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I I ill °~rln~pyrlBt~ liue~~ i ,u dkiw~»~ i~ius~ ru~a .~nrttriig iKr+T~rmilN ~ ~- rirarnre~o- f n~mlrt~ll~m'r , n tr~ al ,~ it r~~~ ~s ~m r ~~r
<br />w~f ~+MIMMtiPi .M~, ~~I iaiMUm~lh+ i~uraa r~: WIC klfinouarrtpgmy ~ ~- s ~~ Ih Ilhoan+ IlJ~rmiltr~~r}rmeiri t ,.~~irciNU,asnlw t ~r ifmr
<br />tkrini{rlb~ilY+I MhRr~fMwn~ ~INlllll,;as air 1, ~7t} ~i~a~H~ t,, ,~~a: t ae.,4TErVegrr ~..,r
<br />t~I ~ aa~ sr+ Pva~t as ~ ar+tt of e+~ ^frrta and t1r ~ir-roe :; are Ireld ey al•~ Sesretzry of Ilouang and
<br />llr+aarwr L7~e* ... :rat. a nstli ' ~t ?~ of :t rr~n~ge sue ~m1 vsitich shall tsc 1n an
<br />artsa+zat s tar rr~-t*eelith t;'I} of ,~-ttrJf f1?~) ;rte certain of the average outstanding baiartce
<br />~s :tit tier Hats surtputed wtahfaut taltstg info arxartrt delingtrencies ar prepayments;
<br />. A ~ t>D ~e grotrad rents, if any, Hatt due, plus the premiums that will text become due and Dayable on
<br />1t°'!~''r* F.{ !'~ ~ utfrn hazard insurance courting the mortgaged property. plus taxes and assessments next due
<br />an tfx rrrcist~sd pr„perry ;all s- nrirrrared b}• the :i}orrgagee% less all sums already paid therefor divided by the
<br />r~{tr.-r cf nranilis tv elapse betorr otre month prior to the date when such ground rents, premiums, lutes and
<br />a{rreamsrnts wtil bsctxne ddingtrent. such sums to be held by Mortgagee in trust to pay said ground rents, pre-
<br />srutum, ttexts and special assessments; and
<br />!c1 All gaymmts tntntianed in ttte two preceding subsections of this paragraph and all payments to be made under
<br />the note secured hereby shalt be added together, and the aggregate amount thereof shall be paid by the Mortgagor
<br />each month in a single payment to be apphe~ by the Mortgagee to the foiluwing items in the order set Corth:
<br />{I) premium chagges under the contract of insurance with the Secretary of Housing and Urban Development,
<br />or monthly charge /in Geu ojmortgage insurance premium/, as the case may be;
<br />(II) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(Ili) interest on the note secured hereby; and
<br />(IV) amortization of the principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly payment shall, unless made good by the Mort-
<br />gagor prior to the due date of [he next such payment, constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed four cents (dry) for each dollar (51) of each payment more
<br />than fifteen (15}days in arrears to cover the extra expense involved in handling delinquent payments.
<br />3. That if the total of the payments made by the )lorlgagor under j b I of paragraph 'l preceding shall exceed
<br />the amount of payments actually made by the 3lortgagee for ground rents, taxes and assessments or insurance pnr-
<br />miums, as the case may be, such excess, if the Loan is current, at the option of the Mortgagor, shall 6e credited by
<br />the 3lastgagee on subsequent payments to be made by the \lortgagor, or refunded Ut the btortgagor. If, however, the
<br />monthly payments made by the Mortgagor under rGi of paragraph 2 preceding shalt not be sufficient eo pas° ground
<br />rent, taxes and assessments or insurartce premiums, as the case may he, when the same shall become due and pay-
<br />able. then the Mortgagor shall pay Lo the Mortgagee any amount necessary to 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 any
<br />time the Mortgagor shalt tender to the Mortgagee. in accordance with the provisions of the note secured hereby,
<br />full payment of the entice indebtedness represented thereby, the Mortgagt+e shall. in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor all payments made under the provisions of to) vi pvagriph _'
<br />hereof which the 41ortgagee has nut become obligated tv pay lu the secretary vl' Housing _:nd t'rbun Uevelupment
<br />and any balance remaining in the funds accumulated under the provisions of tbi of paragraph '? heeeof. If thtve
<br />shall be a default under any of the provisivns of this mortgage resulting in a public sale of the promises r'ocemti
<br />hereby, or if the 1lortgagee acquires the property other+ise after do Fault, rho )fortkut;++e shall apply.:u the tinu~ of
<br />the commencement of such proceedings, or at the time the pruperq is olhen+ise acyuin+d, the balance then remain-
<br />ing in the funds accumulated under i i,) of paragraph '? preceding, as a credit :utuinst the amount of principal than
<br />remaining unpaid under said note, and -hall properly adjust env payments which hull have b€+en made ands+r Ea!
<br />of paragraph 2.
<br />4. That the Murtgagur wi[1 pay ground rents, texts, assessmtnt+, water tares. unJ .+thrr guvrntmrntal ur ntunirtp.l
<br />charges, fines. or impositions, for which precision ha, nut been made htrrinbrfure, unJ in Jefault thrrrtil the ylortgitgnt may
<br />pay the same; and Iha[ the Morgagor will promptly Deliver the irBicial rtccipis thrreiur to the Alangagrr.
