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201107531 <br />(II) If and so long as said Note of even date and this instrument are held by the Secretary of Housing and Urban Development, a <br />monthly service charge in an amount equal to 1/12 of I /2% of the average outstanding principal balance due on the Note <br />computed for each successive year beginning with the first day of the month following the date of this instrument, if the <br />Secretary of Housing and Urban Development is the Mortgagee (Beneficiary) named herein, or the first day of the month <br />following assignment, if the Note and this instrument; are assigned to the Secretary of Housing and Urban Development, <br />without taking into account delinquencies or prepayment; <br />b. A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on policies of fire <br />and other t3F8POF15' insurance covering the premises covered hereby, plus water rates, taxes and assessments next due on the <br />premises covered hereby (all as estimated by the Mortgagee) less all sums already paid therefore divided by the number of <br />months to elapse before one month prior to the date when such ground rents, premiums, water rates, taxes and assessments will <br />become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, premiums, water rates, taxes, and <br />special assessments. <br />c. All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the Note secured <br />hereby shall be added together and the aggregate amount thereof shall be paid each month in a single payment to be applied by <br />Mortgagee to the following items in the order set forth: <br />(1) premium charges under the Contract of Insurance, with the Secretary of Housing and Urban Development, acting by and <br />through the Federal Housing Commissioner or service charge; <br />(II) ground rents, taxes, special assessments, water rates, fire and other pimapeFEy insurance premiums; <br />(Ill) interest on the Note secured hereby; <br />(1V) amortization of the principal of said Note; <br />10. In the event the Mortgagor fails to pay any sums provided for in this Mortgage, the Mortgagee, at its option, may pay the same. <br />Any excess funds accumulated under (b) of the preceding paragraph remaining after payment of the items therein mentioned, shall be <br />credited to subsequent monthly payments of the same nature required thereunder; but if any such item shall exceed the estimate therefor, or <br />if the Mortgagor shall fail to pay any other governmental or municipal charge, the Mortgagor shall forthwith make good the deficiency or <br />pay the charge before the same becomes delinquent or subject to interest or penalties and in default thereof the Mortgage may pay the <br />same. All sums paid by the Mortgagee and any sums which the Mortgagee may be required to advance to pay mortgage insurance <br />premiums shall be added to the principal of the debt secured hereby and shall bear interest from the date of payment at the rate specified in <br />the Note and shall be due and payable on demand. In case of termination of the Contract of Mortgage Insurance by prepayment of the <br />Mortgage in full, or otherwise (except as hereinafter provided), accumulations under (a) of the preceding paragraph hereof not required to <br />meet payments due under the Contract of Mortgage Insurance, shall be credited to the Mortgagor. If the property is sold under foreclosure <br />or is otherwise acquired by the Mortgagee after default, any remaining balance of the accumulations under (b) of the preceding paragraph <br />shall be credited to the principal of the Mortgage as of the date of the commencement of foreclosure proceedings or as of the date the <br />property is otherwise acquired; and accumulations under (a) thereof shall be likewise credited unless required to pay sums due the <br />Secretary of Housing and Urban Development, acting by and through the Federal Housing Commissioner under the Contract of Mortgage <br />Insurance: <br />11. That the Mortgagor will pay all taxes which may be levied upon the Mortgagee's interest in said real estate and improvements, <br />and which may be levied upon this Mortgage or the debt secured hereby (but only to the extent that such is not prohibited by law and only <br />to the extent that such will not make this loan usurious), but excluding any income tax, State or Federal, imposed on Mortgagee, and will <br />file the official receipt showing such payment with the Mortgagee. Upon violation of this undertaking, or if the Mortgagor is prohibited by <br />any law now or hereafter existing from paying the whole or any portion of the aforesaid taxes, or upon the rendering of any court decree <br />prohibiting the payment by the Mortgagor of any such taxes, or if such law or decree provides that any amount so paid by the Mortgagor <br />shall be credited on the mortgage debt, the Mortgagee shall have the right to give ninety days' written notice to the owner of the mortgaged <br />premises, requiring the payment of the mortgage debt. If such notice be given, the said debt shall become due, payable, and collectible at <br />the expiration of said ninety (90) days. <br />12. That Mortgagor will not commit, permit, or suffer waste, impairment, or deterioration of said property or any part thereof, and in <br />the event of the failure of the Mortgagor to keep the buildings on said premises and those to be erected on said premises, or improvements <br />thereon, in good repair, the Mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof, <br />and any sums paid for such repairs shall bear interest from the date of payment at the rate specified in the Note, shall be due and payable on <br />demand and shall be fully secured by the Mortgage; <br />13. That if there shall be a default in any of the terms, conditions, or covenants of this Mortgage, or the Note secured hereby, then <br />any sums owing by the Mortgagor to the Mortgagee shall, at the option of the Mortgagee, become immediately due and payable. The <br />Mortgagee or any holder of this Mortgage and the Note secured hereby shall then have the right to enter into the possession of the <br />mortgaged premises and collect the rents, issues, and profits thereof. In any action to foreclose, the holder of this Mortgage shall be <br />entitled to the appointment of a receiver of the rents and profits of the mortgaged premises as a matter of right and without notice with <br />power to collect the rents, issues, and profits of said mortgaged premises, due and becoming due during the pendency of such foreclosure <br />suit, such rents and profits being hereby expressly assigned and pledged as additional security for the payment of the indebtedness secured <br />by this Mortgage, without regard to the value of the mortgaged premises or the solvency of any person or persons liable for the payment of <br />the mortgage indebtedness. This Mortgagor for itself and any subsequent owner hereby waives any and all defenses to the application for a <br />receiver as above and hereby specifically consents to such appointment without notice, but nothing herein contained is to be construed to <br />deprive the holder of the Mortgage of any other right, remedy, or privilege it may now have under the law to have a receiver appointed. <br />The provision for the appointment of a receiver of the rents and profits and the assignment of such rents and profits is made an express <br />condition upon which the loan hereby secured is made; <br />14. That no waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of <br />the terms hereof or of the Note secured hereby; <br />15. That all payments made by the Mortgagee to remedy a default by the Mortgagor as aforesaid and the total of any payment or <br />payments due from the Mortgagor to the Mortgagee and in default shall be added to the debt secured by this Mortgage and shall be repaid <br />to the Mortgagee upon demand. Any such sum and interest thereon at the rate specified in the Note shall be a lien on the premises, prior to <br />any other lien attaching or accruing subsequent to the lien of this Mortgage; <br />16. That so long as the Mortgage is insured under the provisions of the National Housing Act or held by the Secretary of Housing <br />and Urban Development, it will not voluntarily create or permit to be created against the property subject to this Mortgage any lien or liens <br />inferior or superior to the lien of this Mortgage, and further it will keep and maintain the same free from the claim of all persons supplying <br />labor or materials which will enter into the construction of any and all buildings now being erected or to be erected on said premises; <br />17. That the improvements fi4etR=to be made upon the premises above described and all plans and specifications comply with all <br />municipal ordinances and regulations made or promulgated by lawful authority, and that the same wili tilion uampiution comply with all <br />such municipal ordinances and regulations and with the rules of the fire rating or inspection organization, bureau, association or office <br />which are now or may hereafter become applicable to the premises above described; <br />