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<br /> Qj I( and io lonS as >:tid na[c of even dete and this instrumcnt are insured or are rcinsured under the provisions o[ the Nationnl Housing Act, an �
<br /> . amoun[ sutficien[ W accumula[e in the hands oC the holder onc ( I) month priur ro its due date the snnuai mprtgnge i�surance premium in erder to � � .
<br /> ` provide s�ch holder with tunds lo pay such premium to the Secretary ot Housing and Ur6an Development pursuunt to Ihe Nation:�l Housi�o, Act . . � � �
<br /> as amendcd, and upplicabie Regulatiuns thereunder, or � � �
<br /> (IU 1t und so long as said nute of even date and this in5irument are hdd 6y the Secretary of Housing and Urban .Jevclopment, a monthly chargr (in � ' � �
<br /> lieu� of a mortgage insUrance. premium) which shull be in an amount equal fo one-Iwelfth QI I ?) ot qno-half ( 1 /?) pu centum of the average out-
<br /> � 4: � stxnding balance due un the note computed wi[houl taking into accounl delinquencies or prepayments . � � . �
<br /> � . (b) A sum equal to [he ground rents, i! an y, next due. plus lhe premiums [hat will next become duc and pxyablc on p>licies of fire aad o[her hazard insurance � � �
<br /> � . eovering�he mortgvged property, plus taxes and assessmrnts next due on the mortgaged ptoputy (all as eslimated by ihe Mortgagee) lcss all sums al- - � � �� �
<br /> � � Feady paid therefor divided by [he number of months [o eiapse betore one month prior Io the date when such ground renis, premiums; taxes and as8ess- � �
<br /> . ments will become dolinyuenl, suCh sums to be held by Morigagee in trusl to puy said ground ron[s, premiums, taxes and special assessmen[s: and � .
<br /> �� : (cj � All payments mentioned in ttie two Areceding subsecdons of this paragraph and ail payments to be made under the note xcured hereby shall be added �� � . � �
<br /> � togpther;und the aggregate amount thereof shali be paid by the Mortgngor each munth in a sinSlc payment to be applicd by the Mortgagee to the tollow- ' �
<br /> �. � ing items in the order set foreh: � . .
<br /> � (I ) premium charges under the contract ot insurance with the Secrelary o! HnusinS and Urben I?evdopment, 0i momhly charge (in lieu of mortgage � � �
<br /> insurance prcmium). as the cuse may be; � � , �
<br /> . � ([7) ground rents. laxcs, asscsstnents. fire and other haiard insurance premiums; � � �
<br /> r�� �� . (S11) in�emst on [he no[e secured hereby: and � �
<br /> � � (I V) � amorti¢afion of tht principal of said note. � � .
<br /> Any deficigncy. in the amourst o( any such a�rtgalc monthly paymen[ shall. uNess made good by the Murtgagor prior to the due date of the next such . � �
<br /> payment, constitute an event ot default under lhis morlgage. The Mor[gagee may collect a '9ate charge" nut to exeeed two eenls (2Q) for each dollar (3q . � � .
<br /> �. , , of each payment morc than fitleen ( IS) days in arears to covcr 7he extra cxpense invoWed in hundling delinquent payments. . �
<br /> 3 . That if the [otal ot the payments made by the Mortgagor under ( 6) of par�graph 2 preceding shall exceed ihe amount of
<br /> payments acWa)ly made by the Mortgagee for ground rents , taxes and assessments or insurance prerniums, as the case may be,
<br /> such excess , at the option of the Mortgagee, shall be credited by the Mortgagee �n subsequent payments to be made by the
<br /> Mortgagor , or refunded to the Mortgagor. If, however, the monthly payments made by the MortGagor under (b) of paragraph 2
<br /> preceding shall not be sufficient to pay ground rents , taxes and assessments or insurance premiums , 2s the case may be , when
<br /> the same shall become due and payable , then the Mortgagor shall pay [o the Mortgagee any amount necessary to make up [he
<br /> ' deficiency . on or before [he date when payment of such ground rents , taxes, assessments or insurance premiums shall be due. lf
<br /> at any time [he Mor[gagor shall tender to the Mortgagee, in accordance with the provisions of the no[e secured hereby, full
<br /> payment of the entire indebtedness represented thereby, the Mortgagee shall , in computing the amount of such indebtedness,
<br /> credit ro the accc�unt of the Mortgagor all paymenis made under the provisions of (a) of paragraph 2 hereof which the Mortgagee
<br /> � has not become obliga[ed to pay to the Secretary of Housing and Ilrban Development and any balance remaining in [he funds
<br /> � accurn� la;�d under ih2 prov�s�ans af (�) of patagraph 2 hereoi. [i ihere shati oe a defauit under any of the provisions of this
<br /> mortgage resulting in a public sale of the premises covered hereby, or if [he Mortgagee acquires the property otherwise after
<br /> ` defaul[, the Mortgagee shall apply, at the time of the commencement of such proceedings , or at the time the property is other-
<br /> C' wise acquired , the balance then remaining in the funds accumulated under (b) of para�raph 2 preceding, as a credit against the
<br /> i amount of principal then remainin� unpaid under said note , and shal] properly adjust any payments �vhich shall have been made
<br /> under (a) of paragraph 2.
