|
~~-_~~{)715
<br />(!)month prior to its duo date the annual mortgage insurance premium in order tv provide such holder
<br />with funds to pay such premium to the Secretary of Housing and Urban Ueveloprnent pursuant to the
<br />tdational Housing Act, as amended, and applicable Regulations thereunder; or
<br />f@9} If and act irratg as said nine of even date and this instrument are held by rite Secretary of Housing and
<br />Urban Uevc)opment, a rr¢ossthly charge (ia lieu of a rnrrrr~se irtatrronce prrrrtluarr) which shall be in an
<br />amruent equal to one-twelitlt (1112) of one-half (!/') per tenttrm of the average outstanding balartco
<br />due nn the Hate computed wititaut tatting into account delingttencies or prepaytttents:
<br />(b} A sum equal t(i the ground rents, if any, next due, plus the premiums that will rrext bec}nee dot and payable on
<br />~~,~,_ t,r r,~ ,,.a „~,.~t,a5 1,,~~.d t,.~,a„~ _ ,f,,e mort;s~ pr arty, pitta f~ ~n,nd ~ _.,,F. .t,t~..,
<br />an the mortgd property (all as esri+n;rred 6y' the Aforrgi~ee/ less a!f sums already paid therefor divided by the
<br />number of months to elapse before erne month prior to the date when such ground rents, premiums, taxes snd
<br />assessments wHl become delinquent, such sums to be held by Mortgagor in trust to pay said ground rents, pre-
<br />miums, taxes and special a~esvncnts; and
<br />(c} All payments mentioned in the two preceding subsections of this paragraph and all payrettnts tci be made under
<br />-the note secured hereby shall be added together, and the aggregate amount thereof stiaU be paid by the Mortgagor
<br />each nronth in a single payment to be applied by the Mortgagor to the fniiowinft ittms in the order set forth:
<br />(f} gremitrttt ehar8es under the cc±niraet of insurance with tht ~crttary of Housing and .Urban f)eveloprnent,
<br />or monthly charge tin lieu of rnrrrrpage irtxrrantr premrtrm). as rite case may be;
<br />(Etj ground rents, taxes. assessments, lire and other hazard Insurance premiwns;
<br />(il[) interest on the note secured hereby: and
<br />(IV} amortization of she principal of said nose.
<br />Any deficiency in the amount of any such ag¢rtgatt monthly payment shall, unless made Bond by the Mbrt-
<br />gagor-print to the due date of the next suLh pavntei;t- ._,;nstitute an event of ilefault under this mortgages The
<br />Mortgagee may collect a "Fate charge" no¢ to exceed t'ncr cents IA;<} for each dollar (51 l of each payment more
<br />than tifteen (I S) days in areas iii cover the extra expensf• involved m handling delinquent payments.
<br />3. That i€ the total of the paymentw made fn' the yinrtgaear under !h r of paragraph '2 preceding shall exceed
<br />t{te amount of pavmenta actually made bt the NvrttZttfec for e:»und rents, taxes and assessments or insurance pre-
<br />miums, as the ease may be, such excess, if the loan is cursent at tfie option of the itortgagor, shall be credieed by
<br />the Hottgagee nn subseyuettt payments to fire masse by the 'Vktrtgagor, or refunded to the ylortgaRor. If, however, the
<br />monthly payments nracie by the !Mortgagor under !b~ of paragraph ?preceding shall not be sufficient to pay ground
<br />r~tt, taxes and aseessmentr or insurance premiums-, as the case may rte, when the same shall become due and pay-
<br />abte, thou Ute Karigagttr shat! pay to the i(ottg•agee any amount necessan• to make up the deficiency, on or before
<br />rite date when payzaent of such ground rent.-. taxe'~. a.~•eeesments ar insurance premiums shalt be due. [f at any
<br />time the Nortgator shalt tender to the Mortga¢ee, in accordance with the provisions of the note secured hereby°.
<br />turf payment of the entire indebtednr=- repro-enttKl thereby, the Yiarigaf;ee -hall, in computing the amount of such
<br />indebtedness, credit to the accrunt of the Mortgagor all p:rvmcnts made wtcicr the fxavisions of <<ii of paragraph 2
<br />hereof which the 1lortttattce ha- Hat fteci~me obligated w fray to the ~rretan of tlou~ing and t'rban Development
<br />and any balance rcaasinrng in the fund" accumulated under the provisions of ~j of parafraph '2 hereof. If there
<br />shall be a default under env of the prnxisitms of this martt~afte n~suiting in a public sale of the pn+misew covered
<br />hereby, or if the \iortf!agee acquires ihi~ nraperty otherwi-rr after default, the Elartgager hall apply, at the lime of
<br />the coarmencement of wch proceedings, ar at the time the property i., otherw.i.se acyulred, the balance then remain-
<br />ing in the funds accumulated under ? i:; of paragraph Y grerrdinf*, as a credit against the amount of principal then
<br />ruining unpaid under =aid Hate, snd shall proparfy adjust any payment-. which shall have been made under (a1
<br />of paragraph 1.
