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<br /> 76e 000462 •
<br /> (I) . If and so long us 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 hands of the holder one ( I ) month prior to its due date the annual mortgage insurance premium in order to •
<br /> provide such holder with funds to pay such premium to am Secretary of Housing and Urban Ikvelopment pursuant to the National Housing Act,
<br /> as amended, and applicable Regulations thereunder: or -
<br /> (111 . If and so long as said note of even date and this instrument are held by the Secretary of Housing and Urban Ikvelopment, a monthly charge lin
<br /> lieu of a mortgage insurance premium) whichshall he in an amount equal to onedwelfth- 1I/121 of one-half ( 1(2) per centum of the average oar-
<br /> r` ' standing balance due on the note computed without taking into account delinquencies or prepayments;
<br /> (b) A sum equal 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 mortgagedproperty. plus taxes end assessments next due on the mortgaged property (all as estimated by the Mortgagee) less all sums al-
<br /> ready paid therefor divided by the numbered months to elapse before one month prior to the date when such wound rents, premiums, taxes and asuss-
<br /> mens will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents. premiums, taxes and special assessments: and . .
<br /> (el. All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note secured hereby shall be added . . . I
<br /> together, and the aggregate amount thereof shall be paid by the Mortgagor each month m a single payment to he applied by the Mortgagee to the follow- ,
<br /> nig items items in the order set forth:
<br /> (0 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 she case may he:
<br /> (It) ground rents, tans, assessments. fire and other hazard insurance premiums;
<br /> (U1) interest on the note secured hereby: and
<br /> 11y1 'amortization of the principal of said note-.
<br /> Any deficiency in the amount of any such aggregate monthly payment shall, unless made good by the .Mortgagor prior to the due date of the next .such
<br /> payment. constinne an event of default under this mortpige . The Mortgagee may collect a "late charge" not to exceed two cents (211for each dollar (SI)
<br /> of each payment more than fifteen ( 15) days in wean In cover the ewe expense involved in handling delinquent payments.
<br /> 3 . That if the total of the payments made by the Mortgagor under ( M of paragraph 2 preceding shall exceed the amount of
<br /> payments actually made by the Mortgagee for ground rents , taxes and assessments or insurance premiums, as the case may be.
<br /> such excess . at the option of 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
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<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 or before the date when payment of such round rents. tuxes, 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 /> accumulated under the provisions of (h) of paragraph 2 hereof. If there shall he a default under any of the provisions of this .
<br /> mortgage-resulting in a public sale of the premises covered hereby, or if the Mortgagee acquires 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 /> wise.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 under said note, and shall properly adjust any payments which shall have been made
<br /> under ('alof paragraph 2:
<br /> 4. 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 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 to the Mortgagee . -
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<br /> 5 . The Mortgagor will pay all taxes which may be levied upon the Mortgagee 's interest in said real estate and improve-
<br /> meats , 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 by law 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 he 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 /> tion, may pay or perform the same, and all expenditures so made shall he added to the principal sum owing on the above note,
<br /> shall be secured hereby. and shall hear 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 /> 8 . That he will keep the improvements now existing or hereafter erected on the mortgaged property , insured as may he •
<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 he 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 he 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 Mortpgee . In event of loss Mortgagor will give immediate notice by t.
<br /> mail to the Mortgagee, who may make proof of loss if not made promptly by Mortgagor. and each insurance company con-
<br /> cerned is 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 pan 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 foreclo-
<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 /> - 11 . 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
<br /> amount of indebtednes upon this mortgage and the note which it is given to secure remaining unpaid , are hereby assigned by the
<br /> o 'the Mortgagee.Mortgagor tgee. 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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<br /> ;I 1d l i • + 1 Ill i ' . I l II
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