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(1) me?nih prior to ifs due date the annual mortgage insurance premium in order to provide such holder
<br />with funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the
<br />National Housing Act, as amentted. and applicable Regulations thereunder; or
<br />3 ; {II) If and so long as said note of even date and this instrument are held by the Secretary of Housing and
<br />Urban Development, a monthly charge jln lieu of a mortgage insurance premium/ which shall he in an
<br />amount equal to one-ewetfth (111?) of one-half (t,r?} per centum of the average outstanding balance
<br />..~ due on the note cotnputrd without taking into account delinquencies or prepayments;
<br />' (b} A sort squat to the Around rent,, if any, next due, plus the premiums that will next become due and payable on
<br />l„«rlfs~s cf Errs acrd a€Ite€ h;=zatu' insurance covering the mtrtgaged prolxrty, plus lazes and assrsarrtents next due
<br />on the mortga~d property jolt as errimarei 6t• the :4lorrgogee) less ail sums airc~dy paid therefor divided by the
<br />number of months to elapse before one mc?nth prior to the dare :when such ground rents, premiums, taixes and
<br />„~ assessments will become delinquem, such sums to be held by Mcrigagre in trust to pay said ground rents, pre-
<br />rriiums, taxes and special assessments: and
<br />{e} Alt payments mentioned in the two preceding sabsections of this aaragraph and all payments to be made under
<br />the note secured hereby shall be added together. and the aggregate amount thereof shad be paid by the Mortgagor
<br />each month in a single payrnent to he applied h> the Mortgagee ±n the fa!}r?wing items in the order set forth:
<br />(lj premium charges under the r,mtract of Insurance with the ~rretary of Housing and Urban Development,
<br />or monthly charge /ire lieu ++j mnrrpage insurance prrmrr:ml, es the rase may be:
<br />(11} ground rents, taxes. assessments. firms and other hazard insurance premiums;
<br />(III) interest nn the note secured lterehy; and
<br />tiV} amortization of the principal of sold note.
<br />Any deficiency in [ht amount of any such aggregate monthly .ayment shall, unless made good by the Mort-
<br />gagor prior to the due •iate of cite next such pavrnrnt, ti•,nstitute an event +?t default under this mortgage. The
<br />MnRgagee may collect a "late charge" not ro eatcerd ;i~ur ,cur {-iii fi?r rash dollar (51 ! of each payment more
<br />!ban tifdean (1') days in arras ro corer rice extra expense mrolved in handling delinquent payments
<br />3. 't'hat if the total of rho payments made by the ytorteagnr under , ~ ~ of paragraph ° preceding shall exceed
<br />the atttatmt of ¢ayment= actually made by the i4artgaeee for ~ROUnd root.,. taxes and a=essmen[s or insurance pre-
<br />miut~, as the case mat- he. such excess- if the Loan is caerent, at the c?ptton of the Margagor, shall be credited br
<br />the liortgagee an .subsequent payment.. to 6e made 6y the llort~•agor. ur refunded to the \lortgagor. tf, however- the
<br />monthly payment- roads ha the .'Mortgagor under :'~i of paragraph ' preredin~ shalt not t?e sufficient to pay ground
<br />rent. tsxea and a.:sessmrnts or insurance premium:-:, ;ks the ra-r• may he, when th.r same hall become due and pay-
<br />abte. then the 14ortgagnr rltull pay to rite ltartearee any amount neres=acv to make up the defriency, on or before
<br />the date when ¢ayment art such ground rent=. tare=. a-se4Gment= or insurance premiums shall 6e due. If at any
<br />tltne the Hart{ragttr :hall tender to the `4artgagee, in at•cordanre with the provisions= of the note secured hemby.
