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ft jr ..-;if, h;r gEt i€s d t1EatQ t.~ art~.u~ n:o=:gs r• f ,.:~r~ : a ,_ ;~ .dF t-rtiz [„~Ed~:°r
<br />with funds to pity siseit premium to tttc Secretary' of IfaFUittn~ teed 1.irP itn I.'~e°ae~l~ pn~rt ^tursuac~t no ttte
<br />'+latior~l lfaus4ng Act, as aruta.:r;ded, and a,i~ble Frig=aiat~cats t,here,rnc.x,r: ,s,r
<br />(II) if and sa loth a; mid Hate of ryes, date and this instr~r:rent art' held by the Secretary of isousing and
<br />Ilttran I3evelopinent, a monthly cfsaz~ i trt tfcu of a mortgage insurance pretrririmj which , -rt be In an
<br />amount equal to one-rwetfth (lfl`1) of :me-half flf~~ per rentum of tare average outstanding aaiance
<br />due on the note computed without taking into account delinquencies or prepayments;
<br />(b) A sum equal to the ground tens, if arty, next due. plus the premiums that will next become due and payable cis
<br />policies of fire and other hazard insurance covering the mortgaged groperry. plus taxes and assessments next due
<br />ar, the ttwrtgaged property /al! as estimated icy 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 />assessments will became delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre-
<br />miums, tares and special assessments; and
<br />(c) All payments mentioned in the two preceding subsections of ibis paragraph and all payments to be made under
<br />the note secured hereby shall be added together. and the zggregate amount thereof shall be paid by the Mortgagor
<br />each month in a sine~e payment to be applied by the Mortgagee to the fotlowtng Hems in the order set forth:
<br />(I) premium charges under the contract of insurance with the Secretary of Housing and Urban Ueve}oilmen[,
<br />or monthly charge (fn free ojmortgage irrsumrece premium j, as the case may be:
<br />(II) Bound rents, taxes, assessments, fire and other hazard insurance premmms;
<br />(III) interest on the note secured hereby: and
<br />(N) amortization of the principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly payment shall, unless made goad by the Mort-
<br />gagor prior to the due date of the aexi such payment. constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed four cents (4y) for each dollar (51) of each payment more
<br />than fifteen (15j days it arrears to saver the extra expense involved in handling delinquent payments.
<br />3. That if Ure total of the payments made by the Mortgagor under /6/ of paragraph '? preceding shall exceed
<br />the amount of payments actually made by the trtgagee for wtnund rents, taxes and assessments or insurance pre-
<br />miums, as the case may be, such excess, if the loan is current, at the option of the Mortgagor, shall be credited by
<br />the Mrtgagee on subsequent payments to be made by the Mortgagor, ar refunded to the 3lortgagor. If, however, the
<br />monthly payments made by the Mortgagor under l hi of paragraph _' preceding shall Hoc be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums, a-; the case may be, when the same shall become due and pay-
<br />able, then the ytortgagor shall pay to the !1lortgagee any amount nece-.racy t<r make up the deficiency, on or before
<br />the date when payment of such ground rents, taxes, assessments or insurance premiums shall be due. If at arty
<br />time the 1lorlgagor shall tender to the Mrtgagee, in accurdanee wish the provisions of the Hate secured hereb}•,
<br />full payment of the entire indebtedness represented thereb}, the Mrtgagee shall, in computing the amount of such
<br />indebtedness, credit to the arcoun[ of the Mortgagor all payments made antler the provisions of /a1 of pazagraph 2
<br />hereof which the lbrtgagee has not become obligated to pay to the ae•cretar} of fiopsing end Prtran Development
<br />and any balance remaining in the funds accumulated under the provisions of ~ b! of paragraph 2 hereaf. If there
<br />shall be a default under any of the provisions of this mortgage resulting in a public gale of the premises= severed
<br />hereby, or if the Slortgagee ec•yuires the property otherwise after default, the ylortgagee shall apply, al the time of
<br />the commencement of such proceedings, ur at the time the property is otherwise acquired, the balance then remain-
<br />ing in the funds accumulated under i 6i of paragraph ° preceding, as a credit against the amaunt of principal then
<br />remaining unpaid tinder said note, and shall properly sdiu~t ant payments which shall have. been made uunJvr %a%
<br />of paragraph :'..
<br />4. 7-hat the Mortgagor wilE pay ground rents, nrxe+, assessments, water rate., and other governmental or municipal
<br />charges, irises, or imposition>. for which provision has not been made hrreinbeCurr. and in driau}t thereof the Mortgagee may
<br />pay the sarT,c: aid #ha# the Mor#gagur will pruntrilY deliver the official receipts thrrefcr to the Mortgagee.
