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81°02556
<br />{1) month prior to its due date the annual mortgage insurance premium m order to provide such holder
<br />tvttti funds to pay wch prmnittm to the Secretary o[ Noudng and Urban Development purwant to the
<br />National Hottsing Act, as amended, and appliatble Itegttations thereunder; or
<br />(II) IE end so long as said note of even date and this utsttutnent art held by the Secretary of Housing and
<br />Urban: Development, a monthly chugs (tn fuu of a rnortErrge insurance prcmlum) whicfi shall be in.an
<br />atttount equal to one-twelfth {l/!2} of ixte-half (!!2} per centum of the average outstandingbalattce
<br />due on the note computed without taking into account delinquencies or prepayments;
<br />{8} A sum equal to the ground tents, if any, next due, plus the premiums that will next become due and payable on
<br />policies of foe and other hazard insurance covering the mortgaged property, plus taxes and assessments-next due
<br />on the mort~ged propert5*(aH as estimated by the Mortgagee} less-alt sums already paid theiefordiviited i+y the--
<br />- number cf months to elapse before one month prior to the date when such ground rents, premiums,-taxes and
<br />asseasittents ieill become delinquent, wch sums to be hold by Mortgagee in trust to pay said ground:rents, pee--
<br />- miums, taxes and special asscavments; and
<br />(t) All payments mentioned in the two preceding. wbsections of this paragraph and all payments to be made under.
<br />the note secured hereby shall be added together, and the aggregate amount thereof shall be paid by the Mortgagor
<br />each month aA a single payment to be applied by the Mortgagee to the following items in the order set forth:
<br />(I) premium charges under the cortvaci of insurance with the Secretary of Housing and Urban Development,
<br />or monthly charge (fn lieu of mortgage insurance premium/, as the case may be;
<br />(II) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(III) interest on the note secured hereby; and
<br />(tV) amortization of the principal of said note.
<br />Any deficiency in the amoum 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, arnttitute an went of default under this mortgage. The
<br />Mortgagce may collect-a `9are clPatge" not to exceed- four cents {47t) for each dollar (S t) of each payment more
<br />than fifteen{IS} days m arras to cover the extra expense involved in handling delinquent payments.
<br />3. That if the total of the payments made by dte orgagor under (bi of paragraph ? preced[ng shat! exceed
<br />the amount of payments actually made by the '4brtgagee Cor around rents, taxes and assessments ar insurance pre-
<br />mituas, as ttie-case may be, such excess, if the loan is current, at the option of the Mortgagor, shall be credited by
<br />the Mortgagee on subsequent payments to be made by the 3ortgagor, or refunded to the Mortgagor. If, however, the
<br />monthly payments made by the Mortgagor under fbj of paragraph ?preceding shall not be sufficient to pay ground
<br />rent, taxes and. assessments or insurance premiuttts, a5 the case may be. when the same shall become due and pay-
<br />aMe, then the Mortgagor shalt pay to the Mortgagee any amount necesary to make up the deficiency, on or before
<br />fire date when payment of such gmund rents, tares, assessments or insurance premiums :hall be due, tf at any
<br />time fire Mortgagor :shall tender to the Mortgagee, in accordance with the provisions of the note secured hereby,
<br />full payment of the entire indebtethtess represented thereb}•, the Mortgagee shat{. in computing the amount of such
<br />iiidtbtedness, credit to dte account of the Mortgagor all payrttertcs made under the provisions of (aJ of paragraph 2
<br />hereof which the Mortgagee has trot become obligated to pay to the ~erretan• of Housing and l~rbsn Development
<br />and an_y balance remaining in the funds accumulated under the provisions of !Ei of paragraph ?hereof If there
<br />shall be a default tinder any of the provisions of tlti~ tmtrtgage re-ulting in a puSlic sale of the premixes covered
<br />hereby; or if-the Mortgagee acquires the property otherwise after default, the tbrtgagee shad apply, at the time of
<br />commencement of such proceedings, or ai the time the property is otherwise acquired, the balance then remain-
<br />ing in the funds accumulated under fG/ of paragraph 'l preceding, ss a credit against the amount of principal then
<br />remaining unpaid under said note. and stall properly adjust any payments which shall have been made under (aJ
<br />of paragraph 'l.
<br />A. That the Mortgagor sill pa>• ground rents- taxes, assessments. water rates. and other governmental or municipa~
<br />charges, firers, or impositions. far which provision tees not been rtade hereinhefore. and in default thereuF the Mortgagee may
<br />pay the same; and that the Mortgagor will prop^tly deliver the ufTtcial receipts therefor to the Mortgagee.
