|
$1.,,,,i} U 4 8~ ~
<br />(1) month pri.-rr to its dire dart t:'€t annual ntortg irta:rattrt nrtm:unt in order *.o provide suit heldrar
<br />with fiords tv pay sik#t premium to the Secretary of Housing and Urban Cxveloprsrertt pursuant tv the
<br />24atiortal Hotistng Act, as amended, and applicable ltegulatirms ihtreunder: yr
<br />(f}) if and so long as said note of turn dart and this instrument are held by the Secretary of Housing and
<br />Urban I3tvtioptrtttrt, a rrtiitttltly charms fin beer nja rrxfrtgage insurance premium) which shalt be in an
<br />amaint equal to one-twelfth (I(12) of tote-half (tl2) per centum cf the average outstanding balance
<br />due on the note computed without taking into account delinquencies or prepayments:
<br />(b) A sum dual to the ground rents, if any, riext due, pros the premiums that will next hecrxrre due and payable on
<br />policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on tht mortgaged property fall as estimated i4t' the Mortgagee) less ail sums already paid therefor divided by Eht
<br />number of months to elapse before one month prior to the date when such ground Bents, premiums, taxes and
<br />aa3ctsmenu will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre-
<br />trrsurrrs, taxis and special asse~r+tents; and
<br />(c) Ali payments mentioned in the two preceding subsections of this paragraph and all payments to be made under
<br />the Holt secured hereby shall be added together, and the aggregate amount thereof shall he paid by the Mortgagor
<br />rash month in a single payment to be applied by the Mortgagee of the following items in zhe order set forth:
<br />(f) premium +:}targes under the cvnttact of insurance with the Secretary of Housing and Urban Drvelopmtnt,
<br />or monthly charge fire lieu r~l'mortgage insurance premium), as the tact may br;
<br />(lf) grvund ants, taxes, assessments, Gee and other hazard insurance premiums;
<br />(IIt) interest un the Hatt secured hereby; and
<br />(lV) amortization of the principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly payment shall, unless made good by the Mort-
<br />gagor prior iv the due dart of the next street payment. constitute an event of dtfauit under this mvrtgagt. 7Tte
<br />Mortgagee may col}eet a "late charge" nut to exceed fvur cents (4ttj fiat each dollar (51) of each pay+nent more
<br />than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments.
<br />3. 'fiat if the total of the payments made by the Stortgai?or under r h/ of paragraph 2 pmcrdtng shall exceed
<br />the amount of papmenic at~tually made 6y the ~kfrtRagee for around rents. t.azps and assessments or i!isurartce pre-
<br />wiu~; as she ease nlay t.e, ;uph rrrrsc, i( the loan is current, at the option of the Mortgagor, shall be credited by
<br />the 3brtgagee on subsequent payments to be made trv the Mortgagor, or refunded to the '1ivKygagor. If, however, the
<br />monthly pmymenis. tt+atie by the Mortgagor under (bj of paragraph 'preceding shalt not tie sufficient tv pay ground
<br />matt, taxes and tise#os.'•inent's or inwirance premiums, a:= the crv5e may be, when the same shall become due rend pay-
<br />abte, then the Mtirtgtigor shrill pay to the R4orcga,gec any artrount necessary to make up the deficiency, on or before
<br />the date when payment of such ground rents, !axes, avseasments or insurance premiums shall be due. If at any
<br />tiiac the Mortgagor s}iali tender ttf the 'ttortgager.tn accordance with the provisions of the note secured hereby,
<br />full payment of rice entire indebtedness represented thereby, the 3lvrtgagre shat!, in computing the amormt of such
<br />indehtedciess, credit to the arrtwnt of the Mortgagor all paymrnts made urrtier the provisions of fu1 of paragraph Z
<br />hereof which the Mortgagee ha.~: not become ubligatrd to pay to the Wcretary of !lousing ~nd t'rban [k•vrlopment
<br />and any balance remaininf: in the fund* accumulated under she pnAS'isions tff i b1 of parafiraph 'L herevfi'. IF there
<br />shat) be a deftwlt under any uF the provisions of phi, nwrtgage rrsultini; in a public sale of the pn=stti:~es covered
<br />hereby, or if the lbiigagee actprir+tts the property- rsiherwi.-e after default, the 19uripager -trail apply, at the timN of
<br />the commencrmeni at wch proceedings, or at the time the properh is othrrwisr acquired, the bulaner them remain-
<br />ing in ilre funds acttimulated trotter € `:t of paragraph '_' prra•rding, ;r- a credit af;ainst the amount of principal then
<br />training unpaid tinder maid Harr. •and -.hall prcfperly adju.4t .+ity pavm«nt- which -hall have born made under f or/
<br />of paragraph '?.
<br />d, That the Mort~tvr gill pay ltround trots, t.rxrs, assessments, Hater rata,, and u[hrr guvrrnmental ur murtiripaf
<br />charges, firtcs. to irnpusitiuns. for whuh prtFSisian ha> nut terra niadr terrrinbrf~xr.:anJ in drfautt thereof the Afvrtgagce may.
<br />pay the +t':ne: aced t:~t ttre M€Kttt~u ?=;" proatt3tty Jrhvrr thx ert}ie;i+i rscttps. th?ref=_+r to the Mort{ar~ee.
