|
C?1'~-VV~/~e~
<br />(i) month prior to its due date the annual mortgage insurance. premium in order tta provide such holder
<br />with E'unds to pay such premium to the Secr¢tary arf Housing and Urban Development pursuant to the
<br />tiationa9 Housing A€t, as amended, and applictihle fteguiatiems thereunder: or
<br />(1t) tC and so long as said note of even date and this mttntment are held by the Secretary of Housing and
<br />[itban Levelopment, a monti:ly charge tin lieu of a mortgage insurance premium/ which shat] be in an
<br />amount equal to ant-twelfth (1(:?) of one-half' (F j2) per centum of the average outstanding balance
<br />due on the note computed without taking into account delinquencies or prepayments;
<br />(b} A sum equal trv the grou*=d rents, if any. next due, plus the premiums that wifl next become due and payable on
<br />policies of fire and o!her hazard insurance covering the mortgzged property, plus taxes and assessments next due
<br />on the mortgaged property (all as estimated hr the .Nart¢agee~ less all sums alread}• paid therefor divided by the
<br />number of rrwnttts to lapse btfare one month prior to the date when such ground rents, premiums, taxes and
<br />assessments will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre•
<br />miums. taxes and special assessments; acrd
<br />(c) All payments mentioned in the two preceding suhsecvons of this paragraph and all payments to be made under
<br />the note 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 he applied hp the Mortgagee to the fallowing items in the order set forth:
<br />(I) premium charge. under the contract of msurartre with the Secretary of Housing and Urban Development,
<br />or monthly charge (in lieu ul'nrrrtgage insurance Irrt•nriwnl. as fhr case may bc;
<br />(Ili ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(HI) interest on the note secured hrrebyt and
<br />(1V) amortisation of the principal of surd note.
<br />Any deficiency m the amount of any such aggregate muuthly payment shall, unless made good by the Mort-
<br />gagor prior to the due date iof the next such paytuent, ;onstitute an event of default under this mortgage. TFte
<br />Mortgagee may collect a "late charge" not to excerJ fin:r cants 14rti tin rich dollar iSl l of each payment more
<br />than fifteen (I ~! davs in arrears to rover the extra expense involved m handling delinquent payments.
<br />3. •1'hat if the aural of dtr payments malt= be die 1lortgagor under f!,! of paragraph ~ ptrcedinfi shall exceed
<br />the amount of payments actually made b}• the \iurtgsgre for around rent, taxes and assos.mertts or insurance pre-
<br />mium. s, the cane may be. such excess, if the Ivan is current, .u the option of the Mortgagor, shall he credited by
<br />the Vlurtga);er nn .-ubeyuent payment- to ter made 6y fhr \tortgaFor, or refunded to fhr ilurffraCror. If, however, the
<br />!=tonthly payments made by the Mortgagor under f!-+ of paragraph _' preceding shall not 6e sufficient to pray ground
<br />rent, taxes and as~es~ments ur insurarue premium., as the t•a.,r mar be. when the, >ame shall become due and pay
<br />able„ then the \toi•tgagor ,hall pap to the \tortgaRtre any amount nerrssan' to make up the defieiencp, on ar before
