|
~ill1 t}fI !~it)l~
<br />(i } :n onih prior to its d»r date ttie annual mortgage msuratur premium in order to provide such holder
<br />with funds to pay such prtnrium to the Secretary of Housing acid Urban fleveiopnxnt purwan[ to the
<br />National Housing Act, as amended. and apptirpble Regulations thereunder: or
<br />(Il) Hand so Ieng as said note of even date and this insttutttem are held by the Secretary of Housing and
<br />Urban Uevelopmem, a mwtthly charge ffntfen nja morigege frtsuaartce pemium) which shalt be in an
<br />atnrntrtt equal ro one-twrrffth (3 i 12} of rate-half f i j2) per rznttxn of the average outstanding balance
<br />due on the note computed without taking into account delinquencies or prepayments;
<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 />policies of fire and other hazard insurance covering the mortgaged property, plus lazes and assdsnttnts taxi due
<br />nn the mortgaged property /alt as estimated by the ,NorrgagceJ 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 6y Mortgagee in trust to pay said`g:ound rents, pre-
<br />miums, taxes and special assessmenu; and
<br />(cl All payments meneinned in [he two precedicg subsections of this paragraph and all payments [o be made under
<br />the note secured hereby shat! be added together. and the aggregate amount thereof shall be paid by the Mortgagor
<br />each month in a single payment to he applied by the Mortgagee to the totlnwireg items in the order set forth:
<br />{fj premittm charges tmdn the contract of insurance with the Secretary of Housin¢ and urban llevelopment,
<br />or monthly charge /in lieu ujmortgage insurance premium j, as the case may be:
<br />(,Il) ground renu, taxes, assessments, {Ire and other hazard insurance premiums;
<br />(ilI} interest on the note secured hereby: and
<br />_ (1V) amortization of the principal of said note.
<br />.4ny deficiency in the amount of any such aggregate monthly payment shall. unless made good by the Mort-
<br />gagor prior to the due date of the next such payment- constitute an erenr of default under this mortgage. the
<br />Mortgagee may collect a "fate charge" not to carved four cents l4y+) for each dollar (S]) of each payment more
<br />than fifteen (I S) days in areas to rover the extra expense urvulved in handling delinquent payments.
<br />'3. That i f the total of ffte parmtents made by the 5lortgagor under !6/ of paragraphl preceding shall exceed
<br />the amount of payments at+4ratty made by the 4iart~gagee for srttund clines, taxes and assessments or insurance pre-
<br />miums, as lhtr case may be, such excess, if the Iuan is c'tarreat, at the option of the Mortgagor, shall be credited by
<br />the Norigagetr. on subseeluetet paytaems to 6e made by the lOnrGgagor, ur refunded in the Mortgagor. If. however, the
<br />monthly paymont:s tnade by the Mortgagor under i 61 of paragnplt _r preceding shalt not l>e sufficient to pay ground
<br />resit, taxes acrd assessment` or insurance premiums, as the t::tse ma} be. when the -ame ;hall become due and pay-
<br />able., then Ehe ~brtgttgtx shall psy to the #brigagee any amount necessary to make up the deficiency, on or before
<br />the date when payment of saeh ground rent.", taxes, assessments or insurance premiums .,haft he due. If at any
<br />limo the Stortgtigar shall tender to the 4fortgagee, in accordance with the provisions of the note -ecured hereby,
<br />full payment of the entire indebtedness represented thereby, the 'klortgagee =hall. in computing the amount of such
<br />irtdelucdness, credit to the account of the Mortgagor alt payments made under the provisiats of !a/ of paragraph
<br />hereof which tfie ibHgagee has not trecome obligated to pay to the yecretan' of Housing and Orban Development
<br />and 'sny~ balance remaining in ±he funds accumulated under the provision, o!'tL of paragraph "hereof. If there
<br />shall he a default under an} ut the arovi~ions of this tmrrtgaee re=ulting in a public ;elk oP ate prtmi,-«. rnverr•d
<br />hereby, or if t#te 1lortgageer aequites the propm}~ utherwic uftor default, the llongagee .shall apply, at the lime of
<br />the cummtmcnmont of .such pmceedings, or at the time the property i~ otherwise acquired, Ihr= hat once then remain-
<br />i.^,R in the funds acoumula[ed vendor r-':,' of p-aragraph '_' preceding, a,.- a t~redit :rEnin.r the amount of principal [hen
<br />romaieting unpaid under ,said norx, ~;nd shall proper3y adju--c ens pamrnt- :vhirh -hat! 3;aav treen made under!a;
<br />of parttgraphW
<br />` ~ -- - n ~, rent , t ,.. ,~ ~ r., ... , ,... .~ .~;c;p,a,
<br />.t. Th_,r the: MrrF!gege+-.r ,s,tl ay gee r<t axe ...rxsmettu. ate ,.,... ,u;d rthr. :rat::-.ta! !ru,,. ,
<br />charges, fines, ur +mpovtionz. for which provi,:un~na, nog been made berrinhefcre. and in Jdault ~thrreui the Mortgagee may
<br />pati i'ttr ..ame; and rfiat [he Mnttgagcrr wilt pn:mptty deiirer the utTiciai rereepts therefor 0.. the Mortgagen-
<br />i. The Mortgagor will pay all tears which may be levied upon the Mortgagee's interest in scud real estate mtJ empnx-r-
<br />mems.and which may t±e levied upon [his mortgage ar [he debt ,c vred hereby tout only [a the extent that ,uch it not pnrhibit-
<br />ed by law and only to the extent that wch will nut make this loan usunoust. Met rxduding am incunrr tar. State or Federal.
