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<br /> ( 1 ) month prior to its due date the annual mortgage insurance premium in order to provide such holder
<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
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<br /> (II) lf and so lortg as said note of even date and this instrummt are held by the Secretary of Housing and �
<br /> Urban Development, a monthly charge (3n 11eu oja mortgage insumnce premium) which shall be in an s
<br />� amount equal to one•twelfth .(1 /12) of one-half (T/2) per centum of the average ouistanding balance
<br /> � due on the note computed without taking into account delinquencies or prepayments:
<br /> (b) A sum equal tp the ground rents, iF any, next due, ptus the premiums that wID next become due and payable on �.
<br /> policies of fire and nther hazard insurance covering the mortgaged property, plus taxes and assessments next due `
<br /> � `on the rriortgaged property (a!1 as estimated by the Mortgagee/ less all sums already puid therefor divided by the ;
<br /> � number oF months to elapse before one month prior to the date when such grourtd rents, premiums, taxes and '
<br /> assessments will become delinquent, such sums to be heid by Mortgagee in trust to pay said ground rents, prc-
<br /> miums, taxes and special assessments; and �
<br /> ! (c) AtJ payments mentioned in the two preceding subsections of this paragraph and a0 payments to be made under f
<br /> the note secured hereby shall be added together, and the aggrega[e amount thereof shall be paid by the Mortgagor
<br /> e•rch month in a single payment to be applied by the Mortgagee to the following items in the order set forth : (`
<br /> � (I) premium charges under the contract of insurance with the Secretary of Housing and Urban Development,
<br /> � or monttily chargc (i�e lieu of mortgage iixsurance premiwnJ, as the case may be;
<br /> } (fi) ground rents, taxes, assessments, fire and otlier hazard insurance premiums; :
<br /> - (1I1) interest on the note secured hereby : and �
<br /> QV) amortization of the principa7 of sttid notc. �
<br /> Any deficiency in the amount of any sueh a�regate monthly payment shall, unless made gvod by the Mort-
<br /> � gagor prior ta the due date of the next such payment , cunstitute an event of defauit under this martgage. The F
<br /> Mortgagee may collect a "late charge" not to exceeJ fuar cents (4Y) for each doUar ($ 1 ) of each payment more ;:
<br /> ihan fifteen ( 15) days in areas to cover thc extra expense involved in handling delinquent p5yments. �•
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<br /> 3. That if the tntal of the payments made by the �lortga�or under (6) of paragraph 2 preceding shall exceed �
<br /> the amount of payments actually made by the 61ortgagee (or eround ren6s, taxes and assessmente or insurance pre- {,
<br /> miums, as the case may be, such excess, if the loan is current, ac che op[ion o( the Mortgagor, shall be crediced by �
<br /> Lhe M1fortgagee on subsequent payments t� be made by the �lortgagor, or refunded io the Riortgagor. [f, however, the �
<br /> rnonthly payments made by the Morcgagor under (bJ of paragraph 2 preceding shall noc be sufficient to pay ground �
<br /> renL, taxes and assessments or insurance premiums, a5 the case may be, when the same cha[ 1 become due and pay- y
<br /> able, then the M1lortgagorshall pay to the �1ortgagee any amounL neces�ary to make up the de� ciency, on or 6efore �
<br />� the date when payment of sucfi gmund rents, taxes, assessmentc or insurance premiums shatt be due. If at any !
<br /> time the :1lortgagor shall tender to the MortgaKee, in accordunce with the provisions of the note secured hereby, i
<br />? full payment of the entire indebtedneys represented thereby, the ;Nortgagee shall , in computing fhe amount of such F
<br /> indebtedness, credit co the accounc of the Mortgagor all paymencs made under the provisions of (a) of pazagraph 2
<br /> f hereof which the �9ortgagee has not becume obligated to pay to the Secretary, of Housing and Urban Devetopmeni k '
<br />� and any batance remaining i� the funds accumulated under the provisions of (G) of paragr.tph 2 hereoC If there !
<br />{ shall be a default under any of the provisions of Lhi = mort�a�e resulting in a public sale of the premises covered {
<br />? hereby, or if the M11ortgagee acquires the property olherwise after defuult, the �iortga�ee shall xpply, at the time of i
<br /> i the commencement of such proceedings , or at the time the property is otherwise acquired, Lhe bafance then remain- q
<br />? ' ing in the funds accumulated under (L) of parsgraph 2 precedin�, as a credit against the amount of principal then � �
<br /> remaining unpaid under said note, und shall properly adjus0 any payments which shall have been made under (al
<br /> oI paragraph `L, ?
