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re. •
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<br /> 76" 001321
<br /> }( ' (U •, U and so long areaid *nleof oven to and this instrument are insured or. are reinsured wider the provisions ot. the .Notional Housing Act, an
<br /> � date'� ;amouatautnuknt to accumulate fa the hands :of the holder one (I) month prior M ita due date the annual morapga insurance premium in order to
<br /> 1$S4C q � I : • providesuch hoIerwlifunds topay suchpremium tothe Secretary ofHousing and Urban Development pursuant tothe National Housing Act,
<br /> ',0, f as amended and applkable Regulations thereunder; or ,
<br /> PvasP .-
<br /> t 1 (Ii) • if add 1q Iopgat said Mote of *Jen date and this lnatromenf ora held by the•Secrelary ot:Housing'end Urban lkyeiopmenl, a monthly chirp gen 1
<br /> ; r ^' s . , iklr ata mgrtpge lnsuranca pmmium) which.shaU be in an amount equal w one•twdnh (Ul2) of one-half (ill) per centum of the average out• L ) i
<br /> • +carr+ t *tandingfadance due on the note computed without taking into account delinquencies or prepaymept$: j
<br /> r pr (b) A sum egdJ Pam ground tensa if soy;next due; plus the premiums that will neat become due and payable on policies of fire and other hazard insurance i :: r
<br /> �I t t " t • covering the 'monlagedp!enem.; plus touted Assessments next due on the mortgaged property (ail as estimated by the Mortgagee) teas all sumr J•
<br /> p l+"e' :v F` readypaid asherefoydiyided by the number of months to ellipse before One month prior to fhe daie.when sued ground rentti premiums, taxeland assets.
<br /> '' �' )c -,+ iponlxwill,beenglo-�dlrJgtowenl: egchsumitebekidbyMortgageeintrusttopaysaidgruundrents premimns; taxes and spedJassessments; and :,. : i
<br /> 0 r ` <: e ? j' •‘7, 01,.. -,..A11 payments btelliiOR d to the two preceding aubsactlons or this parapaph end all payments tote made under the note secured hereby: shall be added
<br /> '3b•F r�fkr together and rho igpepte *mount thereof shalt be paid by the Mortgagor each month in a single payment to bo applied by the Mortgagee.to the follows -
<br /> ing items (n the order set fond • e
<br /> }.. (I) premium charges under the contact of insurance with the Secretary of Housingand Urban Development, ormonthly charge (in lieu of mortgage
<br /> t msurancepremmm) as he ase mayl,c • 0;2. •
<br /> S qtr{ } a e , 0. (U)" , mound rents, rase$, assessmenti lire and other hazard insurance premiums, ire . .
<br /> 10 ',f 'roti. : ' - (IV) -' • interest on the note secured amottlallaiter the principal of uld rmte _ q 'S: , : :•:: : '. , • � : j
<br /> n i An dehcienc in the amount of ati such aggregate: monthly payment shall, unless made good by the
<br /> Ani.deficiency y Montego, prior lathe:due dale of the *ext"such ..
<br /> • ftt? '' ; poymgat; conrMute an event of default under this mortgage. The Mortgagee may collect a "late charge', not to exceed two ants (2*) /preach dolisf(SI) f
<br /> t r:rik.,..„..:,,, . . ofeacb'paymenimarethanffteen (13)daysinatearstocoverMeextnexpenseinvolvedinhandlingdelnquentpayanents
<br /> of y ` ' " wr 3; • That if the total of the payments made by the Mortgagor under (b) of paragraph 2 preceding shall exceed the amount of • }
<br /> r payments actually made by Mortgagee for ground rents, taxes and assessments or insurance premiums, as the case maybe,
<br /> t J / : • such'excess til the option ofthe Mortgagee ; shall: becrcdited blithe Mertgageeon subsequent paytaenti to be ade by the
<br /> r s' Mortgagorb'r refunded to the Mortgagor. If, however, the monthly payments made by the Mortgagor under (bm
<br /> ) of paragraph
<br /> ' precedingshall not be:sufficient to pay- ground rents, taxes and assessments or insurance premiums , as the; case maybe t when t
<br /> � , ° the same shalhbecoine dee' and payable,' then the Mortgagorshall paytoahe Mortgagceany;amount necessary to inake up the 1- : t
<br /> sty • ' : deficiency:on orbefore the date whenpayment of such ground rents, taxes, assessments or insurance premiums shall be due: If
<br /> e .7' , , ': at any- lime the . Morlgagorshall 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 /> 244t:124:442 credit to the accountof ehe"Mortgagor all payments' made under the provisions of (a) of paragraph 2 hereof which the.Mortgagee
<br /> M1 has riot becomtobligated to pay to the Secretary of Housing and Urban' Development and any balance remaining in: the funds • l
<br /> r101,1,;5:014:7;•‘,013,:• aceum elated under the provisions of. (b) of paragraph 2. hereof.• If there shall litre default underany of the provisions• of this
<br /> 1 + mortgage resulting in a 'public sale of the premises cevered!hereby, or if the Mortgagee acquires the property otherwise after
<br /> w` i '• default the Mortgageeshell apply at the time ofthe commencement ofsuch proceedings, or at the time the property is other-