<br />imposed an Mortgagee. and will file the .uncial receipt vhuwing ,uch payment with the Mortgagee. ('pun rioiauun of thu unJer-
<br />[aking, or if the Mortgagor is prohibited by any law now or hereafter existing from paying the whale ar any tuuuun of the afore-
<br />said taxes, ar upon the rendering of any wort decree prohibiting the pay+nenl by the Mortgagor ur any ,uch tu.re,. ur if wch law
<br />or decree provide, that any :mwunt su paid by the Mortgagor ,hall ire aediteJ un the mortgage Jeht. the Ylor[gagee ,hall have
<br />the right m give ninety day,• written notice to [he owner of the rnurtgageJ prrmi,r,. rryuiring the payment :d the mortgage
<br />debt. 1t .acts tustise he liven, the said dent shall become Jue, payable anil tailectibk at the rxpiratian of ,nil nenery days
<br />6. That staeuld he fail to pay any sum or keep any covenant pruvideJ !or in this Mong:rge. then the Mortgagee. at ns op-
<br />tion. cnay Pay ur perform the Same, aced all expenditures so made shall be added to the principal sum awing an 2hr Whore note.
<br />shall as ,rcurxd hereby, and ;hail treat interest st the rate ,et faith in tfir said note, until paiJ-
<br />'t, 'Thar tut berzb}' assigns, transfers and ,ru Deer to hr Mortgagee, to he applied tuuard [he pay ntent of the note and all
<br />sums ~socured 'dnerehy in case of a default in the performance of any „( the trrnn anJ conditions at this Mortgage ur the ,aiJ
<br />ewer,. ail the rrnt+, revenues and income to he derived from the mungagrJ premises Junng wch ame a, the mortgage mdrhteJ-
<br />ness. ~shal! remain unpaid: and the ~Tnrtgagee shalt have power w appoint env agent ut agent. it may desire fa+r the purpu,e of
<br />retvairing said prttnises amt al renting the same and wtkcting the renu, revenues and tncomr, and a may pay out of seed tin
<br />mines all explores of repaiiitg} said premises and ntccssary cwnmissiuns eta! expenses itxurred in reining and managing the
<br />atone atuJ of varllccting rentals therefrom; the balance remaining, it any. to be applied toward the Jisv:harge ,,f ,:ltd mortgage
<br />itwftlYEtd(MesJ.
<br />K. `liar ice rile keep the improvrmeus craw cxisany nr hereafter erected on the nturtgnged pt uperty, tn,ured a, m,:y he
<br />rcgait'rd from time io time by the M[rrFgaurr against lass ha hre and other hatuJs, casuahies and cunungenc+e, cn s:tch
<br />atttounis atul for such pcricx-s :ts may tx required by the Mortgagee and wdl pay prumptiy, when due., any premium+ an wch
<br />emttratitxpravision for mymtn4 of which has nw trern made hetemttcfore. ~tla tnsurancr sha{I be v:urrrd in c:umpentes ap-
<br />prnyod fry the Mcrosgagee and the policies and teneuals thereof shall he held by tfie Mortgagee and hu,e attached thereto ius,
<br />{rayatvk clauses in laver of acrd to farm acctptabk w the Mortgagee. In even of bss Mortgagor will give immediate notice hr
<br />mail-to t(te Mortgagee, who may rrrake proof of loss if cwt made prumptiy by Morigagur..end ea.:h in,uranrr tympany con-
<br />ctcnipdis ltoteby autiwrized :old directed to make payment far such inss directly to the Mortgagee itntead of to the Mortgagm
<br />cried fete ~fvriga¢;e }ointiy, and the insurance proceeds. ur any pert thereof. may he applied by the Murgagre at n+apnun nether
<br />io the rrdttctionof the ttrcietuedtttss hereby secured ar to rho rrstoranon csr repair of the property damaged. In recut of turrcGr-
<br />sure_~thix ttturtgagtax:tlMor tranaftr-nf link to the mortgaged property to rxiingursbment of the mdrhtednr„ secured hereby.
<br />aft right. titer creed intrrcxt of the Mortyagcx is and to any tnsurancr puhctts then rn tcncr shet: p•+~+ r,r +hr nor, ha+rr , n erantrc
<br />y. T'fw[,is atk3tzkartai crud cadtatrt al serunty for tier payment :,f the note Jesc rind. end ail •u.ir- t., tx•rumc Jar unJr+ the.
<br />mcxt, *.hc yarn#gagx>r hereby ttsaigns tc tire =dcnt~ee x;J pru~s. revenuz-. ro}aRre,. rrghn .,nd t+ev:e-`.es ,,:,rump n; the
<br />'<Srulta~fir uudrt am and a#! rd3 at5d yes leases cm veld prrnrrsr,. wrth the righ3 t:, rr.c+vr .a:rd : a c:pt fur [hr..antc .,<tat .rppiy
<br />tf~~ [u yard ;ntktnx~'ttes: a. ~,: ell lrrlarr as afire dtfauh in zfre .onditrirns of chi, mattynttc, -•::.i ty,rc FMartiisgrr may JrntanJ. ,uc
<br />t.3 crew! ta. s,x e= ens +.u:.h p::y m;ntx wf>E[:.,ue and p= eblt, M,r -.,te8 rta,_ `re rvytr,r,:, .,. s nt. ,,,rrJrrenc- .. ,c,. ,rn:::c
<br />and t+rs=.,m¢ rru;! and v,>wi upr,n rekavr .,# they nwrlt.
<br />
<br />
|