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<br /> ( 1 ) month prior to its due date the annuat 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
<br /> (ti) lf 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 /irs lieu oja mortgage insu�ance premium) which shall be in an �
<br /> amount equal to one-twelfth (1 / 12) of one-half ( 1 /2) per centum of the average outstanding 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, 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 assessmenLs next due
<br /> on [he mortgaged property (af! as estimated bv the MvrtgageeJ less all sums already paid therefor divided by the
<br /> number o( months to ciapse before one montli prior to the date when such ground rents, .premiums, taxes and
<br /> assessments will bec�me delinqunnt, such surns to be held by Mortgagee in trust �o pay said ground rents, pre-
<br /> miums, taxes and speciai assessments; and
<br /> (c) All payments mentioned in thc two preceding subsections of this parugraph and all payments to be made under
<br /> the note secured hereby shall be added together, and the aggregate amount thercof shall be paid by the Mortgagor
<br /> each month in a single payrnent 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 tfie Secretary of Housing and Uroan Development,
<br /> or monthiy charge (inlieu ojmortgage insurance premiumJ, as the case may be:
<br /> (I[) ground rents, taxes, assessments, Cre and other huzard insurance premiums,
<br /> (liI) . interest on tho -eote srcured heretiy ; �nd
<br /> (!V) amortization of the principai of said note.
<br /> Any deficiency in the amount 'of any such • aggregate monthly payment shall , unless made good by the Mort-
<br /> gagor prior to the due date of the next such' payment , cunstitute an event of default under this mortgage_ The
<br /> Mortgagee may collect a '9ate charge" not to exceed (uur cents (4�t) for each dollar (51 ) ofeach payment more
<br /> than fifteen ( l �� days in azeas to covcr the extra e�cpensr imolved in handling delinquent payments
<br /> 3. 7'hat if the total of the payments made by the 3lortga�or under (G1 of paragraph 2 preceding shall exceed
<br /> the amount of payments actually made by the 1lortgagee for Pround rent�, taYes and assessments or insurance pre-
<br /> miums, as the case may be, such excess, if the loan is cunene , at the option of the �lortgagor, shail be credited by
<br /> She Rlortgagee on subsequent payments tu be made by lhe �lortgagor, or refunded lo thc �iortgago❑ If, howeveq the
<br /> monthly payments made by che Morcgagor under (6) of paragraph 2 preceding shall not be sufficien� to pay ground
<br /> rent, taxes and assessments or insurunce premiums, as the ca�e may be, when the same shall become due and pay-
<br /> able, then the 5lortgagor shall pay to the !►1ortgagee any amounl necescary to make up the deficiency, on or before
<br /> t6e date when payment of such ground renis , tuxes., assessments or insurance premiums shall be due. [f at any '
<br /> time the Mortgagor shall tender to the Mortgagee, in uccordunce with the pruvisions of the nole secured hereby,
<br /> full payment of the entiro inde6tedness represented themby , the 1lortgagee shall , in cumputing lhe amount of �uch
<br /> indebtedness, credit to the accounc ot the Mortgagor all payments made under che provisions of (a) of paragraph 2 '
<br /> hereof which lhe �iortgagee has not become obligated to pay to the Secretary of flou� ing and Urban Development '
<br /> and any baiance remaining in the fund5 acc•umulated under the provisions of (b) of paragraph 'L hereof. [f there
<br /> shall be a default under any of the provisions of thic mortguge re�ulting in a public sule of the premises covered
<br /> hereby, or if the '1lortgagee acquires the property otherwise a[ter default, the �iortgagee �hatl apply, at the iime of
<br /> the commencement oC such proceedings , or at the time the property is otherwise acquired, the balance then remain-
<br /> ing in the funds accumulated under (b) of puragraph ? precedinK, as a credi t against the amount oC principat lhen
<br /> remaining unpaid under said note, and shail properly adju �t uny payments which shall have been made uader (a) _
<br /> of parugraph 2,
<br /> 4. That the Mortg,agor witl pay ground rents , taxes, assessments, water ra[es, and other governmental or municipal
<br /> charges, fines. or impositions. for which provision has not been made hereinbefore . and in default ihereof the Mortgagee may
<br /> pay the same : and that the Mortgagor witt promptly deliver ihe oH'icial receipts therefor to the Mortgagee.