<br />the date when papmen[ of :+tx•h kround mnt.~, tuxes, asses-merits nr insurance pn•miums shall 6e due. li• at any
<br />Rime the \Mrtga{;or shalt tender iu the 4lortsaaee, is accurdanee frith the provisions of the note secured hereby,
<br />foil Iraymenf of the enf.ire indebtedness mpresentttii themby, the llnrtfiagne shssll, in computing [he amaunt of such
<br />indebtedness, credit to the acawnt of the Mortgagor utl payments made under the provisions a{ (ni of paragraph
<br />hereof whit•h the \lortRaf!or ha= nut become oblikaurd to pay- to the ~ocreutrv of Huusink _nd t'rhaut Ucveiopment
<br />ant] ;my balance remaining in the funds accumulated under the pn=ti=uat~ of '.; of pural;ruph '' hereof. If there
<br />-hall be u default under :my of the provision- r:f this murtgagr rrsultin:; in a uublir :ale of the pn:mist•s t•avrrt•ti
<br />hembp, or if the \lttrlgaf!t•e ucyuire= the propeny otherwise afore default, the 1lortgakee -hall :gapla • :u the trmt• of
<br />the commrncemrnt of such pnueediny,~, nr :u the ame the propert} is otherwise urquirrd, lhr balance then rrmuiu-
<br />inK in the funds arcumulau•d under - ~ of p:tragruph '_' pn•redint;: as a credit t}assin~t the amount u( principal then
<br />remaining unpaid under said note, and ;hall pntperly adjust any p;tv merits which -hss11 hate ht•tat math under ±u%
<br />of parttltrapti '!,
<br />1. Thai the Murtgagur will pa} tr+-•tmJ :rut,. taxes, as+rssments, Hater rate>. ,rout other gusrrnmemal or murucip.ii
<br />.°harg€s. tsn€s.:x inapo,:tta=ns. for .. htch t:rt=. t,sun ttas nut h€€n mssdr hrrrtnhtiure. t„din drf:teit thereof fhr ic.rrgagr€ ma}
<br />~} tha +ante; att.t That the ~1ort:;ug,.rr tt r4! pr::m; t!} tirhver the .r#tiet I rerri, t, thrret.':rr t~= the ;4fort€;agrr
<br />,.
<br />fhe Mtxtgagur wifl pat alt t.rve, tthirh mart ix irvteri capon the aiengrrgrr~~ tntrrtrsr to ,aid rear r~t,nr anti unprovr-
<br />.^, art, an'J •~;;i::t: n::;y :~ !rv :J ,....,.. +tts= ::: tta_axr .:: th...r..t.+ ;r:.e:~: t...~..hy Shut :,.:!: tt= tt:r r ..,t tt:at :,;~~:::- nt.t pt<:!a;te:',-
<br />rd by law anJ aril} to the evtenluthat ,uch +til! nut mske this !oan uswtuus), htit escludutt::mv inrumr t.n.~titatc ur i eJrraL
<br />imposed an Mortgagor, anJ wli Erie the nfii: tat rrrrrpt ,huo=ing,u:h payment aah the Afurtt;ager l-~ ;n vteintr.>n at tht. umi€r-
<br />taking, ur if the Mortgagor i. pn=hrhited h} .rm law now ur hereafter rxistirtg from paving the whole u+ an.t fxmuun of the :+fure~
<br />said tuxes, ur upon the rendering of mty court Jrrrer pnrhihiung the payment by the Mortgagor ur any .uch wxrs. or d uirh taw
<br />ter decree pnrvides that any amount sn pried hy~ fhr ~xtortgagur ,htdl hr rrediteJ on fhr mortgage Jeht. the Murtgagre .hall hate
<br />fhr right tia give cinrty Jag>' written nuuce n=fhr owner of fhr mortgaged prrnusrs. reyurring the pa}mrrtt of fhr mortgage
<br />drht. if such notirr he given. the said J€ht ,hat! hrrotnr due. payahir and rulleruMe at the expuauurt t=f surd mnrty Jay,
<br />ti. That should hr tail to pay any sum or keep any rovenar,t providrJ for ut thn Murtgagr, then fhr Murtgagrr, at d. op-
<br />tion, may pav ur perform the some. and all expendiwrrs su made shad hr added w the principal sum ow utg un fhr aht=t c note.
