|
81--UU58'7~7
<br />{1) mytnth prior to its due date the annual mortgage insurance premium in order to provide such holder
<br />with. funds to pay sucks premium to the Secretary of Housing and Urfsan Development pursuant to sire
<br />Yational Housing Act, as amended, and applicable Regulations thereunder; ur
<br />((I) If and so long as said Hate of even date and this fnstrutnent are heM by the Secretary of Housing and
<br />Urban Development, a monthly charge /in lieu of a mortgage insurtmce premium/ which shall be in an
<br />amount equal to one-twelfth {1?12) of one-half {1/2) per centum of the average outstanding balance
<br />due on the note computed without taking into account delinquencies or prepayments;
<br />fb) A sum equal to the ground rents, if any, next due, plus the premiums that wilt next become due and payable on
<br />policies of fire and .titer hazard insurance [;overing the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property /a!! as estimated hr• rlre Morrgagec/ less all stuns already paid therefor divided by the
<br />number of months to elapse before one month pour to the date when such ground rents, premiwns. taxes and
<br />assessments will become delinquent, such sums to br held by Mortgagee in trust to pay said ground rents, pre•
<br />miums, taxes and special assessments: and
<br />{c) Al! payments mentioned in the two preceiing subsections of thc_ paragraph and all payments to he made under
<br />the note secured hereby shall be added together, and the aggrzgate amount thereof shall be paid 'try the Mortgagor
<br />each month in a single payment to be applied by the Mortgagee to the following items in the order set forth:
<br />(1) premium charges under the contract of insurance wnh the Secretary of Housing and Urhatt [hvelopment,
<br />ur monthly charge /in lieu a~j mortgage insuraneelrremiuml, as the rise may 6e;
<br />(IQ ground rents, taxes, assessments, tare and other hazard insurance premiums;
<br />{ltl) interest on the note secured hereby; and
<br />(fV) amortuation of the principal uI said note.
<br />Any deficiency in the amount of any stieh aggrega'^ nanuLly payment shall, unless made gaud by tlce Mort-
<br />gagor prior to the due date of the next stub payment, constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "Iatz chargz" not to exceed tour cents t4~ti for each dollar (SI ! of each payment more
<br />than fifteen f I S) days in arrears to cover the extra expense involved w handling delinyuent payments.
<br />3. 't'hat if the total of the payments made try rhr \tortp;aKor undt•r f i•±uf pantgraph '? precedinK shall ext•eed
<br />the amount of pay~nettc~ at•tuaHy made by the lhtrtga~ee fur srttund rent,, euze~ trod usesvment or in~urant•e pnr-
<br />miums, ar the crane may iza•, ~ueh excess, tf the Iixtn i+ current, ut the option of the lkrr[gagur, shittl br cretftted by
<br />lire siorigaKec on +ubt?equeni pa+menr:~ eo Ittr made by the iforrnugor, tar refunded to the iiortRagor. if• however, ifie
<br />mimthly payment. tnaale by the -kxtgagau ceder ; i.; of paragraph ~ peel ailing tihull nut lee wfficient ar fkn grrxrnd
<br />rent, taxed :utd aytsexsmenta or insurance premium. a.~ the ramie may tee. when the game Shull became due and pay
<br />able, short tilt ilortRagur shall pav to the ylitrtkaKet• ant amount nere~dan to make up the defieieney. on or before
<br />the dace when payment of wuch ground renr.~. tucv=, a~~e•-..menu ur inrwurane•t• pmmiums shall be due. If at any
<br />time the 31orttZaftor shall tamdcr to the 1lorteukee, to arcnrdance with the pro\i~ion= of the Hale a•curnd hen•by.
<br />full paymeltt of the' erttire indttbtedne~s rnpn•~ented thrn=bv. the 1lnrtgut;re ~huli, in rnmpueiag ehr amount ttf loch
<br />indebtedness, etedit to the account of thz Mortgagor .ell payments muia• under dtc Ixoytstanis uF +•+! of paragraph
<br />hereof which the llartg•.tgre had nut Mxrome ubliRated to pay to the ~ern•tary of Ilou4iny! .nil t'rftan th•yck>frntent
<br />and any balance remttininl: in the funds ucrumuhutvi under the pares>iun- of ' ~ of purattraph _' henyrf. It there
<br />,hall he a default under any of the provi~iun~ of [hi= nwrtg:ue re~ultint! rn a palette -ale uF the premt~e~ t•oyored
<br />hereby, or if the tlortgagee ttcyuire- the property utherwi ~e afu•r default, tttt• yMril;upee hall appl}, ut the state of
<br />the t•ommena•ement ut -tech prnceedin~~, or nt the time the pnrpcrty [- utht•rwt,i• uequircd, the hulunae then rrm+un-
<br />inK in the funds acti•umuluted under ~.' of parar;rapb ! preording, u> a rmdit a_ain~t rhr amuutrt ul pnnrtpui then
<br />reatrtinin,i unpaid smiler maid nou•, and <hall pnrperl} adlu~t say paymenl~ []high -hall hu>e ix•en made under : ~:
<br />of paragraph .j.
