|
~l~ t)t)478~
<br />(1) mantfi prior to its due date the annu$1 mortgage insurance premium in order to provide such holder
<br />with Wends to pay such premium to tee Secretary of Housing and urban I3eveiopment pursuant to the
<br />National Housing Act, as amended, and applicable Regulations thereunder; or
<br />(1f} t€ and ao long as said rrote of even date and this instrument are herd by the Secretary of Housing and
<br />Urban I7tevebptttent, s rnonthly charge fin fiery of a mortgage insurmtee premium/ which shall be in an
<br />amount equal to one-twelfth (lJl2) of one-half (l/2) ptr 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 grotmd ants, if any, next due, plus the premiums that wit[ next become dtre attd payable on
<br />patfcies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property /art as estimated by the Mortgagee) less all sums already paid therefor divided by the
<br />number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and
<br />asseaamenta wilt bectirtx delrnquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre-
<br />miurrra, taxes and special asseaatnents; and
<br />(e) All payments mentioned in the two preceding subsections of this l~aragraph and all payments to be made under
<br />the Hate 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 tri the fallowing items in the order set earth:
<br />(i) premium charges under the contract of insurance wtth the Secretary• of Housing and Urban l~velopment,
<br />or monthly charge 1 to lieu uJ mnrtgagr insurance l,rt>mium/, as the case may be;
<br />(11) ground rents, taxes, assessments, 13re and other hazard insurance premiums;
<br />{I!1) interest oa the note secured hereby: and
<br />(lV) amortization of the prinapal of said Hate.
<br />Any detic~Senty in the amount of any such aggregate nuinthly leayment shall, unless made goad by the Mort-
<br />gagor prier to the due date of the next such paynirnt. cemstitute an event of default under this mortgage. The
<br />Plon~gea may eoflxet a "late charge" not ro rxrerd fin:r ants 14~) ?irr rash dollar (51 i of each payment more
<br />than tiftetn { I5) days ui arrears to cover the extra expense involved to handling delinquent paymenss.
<br />:i. Thai if the total of the paymie+ttw made by thr+ tlortitiagr:r under ih! of paraftraph '.'. pmcedinq shall exceed
<br />the attwttat of payntetlts actually made by the \&irtaagee Gir r,KOUnd rants, taxer and a,ree~ampnt-~ nr inyurarrce pre-
<br />mitlms. ar- the case may hta, "such excess. If the lualr is curmnr, ,u the upiirxt of the Mangagor, shall be credited by
<br />th°'„?:,.;"t-F~,,...-=uv~.p,:R ;:a fi,F:ss ,., t: -adr t,. :hr e:.: ,..rfu:drd to ther en~ga :f. h:...-va•r. ahr
<br />[mmthly pttymt nos made by the lfortgagor under ; ~,; of paraRraph4~precedtng+shall nor I,e sufficient to pay ground
<br />rent, tttaey and r~yc+a*trtstnents ur insurance pnrmtum,,, a~. the ca.r ma} be, ishen the same .hail became due and pay
<br />aloe, 4hea the ~rtga ~ihall pay €a the #~rtgagrr any amount nta•i+s~ats iu male trp the dnfit~icne~y, an ar lrotor€+
<br />the dtie, whMn pa~rment of srx'h grscund rs>rtts, tare-~, a~~r-patent-~ ur insirranre premiumshail be due. If at stray
