|
81--~u4~2f~
<br />t t) month prior to its due date the annual mortgage inwraate premium to order tv pravidt such holder
<br />with funds to pay sects premium to the Seactary of Housing and Urban Devetoprrtertt pursuant to the
<br />;3ational lfousing Act, as amended, and applicable Reguiatirms thereunder; or
<br />{II) if and so lofty as said note of even date and this rnstntmetti are held by the Suretsry of lfousing and
<br />tJrbsat Devedaptrrent, a rrtantltly dtargr fin fire of a ntrtrrga~ irtstrrartce ryrrnrfum/ which shalt be in an
<br />amount equal to one-twelfth (t; t Z) of erne-half (1 j2} ptr centum of the average outstanding balance
<br />due am the note cartputed without caking into account delinquencies or prepayments;
<br />{b) A stem equal to the ground rafts,tf arty, next due, plus the premiums that wtTl rrext become due and payable on
<br />polities of fire and other hazard inwrance covering the mortgaged property, plus taxes and assessments next due
<br />rxt the mortgaged property (alt as estimated by the ifrirtgagee) less alt sums already paid therefor divided by the
<br />number of rnanihs to elapse before one mooch prior to the date when wth ground tarts, premiums, taxes and
<br />assessments wi0 betotnt delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre-
<br />mittrra, razes and special asaeasmtnrs, and
<br />{c) All payments rrmntioned 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 shalt be paid by the Mortgagor
<br />each month in a singer payment to be applied h+' the Mortgagee to the following items in the order set furt}t:
<br />"{T) premium charges under the contract of insurance with the Secretary of Housing and Urban Development,
<br />or motlthly charge jin lieu rr( m~~rtgage insurance prcnnu»r), as the case may be;
<br />(li) grrrund rents. taxes, assessments, Cue and other hazard insurance premiums;
<br />(ltl) merest an the note secured hereby; and
<br />{[V) attwrtization of the principal of said note.
<br />Any deficiency in the amount of arty such aggregate ntontlth payment shall, unless made gaud by the Mart-
<br />gagar-pear to the due date of the next such payment, cuostitute an event of default under this mortgage. Tht
<br />Mortgagee may socket a "late charge" not to exceed fot;r cents (4tt} far tack cioilar 1511 of each payment more
<br />than fifteen (t 5) days in arrears to cover the extra expense involved in handling delinquent payments.
<br />.;. Thal if the weal of rho paytctenty made by the Uortgagor under t b+ of paragraph 2 preceding shall exceed
<br />the arsawat of paymentu aa~tualty made by the tbri~¢agee for eround rents, taxes and asaossments or insurance pre-
<br />miums, az; the rase may ere, mouth excesti, tf the Ivan i5 current, at the option of the Mortgagor, shalt be credited by
<br />the klotiRa~teer rx, ~ub~gttent garment. t:r ere made l,r the Einn$agor, or refunded tr, the itortgagor, lf. hn»ever, the
<br />rnemthfy payments rrtade tTV the Maxtgaftctr under ! bi ui paragraph _' preceding tihai! net tTe suff'ecient to pay ground
<br />rent, taxes turd as:+eztsment, ur intarranre preraium.~, a: the ca::e stag' be. when the tame .haft became due and pay-
<br />aWe, then flee ~iortRTSRm %halt pay to the ilartRaker~ any artwtmt nc~eKean~ to male up the de€iciettcy, on or before