<br />3, 'c'hat the sfongagnr xdi pat} KrtmnJ rent,. tear,, a,>r„ntrnrc. s]atrt [~rc,.:rmi other g.r]ernmrrrta! or murocipal
<br />chargz], fitFr], ix rmpar±tti\zn+. fur whia:h proyniun ha, ntM hrz€t made hrrrittt]rfirre.:ind its def.+uiF thereat the Lturty,:tKrr tna\
<br />pay stet +arnr; rind that tttr':41~?itKaKtrr tai-t rt~-ntptiY dthY,sr the tlt k,i receipt, sheers r ter the tt~- ttK~:g~r-
<br />i, The sfortg~to€ w-iil pnv :€fl teat, xhiclt tnta f+r tooted upaut tkte sfu€t>gagrr = inerrr,t to [=t €riii r,tatr ~r€d itnprtrar-
<br />ment]. a.na . n>;..^. ...3y .t .~"s 7C.. 4~ .. .: 3. ...t.:.t,dpu~ :. ...~ 3i[', .~.....d h~.~. . .. .[t i .. .i .... ..{'[[. ...;. ..~... :..: pri:rt[sY[
<br />zd by law anti only to the tokens That ,uch wth nut make thu I=ran u,unou,l. but ra~htdmg any mcumr tea. Stntr or trJeraf,
<br />impatsetf ern snortKUgrz, <tnd will sib else crer:if tr,eini >huwnett >nc h paYn€rnt waft tier site€tKaKZr t'pun ] tuf:;tn+Ft t}f €hi> umirr-
<br />`.`- ~ --_- ir`vt-`s-anti ~inY{a~-[~~•Ki}i trarc~PFe,c-.-.ttarr-trnti[~a ize lire 'w Flare ir;rni ~tn.n:;Fii~~Fi.rr-
<br />ink°in~, ar it ~ pia-rrr~:fra>r r, pro F r 'R P
<br />utid taxes, ire upon the eendaring of any ]'Dart Jr.rre pt ohtbutnK the payment by the Slongngur or oat ,uch tear,, +•r it ,uth L[a
<br />ar dza'ter proyidzs that any amount >u pats M~ the titnrtgagirr >hall br rredurd on the mungagr debt. the Mortgagee ,hall h.i>r
<br />rhr tight to give rtinrty days' written notice to the teener of Ihr nxrrtgaged prrmisea, reyuinng the payment of the rnortgagr
<br />dtht. It such notice be givtn, the ,aiJ debt shaft hrctrmr due, payahk anJ rolltrtihlt at the eapuaut+n of ,:ud nairty day ,
<br />h. 't'hat should he Fail to peg any aura ue keep :mycueen;+m pruYtJed for ^r rhr, Mortgage, tarn the Mortgagor. at it> irp-
<br />bon, may pey ur perfutm the wmr, and all eaprnditurr> so made shall hr added to the prinupal >um ow'ing on the uha[\r note.
<br />shaft t+e securrJ hereby, anJ shall hear in[rrt+t at the rate ,et forth ur the ,aiJ note. umtl putt.
<br />". That hr hereby assign4, iranatrr] anJ >zt+ Darr to the ~Itu'tgitgrc, to hr :tpphtd toward the p.ay meat of the note and at1
<br />]um± srcur~i hrroby in ca>r of a default its the per&rnnancr at ana o[ the term, anti rundnian] ut rhr] sturt~Kc of the ,arJ
<br />note, aU the coals, reyrnur, arrJ iru:umz [a krr drrraeJ horn the mortgaged premr>e> Jurrng >ut:h nme .[, the near tg:ige nrilrhtrJ-
<br />uzss sfrali r2rnain uflpaid; aed ihr Mt~tgagzr .hail hair power ti, ai=pirmt .env ay;rnt or assent: iF rna> drur foF rhr pu€po>r of
<br />repairing said prentiyes and of renting rhr same and i ulkrnng the rents. rryrnurs enJ tnatunr, etas tt may- pay out of ,std rn-
<br />iumes all rxprnsr[i of repainng said prrmiyrs and rtrres.aty aomrnrsaion> anJ raprn>r] rrtcurrrd ur rrnung anJ managing the
<br />wmr and of coftz,<tirtg rentals therzfnim: the haianar remaining, it any. m hr apphrJ toward for di>chargr of wed mortgage
<br />indrl»tMlnesx.
