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<br /> (q I( and so Iung as tinid note ot even date and this instrument are insurcd ur are reinsured under die provisiuns of the '.� atiunnl Hou<fng Act :m . � � � �
<br /> amount suRicient to �aceumulate in the hanJs of the hulder anr 1 I ) mo�th prinr lo its duc date the nnnual murtgage insur:�nct premium in order �o . . . � .
<br /> proviJe such h<alder wilh funds to pay such premium tu Ihe Secrelary uf Hnusing anJ Urban Uevelopment pursu:+nl w the Na[ion:J Housing Ac� . �� . �
<br /> � a� amended, and aryplicable Regulxtiona thereunder, or � . � �
<br /> � � (Iq If and so long us said note of even dnte and lhis in>trument are held by the Secrctary nf Nousing nnd Urban I:hvelopment . n monthly charge lin . � �� - �
<br /> � � � lieu o( a morlguge insurance premiuml which shnll be in nn amuunt eyual to onrtwelfth ( i/ i 21 of one-half 11 /?I Per cenWm uf the avcrag< out- .
<br /> . � � ' stunding balance due on the note c6mputed wi[hout taking in(o uccount delinquencies ur prepa3'ments .
<br /> (hl A wm eyuai �o tht gruund rents. if any, next dur, plus Ihe premiums Ihni will neat become Jue :md pay;ihle on policiec o( lire ;�nd olher h:u.ard insurunce . . �. � .
<br /> � � covering the mor[Kuged property, plus ta�es ;+nd assessments naxt dur on thr murtgeged property (all as zstimnteJ hy ihe Mongnge� l less ali sums nl- �
<br /> � .� � . � ready paid therefor dividcd by tbe numher o( mon[hs ta.i ciupst be(ore onc monih priur In the date when such ground rents premiumr., tuxex anJ nsaeSs- .
<br /> . ments will beeome delinquent: such sums to be beld by Mortyagee in trus� Io pay suid grounJ rents,�premiums, txxes and speciai assey.meMs: and .
<br /> � � � � � 1c) � All payments mentioned in the iwo �preceding subsectinns of this paragraph and nli payments «� bc made unJer the noie secured hereby ahall be addeJ �
<br /> � . toge[her, und Ihe egK«R+��� �mount thcrcpf shall be peid by the Mongagur cach munth in a tiingle paymen� lo he applied by the Morlgagee to thr lolioH�- �.
<br /> . � � � ing iiems in the order set forth: � . .
<br /> . � UI � � premium charges under the canlract of insurance with �he Secretary of Hnusing anA Urb:m IXvelopment , or monthly rharge (in liru of mortNagc .
<br /> � � . insurance premium ). as the ceae may Ix; � � � � � �
<br /> � � Up . ground rents , laxcs, asiessmtnts, fire and o[her hnzard insurance premiums: � �
<br /> .. � . (Ilq iNerest on the nole ucured hereby: and � �
<br /> . . . � U V) amor7ization of the Principal ot suid notc. � .
<br /> � � Any Jeficiency in the nmount of eny such a�regu[e monthly paYmznt shull , uNess m.ide Kood by the Atortgagor prior «r Ihe due dute oi ihe nex[ such �
<br /> � puymen�, consliwm an event of drfault imder this mortgage . 'I'he Mnngngee may cclleci a "lute char�;.e" not io exceed tw�o cents CQ1 for each dollnr (Si ) � : .
<br /> of each puymen� more than fifleen 115) dnys in arears to cover Ihe extr� cspense imolved in handling delinyuent paymenti. � .
