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<br /> 76- U O 1 E� 4 :L
<br /> Iq 1[ flnd m long as snid notc u( evcrt dale and this i�cWment ert insured or are Icinsured undet lhe provisions uf lh< National liousing Acl, un �
<br /> amounl aufficient lo accumulate in �he hands o( tLe hoWer one Iq munlh prior to its due date �he annual moriga6e insururce prcmium in ordcr lo , � ,
<br />� � � provide such holder wilh funds m pay such premium tu ihe Sccretery of Huusing and Urban ikrelopment pursuant m the Nalionnl Housing AcI, .
<br /> � as amended, snd apD�ica6le Regulaliona �hereunder; w � � �
<br /> � IIp � � �� �f and w longas ceid notFof even date and this imtr�ment are heid by the Secretary of Nousing and Urban Development, a manthly charge (in � I � . �
<br /> . lieu ot a mortgage inswanu }vemium) �whkh shill be in an amount oqual to one•Iwelfth l III21 of one•Aalf UI?I Per ceuwm of the averuge oua .
<br /> . standingbalnncedueon �henotncamputcdwiihou� leWnginmuauun� dolinquencicsorpmpaymems; � . � . . . �
<br /> �- (6/ . A sum equd to Ihe ground renls, if any, nexl duc, plus the premiums ihat uill nezl becume due and payabie on policies o! firc and other harard insunntt .
<br /> � � ' � ` covering 1he morlgaged propeny, plus �nzec and assessmems nexl due on �he mortga�ed Oropeny (all as estimatrA hy the Mottgagee) less all sums al• . , . .
<br /> � � � � rcady {uid �hetefor divideJ 6y the numberof mnmhs lo tlapse before one month prior to the date whm such paund rcnts�, premiums. laxee end a�uss• .
<br /> � � mems will become deli�uenl, such sums Io be held by Mortgegee in Vus� lo pay Said (vound tenlc, premiwns, mxes and special assesemems. anJ � . . .
<br />� � /c) : All paymenu menlioned in tAe Iwo preceding subsccuons ul this parygraph and all payments to be made under Ihe note securcd hereby �h�ll be added . .
<br /> � � together, and the aggeyate umounl tbereof sbnll be paiJ by Ihe Alortgagor cach month in a singie payment to be appiied by the Morlgagce to the (ollox�-
<br /> . . ingitemsin �heorderseifonh: . � . � �
<br /> � � � (I) premiumchnr6�sundertheconvaclofinsuraneewithlheSrcreWryofHwsinganJUrbanDerelopment. 0 ( monthlychargelinGeuofmortgeRe �. � . . . �
<br /> � insunnce premium), aa lhe case may be ; � � . � �
<br /> (Iq � gtuund renls. laces, assessmenls, fire and o�her haratd insurance pamiumr. � . � � .
<br /> � � � pID � interaton �thenntesecuredhereby; nnd� . . � - . .
<br /> � � (IVI �. smortirmion o( Ihe principal nf said note: �
<br /> � Any deficiency in the amount ot uny such aggregate monthly payment shall, uniess m�de good by ihe Mortgagor prior lo the due Jate ot ihe neal such �
<br /> paymrnt, cunsti[ute an event of delaul� under ihis mongage. 7M Mongager may coliret a "lau charge" nut IuexcecJ lao cents RA (or rnch dollar (SI I
<br /> . u( enchpaymenlmpre �hanfituen ( ISldnysinarearx �ocovertluextraeapenwinvolvedinhandlingdelinquempeyments .
<br /> 3 . That i( the total of the payments made by ihe Mortgagor under ( b) of paragraph 2 preceding shall exceed the amount of �
<br /> payments acmally made �y the Mortlir�agee for ground renls, taxes and assessments or insurance premiums , as the case may be ,
<br /> such excess, at the option of the Mortgagee , shall be credited hy the hfortgagee on subsequent payments to be made by Ihe
<br /> Mortgagor, or retunded �o Ihc D4oRgagor. If, however, the monthly payments made by the Mortgagor �mder /b) of paragraph 2
<br /> preceding ahall not be sufficient to pay ground rents , taxes and assessments or insurance premiums , us the case may be, when
<br /> the same shall become due and payable, lhen ihe i�lortgagor shall pay to the Mortgagee any amount necessary to make up the
<br /> deficiency. on or be(ore the date ��� hen payment of such gound rents , taxes , assessments or insurance premiums shall be due . It
<br /> at any time the Mort�gor shall tender ro the htortgagee , in nccordance with the provisions of the note secured hereby, full
<br /> payment of the entire intiebtedness represented thereby , th: htortgagee sha!I , in computing Ihe amount of such indebtedness ,
<br /> credii ro the account of the hlortgagor all pa,vments maJe under the provisiuns of (a) of paragraph 2 hereof which the htortgagee
<br /> has not t+ecorz obligated to pay to the Secretary o[ Housing and Urban Development and any balance remaining in the funds
<br /> accumulated under the provis�ons ot (b) of paragraph ? hereof. If there s6all be a detault under any ot the provisions of this
<br /> mort�aage result�ng in a pubiic sale of the premises covered hereby, or if the Mortgagee acquires the property otherwise atter
<br /> default. the Mongagee shall apply, at the time of the commencement of such proceedings , nr at ihe time the property is other-
<br /> wise acquired , the balance then remaining in ihe funds accumulated under (b) of paragraph 2 preceding, as a credit against the
<br /> amount ot principal then remaining unpaid under said note , and shall properly �djust any payments which shall have been made
<br /> under (a) of paragraph '_.
