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81-~-t~ t~ S 75 7
<br />(I) month prior to iu due date the annual mortgage insurance premium in order to provide such holder
<br />with rands to pay such premium to the Secretary of kfousing and Urban Development pursuant to the
<br />National dousing Act.. as amended, and applicable Regulations thereunder; ur
<br />(II) If and as long as said Hate of even date and this instrusrtens are held by the Secretary of dousing and
<br />Urban Development, a monthly charge (in Herr oja mr~rtgoge insurance premium) which shall be in an
<br />amount equal to one-twelfth {'IJ12) of one-half tl J2) per centum of the average outstanding balance
<br />dtre on the note computed without takung into accoum delinquencies or prepayments;
<br />(b} A sum equal to tt~ ground rents, if any, next due, plus the premiums that will next become due and payable on
<br />policies of flee and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged propem (all as estimated by the Mortgagee/ less all sums already paid therefor divided by the
<br />number of months to elapse before one month prior to the dace when such ground rents, premiums, taxes artd
<br />assessments will become dc!:..quent, such sums to be held by Mortgagee in oust to pay said ground rents, pre-
<br />miums, taxes and special asssessmcnts; and
<br />(c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under
<br />the note secured hereby shat be added together, and the aggre¢ate amount thereof shall be paid by the Mortgagor
<br />each month m a single payment to he applied by the Mortgagee to the following stems in the order set forth:
<br />([} premium charges under the contract of insurance with the Secretary o.' Housing and Urban Development,
<br />ar monthly charge tin lieu of mortgage insurance premiums/, as the case Wray be;
<br />(Il) ground rents, taxes, assessments, fire and other hazard insurancr } remiwns;
<br />(!lI) interest on the noa~ secured hereby; and
<br />QV) amortization of tbz principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly i,ayntrnt shall. unless made good by the Mort-
<br />gagor prior to the due date of the next srsc:h paymrut, constitute an event of det`auit under this mortgage. The
<br />Mortgagee may collect a "fate charge" not tv exceed four cents (~it[I for each dollar ISI I of each payment mare
<br />than fifteen 1.151 days in arrears to cover the extra expense involved in handling delhuluent payments.
<br />:3. That iF the total of dse payments made by the tilortgaKur under (G) of paragraph '_' preceding shall exceed
<br />the asttount of payments actualh• made by the ilarcRat;ee for ground rents, taxe, and usessments or insurance pre-
<br />-- - Lhe c•.s.~e may b€, Bch rx.rss, it the host is runen[, _[ the optien ut the Mortgagor, shall be credited by
<br />the !tlortgsplee nn sub_;equent payments to tze mode by the ilnrcgagor, or refunds+d to the Ilurtgagor• If, however, the
<br />monthly payments~ made by the ikxtgagur under t7~J of paragraph _' preceding shall nut Ix sufficient to pay ground
<br />rent, aaxest and assessment;; or inwranre> premiuns.~„ us the case may be. when the same. ihall become due and pay-
<br />able. Ihen the 4tnrtgagor .~hal! pay to the tlon$ugee any amertmt necessary to maker up the deficiency, an ar before
<br />i.he loos when paymene nF such Krezund rent.a. taxe~a, us-re*sments nr insurune•e premiums -hail be dnc- If at any
<br />timer the3 Mrsrtgagerr shall Lendt=-r to thr+ ilrsrtgutm«>, in arrardassce with th[~ prrtti,tiaass of the note searurtzd ht~rttby,
<br />folk payment of tht+ erntfre indebtedne.t.- rrpre~enterd thereby.. the lturcgagee ,what//, in computing fire amount of such
<br />indebtedness, credit to the accaxsnt of the Murtgagot all payments muale under the provtsiuas of (u) of paragraph ?
<br />hereof which the ilortgaRee bus not become ublikated us pay w the ~ecretury of Ilou=ink ..nd t'rban Development
<br />and any balance rem:tininK in the fund= accumulated under the pmvi~ion= of ' ~J of pnrukruph 2 henxsf. It thaxe
<br />shall bo a default undtx any of the pmai~irm~ of thiw rmxtRage rn=ultink inu publi«• male of the prnmises covers/
<br />hereby, ur it the Sksrtgage:• at•qui,r-~ the pnrpeny otherwlbc after de[ault, she \lurtgagee shall apply. ut the time ref
<br />the commencement rsi' wua•h prnceedingw, ur at the time the pmpe•rq i- otherwiwe acquired, the balance then remuim
<br />inq in the farads accumulated under r ssf paragraph :.' peviceding, a- a credit u•ainst the amrnmt rat principal dten
<br />re;mttining unpaid tsndtss <aid no6+e. and -hull pnspcvrl! udju-[ =mv pavment.w which shall havt• been made under i ss,l
<br />of paragrxph '3.
<br />4. "Thal the titurtgugor wsll pay };round rent., t:s;c}, :r.>esvmrnta. water rues„ anti other governmental csr municipal
<br />rharyZrs, tines. ur impctsitiuns. f.,r which pr,a rvun ha, not been ma«Ir hrrrinF,rtvrr, and its dcfauh thereof the Mortgagor Hiss
<br />,.may=the str:me: and that the'`-turtg3;~ ;r R i!! ^ m,.tiv e,+a~livrr [he s>ffss;itst rrcripia theretosr'tu the ~tortgugrr.
