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<br />:r " � (1) 1f enJ so long as said nute of even date and this instrumcm arc insured or are rcinsured undcr �he provisions u( the Nauunul Housing Act, an
<br /> - amoun! au�ic4n( to accumulale in the handa o( the holdcr one (I) month prior lo i�a duc dale �he unnual mortgage insurance premium in ader m
<br /> � pmvide sucA hoidcr wiih funds to pay such prcmium to the S<crc�ary o( Housing and Urban Devclopmrn� pursuam m the Natioual Housing Ac�,
<br /> � �s emended, and applicable Regulutions thcreunder; or
<br /> ,� r � � pU � . If and co long as said nme of even dale end this instrument are held by the Secrclary ot Housing nnd Ur6an Uevelopmcnt, a monthly charge (in � �
<br /> I � lia ot n murlgage insurance premium) which shall Ix in an emount equel to onrtwdith ( 111 Z) of uerhnit pl7) per anwm of the avcrnge oub
<br /> stnnding 6alance due on ihe nok campumd a�ithuut wking imo accoun� delinyuencies or prepaYmemr. . .
<br /> � (6) A sum equal �o �he gound rcn�s, if any, nexl due, plus �he ptemiums thu� will ncx� hecome due and paynble un policies uf fire and other haurd insurance
<br /> i� � � � . covering ihe mortgeged properly, plus laxes and assessmems nexl duc on Ihe murlgaged property (�11 ns atimalcd by �he Morigagee) lus :JI sums ai-
<br /> �. � «ady paid themfor divided by the number o( momhs to elapae Ixtore one mooth prior �o the date whcn such gowM rents, premiums. taxes end assess• . .
<br /> � ments will become delinquent, such sums to be Aeid by Mongagee in trust topay eaid gtound rems, premiums, �axes and special asse:smems; and
<br /> Ici All payments men�ioned in �he two preceding subsec�ions uf this paragraph und all paymems �u be maJe under �he note ucured hereby shall be added .
<br /> � . � together, and Ihe oggegale ¢moum [hereof shali be paid by the blortgagor euch momh in u single paymmt lo be applied by thc Afurlgagee tu the lollow- �. �
<br /> . ing ilems in the order sel lonh: .
<br /> � (I) promiumchargesunderlhecunlrectofinsurancexilh �he5ecretaryulHousingandUrbanUevtlupmem,Otmonihlycharge (inlicuo( mortgegt . �
<br /> , insurnnce premium), as the case may be; �
<br /> - IIp � Sround rents, laxes. ussessments, 6re and other hazard insurunce premiums, �
<br /> � 1I14 intercsl on Ihe note securcd hereby; nnd �
<br /> ❑V) � � amorfivmion of Ihe principal ot said wte. �
<br /> Any deficiency in Ihe emount of eny such a�rcgate munthly paymcN shnll, unless made gaid by �he Mortgagor prior to the due date ot the nea� such .
<br /> � � � � �payment, constiwte an evrnt ot def�ull under �his mongage. 'Ihe Mungagee may cullect a "late charge" nu� eo exceW two cems (:Q) lur cach dollar (f p �.
<br /> � of each paymmt mort Ihan fifuen lIS) days in urcars to cover the atro expense imolved in handlin8 delinyuenl puymenls �
<br /> 3. That if the total ot the payments made by the Mortgagor under (b) ot paragraph ? preceding shal! exceed the amount ot
<br /> � ' payments actually made by Ihe Mortgagee for ground rents, taxes and assessments ur 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 6fortgagor. ]f, however, the moNhly payments made by the Mortgagor under (b) o( paragraph ?
<br /> preceding shail 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 lo make up lhe
<br /> deficiency, on or before the date when payment of such ground rents, [axes, assessmenis or insurance premiums shall be due. If
<br /> i ', at any time the Mortgagor shall tender to the Mortgagee, in accordance with the provisions of the note secured hereby, fuil
<br /> ` payment of the entire indebtedness represented thereby. the Mortgagee shall , in wmputing the amuunt of such indebtedness,
<br /> credit to the account of the Mortgagor all payments made under the provisions ot la) of paragraph 2 hereof which the Dlortgagee
<br /> t 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 par�graph ? hereoL If there shall be a default under any of the provisions of this
<br /> � , morlgage resulting in a public sale of the premises covered hereby, or if the hfortgagee acquires tfie property otherwise after
<br /> f default, the Mort�gee shall apply, at the time of the commencement of such proceedings, or at the time the property is other-
<br /> ' wise •rcquired; the balance then remaining in the funds xccumulated under (b) of paragraph 2 preceding, as a credit against the
<br /> � amount of principal then remaining unpaid under said nute, and shall propedy adjust any payments which shall have been made
<br /> under (a) ot paragraph 2.
<br /> , 4. That the Mur[gagor will pay ground rents, tases, assessmen[s, 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 prompdy deliver �he official receipts therefor m the Aiortgagee.