<br />.halt hr secured herehy, and .hall t=ear incerest at the rate set forth m the .:uJ note, omit pail
<br />', That he hereby asstgru, transfers and sets oter ur fhr Atungagee. to hr applied towaN fhr p.=cment of the nuts anJ :rE"
<br />sums srrurrJ beer-h} !n rase of a Jrtuult in the p€rfurmans:e of any =+f the term. and cundinuns of this Murtgagr ur the s,uJ
<br />nuts, alt the trots. retinues auJ marine to he derived front the morlgagrJ pre•nusrs during .uch ante a, fhr murtgagr indehceJ
<br />ores shall remain unpaid: and the Murtg:tgrc shall have. power to apponn am a~rnt ur apron it m:q drsirc for the purpose of
<br />rrpaidag said prrntiset and of reining the same anJ collecting fhr reins, retcmrrs anti income, and et may pay out of said m-
<br />rumes all tx6aznses of repairing ,aid premises ;md ncrrvsary rumrnissiuns unJ expenses incurred in renting anJ managing fhr
<br />saint and nt collecting rentals therefrom; the halanrr rcrnaining, if an}, m he applied toward fhr discharge ut saiJ mortgage
<br />indebtedness.
<br />%. that he wit] keep the nnpn=vements now existing ur hereafter errand on fhr mortgagrJ pruprrt}. insured as m:iy he
<br />requited front trine h> time by fhr M1iortgagre against los, F.y bee and other hazards. ~asuaL'rrs and runnngrnaes m +uch
<br />amounts and fur su€h ptritxis as m::y h€ regale€d by the :forigage€ and w-ill pay- promptly, when dtrr.:=ny prentrurits ;_:~ socf:
<br />insurance provision fur p:tymrnt of which has nut hero made hrreinbe&rre. All inwrtnce ,hall he a,rricJ m unapames :q=
<br />proved by tht 4{urtgagrr and tht putirres and rrnetcat. ]hereof shad hr held h} fhr Mortgagor :ind h;=tr atiaihrtl thrrctc+ iu,+
<br />payabtt clauses in favor of and in form arcepWble to the Mortgagee. In event of loss Murtgagur w ell gtvr immediate nutlet h}
<br />mail fn the Mortgagee. who may make pn>uf off toss if nut male prompt]} by M1iartgugur, and each insurnce rumpany cun-
<br />crrtrrd ii hereby auiharized anJ directed to make payment fur such hrs. directs}' to the Mortgagee irtstrud of to fhr \hrrtgugai
<br />and the 4lortgagtc jtrintiy, aril [he inswanrr pmitrds, or any port thtrrut, may he applied by the Mortgagee .:t ~n option rnhrr
<br />to [hr reduction of the irtdebtednrss h,:rchy srrurr;l ur to the restUrativ=n ur repair of the property JamagrJ In rtrni ui f ureclu
<br />sure of this mortgage ur uthtr transfer of title to the murigagrd property in rxtinKui,hnirnt of fhr urdrhtcdnc., .rrurrJ heirht .
<br />all right, utlt anti totters] of fhr Murtgat;or rn and to any rnsurattrr pulirrrs then in force ,halt pass t,~ fhr port h,r,ri ur t;rantce
<br />4. That bLS trdditiunat and cu!luterai secttruv fu: the naunent o[ Ihr n:±tr Jr.rra~d..urJ ai! ,utrr. to hrc.nnr Jur uridc•r fhr+
<br />rnortga~, t~ Mortgagor botchy .rsrigns to the MrKt6.agee ail profit+. r€=: coots. n+t astir `-,, rtt;hts atxi henrhts a.. none to ttse
<br />>VttUi~gor n[Ntit art} and alt oli unit %:t~ f€a5e+ enr +ald premiers, w rib the :i(,'flt in tree!.-e aria rccerpt for the ,:colt .end .: [`($t
<br />them nz s;ait/ itacl8btrdtttss as Wet] he-fore as .rftrr Jefauit rn ibt ~ undtn+an _ t fhr= esert~rgr. anJ fhr \turtg t„a -'r.n fe_.r.:nd..ue
<br />f,.r ;tt'ni._ t_ .=n: t.cft tsaFrnent} wh€.. J:=€ sF d pay:tt=!€. ~ . ..::s• :r. rvy::.r ' .. ., .... `-' * . -' r c._..
<br />end r~~onrr resell ;end v.•ia op,ar rrir.rsr ,~f tttta rnurtt!ay;r
<br />
<br />
|