|
1
<br />Si--ooz7o~
<br />(I) month prior to its due date the annual mortgage insurance premiurn 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 amended, and applicable Regulations thereunder; or
<br />(II) If and so long as said note of even date and this irrstrutnent are held by the Secretary of housing and
<br />Urban Development, a monthly citaige 11n4feu oja mo-tggge insurance premium) which shalt be in an
<br />amount equal to one-twelfth (t/12) of one-haff (i/2) per centum of the average outstanding balance
<br />due on the note computed without taking into account delinquencies or prepayments;
<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 />policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property /at! as estimated by the Mortgagee) less all sums already paid therefor divided by the
<br />number of months to elapst before one month prior to the date when such ground rents. premiums, taxes and
<br />attttesatnents will become delinquent, such sums ro be held by Mortgagee in [rust eo pay said ground. rents, pre-
<br />min~~s, taxes and special assessments; and
<br />(c) AU payments mentioned in the two preceding subsections of this paragraph and a!I payments to 6e made under
<br />the note secured hereby shall be added together, and the aggregate amount thereof shall he paid by the Mortgagor
<br />each month in a single payment to be applied by the Mortgagee to the following items in the order set forth:
<br />([j premium charges under the contrect of insurance with the Secretary of Housing and Urhan [kvelopment,
<br />or monthly charge (in lieu vjmortgage insurance prtn:lnml. as the case may be;
<br />f II) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />{III) interest on the note secured hereby; and
<br />(IY) amortization of the principal of said note.
<br />trey deficiency in the amount of any such aggregate monthly payment shall, unless made good by the Mort-
<br />gagor prior to tht due date of the next such payment. ctnistitute an event of default under this mortgage. The
<br />Mortgagee may clttlrct a "late charge" oat to exceed four cents {4it) fur each duDac (51 } of each payment more
<br />than fifteen (t S) days in areas to cover the extra expense invi,lved in handling delinquent payments.
<br />:t- That f F the total of the payments made by the liortgagor under %?, ~ of paragrsph 3 pmceding shall exceed
<br />the amount of paytttent~ actually made by the lkrrtgagee for r_~uund rent_~, taxes and rise=.ment>v or insurance pre-
<br />tuinms. as, the rase may bo, _vch excess, if the loan is current, at the option of the Mortgagor, shalt br credited be
<br />the Mortgagee on .subsequent payments to be made by the lfortKagor, or refunded to the \tortgaKor- If. however, the
<br />monthly payments made by the Motgagor under ; l./ of paragraph _' preceding shall nut !,e sufficient to pav ground
<br />rent, taxes and asseassttenta or insurance premium-, a, tht• cam-r mx+ be- whrn the ,ame hall become due and pav-
<br />abie. then the Mortgagor shall pav to the tlortgaeee any amount noes--an to make ap the deficicnc}, un or before
<br />the date when payment u€ such gmund mnis, iaxe~, aK-e~yment~ or insurance pmmium~ shall ix~ due If at any
<br />time the Nortgaltor .hall tender w the tMngagee, in accordant•e with the provi~ian.~ of the note =eeured hereby,
<br />full payment of the entire indrbtedne.~~ «*pre.t•ntcxl therrbi, the \krrtgaeerhalf. in cnmputin~ the amount of such
<br />indebtedness, <vedit ro the account of the Mattgagar all payments made under the provrsions of : <,; of paragraph _'
<br />hereof which the Mortgagee ha-' curt became abfigated w pa} to the kcretan ut Ilou~ing and t'rban Development
<br />and ant balance remaininK in the funds arrumitlated under tht= pn,ti~ion~ rtf i:, of para;,rraph ?hereof. If ihtv'e•
<br />=1ta11 be a default under any of the pmvi-iun~ of chi- mnnua_e n•4ci(iiryt; in a public -qtr of the pmmi.~r~ cu:vred
<br />hereby, or if tlee Kfirt~er acqui re'< the praperts otherwise after defauh, the llungupee -hall apply, at the time of
<br />the rommettcement of -urh proreeding~, i:r ar the time the property i~ utherwi-r acquired, the tralancr then rrmain-
<br />iRg in the fund= acrumulaud under %,• of paraPraph ~' p«•c,•din~. a- a credit :~atn-t the :unnunt of pntt<-ipal the=2
<br />remaining unpaid tinder ,aid mite, and ~hxlf pntpa•rly adfu~t :my pavm,•ni- which -hall haste been made under ir:
<br />of paragraph :',
<br />4. "That ihr Nortgtgor wilt pay ground rem.. totes. ase"rnenL. ~catrr rate,. anJ .+i her g,+i ernatcncii iir munttipai
<br />charges. floe,, ill imp.tsitianc. for which ptl•+i.ton ita, nor hero made t;errtnt+rforr.:tnd m Default thrrri+f the titl+rtga}trr may
<br />par the same: and that the xtur[gagtx will prumptit dehcer tf[t,+tl;;;iaf rr~eipts iherrfar tl=the lfort>;agcr.