<br />5. The Mortgagor will pay alt lazes which may he levied upcm the Mortgagee's interest in said real estate and impruve-
<br />ments, and which may be levied upon this montage ur the debt secured hereby ibut only to the extern tkat such is not pruhibit-
<br />td by !aw and only to the extent [hat wch wilt not make this loo : usuriuusi, but excluding any income tax, Stale or Federa{,
<br />imposed on Mortgagee, and wilt fife the official receipt showing such payment with the Mortgagee. Upon violation of this under-
<br />taking, or iftht Mortgagor is prohibited by any law now or hereafter existing from paying the whole or any portion of the afore-
<br />said taxes; or upon the renderingot any court decree prohibiting the payment t,y the Mortgagtx ur any wch texts. or if such law
<br />or decree provitks thaE any amount w paid by the Mortgagor shall br credited un the mortgage debt, the !stortgagee shall have
<br />the right to give rsicety days' written notice to the owner of tae murttraged premises. requiring the payment o[ the mortgage
<br />debt If such noticeltegiven, the said debtshalt beeline due, payable and coHec[ibie at the expiration of said ninety days.
<br />6. That should ht fail to ~y arty sum or keep any covenant provided for in this Mortgage, then the Mortgagee. at its op-
<br />tion, may pay ~ perform the same. and all expenditures so made shalt be added W the principal stem owing on the above note,
<br />shall be secured hueby, arsd shalt bear interest at the rate set forth in the said pate. unlit paid.
<br />1. That he hereby assigns, transfers and sets over to the Mortgagee, to be applied toward the payment of the note and ail
<br />sums secured hereby in case of a default in the perfurmancc of any of the terms and conditions of this Mortgage ur the said
<br />note, all the rents, revenues and income to br derived from the mortgaged premises during such time as the mortgage indebted-
<br />SwGSS sAaff remain unpaid: and the Mortgagee shall have power to appoint any agent or agents it may desire for the purpose of
<br />repairing said premises and of renting the same and calteciing the rents. revenues and income, and it may pay vut of said in-
<br />CgBtes eh expenses of.rcpairin;g said premises and rrecessary commisxiuns artd expenses insulted in renting and managing the
<br />simcmtd ~ txtlkctittg rentals therefrom: the buiance remaining, if any, to be applied toward the discharge of said mortgage
<br />itddebtdtvess.
<br />& T~tt be well keep the impravernen[s now existing or hereafter erected un the mortgaged property, insured ax may be
<br />requited from time to tune by the Mortgagee against loss by fire and other hazards, casualties and contingencies in such
<br />atnantAttt amt far stxh pd~ads as-may be tttquired by tell Mortgagee and wit! pay promptly. when due, any premiums on such
<br />irrattrattcc pravisiaa for payment of which has trot been made hereintxfore. All insurance shad be carried in companies ap-
<br />proved by the Mortgagee and the poheies and renewals thereof shall be-held by the Mortgagee and have attached thereto loss
<br />payabk clauses to favor of and in form acceptable to the Mortgagee. Inevtnt of toss Mortgagor will give immediate notice by
<br />amt tatiAie:-Maetttagee, vfAa reay make-proof of istss if Prot made promptly by Mortgagor. -and rack insurance company can-
<br />;eAtod ia,htxe~y srethorized and directed to make paymetxt for such loss dtr~Uy w the Mortgagee instead of to the 4tartgagor
<br />aad the Mortgagee jointly. and tht ittaurastce proceeds, or soy part thereof, may be applied by the Mortgagee at its option either
<br />;tt t~ereiioatof.tite indebtedness hereby secured ar to the rtstaration or rtpairof the property damagtii. fn event of furcate+-
<br />sure4f#itiktt~va otLet.trattsfsr at:titie to the mortgaged property in extinguishment of the indebtedness secured hereby,
<br />alt rtgltt -title truerast at the Mortgagor in and to any insurance pulicties thin in force shah pass to the purchaser or grantee.
<br />That ~ additiitttal end cofitttetat security foe the paytntni of the elute described, and all sums to btectmr doe under this
<br />adratft~e. the ltfnttyor hereby astrigns tit tbt Murtltagec ail grafus, revenues, ntyatties. rights and htnefi[x accruing W the
<br />coder any and ail till oral Bas- treats on acid premises, with the right to receive and receipt for the same and apply
<br />tbeat to said ipGtr(p~cs of wedb!eftn°e as after default in the t:otuiitians of this mortgage, and the Mortgagee m;9y demand, sue
<br />for and rect+vnr arty allele payments when doe attd payable, but shalt teat I,e roqu#ed so to do. 'This assigntntnt is to ttrmmaic
<br />oriel bu;ome null snit votd upon repast of tfiix mottle; ''
<br />i+utrest+ast to-ra>
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