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(t) month prior to its due date the annual mortgage insurance premium in order to provide such holder
<br />wit}! £~nds to pay such premium to the Secretary- of Housing and Urban Development pursuant to the
<br />National Housing Act, as amended, and applicatsle Regulations thereunder, or
<br />(II) tf and so-tong as said note of even date and this instrument are held by the Secretary of Housing and
<br />~° Urban Development, a monthly charge /tn lieu of a mortgage insurance ttremtum) which shelf be in an
<br />''""F amount- equal to oae-twelfth (l!12} of one-half (t/2} per centum of the average outstanding balance
<br />{'~ due on the note computed without taking into aceaant delinquencies er prepayments;
<br />s..t;
<br />(b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on
<br />-~ poffcies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />• ~ on the mortgaged property (all as estimated bf, rlre Mortgagee! less alt sums alaady paid therefor divided by the
<br />number of montfts to elapse btfort one month prior to the date when such grotrnd rents, premiums, taxes and
<br />~! assessments will become delinquent, such sums to be held by Mortgagee in truss to pay said ground rents, pre•
<br />miums, taxes and special assessments; and
<br />(c) Alf payments mentioned in the two preceding subsections of this paragraph and elf payments to be made under
<br />the note secured hereby shall be added together, and the aggregate amount thereat shall be paid by the Mortgagor
<br />each month in a single payment to he applied by the Mortgagee to the following hems in the order set forth:
<br />• {I} premium charges under the contract of insurance with the Secretary at Housin¢ and Urban Development,
<br />or monthly charge fin lieu of mortgage insurance premiu+nl, as the case may he;
<br />(It) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />{Iff} interest on the note secured hereby: and
<br />(IV) amortization of the principal of said note.
<br />Any deficiency id thg amount of any such aggregate monthly payment shall, unless made good by the Mort-
<br />gagor prior to the due dale of the next such payment, aatstitutz an event ui default under this mongagz. The
<br />Mortgagee may collet; a~k`late cftarge" not to exceed tour cents (4ttl for each dollar f51 j of each payment more
<br />than fifteet. (15} da}rs inattas to'cover'the zxtra expense involved in handling delinquent payments.
<br />:3. That if the total of the payments made fay the Mortgagor under i i, ~ of paragraph :r preceding shall exceed
<br />the amount of payments actually made by the Mortgagee for around rents, taxes and assessments or insurance pre-
<br />miums, ~ the eas-e may be, such excess, if the loan is current, at thz option of the Mortgagor, shall be credited be
<br />the Mortgagee on subsequent payments to be made by the )1ort~agor, or refunded to the lbrtgagar- If, however, the
<br />monthly payments made by [he :Mortgagor under !hi of paragraph 'preceding shelf no[ be sufficient co pay ground
<br />rani, taxes and assessments or insurance premiums, as the ca<e may he, when the same chats become due and pay-
<br />a61e, then the Mortgagor shall pay to the 'Mortgagee any amount necessary to :hake up the deficiency. on or before
<br />the date when payment of such gmund rents. taxes. assessment= or insurance premiums steal! be due. If at any
<br />time Use Mortgagor steal! lender to the Mortgagee, in accordance with the provisions of the note secured herehv.
<br />full payment of the entire indebtedness represented thereby, the 1lortganee shall, in computing the amount oC such
<br />indebtedness, credit to the account of the Mortgagvr all payments made under the provisions uE ~ a) of paragraph 2
<br />hereof which the !negligee has trot become obligated [v pay to the `.ecretan' of flossing and t=rban Development
<br />and any balance remaining in the funds accumulated under the provisivns of ~Gj of parakraph '_' heeev[. if there
<br />shaft be a default under any vF the provision. of this murto:+ue re.~ultin~ in public .-ale of the premi,c- rvverYd
<br />hereby, or if the 'Mortgagee acquires the property otherwise after default, the Mortgagee shall applti. at the time of
<br />the commencement of such proceedings, or at the time the properh i.- otherwise acquired, the balance [hen remain-
<br />ing in the fund. accumulated underlh) of paragraph _' precedin„ as a credit against the amvunt of principal then
<br />remaining unpaid under ..aid note, and shall pruperic adjust any payments which ~hafi tease been made undercut
<br />of paragraph .'.
<br />J. That the Mortgagor will pay ground ants, taxz,. assn„mesh. wear ;ate,. and ether governmenud or municipal
<br />charges, floes, ur imposiliors, for which pn>visiun has nut lace mode heambetore, and to default thereof the Murtgagzz ma}
<br />pay the same; and that [hz :iongagor wilt prumptk deliver rfiz otlictaE rzceipts therefor to !fie Mortgagee.
