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<br />(1}month prior to its due date the annual mortgage insurance premium in order to provide such holder
<br />with funds [a pay such premium to the Secretary of Housing and Urban Development pursuant to the
<br />Natianaf Hausing Act, as amended, and applicable Regutatinns thereunder; or
<br />{II) If and so long as said . ote of even date and this instrument are held by the Secretary of Housing and
<br />urban Development, a monthly charge (in lieu of a mortgage insurance premluml which shad be in an
<br />amount equal to one-twelfth (1/12) of one-ha}f (1/2} per centum of the average outstanding balance
<br />I due on the note computed without taking into account delinquencies or prepayments:
<br />{ttj A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on
<br />t policies of fire and other hazard insurance coveting the mortgaged property, plus taxes and assessments next due
<br />tm the mortgaged property (all as estimated by the .Mortgagee) less ail sutras already paid therefor divided by the
<br />` nutrtber of months to etapse before one month prior to the date when such ground rents, premiums, taxes and
<br />assessrrtents will became delurquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre-
<br />miums, taxes and specie! assessments: and
<br />{c) All payments [ruentioned in the twa preceding subsections of this paragraph and all payments to be made under
<br />the note secured hereby shall be added together, and the aggregate amount theseef shall be paid by the Mortgagor
<br />each month in a sing}e payment to be applied by the Mortgagee to die following stems in the order set forth:
<br />-(1) premium charges under the contract of insurance with the Secretary of Hausing and Urban Development,
<br />ar monthly charge (in lieu tj mortgage insurance premium/, as the case may be:
<br />(l3) ground rents, taxes, assessments, fire and ether hazard insurance premiums;
<br />(ll[} interest un the note secured hereby: and
<br />(IV) amortization of the principal of said note.
<br />arty deficiency in the amount of any such aggregate monthly payment shall, wiles made good by the Mort-
<br />gagor prior to the due date of the next such payment, constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed four cents 14¢) for each dollar (S 1 } of each payment more
<br />than fifteen (15) days in areas ro ;;aver the extra expense involved in handling delinquent payments.
<br />:3. That if the total of the payment:; made by the 1lortgagor under f h) of paragraph Y preceding shall exceed
<br />the amount of payments actually made by [he tlort(±aeee for !.round rents. taxes and aseessmeni~ or insurance pre-
<br />miums, as the case may be, such excess, if the loan is current, at the option of the Mortgagor, shall be credited by
<br />the Sbrtgagee on su6seyuen[ payments w be made by the Nattgagor, or refunded to the Mortgagor. If, however, the
<br />t+ronthly paymEnr"~' made by the Mortgagor under ±G; aF pazagraph _' preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums, as the ca-~:c• may be. when the game -hall become due and pay-
<br />able. then the Mongasnr shall pay to the ylortgagee any anwunt neeeasar.~ to make up the deficiency, on or before
<br />the date when payment of ,uch gt-rand rents. tazes.:t<ses-menu or in.sur.:rtce• premiums shalt be due. If ut any
<br />time the Nottgagor +hall tender to the ltortgawee, in accordance with the provi=ions of the Hate secured hereby,
<br />fait payment of the entire indebtethte-s repre4entc•d thereb}. the itortga¢c~• shall. in computing the amount of 'tch
<br />indebtedrress, crcxlit tt, the acecwnt of the Mortgagor all lraymen[s made under the lxovisions of irrj of paragraph 2
<br />hereof which the Mortgagee has nut became obligated w pay to the : ecretary of IiousirtK and Urban Development
<br />and any balance remaining in the fund:- accumulated under the prnvi-tun- of -.' i of paragraph '? hereof. If there
<br />shall be a default under any of the pro+i~ion~ of flit- mortgaKe malting in a pubic <ale of €he premises covered
<br />hereby, or if the ~rtgagce acquires the property otherwi-c aftx•r default, the ylortgaQeo ~ftatl apply, at the time of
<br />the commencement ui arch proc±•edings, or at the time the property i= otherwi-e acyu:red, the balance then remain-
<br />ing in the funds accumulated under'' : of paragraph _' preceding, a.~ a cn~Ji1 aKain-t the amount trC principal then
<br />remaining unpaid under :aid note, and ahail properly adjust :uiy paument~ which Shull have been made under ja)
<br />of paragraph '?,
<br />a. That the Mortgagor wilt pay groan) rents. fate.. assessments, water rated, anJ other governmental ur municipal
<br />charges, Ernes- or impasitiuns. ft*r which provision has nut hren mats: hereintsefore. and in default thereof the'Nor[gagee may
<br />pay the same: and that the titurtuagor will prampdy deliver the ailieial rewipts therefor to the Mortgagee.