<br /> 5. The Mortgagor will pay al! taxes which may be levied upon the Mortgagee ' s interest in said reai estate and improve-
<br /> ments , and which may be levied upon this mortgage or the debt secured hereby (but only to the extent thxt such is no[ prohibit-
<br /> ed by law� and only to the extent that such wilt not make this loan usurious) . but excluding any income tax , State or FeJeral,
<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 prohibired by any law now or hereafter existing frum paying the whole or any portion of the afore-
<br /> said taxes , or upon the rendering of any court decree prohibi[ing the payment by the Mortgagor or any such taxes , or if such law
<br /> or decree provides that any amount so paiJ by the Mortgagor shall be credited on the mortgage debt , the Mortgagec sha21 have
<br /> the right to give ninety days' written nutice tu thc owner of the mor[gaged premises , requiring the payment of the mortgage
<br /> debt . If such notice be given, the said debt shall become due, payable and collectible at the expiration of said ninety days.
<br /> 6. 'fhat should he fail to pay any sum or keep anycovenant provided for in this Mortg:�ge , �hen the Mortgagee, ai its op-
<br /> tion . may pay or perform the same , and all expendimres so made shall be added ro the principal sum owing on the above note ,
<br /> shalt be secured hereby , and shall bear interest at the rate set forth in the said note , until paid .
<br /> 7. That he hereby assigns, transters and sets over to ihe DTortga�ee, to be applied toward the payment of [he note and all
<br /> sums secured hereby in case of a defautt in the performance of any of the terms and conditions ot this Mortgage or the said
<br /> note. all the rents, revenues and income to be derived from the mortgaged premises during such time a� the mor[gage indebted-
<br /> ness shall remain unpaid ; and [he Mortgagee shall have power to appoint any agent or agents it may desire for the purpose of
<br /> rcpairing said premises and of renting the same and colle�ting 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 /> same and of collecting rentals therefrom ; the balance remaining, if xny, to be applied toward the discharge of said mortgage
<br /> indebtedness. \
<br /> 8. That he will keep the improvements now existing or hereafter erected on [he mortgageJ property , insured as may be
<br /> required from time ro time by the Mortgagee against loss by fire and other hazards. casuatties and contiogencies in such
<br /> xmounts and fur such periods as may . bc required by the Murigagee and witl pay promptly, when due . any premiums on such �
<br /> insurance provision for paymrnt of which has not been rnade hereinbefore. All insnrance shall be carried in companies ap-
<br /> proved by the Mortgagee and the policies and renewals thereaf shall be he�d by the Mortgagee and have attached thereto loss 1
<br /> payable clauses in favor of and in form acceptable [o the Mortgagee. In event of )oss Mortgugor will give immediate notice by
<br /> ma7 to thb Mortgagee, who may make proof of toss if not made promptly by Mortgagor, and each insurance company con- . W-- >�
<br /> cerned is.hereby nuthorized and directed to make paymeni for such loss directly to the Mortgagee instead of to the Mortgagor ,::'i
<br /> and the Mor[gagee jointly, and the insurance proceeds, or any part thereof, may be applied by the Mortgagee at its option either � 3' , .� �
<br /> to the reduciion of thrindebtedness hereby secured or to the restoration ar repair of the property damaged. in event of foreclo- r
<br /> , sure of this mortgagc or othertransfer of titlrto the mortgaged property in extinguishment of the indebtedness secured hereby,
<br /> all right, title and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. ,, --`
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<br /> 9. That as additional and callateral security for the payment of the note described , and all sums to become due under this � y 5
<br /> mwtgaga the Mortgagor hereby assigns to the Mortgagee all profits, revenues, royalties , rights and benefits accruing to the
<br /> Mortgagor under any and all oil and gas teases on said premises. wi[h the right ro receive and receipt for the same and apply ;;,� � _
<br /> them to said indebtedness as well be(orc as after default io the conditions of this mortgage , and the Mortgagee may demand , sue
<br /> for and recover any such payments when due and payable, but shall not be required so to do . This assignment is to terminate
<br /> and become null and void upon release of this mortgagC:. ? � ' " ' ; '
<br /> � . k FHA-7743M f70-77) .
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