<br />5. Thz Mortgagor will pay all [azzs which may he Izxied ufxm the Mortgagee , rrtere,i m ,aid reel estate and impnrve-
<br />ments, amt which may he levied upon this murtgagz ur [he deh[,rcuad heahs chat only to the ex[znt that ,uch i, nut prohibit-
<br />ed by law and only to the extent that such will not makz chi, loan munouu. but rxciuding any incumz [ax. Sate or Federal,
<br />imposed tin Mortgagee, and will file the utTiciai receipt ,hawing such payment with the Mortgagez. l'pon stoluiion tit this under-
<br />taking, ar if the Mortgagor is prohibited by any law now ur hereaf[er existing from paying the whole or any portion of the afure-
<br />sail [axes, w upon the rendering of any court decree prohibiting the payrnznt by the iiortgagor ar any ,uch Ctxes. or if such taw
<br />or decree provides that any amount ,o paid by the Mortgagor ,halt he creduzd on the mortgage dept, [hr Mortgagoz ,halt have
<br />the right to give ninety days writeen notice to the owner of the nturtgagzd premrses, reyuiriog the payment of the mortgagz
<br />debt. ff such notice be given, the said debt shall heaamz doz. payaMz and cuilectibie at the expiration of said ninety days.
<br />6. That should he fail to pay any sum or keep any ruvenant provided for in this Martgagt. thin the Mortgagee, at its op-
<br />tion, may pay or perform the same, and ati zxpznditures Lo made shall ere added to the principal sum awing on the above note,
<br />shat! be secured htrtby, and shalt bear interest at thz razz set forth in the said note, anti! paid.
<br />~. The[ he hereby assigns, transfers and ,ets over to the Mortgagee, w he applied toward the payment of [he note and a!1
<br />sums secured hereby in case of a default in the pufvrmance of :my of the terms and cundi[iuns of this Mortgage ur the slid
<br />note, ail the rents- rzvenuts and income to he dtrivzd fre:m the ntur[gaged parni,rs dunng wrh time a, the mortgage indebted-
<br />ness shalt remain unpaid; and the ;vlor[gagte shall have power to appoint an} agent ur agent, i[ may desire for the purposz of
<br />repairing said premises and of rentin-g the wme anti collecting the rent,. avenues and income. and it may pa} out of said in-
<br />camts elf expenses of repairing said premises anti necessary wmmissions and expenses incurred in rentingwnd managing the
<br />same and of collecting rentals therefrom: the balance remaining, it any, to he applied toward the dischargz of said mortgagz
<br />indebtedness.
<br />g. Thai he will keep the improvements now existing tx hereafter erzcted on the mortgagzd property, insured as may he
<br />required front time to time by the Mortgagee against lass by the and other hazards, casualties and comingencies in such
<br />amounts and for such periods as may be rtquirtd by Tire Mortgagee and wilt pay pnrmptly, when due, any premiums on such
<br />...,,. p;,rz provtsiott fur paytntnt of which has not trten made htreinlxfart. Ail insurance shat{ he carried in companies ap-
<br />proved h}° the Mwtgaget and [he paliciro and renewals thereof ,hall he held by the Mortgagee and h~xe attached theato loss
<br />payable clauses in €avtar cif alai in form accrpiabfe tv the Mortgages. in event of lass Mongagur will give immediate nuts. e by
<br />least to its! Mortgagee, who !nay make proof of toes if nut made promptly by ~€ortgagur, and eas h insurance company cun-
<br />ctrrled is htrtby autlwriztd and directed to make paymen! for seed loss directly to the Mortgages instead of to the Mortgagor
<br />anti ilia Mortgagee ioinlly, aad the insurata:t pructeds. ~x env pan ihzreof. may be applied by the Mortgagee :u its option either
<br />to the rtdurtian of the indebtedness hereby secured ur to the restoration ur repair of the property damaged. In event of foreriu-
<br />surt a€-this mortgage ur otttar transfer of rule to tfse mortgaged pruptrty in extinguishment of the indebtedne., ercurcd heab~ .
<br />all right. tuft atttl interest vi the Mortgagor in and to any insurance ptritcie, than in forcz xhali pas, h+ the purchaser or ~rantre
<br />9, That as adxiiliotzv! and coltutzraE ,ecurit} fur lire payment uE tltz note dtsentatd. and aft sums tv heeuutz due under stet,
<br />nxsrtgagc. the Muttgagut htrtby assigns to thx Mw[g::;tCe ell prohts, revcnur,, nryalties. rights :,nd trerxtits acsrtvng to lire
<br />Mort(x,r under am and aft vii and ga, leases tin mid premises. with the r:ght to rceive and a.cipt tar the >arnc :+nd apply
<br />[farm tv x.aN9 iruiebtedne€ as well before an after defauII m the cundiGuns of this mortgage, and the Mvrttc;gee utax demand. ,tie
<br />€ur attd rtc.>ver arty +uch payments when due and payable. taut ,hail nut tat required •.+ ro .ic~,. this assignment ;, era lei min^tr
<br />turd hzcomc melt and void uptta rstlease o(thi, oaurc;fafle-
<br />NtJ ti~9Z503M {s}-1yt
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