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<br /> 78.' U1� 1538
<br /> ln .� {f aed w lo� u said note of evcn date u�d this-in�uwxet are iosured or ue reiawred under t!m provuiom ot the Natioo�i Houaio; Ac4 au .
<br /> . ..amouot.aufieient b aecumul�te in Ihe Mnds�d Ihe holder one (I) mon[b prwr b lu due due fhe aouud mortyue insurr�+x premium io order to �
<br /> � provida such Mldac wtthiunAa;tn pay wch premium w [he Secretary of Houains and Urban Deveiopmrnr pursumt tu Ne National Houeing Act,
<br /> . . . . . . as amended. and epplicableRcQulations thcrcunder, or � .
<br /> � � � (II) � If and.w lons u aaiQ ooce ot even drte aod this inswment are M1eld by t6e Secretary d Houato;aqd Urbae developmeat. a monthlY �D� (in '
<br /> . • �lieu M q mpriiaie iofuianeeyreuYfum). whkhahall be is'as mbunt aqaal ro dne-twetfth IVI�ot saaMK (1/n per aMum W the averye ona
<br /> � � sundi� baiYnce duc on the noCe computed wi[liuut lakin� in[a account delinquenciee or prcpayments: � �
<br /> . (b) A wm equal to the pouid rentK, il any, ne:t due, plus the premiums that wili next become dur and pryabie on policiea of fire aod other hrzard ineurance �
<br /> � wveriaj the mort�aped pro�erty, plua taxes anJ aasesamenp �rcaet due on the mortpe({ed property W! as estimated by 1he Mortyyee) laa ail eums a�-
<br /> � - � rcady oaid therefor divided by the number of mootha to eApse 6etore one mooth prior to the dau when wch aound ienb, premiuma, faxes and asans-
<br /> . . mencs wi116eeome delinqueot. sach wm� to be heW by Alortpsee io vuat ro pay said pwM rents. premiums. taxes and apeeia� asxssmcna:and
<br /> � (c) AU prymeofs mentioped in tAe twopreeedins.subeections of tbir parap'a0h aM. all piymenta to be mrde under the nde aecured hereby ahW bs added
<br /> ' � ta�yether, and the a�epte emount lhercof aha(I be paid by t�t Mertga§or each monlh in a ningk payment to 6e applied by the Mortgagee to tM fMow-
<br /> ing items in ehe oMer ut fort6: � .
<br /> (q prcmium chuyes under the contract of inswanee with the Secretary of Housing and Urban Devebpment, Ot monthly chuge (in litu ot mor4Qaae
<br /> insuranes preminm). aa t5e caae maY be: . � � � .
<br /> (tn pound renu. axes, asaesammts, Ytre and mher hazard inwnnce premiums; .
<br /> (IIq intercst on tAe noae xrurcd hereby; u�d ' � ' . �
<br /> !I� amorti�tion of the Drincipal of aaid mte. ' � � � �
<br /> ' Any defitiency in the amount of any wch aggregate moochly paY��� ��. ��b� n+edt goed by ILe Morty�y{or pria to Ihe dae date at tht oext ach ,
<br /> � � paymwt, conatiwte an ev<nt of default uMer thia mortyage. The Mortgagee nuy colkct a "lale cFarge" uot b exeeed two cents (21t) for qch dollar (il?
<br /> o[ each ywyment more than fit[een US) dsya in arean to covtt Ihc extra expeose involved in handlin;deliuquenC paymenu.
<br /> 3. That if the total of the payments made by the Mortgagor under ( b) of paragraph 2 }ueteding shall exceed the amount of
<br /> payments actually made by the Mortgagee for gound rents, taxes and assessments or insurance premiums, as the case may be,
<br /> such excess, at the option of the Mortgagee, shali be credited by the Mortgagee on sabsequent payments to be made by the
<br /> Mortgsgor, or refunded to the Mortgagor_ If, however, the rtsonthly payments made by the Mortgagor under (b) of Paragaph 2
<br /> preceding sha11 not be sufficient to pay gound rents, taxes and assessments or insurance premiums, as the cau may be, wlxn
<br /> the same shall become due and payable, then the Mongagor shall pay to the Mortgagee any amount necessary to make up the ,
<br /> deficiency, on or before the date when payment of such ground rents, taxes, assessments or insurance premiums shafl be dua If
<br /> at any time the Mortgagor shall tender to the Mortgagee, in accordance with the provisions of the note secured hcreby, LuU
<br /> payment of the entire indebtedness represented thereby, the Mortgagee shall, in computing the amount of such indebtrduess.