<br />full payrnent of the entire indebtedne.~s represented thereby. the ilortgaaer -.hail. in computin¢ the amount of such
<br />indebtc'dttess, credit to dte arctwnt trf the Mortgagor all payments made under uhe proviste?ns of ui of paragraph '
<br />hereot which Dee S#ortr;>t¢t*t ha.>s-nut rteeame ottli~ai~Kt to pay ur the Yt•retxrv of HnusinK and [ than Development
<br />and ant balance retoainin{* in the fund- accumulated under the unrtisic:n~ s;i" %. ,' uF paragr-aph '? hertveC. If there
<br />:-hall be a default under any of the prori-runs al chi- martga~e rrsuitint= in a public ,ale a( the premi-es covertn.
<br />Ir>4•t'eby. or if dte tiorisagee acgttites ih.. pn?pert. otherwise after dt•fault, the yiortga~,r>e ~i,all apply. al the time of
<br />the rammencement of :etch proceeding, or at the time the property is utherwi=e acquired, the balance then remain-
<br />inti in the funds arc•umulated under r-~~, of paragraph "_ precedint,. a- a credit az;ain-t the amount of principal then
<br />remainint unpaid under .,aid clots, and -hull pnrperiy :rdu~t rut} payment- which -hall hate been made under!c
<br />al' paragraph :>.
<br />-3. That the Mortgagor :sill pa, gre,und *ent+, luxe,. a,sessmrnt,. eater rate,. anJ ether eu.rrnmental or municipal
<br />rhat'gea. tints. at impusttions- fur which provi,tcat ha, :rut Teen made herrtnoeforr_ :.nd :n driault there:+f the ytut'tgagtt mug
<br />gap' rise wine: and Flint the Mortgagor wdt prompify driller the .+7teial receip#s therefor [o the Mortgagee.
<br />S. the Nort~agor will pat :,{t ,a>.e, srhtrb mry he Ia+ied urn the yiortgagee~~ mtert<t m ,ard real e+tate xnd improtr-
<br />intnts. sod which oral 'Ire ittird upset ihi. mortgage or rite Jtbt,ecurrd hrrrh}- ihut only ta, the rttent that ,uch i, nut prohi!?it-
<br />rd by !aw and only to the rx[eot that ,uch wilt oar make this i.ran usunutt,i. but etdudmg any income tan. Mate :,r hederal.
<br />unposed an Mortgage... end will tilt the otncia4 recri}?t +howing,uch paymrm with the lfortgager. C'p?m : ivlauon of chi, under-
<br />taking. ur if the Lfartkagur i, prohibited by any la.a ni,w or hereafter rti,ting fnan paying the uha(t or any paruon of the afore-
<br />satd Saxe,, or upon the rendering of any court Jts tee pr=ahihr[tng the pat Wren[ hs the 4for#gs!gor .,ran} such laze,. ar if ,uch law
<br />or dtcrte provides that :eny as?aunt w paid by tfrr 14ortgagos ,hat! he rredned on the murtguge Jtbt, the ..\4ortgagee <hai! hate
<br />tilt right fo $ivr ninety day=,' wriltrn noose to the ownrt of the ntur~,geil prtmi>e~- reyuietng the payment of the mortgage
<br />debt. If wrh taller be given, the sasJ drt?t ,halt become Sur. pa,ahte and collrcnl?ic at the evptrat.ion of .aid ninety day,.
<br />b. that shuultl ht tai! to pay amy sum nr keep oat} -c±cna t pr~~: idtd for m chi, \4ortgage, when the ttorigagee. at its up-
<br />tic?n, rsta} pay :?r prrfurm Ehr ,ame, and all e tprnditure, ,i. made :hall he added to the princrpa! sum owing on the above note.
<br />shall !?r +tcurtd hereby. and shall bear rnttrest at the r to ,rt forth m tktt card note. until paid.
