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<br />°� 78- U 0 0 7 31
<br />, ( l ) month prior to its due date the annual mortgage insurance premium in order to provide such hotder
<br /> with funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the
<br /> National Housing Act, as amended, and applicable Regulations thereunder, or
<br /> ([I) !f and so long as said note of even date and this instrument are held by the Secretary of Housing and `
<br /> Urban Development, a monthly charge (in lieu oja mortgage insurance premiumJ which shall be in an ` '
<br /> amount equal to one-twelfth ( I / 12) of one-half ( 1 /2) per centum of the average outstanding balance
<br /> adue on the note computed witho�t taking inro account delinquencies or prepaymentr,
<br /> (b) A sum equal tq the ground rents, if any , next due , plus the premiums that will next become due and payable on
<br /> policies of fire and other hazard insurance covering the mortgaged property , plus taxes and assessments next due
<br /> on the mortgaged property (a!! as estinrated by the M��rtgagee/ less all sums already paid therefor divided by the
<br /> number oC months to elapse before one month prior to the date when such ground rerus, premiums, taxes and
<br /> assessments will become delinquent, such sums ro be held by Mortgagee in trust to pay said ground rents, pre- _
<br /> miums, taxes and special assessments; and
<br /> (c) All payrnents mentioned in the two preceding subsections of this paragr�ph and all payments to be made under
<br /> the note secured hereby shall be added together, and the aggregate amount thereof shalf be paid by the Mortgagor
<br /> each month in a single payment ro be applied by the Mortgagee to the following items in the order set forth :
<br /> (!) premium charges under the contract of insurance with the Secretary of Housing and Uroan Development,
<br /> or monthly charge /in lieu of mortgage iiisuiance prerniu�nJ, •rs ehe case may be ;
<br />' (!1) ground ren ts, t:uces, assessments. fire and other hazard insurance premiums;
<br /> (III) interest on the notc secured hereby ; and
<br /> (IV) amortization oP the principal of said note.
<br /> Any deficiency in the amount of any such aggregate monthly payment shall , unless made good by the Mbrt-
<br /> gagor prior to the due date of the next such payment , cunstitute an event of defaolt under this mortgage. The
<br /> Mortgagee may collect a "late charge" not to excced tin:r cents (4Q) for each dollar (51 ) of each payment more
<br /> than fifteen (15) days in arcas to cover the extra cxpense inv��lved in handling delinquent payments.
<br /> 3. That if the total of the payments made b,y the �1orl�a�or under ( G) of para�raph 2 preceding shall exceed
<br /> the amount of pavments actunlly made by the Murtgagee for emund rents, taxes and asses5ments or insurance pre- '
<br /> miums, as the case may be, such excess, if che loan is wnent, at the opcion of che Mortgagor, shall be credited by
<br /> lhe Alortgagee on subsequent paymenls to be mude by the hlortgaKor. or refunded to the 6lortgagor. If, howeveq the
<br /> monthly psyments made by the Mortgagor under (b) of paragraph 2 pceceding shail noc be sufficient to pay ground
<br />" rent, tazes and assessments or insurance premiums, as the c ��e may be, when the same shall become due and pay- '
<br /> able, then Lhe hfortgagor shall pay to the !Vtortgugee any amoun6 necessaq� to make up the deficiency , on or beFore
<br /> the date when payment of such gmund rents, taxes, :�sessments oc insurance premiums shall be due_ If at uny
<br /> time the Mortgagar shall tender to the Rlnrtgagee, in accordunce with the pro��i =ions uf the note secured hereby,
<br />' full payment of the entire indebtedness represented thereby , the 1lorlgagee shall , in computing thu amount of such
<br /> indebtedness, credit to the account of the Mortgagor all pa}•mencs made under che pro��isions of (a) of paragraph 2
<br /> heceof which the 6lortgagee has not become obligated to pay to lhe tiecretxry of Ilousing and lirban Developmenc
<br /> and any balance romaining in the fund� sccumuluted under the provision� of (b) of paragraph 2 hereof. If there
<br /> shall be a defaull under any o( the provieions of this mort�age re�ulting in a public �ale of the premi �es covered '
<br /> hereby, ot iC the 11ort�a�ee acquires lhe propert� otherµ ise ufter detauly tfie �tortgagee shall upply , at the time of
<br /> the commencement of such proceedings, or at the time the property i � othenvise acquired, the balance then remain-
<br />; ing irt the funds accumulal,ed under (GJ of para�raph `2 prrceding, a.- u credit against the amount of Principal then '
<br /> i remuining unpaid under said note, and ehall properly udjuct :u�y payments which �hull have been made under (a)
<br />; o� p���h .�
<br /> i4. That the Mortgagor will pay ground rems. taxes , assessments , water rates. and other gvvernmental or municipal
<br /> charges, fines, or impositions, for which provision has nut Feen made hereinbefore . and in default thereof the Mortga�ee may
<br /> pay the same: and that the Mortgagor will promptly deliver the otTicial receipts therefur to the Mortgagee.