<br /> credit to the aceount of the Mortgagor all payments made under the provisions of (a)ot paragraph 2 hereof which the Mortgagee
<br /> has not become obligated to pay to the Secretary of Housing and Urban Development and any balance remaining in the funds
<br /> accumolated under the provisions of (b) of para�aph 2 hereof. I1 [heee shall be a default under any of t6e provisio�s of this ,
<br /> mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee acquires the property otherwise after
<br /> default, the Mongagec shall apply, at the time of the commencement of such proceedings, or at the ume the praperty is other-
<br /> � wise acquired, the balance then remaining en the funds accumulated under (6) of paragraph 2 preceding, as a credit against fhe
<br /> amount of priacipal then remaining unpaid under said note, and shall properly adjust any payments which shall have been made
<br /> uader (a) of paragraph 2. •
<br /> 4. That the Mortgagor will pay ground rents, taxes, assessments, wa[er re[es, and other governmental or municipal
<br /> charges, fines, or imposidons, for which provision has not been made hereinbefore , and in default thsreof the Mortgagee may
<br /> pay the samet and that the Mortgagor will peompUy deliver the official receipts therefor to the Mortgagea
<br /> i 5. The Mortgagor will pay all taxes which may be levied upon the Mortgagee's ineerest in said real estate and improve-
<br /> rnen[s, and which may be levied upon this mortgage or the debt secured hereby (but only to the extent that such is nat prohibit-
<br /> ' ed by law and only to the extent tha[ such will not make this loan usurious), but excluding 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 on c�reafter cxisting from paying t6e 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 debt, the Mortgagee shall have
<br /> the right to give ninety days' written notice to the owner of the mortgaged premises, requiring the payment af the mortgage
<br /> ; debt. [f such notice be �ven, the said debt shall become due, payable and collecuble at the expiration ot said ninety days.
<br /> , 6. That should he fail to pay any sum or keep anycovenantprovided 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 securcd heteby, and shall bear in[eres[ at the rate set forth in the said note, until paid.
<br /> 7. That he hereby assigns, transfets and sets over to the Mortgagee, to be apptied toward the payment of the note and all
<br /> sums secured hereby in case of a default in the performance of any of the [erms and conditions of this Mortgage or the said
<br /> note, all the rents, revenues and income to be derived from [he 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 /> comes a11 expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the
<br /> same and of cotlecting rentals therefrom ; the balance remaining, if any, to be applied toward the discharge of said mortgage
<br /> indebtedness.
<br /> 8. 'i'hat he will keep the improvements now existing or hereafter erected on ihe mortgaged property, insured as may be
<br /> required from time to time by the Mortgagee against loss by fire and other ha�ards, casualties and contingencies in such
<br /> amounts and for such periods as may be required by [he Mortgagee and will pay promptly , when due, any premiums on such
<br /> insurance ptovision 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 shall be held by the Mortpagee and have attached thereto loss
<br /> payable clauses in tavor of and in form accep[able to the Mortgagee. In event of loss Mortgagor will give immediate notice by
<br /> mail to, the Mortgagee, who may make proof of loss if not made promptly by Mortgagor, and each insurance company con-
<br /> cerned is hereby authoriud and directed to make payment for such loss directly [o the Mortgagee ins[ead of to the Mortgagor
<br /> and the Mortgagee jointly, and the insurance proceeds, or any part thtreof, may be applied by Ihe Mortgagee at its option either
<br /> to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclo-
<br /> sure of this moKgage or other tiansfer 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 shail pass to the purchaser or grantee.
<br /> 9. That as additional and cotlaieral security for the payment of the note described , and all sums to become due under this
<br /> mortgage, the Mortgagor here6y assigns to ihe Mortgagee aIt profits, revenues, royalties. rights and benefits accruing to the
<br /> Mortgagor under any and all oil and gas leases on said premises, with the right to receive and receipt for the same and apply �
<br /> them to said indebtedness as well before as after dtfault in the conditions of this mortgage, and the Mongagee may demand, sue
<br /> for and recover any such paymenu when due and payable , but shall not be required so to do. This assignment is to terminau '�
<br /> and become null and void upon re(ease of this mortgage. •
<br /> 10. That the Mortgagor will keep the buildings upon said premises in good repair, and neither commit nor permit waste ` ' rT� ,,,� �`
<br /> ; upon said land, noc su8er the said prcmises to be used for any unlawful purpose. ��
<br /> a ll . That if the premises, or any part thereof, be condemned under the power of eminent domain, or acquired for a public r
<br /> � use, the damages awarded, the proeeeds for the taking of, or the consideretion for such acquisition , to the extent of the full , .r '�
<br /> e amount of indebtednes upon this mortgage and thc aote which it is given to secure remaining unpaid, are hereby assigned b the �
<br /> Moctgagor to the Mortgagee, and s6aI1 be paid torthwith to said Mortgagee to be applied by the latter on account of the next ,�' +*
<br /> maturing i�stallments of such indebtedness. . - �'' '
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