|
<br />{I! month prior to its due 4atr the annual mcsngagc insurance premium in order to provide such border
<br />with funds to pay stkeh preni,ium to the Sacretary oaf 1$ous6ng and Urban Development pursuant to the
<br />National Housing Act, as amended. and apphrahlr Regulat~irkns thereunder: ur
<br />(Itj If and so long as said =tote of even date and this mstrumem are held try the Secretary of Housing and
<br />Urban Development, a monthly t~tazge /in Bete of a mortgage insurance premiumt which shall be itt.an
<br />amount equal to one-twelfth tltl'_} of one-half 11;x) per eentum of the average outstanding balance
<br />due tin the note computed without taking into account delinquencies or prepayments;
<br />(b) A sum equal to the ground rents, it' any. next due, plus the premiums that wilt next become due and payable on
<br />policies of tier and other hazard insurance covering the mortgaged property. plus taxes and assessments next due
<br />on the mortgaged property loll as c'stimateJ by the :H~rrgagcci less alt sums already paid therefor divided by the
<br />number of months to elapse before otee month pour to the date when such ground rents, premiums, taxes and
<br />assessments will become delinquent, such sums tit he held by 4iortgagee in trust to pay said ground rents, pre-
<br />miums, taxes and special assessments; and
<br />(c} All payments menuuned m the two preceding subsections of this paragraph and all payments to be made under
<br />the note securtti hereby ;halt 6e added together, and the aggregate amount thereat shall be paid by the Mortgagor
<br />each month ht a Bangle payment to he applied by the Mortgagee to the following items in the order set forth:
<br />(I) premium charges under the , untract tit :nsuran.e wnh the Secretary ai Housing and Urban Devrlopmrnt,
<br />or monthly charge (vt lieu :1! rnrrrtgage insurmrcr- prerrtiurrrl, us the case may be;
<br />(ll) ground rents, t;ixe_. assessments. ftre and other hazard insurance premmms;
<br />fill} interest on the note secure) hereby, and
<br />('14j amorttznnan of the principal of saaJ Hate.
<br />Any detlciency in the arnount of any such aggregate monthly payntrnt shall, unless made gaud by the Mort-
<br />gagor prior to the due date of the nett such pay nteut, ctmsptutr an even[ of default under this mortgage. The
<br />Mortgagee may collect a "late charge" nut to reseed frulr outs 1-lstl fur each dollar f51 } of each payment more
<br />than fifteen (l ~! da>s to arrears ar ~uver the extra rspense involved m handling delittquent payments.
<br />$ That if the total of the pa)ment~ made M the 1lurtgaior under r!.! o!• paragraph ? precedinK shall exceed
<br />the amount of payment_~ acwaliy made by the ttunf(apee for r!mund rent=, taxes and a~~e~.~ment.~ or insurance pre-
<br />mium. a< the ca-e mat he. <uch exra'ss, rr nc~ lento rti current, at the option u( the Mortgagor, shall be ere-diced by
<br />~h., w.rr..~t,,. „„ ,„l„+nq„eat psy etentr u: tie made bt the Nortnae!or. ur refunded to the \1ortf;aknr. If, howevor, the.
<br />~+unthl;t payment.. mark by the Ntxtgagor un,ier • : of partgrtptt _' prccc~lin~ shall not tee sufficicnc to pay grtxmd
<br />rertt, taxer. and a-'~es.ment~ +x sn~urance pn'mium-.:tom the ca-.e may' be, when the ame shall Ix+cnme due and pay-
<br />able, khen the )krrt~:tgur -+ltall pat to ihr• liurtk;t~r•r .tin amount n+•r.e-pan to mak+• up thtr deficit•ncy, on ar before
<br />the dote w'hett pavmwtt of much remand r+=nt-. raze-.:t.~-e~~m<=nt- or tnsuraance pn3miums Shull he due- if at any
<br />time the llrtttgttgrtr -hall Cender to the 1~{rrrtgag+=+'. tit accord:un~o wide [h+• prom-:ion- of the note secured heieby,
<br />FuH paymcgtt of the= +=otter mdebtr><inr><- rr•prr~enls•rl then=by. the \htnFaf;ee -h:t11, in computing the itmount of such
<br />indehrctletc:s+, credit ro the acctxtnt .>( the 'tturtEtagur all payments made undr r the provisions of t„i of patraKraplt ..',
<br />ht=rt>,t( which the= ~trutr:aa+=+• ha- nut lwcumr +,bli2att=d in pat to th+• w•t•re•tar} of lluu;in;; .nil t them Development
<br />an<i env balance n=maimns tit ihr fund- ar+'unxrl:urd undw' ihr pruyi~totrn of of partpraph :' hen•uf. if there
<br />-hall he a default under ;tot of ihr pr'nyt<tnn~ nr ihr- murti:ta+• rr-ulun. in :t puttlic Talc of the premises coyen•tl
<br />hereby, or if the )krrtga,e+=++ :u'gmrr•- the prop+•rti urhrrwi-+• ufu•r drfutdt, th+• )lurtt;:tgrr• hull .tpply.:u th+• rim+• of
<br />the commencrmrnt of ~ut•h unrcrrdine:>. or et the nmr• ihr property t~ uthrrwi~+• acyuirrd, the halaner th+•n remuin-
<br />inK rn ihr fund- accumulated under' • - u( uant;trrph pr't•+'rdinC. a- .e credit atsimt du• atnouni of pnncipul then
<br />retmainint unpai{l under maid truer, artd -hall uruperly .tdiu-t .rot lt=rtmrnt- wht+•tt ~h:ttl ha+r been made und+•r ..