<br />the data when payment of ~ueh ~mund rent-. t:tte-~.:t~:•r~„~mrnew or intiurattce pmmiums shalt be due. tf at any
<br />time the Atrmgagrrr T<EtaU lender to the ttartaagee, in areordanec vx9th the provisions of the Hate secured hereby,
<br />felt payment of the entire indebtedree.4= repreYented thereby-, the tlortgaQee ,hail. in computing the amount of uch
<br />indebtedness. credit to the accarunr of the Mortgagor ;rli paymenas m.rate under the txavisians of tu) ad paragraph 2
<br />hereof which the lbrtgagee ha,: not t,tvume obligated k, pay era the ~ereetun of Itau::ing -.nd t'rban Devetapmeni
<br />and any balance cxamairting in the Fundy accumuluti:d under the pnrvi~i;ant aF r br' of paragraph "_ hereof. It there
<br />shat! 6e a default under any of the proYiyian- of this marts<are re.~ulting in a public male of the prnmi~et covered
<br />hereby, or if the lltTt'tgaKeo acquims the property othersri-e after deluult. the ibrtgagee ~hatl apply, at the time nt
<br />the camm~mremertt of ouch trroceedinci, or at the= time- the progeny i- utherwi~e aeyuirerf, the balance then crmain-
<br />ing in the funds aceurnuisk{d unto+r i ~: i of pangtnrph '_' lrn=cavfing, a> u craK(it ;t{taintit the amount of principal then
<br />remaining unpaid under .said Hurt=, and Khali properit .rd~u:-t any pa.ymivlt~ Khir•h ~hatl hart been made undo+r (,:'
<br />of paraptralth ?,
<br />a. That the 5lortgt!(Fa>r w-ill pay ground rent, ta>:e.. ax,e~+mrnts, eater r:tte+. nd „tttet guvrrnment:tl oa munir:ipal
<br />cltr<rgr±. Ernes. err impo.itions, i.sr wtT,ch pr.FvTSion ha: sot n r n:.Je hrr:in6efurr. and :n d:fau'-s !hereof ells 4lsxtg~„et Wray
<br />pay tts2 same: anti that she Murt-ar a itI prc~~rrftiy- dell=-er the ctths:ial receipts therefor trT the'~sxtgagee-
<br />S. T-t~ MixtgagaT( !t-!It pay all taxes 4hll:lT !n.-?, r,r lC a'!eU Upon the 4iixigagee 4 anlCre~t nT seed real r±tate and ImpritVe•
<br />_ .h:_ ,~ t t.. .,;,a h ..r,.-. th „ te, ! r n, :.T . n.,T nr~, tt+rr-
<br />Rrzis's~, ~md `ictr.ra ~.- ., a ,gag-. e- _ c.r - -~e:.`trr_ r... _ .u t,ttl. hr ex-C--- th_- sutih!_ - h - -
<br />rd t:v Ea~w and onfY to the rxlcat~that suett wilt trot rnakt this lean usuriousi, t+ut excluding any income tux, State or Federal.
<br />imposed on Mortgagee. and will cite the utlicrat rccetpf shuw•rng su.:tr payment vvtth the Mortgagee. !:pan aiaTtatian of this under-
<br />taking, sx if the ivfungagor is prohit»ted by any lea new or hereafter existing from paying tttr whole ar any portion of the afore-
<br />said taxes. or upon the rendtring ut any coon decree pruttibmng the payment by the Murtgagar nr any wth taxes, or if such law
<br />sir decree provides that any amount w paid by the Murtgagur .trail he credurd on the mortgage debt, the Mortgagee shall have
<br />ttx right io give ninety days' writ!en malice to the owner of sett mortgaged premises. requiring [ht payment of the mortgage
<br />debt. ff such merles be given. the said debt shall txcome der. p:,::a, tr unit cntlechWe at the expiraiiats of said ninety days.
<br />6. 'T'hat should he fait w pay any wm art keep any cuverrtu,* pn,vidrd fur in this Mortgage. then the Mortgagee, at its up-
<br />txrtt. may pay aTr portarm the saner, and ati rxpcttdnusrs so made shall be added to the principa) sum owing nn the atwvc twee.
<br />shalt he secured hereby. and shalt bear interest at tfue t^ate act forth !n the salt noes. urttit paid.