<br />5. The R.orteaoor will pay alt taxes wlri_`r rt3ay hr levied upon the Mortgagee's i:rtrtest in said real ;.state and imF.rove-
<br />r~scn , arsJ w• ; ° - - :,P - --- - - :.. ' -- - _.r the ,deb. srcur~d ^ .~ _ ;bt:€ oni; ., ...~ t: rt that , a ..
<br />ed by law and only to thelrxcentthat ugh w It ncnt m, h= ,u i~ °ot pro htbrt-
<br />ake ihn lean us ra-~, 1+±=t _zs.luding~n e miornz .. . Sea€e ur E'_•dr;al.
<br />imposed cis Mortgagee, and will rile the official receipt showing such payment with the '4f ortgagee. Upon vio}a[ion of this under-
<br />taking, or ff the Mortgagor is prohibited by any taw now or hereafter existing from paying the whale or soy pardon of the afore-
<br />said taxes, or upon the rendering of any court decree prohibiting the payment by the Mortgagor or any such [axes, or if such law
<br />or decree provides that any amount so paid by the Mortgagor shall he credited on the mortgage debt. the Mortgagee shall have
<br />the right to give ninety days' written notice to the owner of the mortgaged premises, requiring the payment of the mortgage
<br />debt. if such notice be given, the said debt shall become due, payable and collectible at the expiration of said ninety days.
<br />6. That should he fail to pay any sum or keep any covenant provided fur in this Mortgage, then the Mortgagee, at its op-
<br />tion, may pay ur perfarm the same, and alt expenditures so made shall hr added to the principal sum owing on the above note,
<br />shall br secured hereby, sad shall bear interest at the rate set forth in the said note, until paid.
<br />7. 'that he hereby assigns, transfers and sets over tc the Mortgagee, to br applied roward the payment of the note and all
<br />sums secured hereby in case of a default in the performance of any of the terms and conditions of this Murtgege ur the said
<br />note, aH the rents, revenues and income to 6e derived irum the mortgaged premises during such time as the mortgage indebted-
<br />ness shall remain unpaid; and the Mortgagee shall have power to appoint any agent w agents it may desire for [he purpcsr of
<br />repairing said premises and of renting the same and collecting the rents, revenues and income. and it may pay out of said in-
<br />comes all expenses of repairing said premixes and necessary commissions and expenses incurred in renting and managing the
<br />same and of collecting rentals therefrom; the balance remaining, if any, to be applied toward the discharge of said mortgage
<br />indebtedness.
<br />R_ That h~ ur#II 4,.er. the imprev~tnent nosy existing or hercaftr-r erected on ti`te ;t#vr#g:isL„ property, insured as may t,i:
<br />required from ti^tc to tints !ry ttse Mortgage:. azittnst hrss by Ere and ether hazards, casualties and arntirrltrneies in such
<br />amounts antf for such periods as may be required by the Mortgagee and wit! pay promptly. when due, any premiums on such
<br />insurance provision for payment of which has not been made hercinbefore. All insurance shall be carried in companies ap-
<br />pro ed by the >!•forigagec and the policies and renewals thereof shall be held by the Mortgagee and have attached thereto loss
<br />payable clauses in-favor of artd in form acceptable to the Mortgagee. In event of loss Mortgagor will give immediate notice by
<br />mail tp the Mortgagee, who may make proof of lass if nut made promptly by Mortgagor, and each insurance company con-
<br />cerned is hereby authorized and directed to snake paytnent lot such {ors directly to the Mortgagee instead of to the 34artgagur
<br />and the Mortgagee jointly, anti the insurance proceeds, or any part [hereaf, may ere applied by the Ivlortgageert its option either
<br />to the reduetitin of the indebtedness hereby secured or to the restaratian ur repair of the property ilamaged. hr went of foreclo-
<br />sure of this mortgage or ether transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby.
<br />elf right, title and interest of the ,Mortgagor in and to say insurance policies then in force shall pass to the purchaser ar grantee.
<br />y: That as additional and collateral security for the payment of the Hate described, and all sums ur become due under this
<br />mort>age, the Mortr~t• hereby yTsigne ts? th? Mortgagee aR profs. revrrues, ruyalLs, tights and benefits aectuing t, the
<br />Arfortu~-tgtrr under any 'and ~#1 oil and ass leas;s on said premises, with the right to receive anal receipt for the sate and app is
<br />them to said indebtedness as well before as after default in the conditions of this mortgage. and [lts '4lortgagee mss drrnand, sue
<br />for and rrecover any such payments when Joe anJ piryatrla, brat shAtl nor ~ required su to Jo This ;:ssign^,trn€ is err trrnrs .etc
<br />and became null and void upon release of this mortgage
<br />__ ,_ NUU~92S43M 19~79t
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