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<br /> 76- 00136
<br /> IH If and so long 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 bands of the bolder one (I ) month prior to its due date the annual mortgage insurance premium in eider to
<br /> provide web holder with funds w pay such premium to the Secretary of Housing and Urban Development punuanl to the National Housing Act,
<br /> as amended, and applicable Regulations thereunder; or
<br /> , "` (II) If and w long as said note of even date and this instrument are held by the Secretary of Housing and Urban Development, a monthly charge (in
<br /> 11 lieu of a mortgage insurance premium) which shall be in an amount equal to one•rwei(th 111121 of one-half 1112) per centum of the average out-
<br /> standing balance due on the note computed without taking into account delinquencies or prepayments; •
<br /> r - (h) A sum equal to the ground rents, if any, nest due, plus the premiums that will next become due and payable on policies of fee and other hared insurance
<br /> covering the mortgaged property, 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 /> ( meats will become delinquent, such sums to be held by Mongagee intrust to ray said ground rents, premiums, axes and special assessments; and
<br /> (c) AU 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 be paid by the Mortgagor each month in a single payment to be applied by the Mongaget to the follow-
<br /> ! Mg items in she order set forth:
<br /> 1:,..; : . 1; . '' . ;
<br /> ., • (I) premium charges under the contract of insurance with the Secretary of Housing and Urban Development. or monthly charge (in feu of mortgage
<br /> insurance premium), as the case may be;
<br /> h - (II) pound rents. axes, assessments, fore and other hazard insurance premiums; '
<br /> F - (III) interest on the note secured hereby: and
<br /> 11\q amortization of the principal of said note.
<br /> Any deficiency in the amount of any such aggregate monthly payment shall, unless made good bytheMortgagor gagor prWr to the due dao of the next such
<br /> !•• it continue an event of default under this mortgage. The Mortgagee may collect a "late charge" not to exceed two cents 12t) for each dollar (SI)
<br /> ( of each payment more than fifteen (151 days in *rears 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 /> payment of the entire indebtedness represented thereby, the Mortgagee shall , in computing the amount of such indebtedness.
<br /> 1 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 /> L Laccumulated 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 /> 1 . 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 improves
<br /> merits, 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), hut 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 it 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 /> r 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 pei form 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 •s, ,•
<br /> y note, all the rents, revenues and income to be derived from the mortgaged premises during such time as the mortgage indebted-
<br /> ,
<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 /> .
<br /> ill -- 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 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 he held by the Mortgagee and have attached thereto loss
<br /> payable clauses in favor of and in form acceptable to the Mongagee . In event of loss Mortgagor will give immediate notice by
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<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 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 secpuity 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 atter 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
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<br /> upon said land, nor suffer the said premises to be used for any unlawful purpose . a `
<br /> 11 . That if the premises, or any part thereof, be condemned under the power of eminent domain, or acquired for a public r
<br /> use, the damages awarded, the proceeds for the taking of, or the consideration for such acquisition, to the extent of the full s r
<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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