<br />of pa~r~,r~h '?-
<br />3. That the ifurtgagut will pat gtnurxt stn!=. ease,. a,nr„mrnt+. ,.atrt !1ur,, .aril .,thee gotrrmnrnta! or munsrpal
<br />i butte@,. t1nC,, or ImpO,InVn,, t.;t which pn+,IHUn ha, riot t`rrn rtiliC itrtCnibrl utr..tttJ In Jkta Ut{ therm+f ihr ltung,agrr rn'.Iy
<br />pay tltr 4:tnae. and that the 4~tut[g;tg,tr ,+ili prume?tly Jrliyer the .+flitr~i trccire, eirt•rri+;r to ehe nrrti;aier
<br />She °kt L+rlla_1'itr Kltj pay left ra\(, H..Sl tl ni:ra t'C4ttrlt l,pi+r, mr ti ik,}~?r_ iniCr2zi %. ~saii! •r:3t S ... .:.rcl :.. rt12'-
<br />.:rrnts, and v htch coos !~ is*izd tepee:-~ chi, ;ra.:rtk;:gt .+r the Jcht ,rurr.! hrtet,y tent! ,rri3S t.+ tree : aunt ttl:tt ,tte'fr r, rkrst prunrftat-
<br />4 t`y [;3'.n• ar ~ ,,,t,. tr, Etrr r,.rnt - --- nr-,r :~ .nr r.- t e xi-_te„tu,,. ,~u, r<,~.iiJinz i.... ...~ . „ r iPr !'C-vrr~::.
<br />_ t,~ 3 t±n ~r-_t~t=•<'c ~ 1 art! f:.r th;- ufti-~?.r_..pt ,tt,rwrng,uch puytr:erit with the kii?rttt:tgrr. l;pun1t++!anun e?i' th» unJrr-
<br />taking. or if der ~{txtgagur t, pmh+barJ by .im iu+: now ,u hrrenttrr r.nnuF frurn pa} mg the whuk or ,uo fxarun sf ihr afore-
<br />wid toxr,, ur upon the rendrnnp of .rot .curt Jeerer pruhit+iong t.`,r part meat hr the ~iongagur ur ant ,uch rate,. or d ,uch law
<br />ur Jeirer pruyiJr, that am amount ,o p.uJ hr the \hatg,~or ,halt hr creditrJ nn ihr rnurtguge Jrht. ihr Sfikriguger ,hall base
<br />the nght to gar trench J:ry, wnitrn ~tuucr t,~ ihr :+~-net ur ihr nxtrtgagrJ prrmue,- requiring the payment of the mortgage
<br />Jrht if ,ucft rtrrtair !x gtyrn, ihr ,arJ Jrht ,hall hr, .+me Jue. payable ,rnJ ,:ullecnhle at the cxpttanun of ,aid rinrh day,
<br />h that ,hnuid hr furl to p:ty any ,ant or kret .myue'enantpnyyrdeJ for tit thi, >tortgagr. then ihr 4lurrg;rgee, at ih op-
<br />Can. may pat err perform ihr ,ame, anJ al! r+lxrtduurr, v+ made ,bait hr aJdeJ t+r the prutctpal ,um nw'utg tin the ,shut r note.