<br />tinni ttm Nortgrtgttr s#talt tender ta the ttartq:tpee. in acrurdanrr xith the provisions of the note secured hereby,
<br />tnif payment of the tvttrr~ indebteihir., represented thereby, the ttitrtRagrr shall, in rompntin;g the amoWtt of wch
<br />ntrirltter$trss, credit ro the arctiunt t,t the httwtgagw nil pa~tr,entr, matte uttdt:r dte prucrsirrru u(rujof parsgraph
<br />hereof rvitich the tiongagre ha-. not ix•coror ahiigatrd to pay to the',rrmtary of housing _nd (Than Uevetvixncrtt
<br />and env balance rnraaining in the fund, ar•rur~utuu•d unitrr Ihr pn,risurnn u(r ur paragtuph '_' heriyrf. If three
<br />shaEi br a default under any arf the pmvi~iorr, eat aht~ morut;y+.r• n•~ulttny? m u public ~alr of the prrmiKr.s covenxl
<br />hereby, or if the. ltortgatCre uciltt[m~ thr• pn,prrty ather,rt~r aftt~r default, the \kxtt;akra• -hall apply, at the time of
<br />ttw rarmirrrnrrment of verb prrrrr~dintt;, a,r at the stmt= the pntpcrty :_ „thrrains• acyusrrd, the ha{an:'e ttttn rrmain-
<br />inK in thc• tund,t ncrumulauvi unrh•r ' ; of paraKraph ! prr•ctxt[na, :t- :s t rrdtt a¢atn~t the amount of prinrtipui then
<br />ts~riiining unpaiid taitderwaiil n+!U~. acrd ~hast pr..pPrly ud;v~r .~iv payr~c•nt~ „bleb -ball h~tr fiaerri tuadr under ~ c%
<br />€*f y~ajrh =,
<br />a" fttxt the 4tart~.rgrat Wit!? pry ~;re*utkl lent,, laic+. .,,~~ -,i:sent,. `.rater talc,, ,,rxJ ether ~u,efnmrnlal ar In Wirtipal
<br />ttint~Ma, titres, e,! nrtttte,ttiuns. lac uhah tir:rt t+it:i! ?sis nt,t ta:rr: ,::~°Jc nrr rttttarlu!r. a!x# rrt .ietmui! !ttrtraf the \luetgsegre mat
<br />~y th>: 4'~ittre; an~i tirai ttx ~lurr~".-+~t~r ++1.i ,?: ,artrgit ,14n.ct tnr n -~ ,t sc ci{.is irtcrct,~r ;s• ii~c ~#art~;i~rr - -
<br />mrhis, en+r uhi+;h Wier t,r levied upatn lh[, tnartg:aEr ear tier tteht ,r~utrci he[rtiy ttvll wanly to ihr etlrnl tlirl ,uih t3'nalrpiutritMi~
<br />e~ t3y lava 'and tsnty i, leer estenr tnat ,i ~R ire.. i'+ii atiaAc trn3 cttt,f: it-rrtr rail, i. matt eveturttn~ ~ni trtttatne is#, >{$i~ ear t-rttttat.
<br />r~tptiY~;i t,n iHtlrr~a~e<', .trtt3 >•'~it rile t~ i:tlE~iii Tli Cat,i a~4TM lit[, ,irln (=3k:iirrtr >t liri rlrC ~raigSt~fCC. tipi,Fi k ri)i:intui l)t tlti3 ttri{~rr-
<br />lailtbr~, e,r tf the hltirljtrgt.rt i3 pn,httnlyd h! .a,ty Ire uau ru hrrraftrr eu,trny trr,nt pa}ing the wht,se ar any rwrtntn trf the aturr-
<br />,aid laze+, r,t upon the rentierirty,at any ttwrt iiet ire prtthibtttttg the paynrtni i,y the Mrrttgiigw to any ,wh Ea tr3, tx tf vtith iar«
<br />itr drertr pre,vtdr3 troll any amuurn ,~, peed by the ttsxtgag.rr ,ha(i hr .rcdrtrd .n rhr rnvxtgt~r delis. tnr 4t~xtgagee ,tsall ha,r
<br />lift rgyht togivr rtinat4 day 3' vrritten rwtitr ra the a+a+rxr of rhr murtt<ayprd prentive3, reyWnryi the payment of the mungage
<br />debt. t( Bitch nuti4r be given, the salt delft vhalt be.tx[tc der, pay at+lr and cotktuhk at the expiration err 3sud ninety dav,.
<br />A. That sh+xrW ter tad to pay any ,um ar -eep any ~u,raarst pruvtdrd iur in thr3 4ltxtgagr, then the Mongagrr. at it, up-
<br />tttln, Wray pity` aJr pCt~ttnttu !hr 'iattiC, ittkt art rkprndlttRrr3 ,rr nt.-ttlC slwli bC adtkd to lire prtiq:~ytll stem awirtft on fix at1u,C tHrtC,
<br />vhaU tsr settueal hereby, .ual ,hrdl tteu rnlrtr+t at the rare ,rt forth cis the wed iywe, until pact.
