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<br /> ( I ) month prior to its due date the annual mortgage insurance premium in order [o provide such holder
<br /> with funds to pay such premium to thc Secretary of Housing and Urban Development pursuant to the
<br /> National Housing Act, as amended, and applicable Regulations thereunder; or
<br /> ((I) If 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 (inlieu oja mor�gage insurartce p�emiumJ which shall be in an (
<br /> amount equal to one-twelFth ( 1 /12) of onc-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 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 (aR as estimated by the MortgageeJ less all sums already paid there(or divided by the
<br /> number oF months to clapse before one month prior to the date when such ground rents, premiums, taxes and
<br /> assessments wili become delinquent, such sums to 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 paragraph and all payments to he made under
<br /> � the note secured hereby shall be added together, and the aggregate amount thereof shall be paid by the Mortgagor
<br /> each month in a single payment to be applied by the Mortgagee to the following items in the order set forth :
<br /> (1) premium charges under the contract ofinsurancc with the Secretary of Housing and Urban Development,
<br /> or momhly charge (in lieu ojmortgage insurance premium), as the case may bc ;
<br /> (iI) ground rents, taxes, assessments, fire und other hazard insurance premiums;
<br /> (1lI� - interest on the note secured hereby : and
<br /> (IV) amortization of the principal of said notc. �
<br /> Any deficiency in the amount of any such aggregate monthly payment shall , unless rnade good by the Mbrt-
<br /> gagor prior to the due date of the next such payment, c�>nstitute an event of default under this mortgage. The
<br /> blortgagee may collect a `9ate charge" not to exceed fuur cents (4y) for each dollar ($ I ) of each payment more
<br /> than fifteen ( I S) days in areas to cover the extra expensc involved in handling delinquent payments.
<br /> 3. That iC the total of the payments made by the Aiortgagor under / bJ of paragruph 2 preceding shall exceed
<br /> the amount of payments actually made by the 1lortgagee Cor eround rents, taxes and assessmenls or insurance pre-
<br /> , miums, as the case may be, such excess, if che loan is currenc, at che option of the Mortgagor, shall be credited by
<br /> the Mortgagee on subsequent payments to be made by the �1lortgagor, or refunded to the \lortgagur. If, however, the
<br /> monthly payments made by che Mortgagor under (6) of paragraph 2 preceding shall not be sufficient to pay ground
<br /> rent, taxes and assessments or insurancc premiums, us the case may be, when the same shaii become due and pay-
<br /> able, then the illortgsgor shall pay to the Morf.gagee aoy amounl necessary Lo make up the deficiency, on or before
<br /> ' the dale when payment of such ground rents , laxes, �vsessments or insurance premiums shall be due. If at any
<br /> time the Morlgagor shall tender to the Jlortgagee, in accordunce with the provisions of tt�e note secured hereby,
<br /> full payment of the entire indebtedness represented Lhereby, the 1lnrtgagee shull , in computing, the amount oF such
<br /> indebtedness, credit co the accounc of the Mortgagor all payments made under the provisions o[ (a) of paragraph 2
<br /> � hereof which the �lortgagee has not become obligated to pay to the �ecretary ot fiousing und Urban Development
<br /> and any balance remaining in the funds accumulated under the pruvision5 of (b) of paragraph 2 hereof. If Lhere
<br /> i shal � be a default under any of lhe provisions of this mortguge resulting in a public sale oC ihe premises covered
<br /> i hereby, or if the 61ortgagee acquires thu property other«•ise aftcr default, the \lortgagee shall appty , at the time of
<br /> the commencement of such proceedings, or at the time �he property is otherwise acyuired, the balance then remain-
<br /> ing in the funds accumulated under (GJ of paragraph `l preceding, as a credit agains[ the amount of principal then
<br /> remaining unpaid under said nole, and shall properly adjust any payments which shall have been made under (aJ
<br /> of paragraph 2,
<br /> 4. That the Mortgagor wi❑ pay ground rents . taxes , assessments , 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 the official receipts therefor to the Mortgagee.
