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<br /> �s- U00850 : �
<br /> UI If aad w long as said no[e of e�en Jatc and this instmment rrc insurcJ or arc rciroureJ unJm the provi�ion+ ut ihc Nutionnl Hnusing Ac�. an . . �
<br /> amount wfficient ro accumulute in 1he hands of tbe holder one 111 month priur to ia Jue datc the annual mon�ge insurance pmmium in oNer to . . . . -
<br /> provide socb holder with (unds [o pay such premium lo thc Secrctury of Hwaing anJ Urban Dev<bOmcnt pureuam to th< National Housing Aa. ' . . � � � � � �.
<br /> � as amended. and ap0��cabie Re6ulations thereunder, or � . � � �
<br /> . (t0 � If nnd so longas said note of even date and Ihis ins[rument are held by �he Secrctary ut Houcingand Urbun IkveWpmrn�, a monthly charge lin � �
<br />� � lieu o( a mortpeQe insunnce P�emium) which xhall be in an amount equal �o one-twdhh 11/12) uf one-h•elf 111?I per centum o( the avcrage uul- � ' � �
<br /> ` standing balance due on Ihe note computed without taking into account Jelinqucncics or pre0aymmts:
<br /> . (b/ A sum equal lo �hc ground renss, if any. next due. plus Ihe Oremiumr �hut will n<Rt become due and peyabk on policies of fire and o1h<r hazurd msurance .
<br /> � covering the monpeyed properry. plux mzes �nd assesxmentx nexl duc on the morlgageJ property Iali as estimaleJ Ay the MorlgupeN less a0 aums al- .i.
<br />� . � rcady Daid themfot divided by the number of momM1s �u eiapse t�etore ane mnnth prior to the date whcn 5uch ground renta. Oremiuma. �aaes and �ssesc- �
<br /> meMs will becomc delinquent, such sums to be heid by Mottgagec in trust to pay said ground renb. Dremiums. �axes and special esxssments: und �
<br /> (c) All paymcnts mentioncd in the lwu preceding su6seclions of this paragruph and all paymenta to be made under Ihe no�e xcured bercby shall Ae nJdcd . . . .
<br /> together, and tht ag�egate amuunt Ihereuf shall he paid by thr Motigagor each monlh in a ainK�� payment to be applied by Iht Mortµugee tn �hc failow- . �
<br /> ing items in the order ut forth: . , , . . � . .
<br /> (b premium charges under the contrrct af insurance with the Secrctary of Houcing and Urban Developmrn� . or monthly charge lin lieu of mon(e.ige . � .
<br /> insurance premiuml, as tbe casc may lx: � , � � �
<br /> (Iq ground rtnis. tazea. ascessments, fire anJ ather bazard imurantt premiums: � . �. ��
<br /> (IIU inlerest on Ihe note ucured M1ereby: und . . � . . � �
<br /> . (IVl amortiza[ionoftAeprincipalo( xaidnote. � � ..
<br /> Any deficirncy in Ihe nmount of nny +uch aggreRate monthly payment xhxll . unlcss made N��d by �he Mort�gur priur io the due date uf the next such � . . . . .
<br /> payment. constitute an e�ent of Jefault under this mortgage . The Mnrtgage< mry cn�lect a "Iaie charKe" nnt to e nceed twu cent. 1:¢I fm cach doliar ISU � � � . �
<br /> of nch {rayment more than fitteen I I51 daye in arears to cover Ihe extro expem< imulved in h:mdlinqdelinyuent paYmemn. . . � � . .
<br /> :3_ That if thc tatal of the payments made by lhe �lortga�or under ( b) of paragraph :'. preceding sha11 exceed
<br /> the amount of payments actually made by the 11ort�agee for eround rent�, LaaRs und a.-sessment� or insurance pre-
<br /> miums, as the case may be, such excess, if the loan is currenc, ac che opcion of ehe Mortgagor, shall be credi[ed by
<br /> the 1lortgagoe on sub5equent payments to be mude by lhe �iortgugor, or refunded to the \iurlgugor_ 1(, howeveq the
<br /> monthly payments made by the Mortgagor under (6) of paragraph 2 preceding shall not be sufficient to pay ground
<br /> rent, tuxes and assessmenls or insurance premium� , ae the case muy be, when the �ume shall become due and pay-
<br /> able, then the 11ort�agor shall pay to the \tort�sgee any umount nece�sary to make up the deficiency , on or before
<br /> the date when payment of �uch ground rent� , laxes, asses�ments or insur:u�ce premiums shall be due. lf at any
<br /> time Lhe Mortgagor shall tender to lhe 11ort�aKee, in accord:u�ce with the provi :�ion� of lhe note �¢cured hereby,
<br /> full payment of the entire indebtedness repreeented ihereby , the ;1lortgaqce shall , in computin� the amount of such
<br /> indebtedness, credic co the account of the Mortgagor all paymencs made under the provisions of (a) of paragtaph 2
<br /> hereof which the i�lortgagee has not become obligated lo pay to the 5ecretary of Ilousing and Urban Development ;
<br /> and any balance remaining in the fund� accumulated under the provisions of (6) of para�ruph 2 hereuL If there ' -
<br /> shall be a default under any of the provisinns of thi � mortg:►�e resulting in u public sale of the premises covered
<br /> hereby, or if the �lortgagee acquires lhe propert}• olherwise aft<:r default, the �lortgagee shall apply, at the time of ;
<br /> the commencement of such proceedings, or ut the time lhe property is otherwi�e xcquired, the balance then remain- ;
<br /> ing in the funds accumulated under (b) of paragraph Y preceding, xs a credit :�ain�t the amount of principa) then
<br /> remaining unpaid under said note, and shall properly adju�l am� payments �vhich shall have been made under (al
<br /> of paragraph 2,
<br /> � 4. That the Mortgagor will pay ground rents, taxes , assessmen[s, water rates . and other governmental or municipul �
<br /> charges. fines, or impositions, for which provision has not been made hereinbefore , and in de(xult thereof the Mortgagee may
<br /> pay the same : and that the Mortgagor will prompHy deliver the nfficial receipts therefor to the Mortgagee.