<br /> � � ' wisiiicgwred, • the balance then 'remaining in:the funds accumulated under (b) of paragraph 2 preceding as a credit against the ;
<br /> 7s:.. .,V..., ;;, ,:;;.-1,5, amount of pnncipa) then rettiatmag unpaid under said note , and shall properly adjust any paymentswhichshall have been made i
<br /> : under(a)'of paragraph 2 . ':.: , ) ':c: :: ,
<br /> P 3 ; . 4 That the Mortgagor will pay ground rents, taxes , assessments , water rates , and other governmental or municipal •
<br /> r n : l,, • charges,, fines, or,impositions, for which provision has not beenmade 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. r ;
<br /> ai rt = 4 ' - 5. The Mortgagor will - pay all taxes which may be levied upon the Mortgagee's interest in said real estate and improve-
<br /> -t ` ' ,4-; 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 /> ,01571.0•,;1.5:;•;: i.4 by Jaw and only to the extent thatsuch will not makethisloan usurious), but excluding any income tax, State or Federal .
<br /> r • imposed on Mortgagee, and will file the official receipt showing such payment with the Mortgagee. Upon violation of this under. k
<br /> ,Y tt taking,--or it the Mortgagor is prohibited by any law now or hereafter existing from paying the whole or any portion of the afore- f
<br /> tG 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 /> i • the right to give ninety days' written notice to the owner of the mortgaged premises, requiring the payment of the mortgage ` i
<br /> debt. If such notice be given , the said debt shall become due, payable and collectible at the expiration of said ninety days. - i
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<br /> 1. 6. That should he fail to pay any sum or keep any covenant provided for in this Mortgage, then the Mortgagee, at its op- 2
<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 /> ` z 7. That he hereby assigns, transfers and sets over to the Mortgagee, to be applied toward the payment of the note and all ti
<br /> A. t . ,r, - 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 /> ` ` z • note, all the rents, revenues and income to be derived from the mortgaged premises during such time as the mortgage indebted.
<br /> h 1 ;l ness shall remain unpaid; and the. Mortgagee shall have power to appoint any agent or agents it may desire for the purpose of i
<br /> $t• ft ;g ' repairing said premises and of renting the same and collecting the rents, revenues and income, and it may pay out of said in- +
<br /> " , . i comes all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the . <
<br /> yu ,, same and of collecting rentals therefrom; the balance remaining, if any, to be applied toward the discharge of said mortgage
<br /> indebtedness.
<br /> fto r 8. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured as maybe
<br /> 1.• 2 1 ( 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 premiumsonsuch
<br /> insurance provision for payment of which has not been made hereinbefore. All insurance shall be carried in companies ap• .
<br /> Y proved by the Mortgagee and the policies and renewals thereof shall be held by the Mortgagee and have attached thereto loss
<br /> pa able.clausesin favor of and in form acceptable to the Mort y p gage*. In event of loss Mortgagor will give immediate notice by
<br /> £r mail to the Mortgagee, who may make proof of loss if not made promptly by Mortgagor, and each insurance company •
<br /> earned is hereby.authorized and directed to make payment for such loss directly to the Mortgagee instead of to the Mortgagor
<br /> gi' �' - ( • and the Mortgagee jointly; 'and the insurance proceeds, 'or any part thereof, maybe applied by the Mortgagee at its option either
<br /> a y) t •; a - to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclo-
<br /> z sure of this mortgage or other.transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, -
<br /> 54, • z t: 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 /> t.,-::2:4tegieti. 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 /> ,.'� r� t • • 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 recavei any such payments .when due and payable , but shall not be required so to do. This assignment is to terminate - E
<br /> and become null and,void upon release of this mortgage. ,
<br /> h trot 10 That the Mortgagor will keep.thebuildings upon said premises in good repair, and neither commit nor permit waste r x;
<br /> 1 a • upon said land,nor suffer the said premises to be used for any unlawful purpose. ,: ,
<br /> a`y ti : II : Thatif=the premises; or any part thereof. be condemned under the power of eminent domain, or acquired for a public :
<br /> f use, the damagesawarded,: the proceeds for the tatting 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 /> a r maturinginstallments of such indebtedness. - 7
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