<br />. That ~ lstrtb}~ assigns, u:~nn#ers and ,et. o;er to tip Siortvugre. to rce applied toward the payment of the note and all
<br />.um., srcurrd heresy is rase of a default in the performance r:i any ~,f the terms and ~unditians of this 44artgage or the said
<br />Hutt. afl the rents. rrvenurs :and income te, he ecru cd f runt the mort~ged prrmist, Junng ,uch time as the mortgage rndrbted-
<br />rrtxs shall remain trnpard: and the Mortgagor ~haii haze power it? apg.unt .:n} ,,gem or agents it may desire for the purpose of
<br />repairing said prtmtse> and ttf rtnhng the ,ame .=nd :~,#tetting ::.r tent+, rev?Hue, unJ income.::nJ it may pay out of said tn-
<br />cirrttes alt etprnsrs of repairitsg.said premiers acrd ntceysary commtsait7ns and expenses incurred in renting and managing [he
<br />saint atttf of rolkcting rentals therefrom; the t?alattt:e rtmaintn{{, rf ey, to be applied toward the discharge of said mortgage
<br />irtdebttdmss
<br />tr. Tltaf ire :sib keep the improvements tww exiuing :>r hereafter erected un the mortgaged property, insured ai may be
<br />rtyuircd from time tc time t?y the Me.:tgaget .agrrn,t u,s h} bee and ether hazards, casualties ;red cuntingenciea in such
<br />arncrunis and far such ptrisds as may he eeyuutd by the Mort~taitrt sad wdl pay prompily, :;hen Joe, any premrum, on ,uch
<br />tnsuratnt provision for paynte nt of which ants rtes d?een made htrernbtfore. yll insurance ,#tal! he : arried in rumpurte, ap-
<br />Ate*ed by the iaurtpaget and the l>r7liirts and trrkrwai5 thereof shall t?e held be tix 1lartgagee and base a[tarhed thereat iusa
<br />payakde cfausa:s in Eris or of atuf in farm aCCeptabft to the Mortgagre_ !n e.tnt ,:1 fa,s Mortgagor w ill gt: e tmaatdiute name by
<br />marl to the Mort{tt. who may mulct proof of to,. if nut mad[ , romptiy by Mortgagor, and each rnsurtn.:e company ri+n-
<br />ctrt#ed is hereby authrtrriztd and dirtited to make pa}meet f,+r su.h loss Jirtctiy to tree Mot [gager instead of to the Mortgagor
<br />atx3 the'dort;~gtc foint7y-and the insura+ncc pr~cerds. ar any part tfr.;reaf. may i?rapplied hs the A4ortgtger at it..=ptiun tither
<br />ta* t~ r~ ~tet>;r ~ tlx indtis{talrtess lxrt4?y ,ecurtd err ti; the re,taraiie-rn or rr¢air of the property damaged. In [vent of forecin-
<br />+ure of this roar}gugt nr outer trafts[cr of trt{r #o the mt,rtgaKttf pra¢trta m c x tingur+bmem „i tlu injebtednt,5 ,r: un~d hereby ,
<br />ufl tilt- ht~ =surf inttrrst x?f t-tc `ktaH Eot in attvl to any insurance ~,licics then m Cwt_ .hail pu,s to 3tM pu[chuset or granter.
<br />`~ `fhet xsadditiz?nal attd collatttal yecurtty for the payntitm of [ht note dewriR.f- and all soma tt. {~comr Jue under the
<br />+'sftzitr. t~ ?~xr tby,aasi~ns to tilt Mr;rtyryg,:t alt tsratiis• revtnu€,. r,,:alto-.- ±ight, arrJ I?enelits ar_rutng t•> the
<br />`S4r?r#{~{{zr ut;~r any acrd all t=il and gas icasts nn szid prrmav:s; with the rigftt r~+ reserve and receipt fur thr .ame and at?piy
<br />t#hetn is srid it{{fet,tcdnt., as uei6 ttrfa€r as after dafauh in the •-smditrrrns at this rtturtprrge.:end the Mort{W}{er ma: drmattd..uc
<br />rx r :rrxi recxrxrr anp~ ::nett pa}_ntcntx whet, der and payal?~_ but shall rsot k?e rcquu eJ ,a to 3., this asaignmeat t, rt untutsalr
<br />sold tx.~tnr netftand.~ist upon rrleurt of this, nitartgsagt.
<br />raL G'-p71daM 19• Y9)
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