<br /> 5. The Mortgagor will pay all taxes which may be levied upon the Mortgagee's incerest in snid real estate and improve-
<br /> ments . and which may be levied upon this mortgage or [he debt secured hereby Ib�rt only to the extent that such is not prohibib
<br /> ed by law and only to the extent that such will not make this loan usurious) , but excluding any income ta� , 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 if 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 deb[ . 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. If such notice be given . the said debt shall become due, payabte and collectihle at the expiration of said ninety days . �
<br /> b. That should he fail to pay any sum or keep any covenant provided fur in this Mort��ge , then the Mortgagee, at its op-
<br /> tion . may pay or perform the same , and all expenditures so made shall be added to the principal sum owing on the atwve note.
<br /> shall be secured hereby. and shall bear interest ut the rate set forth in the s�id note, until paid .
<br /> 7. That he hereby :+ssigns , transfers and sets over to the Mortgagee. ro be applied toward the payment of the note and all
<br /> sums secured hereby in case of a default in the performance af any of the terms and conditions of this Mortgage or the said
<br /> note, all the rents, revenues and income to he derived from the mortgaged premises during such time as the mortgage indebted-
<br /> ness shafl remain unpaid : and the Mortgagee shall have power to appoint any agent or agents ii muy 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 alt expenses of repairing said premises •rnd 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 row•ard the discharge of said mortgage
<br /> indebtedness.
<br /> 8. Ttiat he will keep the improvements now existing or hereafter erected on the murtgaged pruperty , insured as may 6e
<br /> required Yrom time to time by the Mortgagee against loss hy fire and other hazards , casuaTties and contingencies in such
<br /> amounts and for such periods as may be required by the Mortgagee and will pay prompdy . when due . any premiums on such
<br /> insurance provision Cor payment of which has not been maJe hereinhefore . All insurance shall be carried in companies ap-
<br /> proved by the Mortgagee anJ [he policies and renewak thereof shall be held by �he Mortgaeee rnd have attached thercto loss
<br /> payable dauses in favor of and in form acceptable to the Mortgagee . In event of loss Mortgagor Nill Five immediate notice by
<br /> mail [o the Mortgagee , who may make proof of bss if not made prnmpUy by Mortgagor. and each insurance company con-
<br /> cerned is hereby authorized and directed to make payment for such loss directty to the Mortgagee instead of to the Mortgagor
<br /> and the Mortgagee jointly, and the insurance proceeds. or any part thereof. may he applied by the Mortgagee at its option either
<br /> ro the reduction of the indebceJness hereby secured or to the resturation or repair of the property damaged . ln 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, tiUe and interest of the Dtortgagor in and to any insura�cr policies then in force .hall pac� to the purchacer or grantre .
<br /> 9. That as additional and colfateral security for the payment of the note described . and aIt 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 4
<br /> Mortgagor under any and aIl oi1 and gas leases on said premises , with the right to receive and receipt for the same and apF�Y
<br /> them to said indebtedness as well txfore as after default in the conditions of this mortgage. and [ he Mortgxgee may deme�nd, sue ti "�, -.
<br /> for and recover any such payments when due and payable , but �hall not be required so to do. Thiti :issignmen� is to tcrminate y
<br /> and become null and void upon rdease of this mortgage. i
<br /> 10. That the Mortgagor will keep ihe buildings upon said premises in good repair, and neither commit nor permit waste � � ` `
<br /> upon said land, nor suffer the said premises to be used for any unlawful purpose . '
<br /> . ' LL That if the p�emises, or any part thereof, be condemned under the power ot eminent domain , or acquired for a public k
<br /> use, the damages awazded, the proceeds for the taking of, or the consideration for such acquisition , to the extent of the (ull A , �
<br /> amount of indebtednes upon this mortgage and the no[e w6ich it is given to secure remaining unpaid. are hereby assigned hy the +� ` x }�x ':
<br /> Mortgagor to the Mortgagee. and shall be paid forthwith to said Mortg•rgee to be applied by the latter on account of [ he next ` � , ,,� " .�z� '
<br /> maturing installments of such indebtedness . """'
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