<br /> 5. "T�he Mor[gagor will pay all [ares 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 ro the extent that such is not prohibit-
<br />� ed by law and only �o the extent that such will not make this loan usurious), but exduding any income tax . State or Federal.
<br /> ' imposed on Morigagee, 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 uny portion of the afore-
<br /> said taxes, or upon the rendering ot any cuurt decree prohibiting the payment by the Mortgagor or an y such taxes . or if such law
<br /> or decree provides that any amoun[ so paid by the Mortgagor shall be credited on the mortgage debc . the MortFagee shall have
<br /> the right to give ninety days' written notice to the oaner o( the mortgaged premises , requiring [he payment of the mortgage
<br /> debt. lf such notice be given , the said debt shall bernme due , payable and collectible at the expiration ot said ninety days.
<br /> 6. That should he fail to pay any sum or keep anycovenant provided for in thi5 �tortgage . then the R7ortgagee, a[ its op-
<br /> tion , may pay or perform the same. and all ezpenditures so made shalf be added to the principal sum owing on the above nota
<br /> shall lx secured hereby, and shall bear interest.a[ the rate set forth in the said note . un[il paid ..
<br /> 7. That he hereby assigns. transfers and sets over to the Mortga�ee . to br applied toward the payment of the note and all
<br /> sums secured hereby in case of a default in the performance of any o( Ihe terms aad cunditions of this Mvrtgage or the said
<br /> note, all the rents, revenues and income to be derived from the mortgaged premises during such time as the murtgage indebted-
<br /> ntss shall remain unpaid ; and the Mortgagee shall have power to appoint any agent or agents it may desire for the purpuse uf �
<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 xnd necessary commissions and cxpenses incurred in renting nnd managing the
<br /> same and of coliecting rentals therefrom; the balance romaining, if any, ta be applied toward the discharge of said moetgage
<br /> - indcbtedness. •
<br /> 8. � That he will keep the improvements now existing or hereafter erected on the mortgaged property , insured ;�s may be
<br /> requir�d from time w time by the Mortgagee against loss by fire and o�her hazards , casualties and contingencies in such
<br /> ��� amounts and� for �such periods as may be required by the Atortgagee and witl pa}� 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 renew•�Is thereof shall be held by the Mortgagee and ha� e attached thereto loss �
<br /> i payable clauses in favbr of'and in form acceptable to the Mortgagee . tn event of bss Mortgagor wilt give immediate notice by
<br /> � mail to the Mortgagee. who may make proof of loss if not made prompUy by Mortgagor, and each insurance company con- �'
<br /> { cerned:.is hereby authorized and directed to make payment for such loss direcNyto the Mortgagee instcad of to the Mortgagvr � '"�- ' � '
<br /> t and the Mortgagee jointly. and the insnrance'proceeds, or any part thereof, may be applied by the Mortgagee at its option either �t ,,;, �
<br />� to the nductiml of`the'indebtedness hereby secured or to the restoration or repair of the property damaged . In even[ of foreclo- i d
<br /> sur'� ot this�moctgege or uthertrensfero€ titleto the mortgaged properry in extinguishment of the indebtedness secured here6y . , ` '
<br /> y .all righf, title and interest of the Mortgagor in and to any insurance policies then in Corce shall pass to the purchaser or grantee. ` y
<br /> 1 9. That as additional and collateral security for the payment of the note described, and all sums to hecome due under this � , : �h -�' `
<br /> I mortgage, the Mortgagor hereby assigrts to ihe Mortgagce aIl profits, revenues, royalties , rights artd benefits accruing to the ' ' `
<br /> . Mortgagor under any �and �all oil and gac leases on caid premises, with the rigbt to receive and receept for rhe a�me and apply . � � rwr ` -��'� �
<br />'a them to said indebtedness as well before as after default in the conditiuns of this mortgage , and the Mortgagee mal' demand , sue
<br /> t for and recaver any such payments when due and payable . but shall not be required so to do. This assignment is to terminate
<br /> � and bccome null and void upon release of this mostgage: s -
<br /> � � ' � ' . FHA -21b3M 110 �77)
<br /> �°`.+�"� `w.r'r . �
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