<br />; 4. That the Mortgagor wi❑ pay ground rents, taxes , assessments, water rates , and other governmental or municipal ±
<br /> j charges , fines, or impositions, for which provision has not heen made hereinbefore , and in default thereof the Mortgagee may �.
<br /> pay the same : and that the Murtgagor wiU prompdy deliver the official receipts therefor to the Mortl¢agee . x
<br /> 5. The htortgagor will pay all taxes which may be levied upon the Mortgagee 's interest in said real estate and improve- ;
<br />� ments, and which muy be levied upon this mortgage or the debt secured hereby (but only [o the extent that such is not prohibit-
<br />� ' ed by taw and only to the estent that ci�ch will not make this loan usurious), but exduding any income tax , Sta[e or FederaL i
<br /> imposed on Mongagee, and a•i(I fite the official receipt showing such payment with the Murtgagee . Upon violation of this underv f
<br /> f taking. or if the Mortgagor is prohibited by any taw now or hereafter existing from paying the whole or any portion of the afore-
<br />`,t said taxes, or upon the rendering of any court decree prohibiting the payment by the Mortgagor or any such taxes; or if such )aw '`
<br /> or decree provides that any amount so paid by the M1tortgagor shall be credited on the mortgage debt, the Mortgagee shall have
<br /> the right to give ninety days' written notice to the owner of the mortgaged premises . requiring the payment of the mortgage -
<br /> debt. Jf such notice be given , the said debt shall become due. payable and collecti6le at the expiration of said ninety days.
<br /> 6. That should he fail to pay any sum or keep any covenant provided for in tbis Mortgage , then the Mortgagee , at its op-
<br /> tion , may pay or perform the same. and all expenditurcs so made shall be added to the principat sum owing on the above no[e.
<br /> shall be secured hereby, and shall bear incerest at the rate set forth in the said note, until paid.
<br /> 7. That he hereby assigns, transfers and sets over ta 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
<br /> note, all the rents, revenues and income to be derived from the mongaged premises during such time :�s the mortgage indebted-
<br /> ness: shall remain unpaid; and the Mortgagce shall have power [o 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 /> comes all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the
<br /> I` same and of collectingren[als therefrom ; the balance .remaining, if anyr to be applied toward the discharge ot said moRgage
<br /> indebtedn�s. `
<br /> i 8. 'I'habhe 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 tifortgagee and wiil pay promptly, when due, any premiums on such �
<br /> ir�suraace provision for payment of which has no[ been made hereinbefore. .411 insurance shall be carried in companies ap- • i
<br /> proved by thtMortgagee and [he policies and renewals thereof shall be held by the Mortgagee and have attached thereto loss
<br /> payable clauus in favor of and inform acceptabte to the Mortgagea In event of �oss Mortgagor wilf give immediate notice by
<br /> mai� tn thet Mortgagee , who may make proof of loss if not made promptly by Mortgagor, and each insurance company con- -� r^"`r' �' =
<br /> cuned is hereby authoriud and directed to make payment for such :loss directly to the Mortgagee instead of to the Mortgagor .,µ; , 'i'.:
<br /> and theMortgagee jointly. and the insurance proceeds, or any part thereot, mny be applied by the Mortgagee at its option ei[her - ' �: ;.
<br />; to the redaction oE theindebtedness hercby secured ot to the restoration or repair of the properry damagcd. ln event of foreclo- a . _ , ; :
<br /> I sure of. this: mongage,or other transfec af titlr, to the moctgaged property in extinguishment of the indebtedness secured hereby. � ;
<br />� all right, titte and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantea
<br />� 9. Thatas addi6onal and collateral security for the payment of the note described , and alI sums ro become due under this * � �•
<br />' mortgaga tht Mortgagor hereby assigns to the Mortgagee at! profits, revenues, royalties, rights and benefits acCruirtg [o [he ' � ° .w. `
<br /> - Mvrtgagor urtder any and al! oil and gas leases on said premises. with the right to receive and receipt for the same and apply "�� '' ' °` ` '
<br />! ` them to said indebtedoess as well before as after default in the conditions of this mortgage, and the MortFagee may demand , sue
<br />� (or and recover any such paymen[s when due and payable, but shall not be required so to do .. This�assignmrnt is to termiaate
<br />' and become null and void upon release of this motYgate •- �
<br /> . . ) . . . :� � 1 �..i � . ���� , . . , . ,�. . ��./� PHA�2143M HOJ7)
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