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<br />(1) month prior m its due date the annaal mortgage insurance premium in arder to provide such hafder
<br />with funds to pay such premium [o the Secretary of Housing and Urban Development pursuant to [he
<br />National Housing Act, as amended, and applicable Regulations thereunder; or
<br />(II) If and so long as said nose of even date and this instrument are bald by the Secretary of Housing and
<br />Urban Development, a monthly charge /in lieu of a mortgage insurance premium) which shall be in an
<br />amount equal to one-twelfth (1/12) of one-half {l/2) 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 to the Bound rents, if any, next due, plus the premiums that wilt next become due and payable on
<br />policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next doe
<br />on the mortgaged property /alt as estimates! Lv the Mortgagee] less all sums already paid therefor divided by the
<br />number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and
<br />assessments will became delinquent, such sums to he held by Mortgagee in trust to pay said ground rents, pre-
<br />miums, taxes and special assessments; and
<br />(c) All payments mentioned in the two preceding subsections of this paragraph and all payments to he made under
<br />the note secured hereby ..tall be added together, and the aggregate amount thereof shall he paid by the Mortgagor
<br />each month in a single payment to he applied by the Mortiagee to the Inllowing items in the order set Forth:
<br />(I) premium charges snider the contract ui msurancr with the Secretary ul Housing and Urban Development,
<br />or monthly charge (irt lieu „l mortgage insurance premium/, as the case may be:
<br />(l1) ground rents, taxes, assessments, fire and other hazard insurance prrmimns;
<br />(I11) interest on the note secure) hereby; and
<br />(IV) amortization of the principal of sail nuts.
<br />Any deficiency in the amount uF any such aggregate nunuhh• payment shall, unless made good by the Mort-
<br />gagor pear to the due date of the next such payment, constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not a, rxceeJ Fs+ur gents 1-fJl Fur each dollar (51) of each payment more
<br />than fifteen (t S) Jays in arrears w cover the extra expense involved in handling Delinquent payments.
<br />:Z. 'Phal if the total of the payments made h}' the Vortgagor under ibi of paragraph 2 preceding shall exceed
<br />the tunount of payments actually made by the Slortgagee for .round rents, tuxes and usKessmenta or insurance pm-
<br />miums, us the ease may be, -uch excess, if the lam is c•urra.nt, at the option u( the Mortgagor, shall l,e credi[ed b~•
<br />the \lortgagee nn subsequent payments to be made by the \lurtgagur, ur miunded io the ilorigagor. If, fiuwevcr, the
<br />mnpthl}< puymani tnade kay the Martgagur under ii<) of ptuagraph 2 prec°cdink shall n<n he sufficient to pay grcwrrd
<br />rent, taxes and uasoatimenit; ar insuewrce premiums, as the c:t.e may be, when Ckva wame ,shall become due. and pay-
<br />t+bl,ft, then iht+ Rlartgagor shale! pity to the Mortgagee unv' amount nect•,.ran' to make up the deficiency, on ar before
<br />the date when payment itt such ground rent., taxer, udses-menu or insurance prwm'ium4 .;hull be due. II' ai unv,
<br />finite the Mortgagor shin! iendt+r to the llurtgat~ee, in act•andsnr^e with the pro+'isiutr~ of Ihr• nota sc•curod hereby,
<br />ful'I p+tyintenC of the enii'ru+ indobtedne=. rt~pnrstmted thtsreby, thcr ]lort~uge+r• shul'6, in ersmputing the ;unnunC of :-tjch
<br />indrhtcdrtrss, credit to the :recount u( the Mortgagor all' payments made under the provisions a[ i«~ of paragrap~r
<br />hrv.+of which thr• \lurtKagt•t• bus nut hecomr• oblietutrd to pad to Ihr ~t•eretar~ of !louring .nd t'rb:m t)r,'clopmrnt
