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<br />81-t-~t~346K
<br />{l) month prior to its 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 amended; and appfiicable Regulations thereunder; or
<br />(Il) If and so long as said note of even date and this instrument are held by the Secretary of Housing and
<br />Urban Devekrpmant, a tnobthly charge (fn lieu of a mnngage insurance premium) which shall be in an
<br />amount equal to one•twelfth (1(12) of ane-half {t J2) per centum of zhe average outs*.anding balance
<br />due on the note computed without taking into account delinquencies or prepayments:
<br />{b) A sum egos) to the ground rents, if any, next due, plus the premiums that wilt next become due and payable on
<br />poticyes of Cite and outer hazard insurance coveting the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property (¢ft as estfmateri by the Mortgagee/ less all sums already paid therefor divided by the
<br />number of months to eiap~ before one month prior to the date when such ground rents, premiums, taxes and
<br />assessments will become delinq»rnt, such- sums to be held by Mortgagee in trust to pay said ground rents, pre-
<br />miums, taxes and special assessments; and
<br />(c) All payments rnentianed in the two 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 thereof shall be 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 />• ([) premium charges under the contract of insurana• with der Secretary of Hausing and Uroan Development,
<br />or monthly charge (in flea of ma~rtgage insurance prenriun+t. as the case may be;
<br />([I) ground rents, taxes, assessments, fife and other hazard insurance premiums;
<br />i.Ell) interest an the Hoer secured hereby; and
<br />1. j amorw.atwn oft pnnapas of sera na e. -
<br />Any deficiency En the amount of any such aggregate ;nunthly payment ,hall. unless made gaol 6y the Mort-
<br />gagor prior to the due date of the next such payment. ; <,:tstitutr an event ui default under this mortgage. The
<br />Mortgagee may called a "late charge" oat to exceed litter gents toy) for each dollar t S I) of each payment more
<br />than fifteen f 15) days in areas to cover [he ex[ra expenu invnsvcd in haredltnc delinquent payments.
<br />i_ Thai if the total of the payments made by the ~brteartar under ~t.+r,i paragraph l preceding shall exceed
<br />the atnotmt of payment, arwaile made by the jbrtgaeree for ground mot.=, taze4 :end ayes=menu or insurance pre-
<br />miwas. a3 the case may be, wch excess, if the Eoan is current..rt the opt1airt of the Mortgagor, shalt fx credited trv
<br />the 4fortgagee on =ub~requent payments w br made to the vtottattgor, ur reftmded to the Martgagor_ fF, however, Ehe
<br />monthly payments tmade to the Mortgagor under rb; of paragraph ~ precedmti shall not tie sufficient to pay ground
<br />rent, taxes and as~eseraertta or intnrrerece premium:-, a~ ihr race= mss hr- .then the ,ame -halt became due and pay-
<br />able, then the ibrtgttgru z+h$l) pay to the Mortgagor env atnotrtu net•r--acv to make up the deficiency, nn ur before
<br />the date when payment of ~tnrh ,ground mot-, tasr~, a-sr.=-[nrnt4 nr m~uranre prrmiume =heel br due. 1f at atrv
<br />tittle the Mortgagor shall tttrtder to the 1Mttgaa<re. in :urardanre s+t#h the prove.-tnn~ of the note scoured hereby.
<br />full pavmMtt oje the ttntire indebtedne-~ rrprez;rnted thereby. rhr lktt`rgtpre hail. to computink the amount of wc'
<br />iredebttn6tes~s, €xedit e@ t~ ~cetxrnt of the Martgagor .xti payments made under the pravtsions of (a1 al Paragraph Z
<br />hertruf which the Mortgagee haw rear ber•attrr oblikated to pay to rhr• ~rrrrtxtry ui Roaring and I=than Dryelapntent
<br />sad any halanct rettraioirtk in rite funds accumulated under the pntst-trot- of • ; r,f paragnrph_' tietrof. (E th€Ke
<br />ttsll br a default under any of the pntvi*itm.~ of this trurrtreFr rr-oiling ir, a puisiic <uir .ai the premises covered
<br />hereby, or it the Mort>`arter acrptires the pntperts ntherwi-r after rirfauit, the lktrtgager Khali uppl~i, at -Elie time of
<br />the commencement of <uclt procerding~, or :at rhr time rhr pn,perty t- ot_hrrwi4r acyuired. rhr laaiance there namain-
<br />ing in the- funds aea~umulatcd uttdrr ,-, +rf paragraph -! prrri~ing„ a- a crrdi# agatm.~t rhr amount ++t principal dten
<br />rraeaininK unpaid under wid rtuk-, :teed ..knit properly :idju-t stet patrtrrut_~ which -h:rit ha.c• been rnadr under ra?
<br />of partytrnph .t.
<br />3. fhat rhr bturtgagur wilt par ftr~ound terra. Wxrs..as.e-srrents. a+-.:ter r,xie.. and ,~ihrr 4uarrmrrarntal r+r atuntcipai
<br />charge<, tine+, ur napusitiuns. fur which pr.tviawrr has nut ksecn tnadz heretntxturc„,nd tr: <irfnult ttaeteof rhr 4lartgagee may
<br />{xvy rhr wmr~. mnE that tine lortgagor wilt pet+rntxit deliver the utTieiat rrcrapta therefor to the i~tortgager.