<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 mny be levied upun this mortgage or the debt secured hereby (but only to the extent that such is not prohibit-
<br /> ed by law and only to �he 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 ofHcial receipt showing such payment with the Mortgagee. Upon violation of this under•
<br /> taking, or if the Alortgagor is prohibited by any law now or hereafter existing from paying the whole or eny portion ot the afore-
<br /> said taxes, or upon the rendering o( any court decree prohibiting �he payment 6y the htortgegor or any such taxes �r if such law
<br /> or decree provides Ihat any amount so paid by the hlortgagor shall be credited on the mortgage debt, the Mortgagee shall have
<br /> the righ[ to give ninety days' written notice to the owner o( the mortgagcd premises , reyuiring the paymen[ of the mortgage
<br /> debt. lf such notice be given, the said debt shall become due, payable and collectible at the expiration of said ninery days.
<br /> G. Thal should he fail to pay any sum or kecp anycovenantprovided for in this Mortgage, then the Mortgagee, at its op-
<br /> lion, may pay or perform the same, and xll expenditures so made shall be added to the principal sum owing on the above note.
<br /> - shall be secured hereby, :mJ sha!I bear interest at the rate set forth in the said note, until puid .
<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 defaul[ in the per(ormance of any of the �erms anJ condi�ions ot this A1or[gage or the said
<br /> `, note, all Ihe rents, revenues and income to be derived (rom the mongaged premises during such time as the mortgage indebteJ-
<br /> ness shall remain unpaid; and thc Dfongagee shall h•rve power to appoint any agent or agents it may desire for the purpose o(
<br /> rcpuiring said premises and ot renting the same and collerting �he rents, revenues and incame, and it may pay ou[ ot said in-
<br /> comes all expenses ut repairing said premises und necessary commissions and expenses incurred in renting and managing the
<br /> same and uf collecting rentals therefrom; the balance remaining, if any, tu be applied toward the discharge of said mortgage
<br /> inde6tedness .
<br /> H. That he will keep Ihe improvements now existing or hereafter erected on the mortgaged pruperty, insured as may be
<br /> required from �ime to time by the. ;�torigagee against (osi by fuc and other hazards, casualtics and continbencics in such
<br /> amounts and for such periods as may be required by the M1tor�gagce and will pay promptly , N'hen due , any premiums on such
<br /> � insurrnce provisiun for payment of w�hich has not bren madc hereinbefore. All insurance sha�l be carried in companies ap-
<br /> proved by the Afortgagee and �he policies and renewuls thereu( shall be held by the Aturtga�ee and have auached thereto loss
<br /> payable cluuses in favor of and in furm acceptable to the btortgagee. In event of loss Dtortgagor will give immediate notice by
<br /> mail to the Mor�gagee, who may make proot o( loss if nut made promptly bq Mortgagor, and each insurance company con-
<br /> " cerned is hereby authorized •rnd directeJ to m.ike payment for such loss direcUy to �he I�1ortgagee instead oF to the �tor�gagor
<br /> ' und the Mortgagee jointly, and the insurancc proceeds. or any part thereaf, may be applieJ by Ihe Mortgagee at its option either
<br /> ta the reduction of the indebtedness hereby secured or to the resluralian ur repair of the property damaged. In e��ent of fareclo-
<br /> sure of this mortgage or other transfer of title to the mortgaged property in extinguishment o( the indebtedness secured hereby,
<br /> all right, title and interest of lhe Murtgagor in anJ [o any insurance policies then in fnrce shall pass to the purchaser or gr.mtee.
<br /> 9. That as additional and collateral security for [he paymen[ of the note described . and all sums to become due under this
<br /> mortgage, the Mortgagor hereby assigns to the l�fortgagee nll profits. revenues, royalties , rights and benefits accruing to the
<br /> y Mort�gor under any and all oil anJ gas leases on said premises, with the right to receive anJ receipt for the sxme and apply
<br /> ti them to said indebtedness as well before as after detault in the conditions of this mortgage, and the Mortgagee m�y dcrosnd , sue
<br /> h for and recover any such payments when due and payable , but shall not be requireJ 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 Ihe buildings upon said premises in good repair. and neither cummit nor permit waste �
<br /> upon said land, nor sufier the said premises to be used tor any unlawful purpose.
<br /> I1 . 'I'hat if Ihe premises , or any par[ Ihereot, be condemned under the powcr of eminent domain , or acyuired for a public + '""�` �
<br /> use, the damages awarJed, the proceeds for the taking o[, or the consideration for such acquisition , to Ihe extent of the (ull N '
<br /> � atnount uf indebtednes upon �his mortgage and the no�e N hich i� is given to secure remaining unpaid, arc hereby assigned by the � �
<br />� btortgagor [o the Mortgagee, and shall be paid forthwith to said Mortgagce to be applied by the la�ter on account of the next �, .
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