<br /> 3. '['hal if the Wtal of �he payment:; made by �he U7ortgagor under (h) of paragraph 'L preceding shall exceed
<br /> the amount of payments actually made by the �lorL�;agee Por eround rent�, tase� •ind assessmenls or in�urance pre-
<br /> miums, as the c�ue may be, such excess, if the loan is current , ac the option of the Mortgagor, shall be credited by
<br /> the R1orL�;agee un subsequr.nl payments lo be made by lhe 1lortgagor, or refunded to the itorLgagor. If, however, the
<br /> nionthly payments made by che Moregagor under (L) of paragraph 2 preceding shall not be sufficienc to pay ground -
<br /> rent, taxes and assessmenLs or insurance premiume , a� thc case may be, when the same :;hall becume due and pay-
<br /> able ; ihen the 51ortgagur shall pay to the '11orLg�Kee any amouni necessaq� lo make up Lhe deficienc,y , on or hefore
<br /> the date when payment of such ground rents , �uxes, .t=:� e�aments or in�urancc premium� shall be due . [f at any
<br /> lime lhe 67ordgagor �hall lcnder to the Vort,Ka�ee, in accordunce:+ with the provi � ions of lhe nole secured hereby ,
<br /> full paymer�+ cf the enLire indebdedness represented Lhereby , ihe 5lorlguKce shall , in compu6in� thc amounL of such
<br /> indebtedness , credit �o the account of che Mongagor all payments made undcr the provisions af (u) of paragraph 2
<br /> hereof which Lhe Mortgagee has not become obligated to px,y tu the ticcretary of Ilou�ing and Urban Devetopmeni
<br /> and any balance remaining in the funds accumulated under lhe provisions nf (ii) of pnra�;raph 2 hereof. If thcre
<br /> shall be a defaulL under any uf' Lhe provision5 of this mort�a�e resul ( ing in a public sale of Lhe premises covered
<br /> hereby , or if I.he 11ortgagec acyuires lhu properly other�tiisc aflcr default, t.he �1ixt�agee shali apply, at lhe time of -
<br /> i.he commencemenl of �uch proceedings , or al the time the properly i > other« ise xcyuieed , 6he balance then re.main-
<br /> ing in lhe funds accumulaled under (b) of pssragraph 2 preceding, as u credit aguin� t the amount of principal then
<br /> remainin� unpaid under s�id notc , and sh �ll properl,y adjust ssny payments �+�hich shall havc� been made under (a)
<br /> of par•agrxph `L,
<br /> ; 4. That the Mortgag�r will pay ground rents , taxes , assessmems , water rares, emd other governmental or municipal
<br /> charges. Bnes , or impositions, for which pruvision has not been made hereinbefore . and in defauh thereof the Mortgagee may
<br /> � pay [he same ; and that the Mortgugor will promptly deliver the oflicial receipts therefor to the Mortgagee .
<br /> S . The Mor�gagor will pay al] taxes which may be levied upon the Mortgagee ' s interest in said real estate and improve-
<br /> men[s, and which may be levied upon this mortgage or the debt secured hereby (b� rt unly [o the extent that such is not prohibit- '
<br /> ed by law and only to the extent that iuch will not make this loan usuri«us) , 6ut excluding any income tax . State or Federal .
<br /> imposed on tviortgagee , and u-itl file the ofl'icial receip� shawing such payment with the Mortgngee . Upon violation of this underv
<br /> taking. or if the Mortgagor is prohibi.ed by any taw noti or hereatter existing from paying the whole or any portion of the afore-
<br /> said taxes , or upon the rendering of any court decree prohibiting the pnymen� 6y the Mortgagor or any such taxes , or if such law
<br /> or decree pro��ides that any amount so paid by the Murtgagor shall be credited on the mortgage debt . thz Mortgagez shall have
<br /> the right to give ninety days ' written notice to the uwner of the mor[gabed premises , requiring the payment of the mortgage
<br /> debt . If such notice be given , the said debt shall become due , puyable and collectible at the expiration of said ninety days .
<br /> b. Tha[ should he fail to pay any sum or keep any cuvenant provided for in this Mortgage , then the Mortgagee , at its op-
<br /> [ion . may pay or perform the same , and ;�ll expenditures so made shall be xdded to the principal sum owing on the above note .
<br /> shall be secured hereby , and shall bear interest at the rate set forth in the said note , until paid .