<br />s T'he Hrtrtgagur well pay a!E text. which may t?r toned t:pua the 4tvrtgagre - in?cr'rst msaid era! r,[;tte and tmprove-
<br />mrnts. anJ which ma} t!r levied upon this rn.rrt,{:tgr ,>r the .trot sra.uted ttrrrhy (hut unit iu lire rstent that such is oat prohibit
<br />rsl by law amd ooh iu the extern that saih wil! nut make thi+ loan usurnw_,i, lztxt rx.ludang any incvrne Urx. ~tatr ur Federal,
<br />it»pttsed on Morfigagee. ;and wilt tilt rhr utlici.d receipt shuwmksuch pay meat with the ytartgagrr. t peen viuiauon of this undrr-
<br />taking, ate d the !4lartt~ut rs pnthihiird by ens law rntw u[ hrrra8rr a sa.uEtg (rum paying the whose or any pardon of the afurr-
<br />sald taxes. ax upon the rendering of an} court drerze pnthtbi?tog the pay nrent t,y the tiktrtgagor or any such taxes, nr if such taw
<br />ur drertr preside:that any amount su paid h} rhr 'slart?zagur .halt k+e arr+lueu art the anur(gegr debt, rhr 'vlvrtgagec shad base
<br />the right to give nicety days' written nuttce to the .+wnrr vt the nawtgagrd premises. rryuiring rhr p:ryntrnt of rhr mortgage
<br />debt. 1f such rtauice t+r gives. rhr said dent shall becantr due. payatt{e and cvllectible at Cite expirativn of said ninety days.
<br />6. that should hr fart tv pay any sum or keep anycvvenaut preceded for in this Mtxtgagr, then the Martgagor, at its op-
<br />tion, may pay ar perform the same. and all exprriditurrs so nude shall hr seeded w tree prutcipai sum owing an ~hrpbave note,
<br />shall br srctued hereby, seed stkali bear intrust at rite rate set froth in tkrr said note. unEii pant.
<br />?. That !te hereby assigns. Eransters :end seta c,vrr to the Wortgtagre, so be applied [i,ward rhr payment of rhr note and. aEl
<br />sums secured hereby in case of a defeat[ in rhr pzrforntxnce of ally of rhr terms and condiuun, of thin ?rfartgagr ar thesis!
<br />Hate, all the amts, rrvrnurs-and tncame to be derived from rhr mortgaged prcmisrs during such time as the mortgage indrhted-
<br />Mss shatl rrttwtn unpaid; and the Martgagre shall have power to appoimr any agent ar agents it may drain far rhr purpose of
<br />raps"trig said premises and of renting rhr same and cctlkcting tier rants, r+:vrnues and income. anal it ntay pay out of said in-
<br />catttes all rxpenr~s of rrpairirtg said pretnises and necessary commissions and expenses mcu:red in renting apd managing the
<br />saunc and of txdtectingrcntats therriram; the b:rFanee rem;uning, if any. to he applied toward rhr discharge of said m+utgage
<br />indebtedness.
<br />fl, That he will. keep ttte itrrprovements now rusting ar hereafter crrc•~d an rhr mortgaged prvprrty. insured as maay t+e
<br />required from time tat tune by tree Mortgrgee against loss by Eire amd other ,wtards. cexraltirs and cvntingrnciz; in such
<br />ttmasrttGt sad foe such periods as may he required try Ehe Mortgagee and will pay pnrtnptly, w lien due, soy prrmium., un such
<br />instraitcr proYrsion for payrnrnt of whlch has twt born made hereitrttriare..~tt insurtnr:r shall be iareird in cumpauirs ap.
<br />proved by the Mortgagee alai Elie pc+iicies seed renewals thcrevf shatf hr bred by the Nurtgagee and have auachrd thetety foss
<br />payable clauses its fever Uf seed in form acccnta6{e to the 'yfortgagrc. En rvcn€ of loss yiurtttagur a ill give immcdiatr Helier by
<br />tttaii-tq #IIG ~dottgagoe. who tnaY sstaltr profit trf Inca if Herr made promptly by s~tartgagor. nd each insurance company cun-
<br />crrne~l is Aerc6y attthsstizsid and duetted tv make payment for sueh 3os drrectly to the Mortgagee instead of to rhr Mortgage+r
<br />xrul the ~txutgdfget jo€)sify, ar# the insurgt?cr pt}rcreds, err any part itrrrrvi, may hr apptir•3 by rhr Mvrtgager at its uptian eithrt
<br />w else rrtlurfiini of leer itttetlness ht'frby st!cured ar to the rrstaratian or repair of olio peaprrty damaged. f n <, rot +.f torrdu-
<br />stEre CdtiEix ~ ar rtiBher tearisfttr is( title to the mcutgageci pri}perty in extinguishment of rhr indet+tcdnes ~rcured trerrby.
<br />all riy~t. t'ttlc ahdrlgtere5t of the li4ctiigagt}r iu iznd tv any insurance pctlicirs thin in four shalt pa.+ to the l,ur it r cr ut srr Herr
<br />q. l'itat as xttditiaynal seal ettitatrrat security fez iltr payment of the note drscribrd, and a!! sums tsr t+ea`ynn due vit+ier this
<br />rrrt+rfgagc, tttc'adu(lgag[tr hrsetsy assigns tv the #i:,r#t;:t~rt -all protit4, revenue.. tuaEtir+. rights seed hc.tefits <knrirt~t to the
<br />qtr under an}~ anti all tell and gas Srasrs nn said prrtnrsr+. with the right to c c vc :end receipt far the same and app}y
<br />them to fain i~eh#edrarss as well beiarr aq after default its the € xnditiuns +f this mnrtt.nK<. ;rn.i rhr ~tart'tg`tt4xre +na> dcrn.and. care
<br />for seal rrra5ver arty sire:-h pttyrnrnts wahrn due tend ftiasuftlt, heel s)aall sett br rryuireJ say ?+~ dn. ;"his assignrrrrnt is tst trrmrttate
<br />and hecrnng null and va+id up;rn rricass (ri this m:+rt~gc.
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