<br />3. Thr Murtitagw~ wits pay ati tarts whnh may hr ievitd uptm the Murtgager's :merest to raid rrai esta[r and impruvr-
<br />mtnis, and which may tfr trvird upon tors mortgage or the debt ,reared htr;<t-p,ba;z unty to t ~ rat4nt that =u-4hts out pruhibit-
<br />td by taw and only tcf the txierri treat .°ucf< Kill Hui trrakr this [scan usurts;trst, t-a3 rsztudir~ any is+~~,~+tt tors, Storer cu E-'=dtr;tt,
<br />imposed vn Mortgagrr, and will fife the ofAcwt recrtpt showing such payment with the Mortgagee. Upon viulathm of this under-
<br />taking, or if the Mvrtgagor is prvhibittd by any lac. now ur hereafter existing loon paying the whvlr ur any portion of the afore-
<br />said [arts, or upon the rendering of any court Je~ree prohibiting the payment h} the Mortgagor or any such tarts, or if such taw
<br />or dtcree provides that any amount su paid by the Mortgagor ~h;rli tie creditcJ un the mortgage debt, the Mortgagee shat) have
<br />the right tv give ninety. days' written Hotter to the uwrter of tnc m:xtgageJ prrmists, regwnng the paymrnt of the mortgage
<br />dabt. If such rrotire be yjven. the said debt shalt lrecvmr Jur, payable and collcctiblr at the expiration of sail ninny days.
<br />ti. That shoukt rte tail tv pay any sum or keep any covenant provided for in this Mortgage, then the Mort t!¢igee, at us up-
<br />titfn, rnaY pay ter perform the same. and art expendittues sv made shalt Ile added to the piini;ipal sum owing vr, the shot°t rtotr.
<br />shad he speared hereby, and strati brat imertst at the rate art forth m the said note. unlit paid.
<br />7. That he hereby assia~[r5. transfers and seU over to the Mortgagee, to be applied toward the paymrnt of the note and alt
<br />stains created titrtby in arse u(a default in the pcrformancr of any of the terms and cunditivns of this Mtutgagr ur the card
<br />none, a8 the reties, revenues and income to tx dcnveJ tram the nturlgageJ premises during such time as the mortgage indcbtrd-
<br />tmss steal! rrttiain unpaid; and rite Mtutgagrt ,hart have power ur appuim :any .tgrnt ire agents it may desire for the purpose .rt
<br />reppirittg*=nid premises and trf renting the corset and a~tleetirig the rents, revenues anal itrurmr, acrd it may pay out of said m-
<br />coatCa ail rxptnses of repairtititg said Premiers and sircessary vvmmissirnrs and expenses incurred in ranting and managing the
<br />carne and of eoiteedng rentals therefrom; the balance remaining, if any. to be applied toward the discharge of said mortgage
<br />itidehtttirtrxs,
<br />t3. drat itc wilt ftttp tree imptovrnttnir trvw rxi~ting ur isrrraftrr rrcr=red ..n t`rc r+rurtttagect prtfprrty. insu€ J a :nor: err
<br />rihtd €rotn time to titnz by tl~ klortgagsc aggittst tvsa try rite and other hazuds, r:asu:iltirs aoct A:rnirttniirs in su4h
<br />amounts seed for such prxrivds as may tx required by the Mortgagrr and wit! pay prumptiy„ w tern due, ;ray premiums un such
<br />issutaner provision fee paysnttit of wttiih has not ifetn made herrintrtf~ue, .4t1 insurance sh:Atl tx carried to .ompanirs ap-
<br />provrd by the htortgager and tot tX3tirirs aitd rerreaats thrrtvE slrclt br hrtd by the Mtutttagee and ha+e atsathrd ttrcretu loss
<br />payatde clau9es in fAVili of and in form acccptabfe to the Mortgagee !n event of fuss Mortgagor will givr immeJi»te notice t+i
<br />rrtirl}ht the Mortgagee. w$w rosy shake pstruf of toss t€ tuft made pruinptty by '~utgagcu. seed rash insurustce ~ssttpany eon-
<br />crrtud is hprrhy autbtuixed and direcltd !o make paymtm for such kiss direczty to the MvrY&agtr instruct of hr the :.ivrtgagur
<br />and the Mttrt)lagce jpititly. and the iiisuratiet proceeds, a any taut ttierrtf. may be applied tfy the Mtutgagtc at its option tither
<br />• fa the etduCtiisti ~ the itidrbtedtuss hereby utureJ yr to the rcsturasiAm cu repair of the property daanaged In curter of forcety-
<br />sure of tttis tnt>tYgagp ur other trzattsfrr of title to ttit mortgaged property in extitrguishnrent of the indebtedness se+:ureJ hereby,
<br />all right title: sad interest vt the Mvrtgagcu in acid tv any insurance policies then in farce shalt puss to the purchaser or gr<intre.
<br />~. That as addititrriat and tvtlatrral security fur the payment of the eiaNr described. and art soma k? t+rcuntr Joe under this
<br />rnirrtgA~e, she t1#itrtot.itpt'ehy assigns to the Mortgagee art prvfits. rf;verittes, royalties, rights and t+enrEts accruuty to tt>;
<br />Mttitgi';gtTi' uttsler arty aiitfkil tstl soil gas teases on card presti~x, wiitr tar right t rc4ri.r a'iu rrrzipt fur t.°,r ,a ,nd :;pp'=t
<br />tiraru tsx ;,ate irtihrbtra'sss as wel} ~firz ~z after Jr` ~ r=. `~ .n'+d:i' _ ° .his r^~, tw..~._> a .d ttie M;*rtgr nrav JenrarrJ, sac
<br />'rirr and rtrstvrr arty such payments when due and paya'v~. c`ar`t shr.lt inn t:r requi , ,.; .t.• ?';:ss .r .:~ ... :rrr±iitr~•tr
<br />and txc~rrme Hutt and void upon rrteasr `this mortgage.
<br />-. .~ wcrn-g21AJMlyaQ)
<br />
|