<br />~. Thr iturtgagur will pay all [urea which may br lr,vicd ispern the Siixtgager': intrre•nt sn ,asd re:sl estate and itnpruvr~
<br />sa:tints, artd which may f*e Irtird utri>n thrs ::eurtgag>= osr the atri;t +<r:urru h>..cN> !lout ut31y tsa she bxtrat:hat s,t~hti no p ri.hibit=
<br />eu t,v tali and aaly to tfz s:tt;3,°,t shut ssrr#s :vs'tl ttst intake this ;c :sn usutiotss;, !>at eactuiltng any stsaume [ax. S[ute ur t~ederal.
<br />imposed un Murtgugra, and wsil file the alfiri:d receipt showing such payment with thr Murtgugre. /'pun violation of this under-
<br />taking, ur if the Mortga«gar is prohibited by any law now ur hrrtafter misting from paying the whale or any portion of the af~re-
<br />said taxes. or upon the rendering of any ruurt lei ter prohibiting the payment by the Mortgagor or any ouch tuxes, or if such law
<br />or decree provides that any amount w paid by the Mortgagor shall hr credited on the mortgage debt, the Mortgagee shall have
<br />the right k) give ninety days' written notice to the owner of the rnurtg:sged premises. requiritrg the payment of the mortgage
<br />debt. If wrh notKr hr given, the said debt shall become due. payable and a,llrrtible ul the expiration of said ninety Jays.
<br />b, That ahanrW ho fail to pay any sum ur keep any covenant provided fur in this hturt_vagr, then the Mongagce, at its op-
<br />tion. may pay ce preform the same, and sll expenditures so mode shall he added to the principal sum owing un the above note,
<br />.hsdl t+e aerated heret+y. and shall beat ifltrrest at the taste set forth in the said note. until paid.
<br />'. -That he hereby assigns, transfrn and seta over to the ~turtgagee, to he applied toward the payment of the note snot all
<br />gums secured hereby in roar of a default in the perfarrnance of any of the term. and a,nditions of this Mortgage or the Wald
<br />na~tc. all the reins, revenues and income to he derived from the mortgaged premi,es during such time ;ss the mortgage indehtrd-
<br />r«rss shall remain urtftaid: and the Mwtgagcr shall have power to appoint any agent sn aKrnts it may desire fur the purpose of
<br />repairing staid ps•¢misas used of renting the 4amr anJ colki;ting the rents, rrvrnurs and income, and it may pay out of said in-
<br />rarmts alt expenses of repasring wid premises and nec;cssury commissions and expenses incurred in renting and managing ihr
<br />saint and aafi rolltrting rentals thrtefrom; the l+nlantt remaining, if any. to be applied toward the discharge of said mortgage
<br />ittdetxtdrress.
<br />"_ Tsai mill kip t?' imtsravetFtrnts rs?w existing c,r hereafter retitled tvn the ttnertgagrd property, insured ;ts may be
<br />rrr~uirrtd frorrr flint tf« rim," lay the Martgaga€r against loss by her and other hazards, casualties and reentingrstcies in such
<br />arrtazunts artd for sorb periods as may he required by the Mortgages anJ will pay promptly. when due, any premiums on t;ut:h
<br />insutancec provision for payment of which has nut here made hereinbcfore- AU msuranre shall hr iarrird in companies up-
<br />pr~ved by the Mwtgagce artd ttu policies and renewals thereof shall be held by the Mortgagee :sad have attached thtreta Ions
<br />payahk clausts in favor ut and in form acceptabk to the Mortgagee. In event u( toss Mortgagor w ill Kivr immediate notice by
<br />mail tQ the Msxtgagec, who may make ptuax of lot. if trot made promptly by Maxtgagur, amt each imurancc company um-
<br />vernr»d ifi Iseretsy authoriFrd and dicr~ted [a make payment for such Iuss dsrectly to the Mortgagee instead of to she 4lortgagur
<br />undtht Aiortgstttrr. jairxlY• and the insurancr proceeds, ur any part therm>f. may he applied by the Mortgagee at its option tither
<br />to the rtdutiitzn of 1'h~irtdrbtedna=ss hereby srcure<i ar to the restoration or repair of ttse property damaird. Isi event of toreclo-
<br />wre of thix mortgage ur «xhrr ltansfrr of title is the mortgaged property in extinguishment of the indrbtcdnesa ,enured hereby.
<br />alt right, titre and interest of the Mcxtttagszr in and to any insurancr Fr?licics then in forte shall pass to the purchaser ur grarttrr.
<br />9. That asaddihonxl :md cultateral security fur the payment ut the none dcscrit+rd, xnd all sums to heroine due under this
<br />ns<art, titre 'vtart#~Itrt h+rc?iy assa~rns to the Murtr alt profits, revenues, ruy:vltics. rights and bencflts accruing to title
<br />'`li+ry~ zsrY<kr anti all rwl and gas leas- un said prrmisrs, with the right to rrertvr :and re.;ript fur the .sine and apply
<br />thrrrt to said intlehtrdttass ax well hetasrr as after de[ault in the cc>rnlittnns sf this mortgage. and the Martgager may drtnarxh wr
<br />laze amt rart:ovcr any sus:tt payments wtsrn star and ltayablar< 1?ut shalt Wax bc-tscquirrd vo to ,tu -t°his aassgnmr»t tx tr., trrmsnatr
<br />wrzd 6sr;=crue nut: and anal upon rrtrAs~ r this nsortsru[tr.
<br />HtJ?)~ti?t4~M iP•791
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