<br />A. That fht Hforlgagi.+r a:dl pay Cntund rents. raves. as.e~+mtnts. water rates. and other governmenud or municipal
<br />charges, fine,. ix impexitiuns. for which provision has Writ been made ttertinbefore, and in detauk thereof the Mortgagee may
<br />pay the same: and IMdt the Mott~ar will promptly dtlivcr tht otTtciai receipts therefor to the Mortgagee_
<br />y. 'Cite Mortgagor will pay alt taxis wftiCti may t+e fooled upon the ~fortgagte's intttest in said real estate and improve-
<br />ments, and which may be levied upon this mortgage ur the dept secured hereby shut only to the extent that such is Hat prohibit-
<br />ed fay law grid attlr to the extent that such will not stake this !Han asunousr, but excluding env im:ame tax. Stott or Federal.
<br />impaled on Mortgagor, and will fife the a:flSCial receipt showing such payment with the Afongagec. i.'pitn violation of this urufer-
<br />taking, or It tht Mortgagor is prohibitea h} any taw riau or hereafter existing from paying the whale or any portxtn of the afore-
<br />said taxes, or upon tree rertdcring of any eeurt decree pruhibittng the pa}mint by the Mortgagor or any wch taxes. u< if such law
<br />x dtcrte provides that any amount w ,aid ny the Mortgagor shelf be credited on the mortgage debt, the Mortgagee shall have
<br />iht right to give nimty days writter. Holier Eu iht owner of the nwrtgaged premises. requiring rite payment of the mortgage
<br />debt. If such rattice be given, tbe said debt shat! becomt dux, payable :snd ci>ltectible at the expiration of said ninon days.
<br />6. That should ht fail to pay env win or kelp env rnvenan€ pruvidtd for in tills Mortgage. then the Mortgagee, at its op-
<br />tian, may pay at perform rite same, sins ail expettditurts sa made shall be added to the principal sum awing un the atxive Holt.
<br />,half bt stcurcd htreby. and shat! bear intzrtst at the rate set Inrth in the said note, until paid.
<br />.. Thar t;s heretsy assiE°ns, Transfzrs and sets over to ibe hit;.tgagce. u+ he apgfitd toward i`it payment of rile note and sit
<br />rums stewed hereby io-ease of a default in the performance of any of the terms and conditions of this Mortgage or the said
<br />t¢att, at! the rents. rtvenues and income to be derived from the mortgaged premises during such time as the mortgage indehted-
<br />ness shall remain unpaid: and the liartgagte shaft have power to appoinx any agent or agents it may desire for the purpose of
<br />rapairittg said premises anti of renting the same and co1lrcting the rears. revenues and income, and it may pay out of said in-
<br />so~s all expenses of repast~p, said premists and Wei-essary commissions atxf expenses incurred in renting and managing ttu
<br />she sad of irolfecting rentals therefrom; the tralanct remairring, if any, to be agptied toward the discharge of said mortgage
<br />irtdebttdness.
<br />t3, Tl~t ht wiu ktep the improvements now existing ar hereafter erected nn the mortgaged property, insurtd as may be
<br />required from time to time by the MortgagoA against foss bq kre and other hazards, casualties and conCrrtgertcits in st:ch
<br />amounts and far suit periods as may- ba required by the Mortgagee and wii! pay Promptly. when dot, any premiums an such
<br />itts-ttx presv~itm for paymtnt td' which has not t+exn made hereinhetort. Alt "insurance shat! be carried in companies ap-
<br />provtdby fire n~iottgagce nerd the policies and renewals thtrenf shaff be htid by [he Mortgagee and have attached tpereta foss
<br />pmiyslrte clauses in favor of and in iwm acceptabSt to the Martgagct. In even[ of toss Mortgagor will givt immediate notice by
<br />-W la(ort~ee, ahti may make proof of toss it not made promptly by Mortgagor, and each insurance company con-
<br />ctcued is hereiry authorized and directed to make payment far slx;h foss dirtctly to tht Mortgagee instead of to tfx Mortgagor
<br />add thv biortgagte jriinuy. attd the insurance procteds, w any part thereof, ma} be applied by the Martpagec at its vptittn either
<br />tp tier redtniiuga'af ttte dtdt6tedness, hereby stewed ar [o the restoration ar repair of -the property damaged. in even at fores:ia-
<br />stue otitis t~rtMa!IUe;¢x other traasfer•c*f title tct [let mortgaged properir in extittgttishmen[ of the indebtedngss secured htreby,
<br />atirigirt, thin a~ i+tterGst sf tbe Mortgagor ist and to any insurance patisiea then in fnrcc shall pass let ttu purchaser or grantee.
<br />p, That as additwmal and cottatttal stcurity foi the payment of tree note descrif¢td, and ail sums to become due uirder this
<br />tnart~yte, the ~iottet~or fetrtbY a~skgns-to ttsr M~xtgagtt aft profits, rtvenucs. rayaffies. rights attd krntltis aecrurng to the
<br />Moor tndtt ashy .arid ail oil and gas Stststs nn said grtariists, w°itb the rrght tit ttceivt grid receipt Cat the saint and appfy
<br />t>s~i in said fttrrr{ne+a+s as well before as after dtfau#f in the tvvdstirms of this martgagt, and the. Mixtgtrgec mev dtmand, sue
<br />tea amt rteaA-et enlr %a~t ~y~nts v,)xn due and payahtt, hart sh~# nt+t tit ttquired so to do. "t7tis asaignmont is to txrmirtatc
<br />and fsccurnx null and voiif upon rtlcast nt this mvr#.
<br />- rW A~3 r3aM Ir0-r7t
<br />-.~
<br />
|