<br />5_ The !4furtgagur will psv alt taxes which may tee Ir+ieJ open the !Nortgagee•s interest in said real estate and improve-
<br />ments, anti which may be levied open this ntvrtgage ur [hr Jeht secure) hrrehy that only ti: the extent that such is Hat prohibit-
<br />ed by law and only w the extent that such v.-iii not make this lean usuriuusi. but excluding any income tax- State or Federal,
<br />imposed on 1~turtgagre. anJ will tilt the official receipt showing such payment with the Mortgagee. Upon viulaiian of this under-
<br />taking, or if the Mortgagor is prohibited by any law now ur hereafter existing from paying the w::~tte or any portion of the afore-
<br />saiJ tuxes, ur upon the rendering of :tray virurt Decree prohibiting the payment t+y the Mortgagor yr any .uch taxes, or if such law
<br />or decree provides that any amount w paid by the ~tortgagvr shalt he credited un the mortgage debt. the Sfortgugee shall have
<br />the right to give ninety days' written notice to the owner of the mortgaged premise,, requiring the payment of she mortgage
<br />debt. If such notice br given, the said dept theft became due, payable and a»lectible at the expiration of said ninety Jays.
<br />6. That should he fail to pay any sum or keep any covenant provide) for in this Mactgege. then the Martgager. at its op-
<br />tion. may pay or Perform tine same, and aN c.xprndimres so made shalE he added to the principal sum:,»ving on the above note.
<br />shall be secured hereby. and shall float interest at the rote set Earth in the said Hate. until paid.
<br />7. That hr hereby assigns, transfers and ,e[s over to the Mortgagee. to he appiirJ [award the paymem of the note and all
<br />zums secured hereby in case of a default in rite prrtmmance vt any of the terms and canditiuns of this Mortgage or the sail
<br />natr.atl the rents, revenues anJ im:omr to br derive) from the mortg:igeJ premise, During such time as the mortgage indehted-
<br />ttes,+ shall remain unpaid; anJ the Mortgagee shall have pawn to .rppuint any agent ur agents ;t may desire far [he purpose of
<br />repaisirrg said premises and of renting Ehe same and collecting the rents, revrnurs anJ income, and it may pay out of said in-
<br />comes all expenses of rtpaiting said premises and necessary cummisstans and expenses incurred in renting alyd managing the
<br />sarnr and of rallecting rentals therefrom: the balance remaining. it any. to tee applied toward the discharge of said mortgage
<br />irtdebtedrtess.
<br />8. Tlwt Ile will kelp the improvements now existing ut hereafter errcfeil on the mortgaged property, insured as may be
<br />reyaued tram time to time by the Martgagre against lose hg fire and other haitxds, casuat[~s and contingencies in such
<br />at~~tnts itn~# ter ::ta;h p?r+ods as may isa r~grrir€d by #I±r 'Hortgagre and wit! pay promptly, whsn Jrce. airy premiums vu su.h
<br />insuraru-r provision fur payfr#ent of which has met tarn made hereinbetore..•ti! insurance shat! be cattle) in companies ap-
<br />txuvrd Icy the Martaagrr arut the pulic~s artd rerrewats thereof shalt h. held by flit Mortgagee anJ havr attached thereto loss
<br />psyabtr clauses in fever of and in farm acceptable to the !6lartgager. tt+. event ut loss 'yturtgagur w ill give immediate notice by
<br />mail tithe- Mor49{-agee. u•ha may make proof' of loss it trot made pruntptty ht Mortgagor, and each insurance company cun-
<br />certard is txrsby autAarixrd alai directed to make n'aymrut for sash fans directly to flit Mar[gager instead of to the Mortgagee
<br />and the Marlgagea juintty. and Ihr~ insurance proceeds, sx any part tltrreuf, may 1?e applied by the .ktorlgagce :nits option either
<br />ttr flee reductiurtaf the iredebtrdttess hereby cecure# su lathe restora:iun ar repair of the proper#y Jantagrd. Irt rvrttt of farrcly-
<br />~~ aa#;tl9isnwrt~e of other tranafet of tale to flit rruxtgagrd prirprrty in extirtgt;r ;mom of der indebtedness arcurrd hcrehy ,
<br />altiight, title arpf irfterast t+f flit Mortgagor in attd to;ury insurance policies then in Eater shall pass at the purchaser or grantee.
<br />q. That ua adafitictnai and ccrl;atrrel security tvr the payment of the note Drs.:»ttril, and alt sue :. ro bescrwe Jur under this
<br />rtttrxtc. file 4fttrtgagur ttettt+3 ansigrts to the ltiartgagrr aft Profits- revrnurs. re,}nhrrs. rtgttts xnsi hrnetits :xecnung h` the
<br />h4rxtgugxx urrstar :+ny and alt ad and gas 'teases vn said premises, wits the nght to restive amt resript for the .anti anJ apply
<br />tAettt hr laid itidrtirat•ss as welt fi+ctara ds after default to the a:v,nJiti.:uss of this trtr,rtgagr. =t.tJ t'tce yttsr#gagrr may JerntutJ. sac
<br />f?tr ~r+etw~r' ars~y~ !['t ;rm.!-mrots wltr.n. dtu arnl payt~Ic. tn;t ehhrl! rht! he tt4+uraJ EV i~~ d=• Itt,; nsstgmnrat is t,s ter+nnuttr
<br />trt<t t+r<r=srtr vsttll attar void up,.,n to#za,r .,f this marttr.
<br />rtwtf,3 g~'3i7RA iS~?tit
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