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<br /> � (I) . I[ and su Iong as said oote of even dale and this insvumeN are insured or arc rcinsured under [he provisions of the National Housing Ac[, an
<br /> � ' . . amount tulficient W aCcumulate in [he.hands of.the holder onc (! ) munth prior to ils due datc the annuaf mortgage insurance premium in order. to
<br /> . � provide such holder with funds (o pay such premium to the $ecreiary o[ Hoasing and Urban Deveiopment pursuan[ ro the Nstional Housing Act , -
<br /> � as amended , aad aOP�icable Regulations thereundcr, or ; ��. �
<br /> �'�5 � � pI) ` If and so longas said note o( evcn date and this instrument arc held by the Secrctary af Housing and Urban Development, n monthly eharBe (in e
<br /> � � > � lieu of a mortgage insurxnct premium) which shall be in an amount equal to onrtwelhh UI12) of ono-hal[ ( I/2) per centum of [be average out- ; '
<br /> � standing balance due on the note Computed withuu[ [aking into •recount delinquencies or prepayments; ' �
<br /> �,,� � (6) A sum equal tolhe ground rents. if any, nex[ due, p]us the premiums Ihat will next become dUe and payable on policies uf fire and o[her ha'rard insurance
<br /> ��,�g � eovering the mortgaged property, plus taxes and assessments next due on the mortgaged property (ell as cstimated by the Mortgagee) less all sums al- . � j ';
<br /> ,"X . . : reedy Da�d thorefor divided by [he numberpf mon[hs to elapse before one month prior to the date when such gound rents, premiums, hixes and assees- • , ,
<br /> � � �- rnenis will become delinquent, such�sums to 6aheld by Mortgagee in wst lo pay said ground rents, premiums. taxes und special assessments; and "} '
<br /> r � . (c) .� All payments mentioned.in [he two preceding subseClions of this paragraph and all paymen[s tu tx madc u�der the note sewred hereby shatl be added q �"
<br /> ,�; . - cogethcq and the aggregafe amount thereot shall be paid by the MonKagor euch month in a single payment to be applied by 1he Mortgagee to the toilow- " -
<br /> r�: � . ing items in Ne ordet ut (orfk � . � �. '
<br /> �� (I) � prcmium charges under the contrac[ of insurance with Ihe Secretary of Huusing and Urban Development, Or monihly churS� Gn lieu of morlFage
<br /> �� � � � . .: insurance premium), as the case may be; . � .'
<br /> w9 � � fIl) . ground rents, taxes, assessmen[s, firdand other hazaW insurance premiums ; . �� ;
<br /> /?y� � � � � � (ilq interest on [he note secured hereby: and � � � '� � -
<br /> �;� . � � 17V) � amortizationoftheprineipaiof�ssid� no[a ` � � � � � � � � �-
<br /> Any deficiency in tBe amo�m of •rny such oggreKBte monthly payment shall, uNess made good by the Mortgagor prior ro the due dam ot the next� sueh '
<br /> j`¢ � � � � paymml, constitu[e un event o[ default under this mortgaga Thc Mortgagce may collect a "late [harge" not to exceed two csnis (2p) for eaCh dollar (S 7) ! -��
<br /> ':� � of each payment more than fifteen QS) days in aroars lo cover the extra expense involved in httndling dclinquen[ payments. R �.� �
<br /> � . . . . � . . . . . .
<br /> �r� 3 . That if the total of the paymeats made by the Mortgagor under ( li) of paragraph 2 preceding shall exceed the amount ot `" -
<br /> 1" paymen[s actuaUy made by the Mortgagee for ground rents, taxes and assessmen[s or insurance premiums, as the case may be , '
<br /> ;'� such excess, at the option ot the Mortga�ee , shall be credited by the Mortgagee on subsequent paymems to be made by the ='� '
<br /> y� Mortgagor, or refunded to the Mortgagor. If, however, the monthly payments made by the Mortgagor under (b) of paragraph 2 ;: ; ;
<br /> ,A;� preceding shall not be sufficieni [o pay ground rents , taxes and assessments or insurance premiums , as the case may be, when d
<br /> �,� the same shall become due and payable , then the Mortgagor shali pay !o the Mortgagee any amount necessary to make up the k ' �
<br /> � ;a���' deficiency , on or before the date when payment of such ground rents, taxes , assessments or insurance premiums shall be due. If � ,
<br /> '� at any time the Mortgagor shall tender ro the Mortgagee, in accordance with the provisions of the note secured hereby, fu❑ ,, ',
<br /> -`w payment of the entire indebtedness represented thereby , the Morigagee shall , in computin� the amount of such indebtedness ,
<br /> ;�� credit to the account of the Mortgagor all payments made under the provisions of (a) of paragraph 2 hereof which the Mortgagee 5'
<br /> ; �� has not become obligated to pay to the Secretary of Housing and Urban Development and any balance remaining in the funds : .;;
<br /> °? accumulated under the provisions of (b) of paragraph 2 fiereof. If there shall be a default under any of the provisions of this „
<br /> � mortgage resulting in a public sale of [he premises covered hereby, or if the Mortgagee acquires the property otherwise after � . ',
<br /> default, the Mortgagee sha11 apply , at the time of the commencement of such proceedings , or at the time the property is other- > ',
<br /> ;� wise acquired , the balance then remaining in the funds accumutated under (b) ot paragraph 2 preceding, as a credit against the � '
<br /> � amount of principal then remaining unpaid under said note , and shall properly adjust any payments which shall have been made ;
<br /> �;�' � under (a) of pazagraph 2. � � � : �
<br /> � 4. That the Mortgagor will pay ground rents, taxes , assessments , water rates, and other governmental or municipal
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<br /> �Q charges, fines , or impositions, for which provision has not been made hereinbefore , and in default thereof the Mortgagee may ' ,
<br /> "� pay the same ; and that the Mortgagor will promptly deliver the official receipts therefor [o [he Mor[gagee. t
<br /> � 5. The Mortgagor will pay all taxes which may be levied upon the Mortgagee's interest in said real estate and improve- � .
