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<br /> 76- 000613
<br /> (I) If and so long as said note of even dote and this instrument are insured or are reinsured under the provisions of the National {lousing 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 the Secretary of Housing and Urban Development pursuant to the National Housing Act,
<br /> os amended, and applicable Regulations thereunder: or
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<br /> (ll) If and so long ea paid note of even date and this instrument are held by the Secretary of Housing and Urban Development, a monthly charge (In
<br /> lieu of a mortgage insurance premium) which shall be in an amount equal to one•twelfth 0(12) of one•half ( 112) per centum of the average out-
<br /> standing balance due on the note computed without taking into account delinquencies or prepayments;
<br /> (b) A sum equal to the ground 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 mortgaged progeny, plus taxes and assessments next due on the mortgaged property (all as estimated by the Mortgagee) less all sums al- .
<br /> ready paid therefor divided by the number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and assess,
<br /> meals will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents. premiums, taxes and special assessments ; and
<br /> (c) 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
<br /> together. and the aggregate amount thereof shall he paid by the Mortgagor each month in a single payment to be applied by the Mortgagee to the follow •
<br /> ing items in the order set forth:
<br /> (I) premium charges under the contract of insurance with the Secretary of Housing and Urban Development , o r monthly charge (in lieu of mortgage
<br /> insurance premium), as the case maybe;
<br /> ill) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br /> (III) interest on the note secured hereby: and
<br /> (I V) 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 dale of the next such '
<br /> payment, constitute an event of default under this mortgage. The Mortgagee may collect a "late charge" not to exceed two cents (2c) for each dollar (SI )
<br /> of each payment more than fifteen ( 131 days in arms to cover the extra expense involved in handling delinquent payments. •
<br /> 3 . That if the total of the payments made by the Mortgagor under ( b) 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
<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 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 /> paymentof 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 (b) of paragraph 2 hereof. If there shall be 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 (a) of 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.
<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 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
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<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 /> tion , 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 he 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 /> 8s 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 /> 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 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 foredo- _
<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 w 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, he 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 /> 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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