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<br /> 78- Q01535
<br />. (U If and w long as said note o! even datc and Ihic inxtrumem are insured or ar< reinxurcd under the provi.ions o( tho Nution:.i HouSin�: Act. an .
<br /> amount su�eient to aecumulate in the handw uf thn holder une f I I monlh prinr to iu due date the annual monFa6e insurunce prcmium in orJer lo " � � � , �
<br /> provide cuch holder with funds to pay such �remium to the Secretary of Huuxing und Urban IXvelnpment pur.uant eo the Nationsl Housing ACL � . . .
<br /> � � as amended. and aOP��cable Regulatians Ihertunder, or � � .. �
<br /> , III) If and so Iong as said note of even d•at< and this inxtrument urc heid by Ihe Secretary uf Housing and Urban Devefupmsnt. a momhly charge (in
<br /> � � lieu of a mortpaee insurance premiuml wMieh shall be in an amount equal Io one-[welhh ( i/ Ib uf one-halt IU2) per cenmm uf the �verage out- � �
<br /> I �- . ' slanding balnnce due on the note compulcd wilhout Wking into necount delinquencics or prepaymrntr. +
<br /> f6) � A sum equal M the ground renls, i! any, next due. plus the premiums Ihnt will nexl tmcomc duc and p�yable un p�li<ies uf fire :md other hazard insurnnce
<br />� � � covering the mortgaged Oropeny, pius taxes and asscssmems nex� Jue on thc morq;aX«1 0«0«<Y �+II ax eetim:�md by the Mongagecl Ies� all sumc al- � � -
<br />. . � � ready paid therefor divided by Ihc number of months to elapse Fefore one month ptior m �he dute when such grnund «nis, premiums, iaxec nnA a�sess- .. .
<br /> � � mrnts will become delinquen4 such sums to be hetd hy Morlgagee in Irust to poy said ground rent>. prcmiums, �a.aes and .peci�l assessments; and � � �
<br /> , � !c) A71 pryments mentioned irt the Iwo preceding subwcliunx of this paragruOh anJ all payments to M1e maJe under �he note secured hereby shail be rJd<d �
<br /> � together. and Iht uggregate amount thereuf shnll be paid by �he Mortgagor eWch month in a singie paymrm to he aD�lied by the Morqta6ee ro the follow- � �
<br /> � � inp items in the order ul fonh: � �.
<br />: fll premium cbarges under Ihe contract of insurance with the Secrctary of fluusing and Urbnn Developmenl, or monthly charge � in lieu uf murtgage >� �� � � .
<br /> insurance O�emium 1, as ihe clise may he: . � - � �
<br />� Up ground rcnts. taaes. assessm<nts, fire and other hazard inwrancc Dremium.: � � � ��.
<br /> . . !IIO interest on ihe note xecure�! herehy: and � � . . . � �
<br /> ll V) nmurti�ationof Ihe principal of said nota � . . � .
<br /> Any d<ficiency in Ihe amount of any cuch nggreg:�te monthly p;�ymenl shall , uNevs made R�w�� ny the MurIF;�Rar prinr to the du< d;rte uf the next mch ' � � . ��
<br />. payment. con��itule an even[ .rf Jefruit under �hi� mortgage. 'fhe MortgnRee T8)' CUIIlC( J ��IOIG CA8($t�� IIUI IU G%CL'CII IK'U CCOII QQ) fOf CACII �IOIIHf ISU � .. �
<br /> of each payment more Ihan fift<en 1I5� days in a�ears to covcr thc utra expenx invi.Ived in handiing Jelinyurnt paymrnts. � � � � �
<br /> 3. That if the total of the payments made by the ltortga�<�r under (G) of paragraph 2 preceding shall exceed
<br /> the amount of paymenls xctually made by the ;1lorlgagee for emund renls, tase� and assc:ssments or in.urance pre-
<br /> miums, a� the case may be, such excess, if the loan is curren[, ae the opcion of che Mortgagor, shall be credited by
<br /> the �tortgagee on subsequent paymenl.� to Ue made by the M11ort�agor, or refunded to the 1lorlgagor. If, howeveq the
<br /> monthly payments made by the Morcgagor under (L) of paragraph 2 preceding shall noc be sufficienc [o pay ground
<br /> rent, taxes and asse�smen[s or insurance premiuma , as the case muy be, whe� the same shall become due and pay-
<br /> uhrle , then the 1lortgagor shall puy to the 1lortgugee any umount necessury to make up the deficiency , on or before
<br /> the date when paymenl of swch yround rents , tuses, assessments or insuranee premium� shall be duc_ If at any
<br /> time the Alortgagor 5ha1t tender lo the ;1brt�;agee, in xccordance with lhe provisions of the note ,ecured hereby,
<br /> full payment of lhe entire indebtedness represented lherehy , the �1ort�agee shull , in compuling ihe amounL oC such
<br /> indebtedness, credit to the accounc of the Mortgagor all payments made under the provisions of (a) of paragraph 2
<br /> hereof which the 1lortgagce has not become obligated to pay to the Secrelary of flousing and Urban Development
<br /> and any balance remaining in the funds accumulated under the provision5 of (6J of paragruph `L hereof. If there
<br /> shal ! be a default under any uf the provision � oC this mortKa;�e reculting in a puhlic sale of the premises eovered
<br /> Mereby, or if the �lortgagee acquires the property otherwiac after default, the �tortgagee shall apply, at the time of
<br /> Lhe commencement of such proceedings, or at the lime the proper[y is otherwisc acyuired, the balance then remain-
<br /> ing in the funds accumulated under (6J of paragraph 2 preceding, as a credit :tgainst the amount of principal then �;