<br />'. That hr hetrbv asvrgn3. transfrty and xr, afar ro lira: tttirtgayee. ro fir applied toward the payment of the note and :ill
<br />3wriv art; toed herrhv ttt ca3e pl a dt'tault to tort !.rrt.rrsn~»iF' ~+! any at the term, atttl tttndrtxni3 of tht3 4ttxtr ar the 3ttrd
<br />ante. alt ihr: rents, revenues and ut.trntr tt.r hr derived front the uturtytagrd ptrnti+r.3 durrng vuth untr a, thr murtttage utdrlurd"
<br />r~s vhall reruain u~~; wad tt~ !t9wtpaypre vhali teat. a po><rr a, appoint any agent ur :Wrrnt3 a may devise for the ruixpcuE at
<br />rtpairrttg said pserni ~x and arf r~~ i +:itns acrd ,~trrte~ttrrit tl~ rtsnis, tai vesrtter~ acrd irc4+ntr. tn$ It rttay pry tint :,i ,a~ tn-
<br />ceme±! all szpenus of rrparttng serif prrnttsrv mod nrr:es',ary trxnmuxnuis wad exprnacs ittctu~td in rentit~t ant! maitagtrtp the
<br />Berne anti vf' cr?tit~ rentata rhtrrtrum; the batante retnairting, rf any , to he appltttit t{rw$rd the dtsthatgr <if ?lard mortar
<br />tndetaterlnorx.
<br />S. `tit hr wNt ketR ihr unpravrntettt> tes,a rsistntg t+r herraftrr erected err the mtat~rd p[aprrty, ursured av may br
<br />rri# itriyttt time to time in° its '~t~'igr a~,aitr{i It3aa by lire anti aihrr itazarda, tavuatiies and 4anringrntirs iri sorb
<br />*uttta ani3 te}r =_ Qerii~< .~ "tiz; t+~ ri~virctt E+y tt~ ~~*tte a?~~ ai?t pay yt4~rpita. ~h~n ds,:. arty t±rrr~! x t- ••n jt<.:?a
<br />itts+trasmc pttivtvit,n fist paynrrnt al uttx:h tins nor t,rarn maivtr hererritx:ftne. 4tl msrirante ,hat? hr carrtrd to t unpanar, ap
<br />prrrv~l the !altut~ thg ptrlh;~s amt r€t~+satx tlttrrtf# shut hr htkl by rite ttruttg~re and hstvt attaa:tktl [hrretr, k,3a
<br />Wit.' ck~a !rt tavtu of in twin aei.~ iri err Mirrtaagrr In event of Sass Mtxtgagt+r utif rise immediate ni,itte hti
<br />Ittail f,[t thin Mttr'ttr, a+-het relay make prtxat of loe,v d nvu made prompter try Mortgagor, and each insutantr trxnpany tt,n•
<br />c~rited ix #e;~ts~,- i3ut#ttrrixiati and dtrtcted to tnalti= pay~irnt Cor such loss directly to the it#cittgaagr`s= instead of to the tfartytagor
<br />the fi~rxt~tiaee !~`. qnd tier insttriinee prgccrvts. ea any tin thercaf, may he applittr by the Mrxtgagrr at it3 optie,n either
<br />to the ns+dtutlunvf the itedebirdrlcss htrrrtty secured ur to the rrvttrratixrn to repair trf tree property damugtd In evrnr taf ttatrtir>-
<br />t~r~ ts( ttti,i rnrtrtte or iytttre trans#er of titre to the ?ntxtraterd praprrty to rstitrguishnrent of the iratttrtrdnr„ srturrd hrri•!+v .
<br />zsll ri¢ttt. tNlr gtt,t int€le,t of the ~Ac+rtgiytru rat and to any insurentr ptShc~> then in faratr abaft t>1ta5 tti the putv;~alsrt t:t gtartter
<br />y. Tlxt as~tdttttinxl acid titatrtxt aeturity for the payntrnt ref the [is;tr rise:r!h~?, aitst ill sot»4 ttz t*ri:ar;r tttar u!ttlar ihi,
<br />ttarrtyyigr=, t#s tr~#crrtgtar hereby assrgtts tv ter tittutya~c atf pnsitts, rr±vcntre,, r.isaJtirac, rtgtttx and tstrt@tfta a:truttyt tt+ rtte
<br />ttiott~?t{tt»r tlAilri any anti all i>ir and gas teavts r,n veld prrmist+, with the tight [o rrtrtec and retript r"er the same .urd app?y
<br />rbetn ta,~hi uydabdtter<t aF mefi h+rfirtr . after treraiitl in tl~ tcxH;tltii,n3 ref the, nurxr~tr, atni ihr tit.,rtgrgrr nr,iy :remand, vise
<br />fs=r ~ -=_r*e;« ~ 'fix 3~t„t-- ~k~t". ~°'~ R~~ ~~` , : i1S*t ~ystr=z= },~ i,= :.~ s trr5 .a5:s~~-:3rn€ €ti ,,: t~.ri.r~3e
<br />i~r<t~tr€ nuts and vtitri trpt,er rasea5r a,f ifri'f err+r=t~;ig~. -
<br />.-,~ rei:t' Ntt+1}M tY try[
<br />
|