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<br /> (1) . If and so luny as said note of even date and this instrument are insured or are reinsured under the provisions of the National Housing Act, an
<br /> amount sufficient to accumulate in the handsel the holder pne ( I) month prior to its due date the annual mortgage insurance premium in order to : ,
<br /> ss provide such holder with funds topremium to such premiuto the Secretary of Housing and Urban Development pursuant to the National Housing Act ,
<br /> as amended, and applicable Regulations thereunder: or
<br /> ['''''' (11) 'Jt and se long a* said note of even and this instrument are hold by the Secretary of Housing and Urban Development, a monthly charge (In
<br /> '`fr: ` 1 -lieu af. a mortgage insurance premium) which abaft be in Mn amount equal to one•twelfth ( 1/12) of one-half ( t/1) per centum of the average. out- - ''
<br /> standing balance due on the note compute'l without taking into account delinquencies or prepayments;
<br /> (b) A sum equd to the =round rents, if any, next due, plus the premiums that will next become due and payable on policies of fire and other hazard Insurance
<br /> covering the 'nuMgaged properly. pies taxes and assessments next due on the mortgaged property (all as estimated by the Mortgagee) kis all mints al-
<br /> . ready paid therefor divided by the number of mouths w elapse before one month prior to the date when such ground rents . premiums, roses ttid assess.
<br /> meats will become delinquent, such sums to be held byMortgagee in trust to pay said. ground rents , premiums, taxes and special assessments : and .
<br /> i. (c) All ;temente mentioned 4n the two. preceding subsections of this paragraph and allpayments to be made under the note secured hereby shall be-added
<br /> pC together. and the aggregate amount thereof shall be paid by the Mortgagor each month in a single payment to be applied by the Mortgagee to the follow. '
<br /> a ing items in the order set forth:
<br /> (1) premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly charge (in lieu of mortgage
<br /> insurance premium); as the case may be;
<br /> p (If) ground rent9 taxes assessments, fie. and other hazard insurance premiums ;
<br /> (Ifqinterest on the note secured hereby: and
<br /> (IV) amortization of the principal of said note.
<br /> Any deficiency in the amount of any such aggregate monthly payment shall , tar tss made good by the Mortgagor prior to the due date of the next such
<br /> rk payment. constitute an event of default under this mortgage . The Mortgagee may collect a "late charge " not to exceed two cents (2!) for each dollar (SI )
<br /> a of each payment inure than fifteen ( 15) days in wean to cover the extra expense involved in handling delinquent payments .
<br /> 3 : That if the total of the payments made by the Mortgagor under ( blot paragraph 2 preceding shall exceed the amount of
<br /> el - payments actually made by the Mortgagee for ground rents , taxes and assessments or insurance premiums , as the case may be,
<br /> such excess; at theoptionof the Mortgagee , shall be credited by the Mortgagee on 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 , as the case may be, when
<br /> the same shall become due and payable, then the Mortgagor shall pay to the Mortgagee any amount necessary to make up the
<br /> deficiency , on et 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 to the Mortgagee, in accordance with the provisions of the note secured hereby , full
<br /> payment of the entire indebtedness represented thereby , the Mortgagee shall , in computing 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
<br /> has not become obligated to pay to the Secretary of Housing and Urban Development and any balance remaining in the funds
<br /> accumulatedunderthe provisions of (b) of paragraph 2 hereof. If there shall be a defaultunder any oftheprovisions of this
<br /> mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee acuires the property otherwise after
<br /> default, the Mortgagee shall apply. at the time of the commencement of such proceedings , or at the time the property is other-
<br /> wi5e•acquired , the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding, as a credit against the
<br /> amount of principal then remaining unpaid tinder said note , and shall properly adjust any payments which shall have been made
<br /> under (a).of paragraph. 2:
<br /> Q . That the Mortgagor will pay ground rents , taxes , assessments , water rates , and other governmental or municipal
<br /> charges , fines . or impositions, for which provision has not beer? made hereinbefore , and in default thereof the Mortgagee may
<br /> pay the same ; and that the Mortgagor will promptly deliver the official receipts therefor to the Mortgagee.
<br /> S . 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 to the extent that such is not prohibit-
<br /> ed bylaw and only to the extent that such will not make this loan usurious ) , but excluding any income tax , State or Federal ,
<br /> imposed on Mortgagee , and will file the official receipt showing such payment with the Mortgagee . Upon violation of this under-
<br /> taking, or if the Mortgagor is prohibited by any law now or hereafter existing from paying the whole or any portion of the afore-
<br /> said taxes . or upon the rendering of any court decree prohibiting the payment by the Mortgagor or any such taxes , or if such law
<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 right 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 . the said debt shall become due , payable and collectible at the expiration of said ninety days .
<br /> 6. That should he fail to pay any sum or keep any covenant provided for in this Mortgage , then the Mortgagee , at its op-
<br /> lion . may pay or perform the same. and all expenditures so made shall be added 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 , transfers and sets over to the Mortgagee . to be applied toward the payment of 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 said
<br /> note, all the rents, revenues and income to be derived from the mortgaged premises during such 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 the 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 /> S . That he will keep the improvements now existing or hereafter erected on the mortgaged property , insured as may be
<br /> required from time to time by the 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 not been made hereinbefore . All insurance shall be carried in companies ap-
<br /> proved by the Mortgagee and the policies and renewals thereof shall be held by the Mortgagee and have attached 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 promptly by Mortgagor- and each insurance company con-
<br /> cernedis hereby authorized and directed to make payment for such loss directly to the Mortgagee instead of to the Mortgagor
<br /> and the Mortgagee jointly, 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 restoration or repair of the property damaged . In event of roreclo-
<br /> sure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby,
<br /> all right, title and interest of the. Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee .
<br /> 9. That as additional and collateral security for the payment of the note described , and all sums to become due under this
<br /> • - mortgage , the Mortgagor hereby assigns to the Mortgagee all profits , revenues , royalties , rights and benefits accruing to the
<br /> Mortgagor under any and all oil and gas leases on said premises , with the right to receive and receipt for the same and apply
<br /> them to said indebtedness as well before as after default in the conditions of 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 null and void upon release of this mortgage.
<br /> 10. That the Mortgagor will keep the buildings upon said premises in good repair, and neither commit nor permit waste
<br /> upon said land, nor suffer the said premises to be used for any unlawful purpose .
<br /> II . That if the 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 consideration for such acquisition , to the extent of the full l ;.
<br /> amount of indebtednes upon this mortgage and the note which it is given to secure remaining unpaid , are hereby assigned by the
<br /> Mortgagor to the Mortgagee , 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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