<br /> 4. That the Mor[gagor will pay ground rents, [axes , assessments , water rates , and other governmental or municipal
<br /> charges , fines, or impositions , for which provision has nut been made hereinbefore , and in default thereof the Mortgagee may
<br /> pay the same : and that the Mortga�or will promptty deliver the official receipts therefor to the Mortgagee.
<br /> 5. The Mortgagor will pay all taxes which may be levied upon [he Mortgagee 's interest in said real esta[e and improve-
<br /> ments, and which may be levied upon this mortgage or ihe debt secured hereby (but only to the exten[ that such is not prohibit-
<br /> `' ed by !aw and only to the extent tha[ such will not make this loan usurious), but exctuding any income tax , Stale or Federal ,
<br /> imposed on Mortga�ee , and will file the otficiat receipt showing such payment w�ith the Mortgagee . Upon violation of Ihis under-
<br /> �aking, or if Ihe Mor[gagor is prohibited by any law now or hereaf[er existing from paying the whole or any partion of the afore-
<br /> � said taxes , ar upon the renderin�; of any court decree prohibiting the payment by the Mor[gagor or any such taxes , or if such law
<br /> or decree provides that any amount so paid by the Mortga�or shall be credited on [he mortgage debt , the Mor[gagee shall have
<br /> f' the right to give ninety days ' written notice to the owner of the mortgaged premises , requiring the payment of the mortgage
<br /> deb[ . If such notice be given, the said debt shall become due, payable and collectible at the expiration of said ninety days .
<br /> 6. That should he fait to pay �ny sum or keep any covenant provided for in [his Mortgage , then the Mortgagee , at its op-
<br /> tion, may pay or perform [he same , and all expenditures so made shall be added to the principal sum owing on Ihe above note .
<br /> s' shall be secured hereby, and sha!I bear interest at the rate set forth in the said note , until paid .
<br /> " 7. 1'hat he hereby assigns , transfers and sets over to the Mortgagee , to be applied tuwazd the payment of the no[e and all
<br /> �' sums secured hereby in case of a defaulf in the performance of any of [he terms and condi[ions of this Mort�age or the said
<br /> note, afl the rents, revenues and income to be derived from the mortgaged premises during soch time as the mortgage indebted-
<br /> ness shall remain unpaid ; and the Mortgagee shall have power to appoint any agent or agents it may desire for Ihe purpose of
<br /> repairing said premises and of renting the same and collecting the rents , revenues and income , and it may pay out of said in-
<br /> comes all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the
<br /> �: same and of collecting rentals therefrom ; the balance remaining, if any , to be applied toward the discharge of said mortgage
<br /> � indebtedness.
<br /> 8. Tha[ he will keep [he improvements now existing or hereafter erected on the mortgaged property , insured as may Ue
<br /> 4 required from time to time by [he Mortgagee against loss by fire and other hazards , casualties and contingencies in such
<br /> amounts and for such periods as may be required by the Mortgagee and will pay promptly , when due, any premiums on such
<br /> insurance provision for payment of which has n�t been made hereinbefore . .AII insurance shall be carried in companies ap-
<br /> proved by the Mor[gagee and the policies and renewals thereof shall be held by the Mortgagee and have uttached thereto loss
<br /> payable clauses in favor of and in form acceptable to the Mortgagee . In event of loss 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 wn-
<br /> cerned is hereby authorized and directed to make payment for such loss directly to the Mortgagee instead of to tihe Mor[gagor
<br /> and the Mortgagee join[ly , and the insurance proceeds , or any part thereof, may be applied by the Mortgagee at its option either
<br /> to the reduction of the indebtedness hereby secured or to the resWration or repair of the property damaged . In event of fureclo-
<br /> sure of this mor[gage or other Vansfer of [ide to the mor[gaged property in extinguishment of the indebtedness secured hereby,
<br /> all right, title and interest of Ihe Mortgagor in and m any insurance policies then in force shall puss to the purchaser or grantee.
<br /> 9. That as additional and collateral security for the payment of the nute described , and a4 sums ro become due under this
<br /> mortgage, the Mortsagor hereby assigns tu the Mort�agee alt profits, revenues , royalties , rights and benefits accruing to the
<br /> Morteaeor under rnv and all oil and gas leases on said premises , with the rieht to receive and receint for the same and apply
<br /> them to said indebtedness as well before as after defautt in the conditions uf this mortgage , and the Mortgagee may demand , sue
<br /> for and recover any such payments when due and payable , but shall not be required so to do . This assignment is to terminate
<br /> and become nuTi and void upon release of this mortgage .
<br /> ]0. That the Mortgagor witl keep the buildings upon said premises in good repair, and neither commi[ nor permit waste
<br /> upon said land, nor suffer the said premises to be used for any onlawtul purpose . ^� � ' ,r,� ,`�
<br /> 11 . That iEthe premises , or any part thereof, be condemned under the power of eminent domain, or acquired for a public � ;
<br /> use, the damages awarded, the proceeds for the taking of, or the cunsideration tor such acquisition , to the extent uf the full , >•
<br /> � amount of indebtednes upon this mortgage and [he note which it is �iven to secure remaining unpaid, are hereby assigned by the qp.
<br /> Mortgagor io the Mort�ee, and shall be paid forthwith to said Mortgagee to be applied by the latter on account of the next
<br /> maturing installments of such indebtedness . �,�,,'
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