<br />and any balance remaining in the fund- accumulatud under the prosisions uf!6: of paragraph _' hereof, tl'there
<br />shall bo a default under t+ny of the pn,virions of this mortg;u;e resulting in u public gale of the pn•mi~e•s cou•n+d
<br />hereby, or if dte ~Mrtgugee :u•yuin•s the properh otherwise after default, rho \lurtgugcr shall apply, ;U the time aF
<br />tht• eommencemenl of such pn,ceoding-, or at the time the pnrpen} is otherwise acquired, tha balance then n•muin•
<br />ing in the Cunds uccumulau•d under ~?; uF paragraph _' precudin!;, a.~ a credit uguin.~t rho amount of priat•ipul thou
<br />ntmttining unpaid wtder .aid mue. ;md ~hulf pnrp.<riy :tdju.~t any puraten+r whickt haft hose; her•n made trmler ~.:,
<br />of Iraragrtrph :.',
<br />d. 'I'ha# the Mortgagor wit! paa gr+•rutd rent,, tat@n, a„rnanrnh- water tate,.:utd other guvrrmnrnutl er erunicip:r[
<br />chirfrs, tittr~s• ur iatpuai!itrt+,, for whtctr pruks,s++n huts nut been rn:+dr hrrrmt~furr: atrD in.krfaa}t the€ruf the ~furtg;~re rtyay
<br />plt y' the sutt[r; anJ that the vl urr,g:,gur wttl pr+anptly Deliver the ?ttici:J receipts Ihrrrtor to the liurtgagrr-
<br />5. Ihr klottgagur wi![ t,u>~ :ill t:rxr, .,lush n4.y l±r I'~rorrd utxnt the i4artgagrr`, tu(rrrst to ,aid teal c,t;t6r :tnd t~rnprr'mr-
<br />mtt'rts,;rnd whi_tt may ~ lrvi,Fq upon this rrr.,rtuuYr .,r i~ Jrbt+rcutrd I'trtrhy that ante to the rxtrtu that ,a4h t, nut prultitl*tt•
<br />rd by lutes uncl only trz the vstrnt that ,uvh will nut make this h,:tn uurrwasi, but cxvludir+g :+ns incunte t:rt, Starr ur l r.lrp;:ri.
<br />imposed un Murtga&re.:uut vs ii! Iitr the +,fiti<ial receipt ,hawing,uih pavnrrnt with the \turtg;rgre C p.+n +tohttion of (hrc uuarr-
<br />Iuking, ur if the Murlttakur i, prohiMtrJ by .utr law now or hrrouftrr ru,ung front pay mg the whole ut :utv p+,naar of the afurr•
<br />ctid tuxes, +,r upon the rrndrring uF any court decree prohibiting the paymrm ht the \iortg;tpur or ;utv ,urh taxes, urd ,uch law
<br />ur Drrrrc provides that an} anwruu ,u part by the 4lungagor ,hill hr rrcJitrd un the nu,rlgugr Jrht, the Mortgagee ,hall hoar
<br />the right Ire give uinrty Jay,' written nollvr ro the owner of the martguyrJ prcmi:es, rrquinng the payment u( Ihr mortgage
<br />debt. If srtrh Holier tar ytivrn, the said debt ,bolt hrrunrr slur, payable and +,rllrctiblr nt the expiration +,F ,aiJ ninety Day,.
<br />h. 'that ,huuld hr tail to pay any ,um ur keep any covenant provide) for in chi, !blurtgagr, then the Murtgai;rr, nt its up-
<br />tian, may pay ur perform the ,amt, anJ :JI rsprndnutr, ,o made +hall hc• adJrJ to the prinripai ,ant awing nn the abu+r uulr,
<br />,haN t>z secured hereby, and ,bah hear nnrrr,t at the rate art h,rth in the ,aiD Hato, until puiJ-
<br />'. ~Chut hr beech! .u,rgn,, transkr, .tnd ,rt, over w the ;`.lortg;tyre, to hr .,pptird toward the payntrm of the uotr anJ :rlt
<br />,oar, ,rrtnrJ hr!rbv in c:r+r of a drfauh rn the prrfurruarr4r of any of the terms ,md ~unJtnuns of thi, hlungugr ur the ,aiJ
<br />Hate, alt the rrtu,, revenue, anJ mrontr to hr .lrrtvrd from thtr nn,rfgugrJ prrntisr, Junuk ,uch tints a, the nx+nga~,r utdrhtrJ-
<br />nru,hali rrm;un unload; iuxl the Murtt!agrr ,halt hove power w appoint any aitrnt ur agrm, it nary Jrsirr lur the purpose of
<br />rrpwutng,aid psrmr,rs unct <,f r€ntt+~ tt~ ,once ind cuf~grtad ttxr r€r+t,. revrmtr, am! trx•suar, atnJ it may pay out of vtid in-
<br />cumr, all rxprnsec of rrpairn+g wtrf t+rrn+t,r, and necrssdrv v'umnu,ataa, and expenses incarred to rrndng and ntannltir+lt the
<br />some and of rullrcung rental, thrrrfrum; the tartarrcr rrmarmnrs, d any. to he applied toward the discharge of ,aid nwrttga`te
<br />rndcMednrss.