<br /> 4. That !he Mortgagor will pay ground rents , taxes , assessmen[s , wa�er rates , and other governmental or municip�l
<br /> charges ; fines , or impositians, for ��hich provision has not been made hereinbefore , and in default thereo[ the Mortgagee may
<br /> pay the same : and Ihat the Morigagor will prompUy deliver the oflicial receipts therefor ro the hfongagee .
<br /> 5. ?he r4ortgagor will pay alI taxes which may be levied upon the Mortgagee 's in�erest in said real estate and improve-
<br /> ments , and which may be le��ied upon this mortgage or the debt secured hereby (but only to the extent that such is not prohibit-
<br /> ed hy law and onlq to the extent that such will not make this loan usurious�, but excluding any income tax , State or Federal ,
<br /> imposed on Mortgagee , and •.vill file lhe olHcial receipt showing such payment with the t�fortgagee . Upon violation ot this under-
<br /> taking, or if the Alurtgagor is prohibited by any law now or hereafter existing from paying Ihe whote or any portion o[ ihe afore-
<br /> said taxes , or upon the rendering of any court decree prohibiting the payment by the Afortgagor or any such [axes , or if such law
<br /> or decree provides that any amuunt so paid lsy the htortgagor shall be credited on [he mortgage debt, [he Mortgagce shall ha�'e
<br /> the right lo give ninety days' written nnlice lo the owner o( the mortgaged premises , requiring lhe payment of thc mortgage
<br /> debL If such notice be given , Ihe said deb[ shall become due, payable and collectible at lhe expiration of said ninety days .
<br /> G. That should he fail �o pay any sum or keep any covenant provided (or in this \lortgage , then the Mortgagec , at its op-
<br /> � 110I1, fililY �18V Of (7CffOffil II1C S�ff12 , :111(I aII CXPCfId11U�CS SO II1�IdG SI1llII hC added !o the principal sum owing on Ihe abo��e nate . �
<br /> shall be secured hereby . and shall bear interest at the rate set forth in the saiJ note , until paid . `s�
<br /> 7. That he hcreby assigns , trans(ers and sets over to the Morty.agee , to be applied toN•ard the p;�yment o( the note and all
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<br /> sums secured hereby in case of a Jefault in the per(ormance of any of the terms and conditions of this �fortgage or the said �i
<br /> ' note. alt the rents , revenues and income ro be derived from the murtgaged 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 saiJ premises and of renting the same and coilecting the rents , revenucs and income , and it may pay uut of said im
<br /> comes all ?zpenses of repairing said premises and necessary commissions :md expenses incurred in renting and managing the
<br /> same and of collec[ing rentals therefrom :. [he balance remaining, if any, to be applied loward the discharge of said mortgage
<br /> indebted��ess . '
<br /> 8. That hc will keep the improvemcnts now existing ot hereatter erecteu on the mortgaged properly , insured as may bc
<br /> required from time to time by the hlortKagee against loss by fire and other h.+znrds . casualties and contingencies in such
<br /> amounts anJ fnr such periods as may be required by [he Morlgagee and will pay prompti)' , r�hen Jue , any prcmiums on such
<br /> insurance provision tor payment of which has not been made hereinbefore . Ail iusurance shall he carried in companies ap-
<br /> proved by the htortgagee and the policies anJ renewals thereot shall be held hy the rtongagee and h�ve attached thereto loss
<br /> pnyable clauses in (avor of and in form acceptable to Ihe htortgagee . In event ot lozs Mort�gor will give immediate notice by
<br /> maii to Ihe Mortgagee , who ma� mxice proof of loss i[ not made promptly by Aforlgagur , and each insurance company con-
<br /> cerned is hereby authoriud and directed to make p.ryment for such loss directiy to the 1�lortgagee instead of to the hfortgugor
<br /> and the Mortgagee joindy , and thc insurance proceeds, or any parl thereu( , may be applied by the bfor�gagee at its option cither
<br /> ro the reduction ot the inde6tedness hereby secured or to the ruto:ation or reY�ir of the property damaged . In event of toreclo-
<br /> sure of this mortgage or ather trAnsfcr of tide w the mortgaged property in extinguishment of the indebtedness sccured hereby ,
<br /> ai: righl , ti[lo and interest of the blor[gagur in and to any insurance policies then in force shall pass ro the purchaseror grantee .
<br /> 9. That as additional and collateral securiry for Ihc payment o( Ihe note described , and all sums to become due under this
<br /> mortgage , the A4ortgagor hereby assigns to the hlorlgagee all profits , revenues , royalties , righls and benefits accruing tu the
<br /> �1ortgagor under any and ali oil and gas leases on said premises , with the right to receive and receipl tor thc same and apply
<br /> them to said indebtedr.ess as well before as after default in the cunditions of this mortgage , anJ the �turtgagee may demand , sue
<br /> tor and mcover any such payments when due and payable , but shall not be required so to do . 7�his assignment is to terminate
<br /> and become null a�rd void upon release of this mortgage.
<br /> 10. That lhe Mortgagor will keep the buildings upon said premises in guod repair, and neither commit nor permit waste F .;;1::;
<br /> upon said land. nor sufier the said premises [o be used for any unlawful purpose , �'
<br /> 11 . That if the premises. or any part thereot , be condemned under the po�s�cr of eminent Jomain , or acquired for a public N ^+>
<br /> use . ihe damages awurded . the proceeds for the taking o[ , or the consideralion for such acquisition , to the extent of the (ull � � !,', `.
<br /> amount ot indebrednes upon this mort�ge and the note which it is given tu secure remaining unpaid , arc hereby assigned by the � s;
<br /> htortgagor to the Mortgagee, and shall be oaid forthwith to said Mortgagee to be applicd by rhe latter on accnunt of �he next ri , ;sp, `
<br /> maturinginstallments of such indebtedness . SA
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