<br /> ments, and which may be levied upon this mortgage or the debt secured hereby (but only ro the extent that such is not prohibit-
<br /> � ed by law and only to the extent that such will not make this loan usurious), but exduding any income tax , State or Federal , �
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<br /> '� imposed on Mortgagee , and will file the official receipt showing such payment with the Mortgagee . Upon violation of this under- � �
<br /> � ~ takin�, or if the Mortgagor is prohibited by any law now or hereafter existing fram paying the whole or any portion of the afore- ; . ;
<br /> , ,� said taxes , or upon the rendenng of any court decree prohibiting the payment by the Mortgagor or any such taxes, or if such law g
<br /> � or decree provides that any amount so paid by the Mortgagor shall be credited on the mortgage debt, the Mortgagee shall have ; �.
<br /> � the ri�ht to give ninety days' written notice to the owner of the mortgaged premises, requiring the payment of the mortgage =
<br /> debt. If such notice be given , [he said debt shall become due , payable and collec[ible at [he expiration of said ninety days . `
<br /> �" 6. Tha[ should he fail to pay any sum or keep any covenant provided for in [his Mor[gage , then the Mottgagee , at its op- � "
<br /> '"� tion. ma '`
<br /> ; y pay or perform [he same , and all expendiwres so made shall be added to the principal sum owing on the above note , x
<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, transfers and sets over [o the Mortgagee, to be applied toward the payment of the note and all r; -;
<br /> �� sums secured hereby in case of a default in the performance of any of Ihe terms and conditions of this Mortgage or the said F
<br /> h note, all the rents, revenues and income to be denved from the mortgaged premises during such time as the mortgage indebted-
<br /> `� � ness shall remain ua did ; and the Mort a ee shall have ower to a omt an a ent or a ents it ma desire for the ur ose of � `
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<br /> repairing said premises and of renting the same and collecting the rents, revenues a�d income , and it may pay out of said in-
<br /> r;: comes al) expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the e
<br /> y,� same and of collecting rentals therefrom ; the balance remaining, it any, to be applied toward the discharge of said mortgage �
<br /> �*a��; indebtedness. `
<br /> �r' 8. That he wiil kee the im rovements now existin or hereatter erected on the mort a ed ro ert insured as ma be
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<br /> _� required from time to time by the Mortgagee against loss by fire and other hazards , casualties and contingencies in such '
<br /> �a amoun[s and for such periods as may be required by the Mortgagee and wilt pay promptly , when due, any premiums on such �
<br /> _��+ insurance provision for payment of which has not been made hereinbefore. All �nsurance shall be carried in companies ap- �
<br /> `� proved �y the Mortgagee and the policies and renewals thereof sha�l be held by the Mortgagee and have a[iached Ihereto loss
<br /> .��� payable clauses in favor of and in form acceptable ro the Mortga�ee. In event of ]oss Mortgagor will give immediate notice by �
<br /> �� mail to the Mortgagee , who may make proof of loss if not made prompUy by Mortgagor, and each insurance company con- �
<br /> �5�»,� cerned is hereby authorized and directed to make plyment for such loss directly to the Mortgagee instead of to the Mortgagor :
<br /> � a�+ and the Mor� a ee oinA and the insurance roceeds, or an
<br /> ;�+ g g j y, p y part thereof, may be applied by the Mor[gagee at its option either
<br /> ���`'� to the reductioo of the indebtedness hereby secured or to Lhe restoration or repair of the property damaged. In event of foreclo-
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<br /> ,,,�"� sure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby,
<br /> ��*�k� a71 right, tiUe and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. �'
<br /> `� � 9. Thai as additional and collateral security for the paymeni ot (he note described, and all sums [a becoine due under this �
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<br /> ��: mortgage, che Monga�;or hereby assigns to the Mortgagee all protits, revenues, royalties , rights and benents accruing to the
<br /> °'��� Mort a or nnder an and aIl oil and �as leases on said remises , with the ri ht to receive and recei t for the same and a 1 `
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<br /> them to said indebtedness as well before as after default in the conditions of this mortgage, and the Mortgagee may demand, sue
<br /> r� ,`� for and recover any such payments when due and payable , but shall not be required so to do. This assignment is to terminate
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<br /> 4� and become null and void upon release of this mortgage. °
<br /> �` � 10. That the Mortgagor wil] keep the buildi�gs upon said premises in good repair, and neither commit nor permit waste „,�,�� , I -T,
<br /> ud,��u upon said land , nor suffer the said premises to be used for any unlawful purpose . -- �„ , � � , �x ;
<br /> ll . 1'hat if the premises, or any part thereof, be condemned under the power of eminent domain, or acquired for a public �: �1 ,°'_-'"
<br /> �" use, the darnages awarded , the proceeds for the taking of, or the consideration for such acquisition , to the extent of the full ��^
<br /> amount of indebtednes upon this mortgage and the note which it is given to secure remaining unpaid , are hereby assigned by the i� � '
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<br /> �w . Mortgagor to the Mortgagee , and shall be paid forthwith to said Mortgagee ro be applied bv the latter on account of the next �n�
<br /> '�a;,s maturing installments of such indebtedness. • - �
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