<br />5. The Mortgagor will pay all texts which may be IevirJ upon the Mvrtgrrtet s intrust in said real relate artd tntp€a+vt-
<br />mrnts, and which may !>t levitd upon this mortgage or the Jrht srrttreJ hereby iht:t only tci the rvtrnt that su~'i o t ~ruhthrt-
<br />ed by law and only to the exttnt that such wdl not make th{ .loan usurious!. but rxciuJtng tiny in4umc tar. `td c + ri.r at,
<br />impaled tin Mortgagor, and will file the uhicial receipt hawrng such payment w:th the Mcr!gagrr. ! -pain vivlau iu tit this uttJrr-
<br />taking. or ii-the Mortgagor is pruhiLvtcd by any law now .rr hereafter rxisrint~ in+m paying the whole ur any paxtton of the afore-
<br />said taxes, ar upon the rendering of any rvurt decree pruhihiting [hr paymem by the Murtgagur ur any cacti lures. ur if such law
<br />or decree provides that any amount w paid by the Mortgagor .hall Fit nrdiceJ tin the mongagr debt, the Mortgagor .hall have
<br />the right to give ninety days' written notice w the owner of the mortgage) prenuses, requiring the payment of the martgagr
<br />debt. If such notice be given, the said Jeht shall hrriimr due, payable anJ aillrctiblt at the expirauun of sail ninny Jay+.
<br />6. That should he fail to pay any sum or keep any tout--Want provide) fur in this Mortgage, then the ~lortgager, ;u its aip-
<br />tion,may pay or perform the same. and all expenditure. su mats shall he addrJ to the principal sum owing tin the alxi+r Harr.
<br />shall be sectued hereby, and shall bear interest at the rate set forth in the sail note, until paid.
<br />7. That he hereby assigns, transfer. and sets over m the Mortgagtt, to t*r :rppltrJ mwurJ the payment of the not! anJ all
<br />sums secured hereby in rase of a Jefault in the performanrr of any of the teen. anJ conditions of this Mortgage ur the s.ud
<br />note, all the rents, revenues and income tube JerivrJ from the mungagrJ premise. During such tint as the mortgage inJeblrJ-
<br />ness shall remain unpaid; and the Mortgagee shall have powr! iu appannt :rny agent or agents it may desire for the purpusr ui
<br />repairing said premises and of renting the same scut collecting the rent.. re:emtrs anJ incunte, anJ it may pay out of surd in-
<br />comes all expenses of repairing said premises and necessary a+mmrssrum anJ exptnses incurred in renting anJ managing the
<br />saute and of collecting rentals [herefram; the balance rematnutg, rf any. to br applied toward the Jisrharge of said mortgage
<br />indebtedness.
<br />R. That he wilt keep the improvements now existing ax hcrcafter carte) on the mongageJ property, +ncurrd as may he
<br />rryuired from time to time by the Mortgagee against Ives t,v 'i+e anJ abet hatarJs, easualtirs ;rod contingrnriec m uich
<br />amounts and for such periods as may be required by the Marigagre sad will pay promptly, when dos, any premiums an such
<br />insuraner provision for payment of which has nut F>eerr rarw#r t~reint~fore. AI! insurance shall ht carried in rumpanirs ap•
<br />pruvrd 6y the Mortgagee and the pvlicies and renewa{s thrrevt shall ter held by the Mortgagee anJ hove attarhtJ thereto loss
<br />payable clauses in favor of and inform acceptable to the Mortgagee. In event of Toss Murtgagur will girt nnmtJiate nand by
<br />mail to the Mortgagee, who may make proof of loss if not made promptly by Mortgagor, and each insurance company am-
<br />eunrd is berth>: authorirxd and directed to make payment for such loss directly to the Mortgagee imtead of to the Murtgagur
<br />attd the Mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by the fvivrtgagee at its option either
<br />tct the rerj~tion of the indebtedness hereby secured or to the restoration ur repair of the property JamageJ. 6i event of foreclo-
<br />suse of this mortgage or other transfer of title tv the mortgaged property in extinguishment of the indebtedness secure) hereby.
<br />aft right tine acrd interest of the Mortgagor in and to any in ~uranct policies then in force shalt pass to the purchaser or grantee.
<br />9. 'T'hat as additional anJ collateral security fort ent of the note described. anJ alt sums to become Jue under this
<br />nwrtttags. tier Mortgagor hereby assigns to the Mortgagee F profits, revenues, royalties, rights nnJ brnelits accruing to the
<br />:4urtgagar under any and all vii urd gas leases an said premises, with [hc right to rrreive and receipt far the same anJ apply
<br />ihsrrt ev w:ric! indebtedness as well brforr as after Jefault in the cundititms of [his mortgage, anJ the Mortgagee may JemanJ, cur
<br />fur and recuvrr any ,uch payments when Jue and payabk,:lwt shall nut be reyuireJ sv to dal. "1-his ass{gnment is [o terminate
<br />and become nap and vviJ upon retract ++f ibis mortgage.
<br />- ._. riUD-92)03M i9-731
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