<br />tt. T'hat ttr wilt krrt+ the tmpr.,vrn+rm, now rst,tutg ur hrreaftrr rtrvtrJ on the nt.ntgagrD prvpurty, in,urrd as stay hr
<br />trquirrD trt+m time to tirtre by the hic+rigaitre atra,tnt tats, tsv fire anti other tttard,, ~asuahir, ;tmt votrtinprnci€s in .u4h
<br />,mrtiutnt. urtVt fur wrh l+rrrrrds :rs may tY rrqu_urd t+y rtrr \(sur~eyrr :trtd welt p;ry pruntluly, when Dur.:tuy prruuutt„ .+tt .ash
<br />tnsurirtra• pruusum fur p;rymrnt of whtCh ha, n„t hero n+adr hcrrmhr}orr 1t1 m,urancr ,halt tar entree) in vonrpauirs ap-
<br />peus ~1 by the 3Tuttgager and ihr put~irn un,E retrc*+al, rhetr.~t ,bast tr E-~td hs ihr tiiurt~,y-tact .,n,f h,.+r• ,tltachrd fhetYtu I+t,;
<br />payatrtr clauses in favor cd xnd in Itw'm ars`rptal+te tr+shr Mtutgaprr In rsrttt of h+„ Mortgagor will give inuurdiatr Holier by
<br />mat! to the Morttptl;ee, who may nr:flee proof ++f lo„ tf ,t.,r nta+lr pnrmptly ht Murt{tagur, and rash in,ur+nrc cuntpany con-
<br />rrrnrd is hrtrhy aattnrcizrd and dirrv trd n. (nuke pavrrrrnt Feu ,tnh h>ss directly tr, the '«1ru tgayrr mslraJ of u, the Martgugut
<br />acrd the Mortguger jointly, and the insurance prv+rrrd,. ++r nor, part thereof. may tae applied by the Mortgagee :st its option either
<br />to the redurtiim at the indrhtrdnrs, hrrrM ,reared su to the rr,unanun or repau of the pt oprrty damaged. In r, rot of for rrlu•
<br />,arc of this mortgage ur other transfer of title to the nwnttagrJ pn,prrty m extingunhmrm of the iuJrhtrdnrs„r.urrd hereto,
<br />all nght, title and intrre,l ul the Murtuager rn anJ hf any rnwrancr pohar, thrn ut F,rrr ,hall pass ro the purrhasrr or granter.
<br />4, 'that as aJdhiunal and rullatrral ,rcur+ty tut the t+a>nrrnt of the nuts describe). ;urd all ,ants w bccuatr dttr unJrt flits
<br />ruurtgrrftr, flee Martttutiur hereby asstg+rs to the Murt~tagre all profit., revenues, ruy:DUr,, nghp and 6rnrtits acrruittg to the
<br />Mattyatyrrx urtdrr any and +!! uit .:rtJ ga, !ta,ra :,r: ,ard ptrrnisrs, x:th the rt>sht to rrcrisr and receipt !or 4hr soccer atrJ apply
<br />th€rn tea lard indrhirdnr,= a, w€!f tsrfu:€ ;+, aft€r d€fault in th€ t,utditic+n, +zt flit, m~:t tgaar.:suJ the Muttgaker mars Jeman.i, ,ter
<br />iur :rent rrsusrr a+,f ,urh paytncru, w heft Jur and payHt±tr, t±ut shrrlt our tar required ,u t++ du flit, a±sutumrnt rs to trnnuutte
<br />art) t+r4 ,rttc n~It end ,++rd +,p.,n retc... t tttl, nr.,t ruaa~er
<br />.. NUiJ~H7143M i9~7H!
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