurance provisiem for payment of which has roil teen made lrereinlxfore. All insurance ,halt tee aarneJ in campanres ap-
<br />provtd tsy the Mortgagee and the policies arW renewals thcreef stall be held Ly the Mor[gagrc ant have attached thereto lu,s
<br />payable clauses in favor of and in form acceptable to the Mortgagee. to event uC tons Mortgagor will give immediate nonce hs
<br />mat! to the Mortgages, vho may make proof of lass if not made promptly by Mortgagor, cent each insurance company cun-
<br />cerntd is lv!re6v ,wrhauiaed :,n,t Airec~trrl e., a,~k. ~3,.~.n.,,. (or ~,.~a r^E- .a;re. '+y the Myrtga6« : _ _ _ _
<br />__ _- - - -__~ - ,-~_ __-_ _..__..._ -_ ..._.-~ ,._~......., ...... ...~~ ... t'S - - ..:itc'aJ of iii i,~ .s.~ivr tyr`aK+ri
<br />aced tilt Mortgagee jointly, acrd [he insurance prottets. err any part thereof. may M appliet h} the '.tortgager at n, upteun cuhe+
<br />to the rtduttian of theimkbtedness hert#sv securer or to the restoration or repair of ttx property damage). !rze r rot rA foi eck,~
<br />sure of Itris rtwrigage err other transfer t+t title to the montrager pruptrty irs ratingaiahment o! the rnafchrrdnr„ .r: acct h.rrhs.
<br />ail rgifft, title ant interest of the 4tortgagur in and to any inwrar±cr p~+hcies then fn f+?ne ,hail pas, (u the par, ha,cr :,r eramer
<br />4. `fhat as aJtitwnaF and coltaterak security far ihr payrtftnt of the ratte descrit+eJ. ant ;ill .um, to he.ume Jur rrntcr ihi,
<br />rtrsxtgage, fhe Morrgaggr I~reby assigns to the Manttagee all prubts. ;avenues. rovattte,. right, cent hrnerit, .r.sruurg to the
<br />Mortgagar umttr any and cell oil xar gas Ieasts as wid premises, with ihr right iu rra~rias ..in.i rr~rrpt iur lts .nmr nnJ ~nply
<br />tha:m ref anal rtftitMtJM;ss:ss well t+efore as after Je;'autt rn the .:.rntintuts of ihr. mortua{;e.:nJ ,pr xtongagrr m.:+ Jrmar.J..ue
<br />f,.r arui teaavet :m3 sash pay mcufit w~hcn due ant payable. but +,halt rwu t+c rcyrurrJ „~ ~„ ,.~,: I Ai, a,vgrur>rni i, t., lrrrnmatr
<br />xrk# t~..~.:s .-.s„ ar-=F ,.~ . _ ;, zttca~ ,r3 rks• eavr.
<br />r,4 ~F-~1ta3Ft ~:a )9i
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