<br />,hall !x ,rcureJ hrrrby. air) ,halt bent :ntrrr,t -d the rrte +rt torah in the ,:uJ note. until p:tiJ
<br />(hat hr hrrrt+y as>tgtt,. tran,frr+ and ,rt, o,~er t.r the 1l.xigngrr_ to hr -ippircd t.+eeard the payment of ihr nuR• .end ati
<br />,ant, ,reurrJ hrrchy m is+r tit a Jetauii rn the prrfr=m,tncr .+t ,stn of the n•rrn, .,nil .:unJtuun, ui thu ylurigege or ihr ,atJ
<br />n+kr_ nit tier truly, revenue, and asinine rn he Jerked tram the muriksgeJ rrrnn,r, Jurntg ,uch time :;, the ttrungat;r ntdrbteJ-
<br />tree, ,hail remain unpard, eml ihr blortgeger ,halt hair power r.:.tppouu ,an agrot .rr ,sgrnh a may de,tre tar ihr rurpo,e ul
<br />rrpainnt;,;etJ premt,r, anJ of rcnung the ,amt sod cr3lrrnng ihr !rot,. recenur, anJ income, anJ n may pat out of ,aril ut-
<br />,,,mzs all exprn,r, of repatrrrttt ,Jed premt,r, and nrcr„ary cunrrnt„iun, anJ rxprn.+r, mcm'rrJ in renting and m:tnztittng the
<br />vttmr and tit nltrcting rcntr+l, thrrcfr~+m. ihr hatarece r;ma:mng, sl ,sn+ tr+ hr applied toward the di,charge of ,aril murtgtge
<br />rrttk•htrcitM+s
<br />H that he well keep the tmpru+crnenh to+w rv,ung ;+t hcrruiter rrectrJ nn the nturigagrJ property, rn,umJ a, may hr
<br />n•L••x•••J ft ,±at ti:rtC ix+ time by t~ Lirxrytrere :rst:+tn5t !ts„ by fire art) other har:ud,. ~asualne, and ,;rnungencir, nr ,u, h
<br />t wnty aml fur ,u=_•h t'Errtxi, ,,, may hr rryuxrJ by tltc• it urtcayarr and will pat prnnrlniy .when Jur.:tn+ perineum, nn ,uch
<br />inuratce prayisrn» fur payntrnt of wtrtth ha. our t>e€n :ir;tcr frrresrilyci ate iii sn,nt:n~ic ,hall hr .arrtrd tit .:+rn Poore, ::t`
<br />pruya=d f^y ihr Martgrrgrr <+std the txrln~, and rrnru ai, therrs,l ,hail t+r held t,y the M+utgagcr and base attache) thereto !w,
<br />pityat?ke clause, ire fav+=r irf uml rn iorar accaptahfe in the S$urigagrr !n event .tt lt:,- siurtgai<nr utll gte-r tienneutatr nvucr /~}
<br />tttai! t+, thr'+ltsngsgre uhu may make proof tit I++„ rf nut mode prorrtptfy ray 41+rrtgagor. and each uuurance company con-
<br />cerned s, hereby uuth,xurJ :tnif deer. trd to nwkr payment fur ,uch ;u,s directly [o the Mung;tgrr rn,tcaJ tit n+ihr 1lorrgagur
<br />and the blurt~tg~ yr*rntly. _+rut the rn,uran.r nrucerJ,..u' any part ehcrruf .may he .rpplieJ ttv the x9urtgagrr at rr„+pUutr etthrr
<br />tv tlrc reduc3i.tn ,tf the rndrhtrdne„ tterrhy ,ecurrJ :,r ;u the te,tc+rauun ur repute+;t ihr pr,+pr•riy damaged Ir. r, rot „t furrcln~
<br />.urr c+t this m~wr}jagr ~ xhEr rran,frr tit rNir t* the: rnun~agrd property ur ratnirtur,hmrnt .+t ihr rndrhtr+irre,• ,c•iu:eJ t~rrhs
<br />tit'trtttr, frtrc oriel rntrrr,t of fire y.#yntgtgur +n ,roil rt+.sny m,ursnc e^ pah: ir, rfsrn to f<+rcr ,h,sll pa, .,+ the tort ha,rr „t ur:;ntec
<br />r3 Thar a, ai#+lNtcarra: asiti e+=+iatr+-~i >r~ur+t: €en ihr;+;;.rr:r+u td ihr aH+ie de,tiarh:J anti -rlt aum, o+ t.r-.-Dine due tooter ihn
<br />^.ts.+rfg tree. tear tfurt~ags=r herri;, 3-„rgn-, i.r ftre duitg.st;c:° :ill pr=>;ti,.. ,rsrnur,. ;, ..;;err,. rg;hr: .nsF hr ^eln, a.afuury; tr+ rite
<br />41+xttga;f+N u!kler any otter .ail iui and iFa, Ee+s.e, ,_;n wni prrrns,+;>.:, sth ihr :rg#it t., rr+etwe .,rti re,. etpt for ihr .ame .rnJ .rppi,
<br />9'~`+x k3 t;rt¢et.t?3cdruy., _- welt cFf.tcs a, xftrt Jrfauit m S}tr cundnusn, .:r .hu rrr:rrt~axc- anti rhr tihvigaa;ce :n>n ,irnrsnd_ wr
<br />!;r« ,sqe!?r.5,4 ct 7'ry _H,h ;?:ly nte'.nt, whCn Jtrr anti paYahie. lint air.+ti r><rf r,x r-:xt.n e. ,. i bra :,a;gnt;r€r~; :, i„'. ,,nrt..ni
<br />ate. "mss r_t,n~ yr«v€i at`sFa s.=s.. -'r~3r4 ._ +...~ .-s rhro mx•riry:i;~i'
<br />
<br />
|