<br />c. Tttt \fctrtgagur wtil pay alt rates which ma+ hr levied upon rhx htortgagrr `•. tmerrst m ,aid real estate anil impneve-
<br />ments, and which may hr fevitd e{xm thn m•,rg;tgr ,+r the debt x.urrd hereby ihW imly to the ctttnt that such t~ ^ot peu}:ihit-
<br />ed by law atxi only to the ettrnt that ,uch wtfl n.it make this loan uwnuoc+. but rt~tttiling any income tat, Starr or l~edrral,
<br />impostd on Mortgagor. and wail file the oflictal receipt showing such p:nment w4h the \{ortgater L'glin +itit;,uun e1 tttt= undrr-
<br />18king, Uf If tht Mc+llgagrr I, pR+hlt+t[rD h1 :rnl taw nVw i+r ftrfrat lrf rxi+(Ing fri,m pii4 colt [hC whole to any pftrlton Uf Ihr afafe-
<br />said tarts. ur upon the rendering of any ~uurt decree pr„hihiting the pavrnent h+ the Mortgagor or any ,uch taxes, ur i( such }aw
<br />tx decree provides that any- amt+un! su pard h} the Mottgagtu ,hail hr ~rrdrtrd on the rnungage drt+t. the Mortgageehall have
<br />the right tc+ give ninety ilats~ written rx,tit'e tr the ,owner of the mortgaged premises. recurring the payment of ihr mortgage
<br />debt- !f wch rxxicr be given. itrr said debt shall tk;CUmr due, pa}at+le and cofteaihlr at ihr rtptrtuan of .aid ninriy days
<br />6. That stwuld hr fait to pay any sum tx keep any covenant pfusidrd for in chi, 4furtgagc. then the Mortg&ger. at its op-
<br />tion, may pay tw' perform ihr came, and alE etpertditurec xi made ,halt hr added let the principal cum t+w-ing an the ahave note.
<br />shall rte secured hereby, and shat! E+ear intertsr at the rate set Forth rn the card note. until paid
<br />?. That ix hereby as>igns, transfers and arts acre to the Mortgagee. to ter app{ied toward the payotent of ihr note acrd alt
<br />sums stcureit hereby in case tat a defauh in the performance cf any of ihr term. and conditions of this lLfurttrtgr or ihr said
<br />Harr. ail the rents, revenues aril irtcontr to be derived fmm the rnungaged premiss. during such time a, the mortgage indchtrd-
<br />nexx shah rcrnattt unpaid: acrd the Motgagee shalt have power to appoint any agrm of agents it may desire-far ttx purpose of
<br />repairing said premistx anti of renting ttre same and coltecting the rents, revenues and income. and it stay pay uut,ef said in-
<br />comes alt exprnzes ut repairiftg said pcemista and necessary txtmmisstuns and expenses incurred in renting anti managing ihr
<br />same atad of rxdfecting rrntats-ittertfrt~m; thtz balance remaimng, if anv, to he appiieil toward the diss:hargc of said mortgage
<br />indebtedness.
<br />d. That he wits keep the emprovaments trove riistittg tx here°after erected an the mttrtga¢ed peapeny, insured ns may }te
<br />required from time to time by the Mortgagtr against lms by tier and other hazards, casualties anJ contingencies ir. such
<br />autountsaitdfor suthperieds as may f+e rtgnired by the 4furtgagtr and Witt pay promptly. whrn due. any premium. cn such
<br />itrsuta~t pravisitrn far paytneat of which has niu been made hercinheforr. ill mwrance shall be tarried in companies :tp-
<br />pravtd by she Mcute and the paticies end renewals thereof shall h¢ held by ihr Mortgagee and hoer attatheD thrretc h+s,
<br />ttayatrte clanseto in favor at anti in form acceptable to the Mctrtgagtt. fn event of toss Atvrtgagor will give immediate nutitr hg
<br />tpail to tfte Mttrtgmgec. veto: may !+Lkr ps~+af of lass ii ruN made: ;~rarstptly by Mortgagor, anti zath insurance c,anpan. cc+r,
<br />ccrmul is herc4+y authxized and directed to make payment fttr sucti toss directly tat ihr ~tcutgager insirrd of ta+ the Mortg.9gw r
<br />atW-ihr Mort~ee jaintfy, and the insurance proceeds, ur any part thereof, may tee applied sty the fstcvtt{ager at its option ri[htr J
<br />ht theteduetiart of the itrdrMedttess treteby secured iv to ihr rrsturatittn or repair of tFte property damaged` to event of forrrel,+
<br />sure ofthdt ttwrttWge+ir tether transfcritf title to the mortgaged ptaperty in extinguishment of ihr indrhredtttss secured hereby.
<br />aN ri,~ht_ title acrd intettst ttf the Martgag<>r in and to .toy insurance pctficirs thc!± in force ahall pass tat rttr purthaarr car gramre
<br />'~: That as addititmal and cottattrad security for the pavmrot of ihr note descritred, antlati=sums to t,t:ttme due under this
<br />morrgagc. the Motgagor hcrct!y assytits to the Mortgagtt all praftts, revenots- royahies. rights unil hrricfitx aCCrtling to the
<br />Martatttgtn under any and aft tilt and gas teases ,tn .said premises, with cite right is restive and teceipr fo€ ihr saint and apply
<br />ttdm t~ ;veld-iMrt+tcdnts$ as weft txfwr as aftnrdefault in ihr cxtnditicxts of Ihix tnortgagr. and ihr Mort~gee mar demand, ,tie
<br />fcrr acrd recover any' such payments when dirt and payable, but shall nt+t tsr rrquirtd .tr ;., dr 11tsz at,>itrnrttent i. to trrmm:tir
<br />acid ttcra+mt Hutt atxi yotd upon release of chi. mortgage;
<br />ttUU-92t43At .9-rg!
<br />
|