<br /> 7 . That he hereby assigns . [ransfers and �ets over to the Mortgagee , to be applied toward the payment o( the note and all
<br /> sums secured hereby in case of a default in the performance of any of the terms and conditions of this Mortgage or the s:iid
<br /> no'c , all the rents , revenues and income ta be derived from [ he mortgaged premises duri ng such time as the murtgage indebted-
<br /> ness sh�ll remain unpaid : and the Mortgagee shall have power to appoint any agent or agents it ma , desire for the pierpose of
<br /> repairing said premises and of renting [he same and collecting the rents , revenues and income , and it m:ry pay out of said im
<br /> comes all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing [he
<br /> same and uf collectin� ren[tds therefrom ; the balance remaining, if uny, to be applied toward the disch.�rge o( said mortgage
<br /> indehtedness .
<br /> � R. That he w�ill keep the improvements now existing or hereafrer erected un the mortgaged property , insured a� may be � � �
<br /> required from time to time by the Morlg�gee against loss by fire and other harsrJs _ c�sualties and rontingencies in such
<br /> amounts and for such periods as muy be required hy the Mortgagee anJ will pay promptly , w'hen due , nny przmiums on such
<br /> in>urance provision for payment of which has not heen made hereinbefore. All insurance shall he carried in companies ap- :
<br /> proved by the Mortgagee and the policies and renewals thereof shall be he1J by the �4ortgagee and have attached thereto loss
<br /> payahle dauseti in favor of and in form acceptable to the Mungagee . In event o( lo,s hlortgagor �aitl gi� e immediate notice hy
<br /> mail [o the Mortgagee , who may make proof of loss if not made promptly by Mortgagor. and e�ach insurance company con-
<br /> cerned is herehy au�horized and directed to make payment for such loss directh� to Ihe Mortgagee instead of ro the Mortgagor
<br /> and the Mortgagee jointly , and the insurance proceeds , or any part thereof, may he applieJ by the b1ortgagee at its optian either
<br /> to the reduction of the indeb�ednesz hereby secured or to the restoralion or repair of the praperty dumaged . In event af foreclo-
<br /> sure of this mortgage or other transfer of title to the mortgaged property in ex[inguishmem of the indebtedne�, secured hereby .
<br /> all right, title and interest of the Mortgagor in and to any insurnnce polieie, then in force �hall pass ro the purchaser or grantee .
<br /> 9. Th�t as additional and co�lateral security for the payment of the note described . and all sume ta becc�me due under [ hi�
<br /> mortgage , the Murtg:+gur hereoy aasigns tu the Murtgagee afl prafits, revenue�, ruyaltie+ , rights and heneiits nccruing !o Ihe
<br /> Mortgagor under any r.�d all oil and gas leases on said premises , with the right tu receive .ind receipt for the same and apply
<br /> lhem to said indebtedness as well before as after default in [he ci�nditions of this mortgage , xnd the Mortgagee may demand , sue
<br /> for and recover any sucS paymen[s when due and payahle , but shall not be reyuired si� to du. This assignment is to � erminate
<br /> ' and hecome null and void upon relea+e of this mortgage . "'�*� � " ""
<br /> } 10. That the Mortgagor will keep [he buildings upon said premises in good repair , and neither commit nor permit w�.aste ' „� •. �
<br /> upon said land , nor suHer the said premises to be useJ for any un�au ful purpose . �'' ' � �'�"�
<br /> I I . That if the premises, or any part tfiereof, be condemned �nder the power of eminent domain, or ncyuired for a public
<br /> � use , the dxmages awarded , the pr�ceeds for the taking of, or [he consideration for such acquisi[ion , to the ex2em of the full � � -^
<br /> amount of indebtednes upon this mortgage and [he note which it isgiven to securc remaining unpaid , are hereby assigned hy the ;�� :
<br /> Mortgagor to the Mortgagee, and shall be paid forthw�ith to said Mortgagee [o be applied by the latter on account of thc next
<br /> maturing insta�lments of such indebtedness '
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