<br />K. `fhat hr will krrp rhr mtptavrmrnt, txzw ear>ttng or hrrrattrt created on the murlpagrJ property. insurrJ a> ma\ err
<br />regt+trttd fraun time to stmt by rhr Mortgagor agatnv Io>, h\ her .utJ other lranrrJ]. anuulue> .aril cunungrnctr> ur ,uch
<br />amOUMx and ttN ouch pt:ritrds as may tie rrattlirtat by Ihr lturlgattrr anJ will pa] i•rompely, ++hrn due, any prrnumu, on ,uch
<br />ti#~iii~€€rti' priiyiitr#n €ir€ pi'. yaten€ t#t yYn€~tt lk3# n€r€ [:i°.-cn tnatFr ire€2.nt,etai€a= ii t€r,ii€anir ,htit Frr cleft .d in icimpitnii'k ,~(*-
<br />pruYed by rhr Murtr~trr and site pnltCif`.! anu rr'nrayat] thzrrul abets iY' stela tr\ ttlC tl a}f ltt:rttre unit halt atla4 boil thrrrtU it!]]
<br />payable rfau3r€ in favor of alai in form acceptable A, the Mtutgagrr In Tarot of ii.» Mvrtgrrgt•f adI gr\r umnrdnttr nVncr h\
<br />alai! to rhr Murtetagzr, who map' make pnxrt of ter,: ~f ni:t tt:aJr p rontptly by '4furtKag,rr. anJ r.tah itt.etranct corrpat:y con-
<br />a'etned is h~xehy° autlnrtttzd and tirrrcteJ W utake pxament far ]uah lu±] detcaity to the \fotlga~ie uurcaJ Ui to the stirttKaKut
<br />attd rhr ht;orl~ager yotraly, anJ rhr insurance pr,,werd+. i>r ant part thereof, may t]r applitil by the Mortgttktrr at n> opoun caber
<br />!ar the tedw.titm arf kht rtnkckrtcdnesa ttrtzhy srctuttf arY to rhr f r,taxninat ur retrxu art the prat?trey J+maKeJ. !n r\ rat a+t loretia[-
<br />sure ttf this m>`rrtgattr s±r othvs tranaler of title tc+ rhr rnarrtg~grJ paoprrty rn rytrnKutrhmrart .rt rhr inJzhtrdne„ era urea! tree ci,] .
<br />af) rglhl, ft[ir unit iturre>t of isle Miutgugtar rtl atrJ fa• ant nt>ut;[na'C pi[trctr, then rn f[rr>c ,hull (!i[„ tar the par. h.[,rr ,[[ titanlrr
<br />4, l'trat ax uaWttauta! Heal adlateral +rnentg tau tfx paamrat ter rhr aloe Jr»rrheJ. and :di ,um, r+lre,anrt title unJr,r tttr,
<br />mutYgage. the 1#vtitiaKaw hereby a+]tttrn to rhr Mtrriaagee alt profit,, rr, enter,, rr•\a?nr,, right+ oral t+rnrht> ;[i ct untg W rhr
<br />'a1aHi ufldtr ~Y ant! xf4 out and ga> ira.e.:rn ~tJ pecan>e,. utth live r[~t era ic. et=o .a[J tri rtpf F'or the >.var ;[nJ ;[pply
<br />tltr,u ice Veld rtkltb2Ctlnpsi a= well hrkrrr ir, after itefauh en stir ]aantrtr+rn, „t rhr, atot tg.~ , ants the :Lr[ tgatter urav itrrrranu. -ur
<br />rc[€ arrJ rric+.ri an.u.kr p; Y[ncnt, r. ben due antk paYuNtr, hat xha7i mH hr rev++nr,i -:; t., J;• i h[, .,,>tKmnrttl ~, ia+ fc'r[mnair'
<br />.urti ftayome nrzli and >oat upim rtic[r,t or rhr, rnautKiagr
<br />rvt!i> 91r47M t•t-.tit
<br />
|