<br /> remai�in�; unpaid under said note, and shall pruperly adjust any payments which Shall have been made under (a)
<br /> of paragraph 2, '
<br /> 4. That the Mortga�or will puy ground rents, t�xes , assessments , water rates , and other governmental or municipal � '
<br /> charges. fines , or impositions. for which provisior� has not been made hereinbefore, and in default thereof the Mortgagee may
<br /> pay tho same : and that [he Mortgagor will promptly deliver the official receipts therefor to the Mortgagee . j`
<br /> S. The Mortgagor will pay all taxes which may be tevied upon the Mortgagee 's interest in said real estate and improve- i'
<br /> ments, and which may be levied upon this mortgage or the debt secured hereby (b�rt only to the extent that such is not prohibit- �'
<br /> ed by law and only to the extent that such will not make this loan usurious), but exduding any income tax , 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 Iaw
<br /> or decree provides that any amount so paid by the Mortgagor shall be credited on the mortgage debt, the Mortgagee shall have
<br /> the righ[ to give ninety days' w•ritten nolice to [he owner of the mortgaged premises, requiring the paymen[ of [he mortgage
<br /> debt. If such no[ice be given, the said debt shall become due, payable and collectible at the eKpiration of said ninety days.
<br /> 6. That should he fail to pay any sum or keep anycovenant provided for in this Mortgage , 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 above note .
<br /> shall be secured hereby, and shall bear interest at the rate set forth in the said note, until paid .
<br /> 7. That he hereby assigns , tronsfers and sets over to the Mortgagee, ro be applied toward the pnyment of the note and alI
<br /> sums secured hereby in case of a default in the performance ot any o( the terms and conditions of this Mortgage or the said
<br /> note. all the rents, revenues and income [o be derived from the mortgaged premises during such time as the mortgage indebted-
<br /> ness shall remain unpaid : and the Mortgagee shall have power ro appoint any agent or agen[s 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 mannging the
<br /> same and of collecting rentals therefrom ; the halance remaining, if any, to be npplied toward the discharge of said mortgage
<br /> indebtedness .
<br /> S. That he will keep the improvements now existing or here:�fter erected an 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 Mortgagee and will pay prompdy , when due, any premiums on such
<br /> insurance provixion 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 renewals thereof sha❑ be held by the Mortgagee and h:�ve anached thereto loss
<br /> payabte clauses in favor of and in form acceptable to the Mortgagee . In event of loss Mortgagor wiU give immediate notice by
<br /> mail to the Mortgagee , who may make proof of loss if not made promptly by Mortgagor. •rnd each insur�nce company con-
<br /> cerned is hereby authorized and directed to make payment for such loss direcdy to the Mortgagee instead of to the Mortgagor
<br /> and the Mortgagee jointly, anJ the insurance proceeds . or any part thereof, may he applied by the Mortgagee ut its option either .
<br /> to the reduction ot the indebtedness hereby secured or to the restoration or repair of the property dam�ged . In event ot 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, title and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee .
<br /> 9. That as additional and collateral security for the pxyment of the note described . and all ,um. �o hecome due unJer this
<br /> mortgage. the Mortgagor hereby assi�ns to the Mortgagee all profits, revenues, royalties, rights and benefits accraing to the
<br /> Mortp,agor under any and all oil and gas leases on said premises, with the right to receive and receipt for the same and apply E
<br /> themto said indebtedness as well before as after default in the conditions of this mongage . and the Mortgagce may demand . sue
<br /> for and recover any such payments when due and payable , but shall not be required so to do. ?his assignment is to terminate = � =
<br /> and become null and void upon release of this mortgage. � , �tz ;^
<br /> 10. That the Mortgagor will keep the buildings upon said premises in good repair. and neither commit nor permil waste ^ " ,�
<br /> upon said land, nor suffer the said premises to be used for any unlawful purpose. ! „ ;� �� -
<br /> 11 . Thafif [he premises, or any pan thereof, be condemned under the power of eminent domain, or acquired for a public ;�- •�
<br /> u�; the damages awarded , the proceeds for the taking of, or the consideration for such acquisition , to the extent of the full �,' .' `
<br /> amount of indebiednes upon this mortgage and the note which ir is given to secure remaining unpaid, are hareby assigned by the � , `;
<br /> Mortgago� to the Mortgagee, and shall be paid forthwith to said Mortgagee to be applied by the latter on account of the next ' w;� t
<br /> maturing installments of such indebtedness. F>"'' � :��'
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