<br /> 5. The Mortgagor will pay al� taxes which may be levied upon the Mortgagee' s interest in said real es[ate and improve-
<br /> ; ments, and which may be levied upon this mortgage or the debt secured hereby (but only to the extent that such is not prohibit-
<br /> ed by law and only to the extent that such will no[ make this loan usurious), but exduding any income tax. Stute or Federal,
<br /> ; imposed on Mortgagee. and will fi�e the official receipt showing such payment with the Mortgagee . Upon violation of this underv
<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 /> i 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 /> 1 or decree provides that any amount so paid by the Mortgagor shall be credited on the mortgage debt , the Mortgagee shall have
<br /> the right ro give ninety days' written notice to the owner of the mor[gaged premises, requiring the payment ot the mortgage
<br /> debt. If such notice be given, the said debt shall become due, payable and cottectible a[ the expiration of suid ninety days.
<br /> 6. 7'ha[ should he fail to pay any sum or keep any covenant provided for in this Mortgage . then the Mortgagee, at its op-
<br /> � tion. may pay or perform the same, and all espenditures so made shall be added to the principal sum owing on the above note,
<br /> ' � shall be secureJ hereby. and shall bear interesrat the rate set forth in the said note, until paid .
<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 default in the performance of any of the terms and conditions of this Mortgage or the said
<br /> inote, all the rcnts, revenues and income to be derived from the mortgaged premises during such time as the mortgage indebted-
<br /> ness shall remain unpaid : and the Mortgagee shall have power to 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 /> i ? 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 any, to be applied toward the discharge of said mortgage
<br /> indebtedness. \
<br />� ; 8. Tha[ he will keep the improvements now existing or hereafter erected on the mort�aged property, insured as may be
<br /> r • required fmm time to time hy the Mortgagee against loss by fire and other hazards , casualties nnd contingencies in such
<br />� ; amounts and forv such periods as may be required by the Mortgagee and will pay prompdy. when due , any premiums on such
<br /> k. � insurance provision for paymmt of which has not been made hereinbefore. All insurance shall be carried in companies ap-
<br /> ; proved by the Mortgagee and the policies and renewals thereof shall be held by the Mortgagee and have attached thereto loss
<br /> r � payable clauses in favor of and in form acceptable to the Mortgagee. [n event ot loss Mortgagor will give immediate notice by
<br /> I;' j mail to, the Mor[gagee, who may make proof of loss if not made promptly by Mortgagor, and each insurance company con- :,
<br />� ? cerned is hereby authorized and directed to make payment for such loss directly to the Mortgagee instead of to the Mortgagor
<br /> � and the Mortgagee jointly , and [he insurance proceeds, or any part thereof, may be applied by ihe Mortgagee at its option either �
<br /> sto the reduction of the indebtedne4shere6y secured orto the restoration or repair of the property damaged. In event of foreclo-
<br /> ; : surc of this mortgage or other•transfer of title to thr mortLtaged properry in exiinguishment of the indebtedness secured hereby.
<br />�� al! right, tiUe and interest of the Mortgagor in and m any insurrnce policies then in force shall pass to the purchaser or grantee.
<br />� - � 9. Thai as additional and collateral security for the paymenrof the note described , and all sums to become Jue under this
<br />„ ,;; morigage, the Mor[gagor hereby assigns to the Mortgagee all profits, revenues. royalties . rights and benefits eccruing to the
<br /> i- :, Mortgagor un�er uny and �II oiI and gas leases on said premises. with the right to receive and receipt tor the same end apply
<br />: : : tham to said indebtedaess •rs well before as after default in the conditions of this mortgage, anJ the Mortgagee may Jemand , sua
<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 became null and void upon release of this moitgage: ; ` -' ' E .
<br />` . . .. :. 3 . . . � . . , f- HA210�M ( 10771
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