<br />That ter hereby assigns. transfers and art. over m the tturtgrger, to hr applied toward the payment of the near and at{
<br />wms secured hereby in cast of a default m the perfurmancr of env i,f the terms and cundinarts of this Slartgagr or the said
<br />trait, sit rho rents, revenues attd incunts to hr derived from the mortgaged premisrs during such time as the nux[gagc irtdebted-
<br />rtoss shalt ttmain unpaid; and the Mortgagee shall have power to appcum env agent ur agents it may drxirc Cur the purpose of
<br />repairing said premises and u! rrttting the same and caikeeing the rents, revenues and income. and it may pay out of said in=
<br />ca~rr. alt eraprnsrs of repairing said premises atui neeesaary cumnussiuns artd expenses incurred in renting and managing lttc
<br />sattnc and sTd calkrling rentals thercfram: the batantr remaining, if any. to (te applied toward the discharge ut said mwtgttge
<br />ittdetitCdnoas.
<br />?f. That err will trrcte !hr improYemcnts n.+u rxi+ting ur hereafter rre~trd on the mortgaged praprrty, inxurrd as may t+c
<br />re-attired frurn tiros in titnc by the htzrtz l+inct tus by fire and ether hazards, rasuuhirs and .vntingrncies in such
<br />amounts atx( far such pet`itrdt: as may ter required by tt~ !dartgagcc acrd! w~Ul pay pre>mplly. when due, ferry premium: an arch
<br />ittwrartce prarisiixl far piaytmnt aTf which has cwt k+rrn made tterrtnbefaxr. Alt insurance .hall hr earned in conepanies ap
<br />p~raYeti by the Murtgttgec attd rho policies and rertewats thereat shat! t?r held by the Mortgagee anal have attat:hed thereto cuss
<br />pgyahar ehtuses in favor of and in form atteptahk to :he Mortgagor. to rvetu of hTS+ lvttTrtgagw will give immediate nutia:c my
<br />iE_#+y the ham. who-may mats pru>tr( of k*ss if not madr promptly t+y Mortgagw, and each insurance oampany v'on.
<br />s~ctted is hereby auiborizcd and directed to make payment {err such tars dttrctty to the Mortgagee instead of to the `vfaTrtgaltur
<br />arN4ilto Alsartgagoe jointly, and the itisuraate proceeds- ar any part thereof. may-t+r apphrd try^ the Mortgagee at its aptuan Tither
<br />to the t'6~~tiult crf-tits indehredttess hsretty oersted ar to ttu resiaratian ~ repair ut the praprrty damaged t!T event of farrckv-
<br />sgre tti this ttwrtgage air other transfer of tilt to the mortgaged praprrty in cxtinftuuhmem of the indebtedness secured herrbv.
<br />sit right, tilt tend iMrrxst of tlM Miutgagar in and to any insurance polities then in t'axce shall past !o the per. haver s,r rtrantaz.
<br />q. 7Mtt act additianttl and cs,tiateral security fix the payment of teat note descntTed, and sit aunts us become ,Sue ut,drr rhos
<br />muttgntto, tPtc ?lkrttgs-git,r hereby assistts ta: tfx Marge a!f prafifs, rrvenurs. ruyaitiea. nghn amt hertrfits accruing t., the
<br />t,~rartr ut afar anrd ~ tt~ ant( gas Scawra cu'! rats! premises, v+ith ittr rrphl to receive art;1 rrreript fx lltr .amt :gnat apply
<br />!hero In +:aaid ittttobted~ss of well bcfaxr a+ after degault,ur slt~ eotaiitwit. of this rt,urtgagt. and the !4fur map .Ternana, arts
<br />far artd res;sTVet :any strCh p,tyrntnts wtren der ante ttttyatrle; Erttt s?r~t ter rSatuaeai . t:, 3u i hie se~igmr~nt to to te: ntcrastz
<br />ttttd brcurne Hurl anti void upi,n retest of this mattJta~a:.
<br />r,i,iU rr2t#JM l9~rlrt
<br />
|