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<br />�. . (p If and so long as said note of even dete and thia inxtmment sv< insur<d or aee reinsured under the pro�isione of ihe Nationnl Housing Act. :en . � .
<br /> amounl sufficienc to accumulale in �he hands of the holder one ( 11 month prior ro in due date �he annual morlgege insurance prem ium in orJer to � �
<br /> � provide such holdcr wilh funds to pay such premium ro the Secretary of Housing rnd Urb•rn Devebpment pursuant tu �he National Housing pct, �
<br /> as amended, and applicable Regulations Ihereundcr, or
<br /> � � (!4 �If and w long as said note o( even Jate and this instrument are hdd by Ihe Secretary uf Houring and Urban Devclopment, a monthly charge (in �
<br />� �� � . � � lieu o( a mortgape insutance premium) which shall 6e in an amount equal to one-twclhb U!I ?) n( one-half Iil�) per centum of the evcrage oub r
<br /> G . � . stanJing balanm due on Ihe nnte compuled wixhout t�king into account delinqucncies ur prcpaymenls: �✓�
<br /> (bl A sum equal to the gaund renis, if any. next da<. plux Ihe premiums Iha1 wilf next becume due and payable on policits of fire und o�hv hatutd insurance
<br />� ' � . . covetin(t the mortyaMedproperly, plus tazos and asaessments nezt due on Ihe morigaged D��Perty (aii as estimateJ by the Mortgageel less ail sums cJ- E �
<br /> � � . � ready paid fherefor divided by Ihe number uf months ro clapu beforc anc munlh prior Io [he dare when such gruund rents, premiums. taxes and assesr . . .
<br /> . � � ments will become delinquent. such sums tu [u held by Mortgagee in trust to pay said �Round rents, premiume. hxex and special assesxments; and . �
<br /> � (c) AII payments mentioned in the Iwo preceding subsections uf this paragraph and all payments Io be made under the rnote vecureJ hereby chall be udded � �
<br /> -. � [ogether. end Ihe aggregate amount thereot shatl t+e Oaid by Ihe Mortgagor each month in a single payment m tK applieJ by Ihe Mort�tagee Io the foliow- .
<br />. ing items in the arder se� forih:
<br />. . � U) premium charges under the wntract af inwrance wifh Ihe Secret:�ry of Housing and UrM1an fkvebpment, or monthiy charge 1in lieu of morlg-r�e
<br /> insurance premiuml. as �he cau may be: � �
<br />� f!U �ound rents, taxes, assecsments. fire and other hazard insurance premiums:
<br /> (IIII interesl on the note secured hercby: and
<br /> � U V) amortiration of the D���cipal of said nuta ; - . ��
<br /> � � Any deficiency in the amount of any such a{;gregate monthly payment shall, unlex� made goud by the MortguR��r prior to Ihe due d•rte of lhe nett such � . � � � �
<br />� paymervt. comtituie an event of def•rult undsr Ihis morlgaRe. Thc Mongngae may collect a "late chargc" nut In exc<ed two cents ('_¢I for each dollur 15 U �
<br /> '_ of <ach payment m�re ihan fifteen 115) days in areurs ta cover �he <xtra expenxe in�olved in handling delinquent paymen[s. � �
<br /> 3. That if the total of the payments made by the �lortgagor under ( b) of para�raph 'l preceding shalt exceed �
<br /> the amount of payments actually made by thc M11or[�agee for Qround rents, taxes and assessments or insurance pre-
<br />- miums, as the cu:�e may bp, such excess, if che loan is wrrent, at the option of che Mortgagor, shall be crediced by
<br /> the ;1torEgagee on subsequent payments to be made by lhe �lortgag�r, or refunded to thc 1lartgagor. IF, howeveq the ",
<br /> monfhly payments made by the Mor[gagor under (b) of paragraph 2 preceding shall not be sufficient co pay ground
<br /> rent, taxes and assessments or insurance premium�, as the case may be, when the same shsll become due and pay-
<br /> able then the 11ort or shxll a to the INort a �ee an amount necetisa to make u the deficienc , on or before '
<br /> > S� PY �SA Y ' �Y P Y
<br /> the date when payment of such �;round rents , L'dXCB� a�sessments or insurance premiums shall be due. If at any
<br /> time the Murtga�or shall tender to the 11ort�a�;ee, in uccordtince wilh the provisions of the note sccured hereby,
<br /> ful ! puyment uf the entire indebtedness repeesenLed thereby , the 9lortgagee shall , in cnmputing the amount of such
<br /> indebtedness, credit to the account uf the Mortgagor all payments made onder the provisions of (a) of paragtaph 2
<br /> hereof which the 1lortgagee has nut become obligated to pay tu the 5ecretury of Housing and Urban Deo�elopmeni
<br /> and any balance remaining in the funds accumulated under the provisions of (b) of para�raph 2 hereof. IC there
<br /> shall be a default under ar�y of the provisions of this mortgage rnsalting in a public sale of the �remises covered �
<br /> hereby, or if the Dtortgagee acquires thc property otherwise after defxult, 4he �lortgagec shull upply, al tMe time of
<br /> the commencement of such proceedings , or at the time the property is otherwiae acquired, the balance then remain- Y
<br /> ing in the funds accumulated under (b) of par:►graph 2 preceding, as a credit againsL the umount of principal then
<br /> remaining unpaid under said note, und shull properly adjust any payments which shall have been made under (a)
<br /> of paragraph 2 , t
<br /> 4. That the Mortgagor wifl pay ground rents, taxes. assessments, water rates. and other governmental or municipal -
<br /> charges, fines, or impositions. for which provision has no� been made hereinbefore, and in default thereof the Mortgagee may
<br /> pay [he same; and that the Mortir,agor will prompNy deliver the official receipts therefor to the Mortgagee . p
<br /> 5. The Mortgagor will pay all taxes which may be levied upon [he Mortgagee ' s interest in said real estate and improve-
<br /> ments, and which may be levied upon this mortgage or the debt secured hereby (bnt only to the extent that such is not prohibit-
<br /> ed by law and only ro the extent that 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 or hereafter exis[ing from paying the whole or any portion of the afore-
<br /> said taxes, or upon the rendering of any wurt decree prohibiting the payment by the Mortgagor or any such taxes, or if sach law �
<br /> or decree provides that any amuunt so paid by the Mortgagor shall be credited on the mortgage debt. the Mortgagee shalt have
<br /> [he right to give ninety days' written notice to the owner of the mortgaged premises . requiring the payment of the mortgaee
<br /> debt. If such notice be given, the said debt shall become due, payable and collectible a[ the expiration of said ninety days.
<br /> 6. That 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 alI expenditures so made shall be added to the principal sum owing on the above note.
<br /> shall be secured hereby, and sh•rll bear inrerest at 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 /> no[e, all the rents, revenues and income to be derived from the mortgaged premises during such time as the mortgage indebted-
<br /> ness shal! 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 ren[ing [he same and collec[ing the rents, revenues and income, and i[ may pay out of said in-
<br /> comes al) expenses of repairing said premises •rnd necessary commissions and expenses incurred in renting and managing the
<br /> same and of coflecting rentals therefrom : the balance remaining, if any, to be appfied mward the dischuge of said mortgage
<br /> indebtedness.
<br /> 8. That he will keep the improvements now existing or hereafter erected on the mortgageJ property, insured as may be ' � � . � . . .
<br /> required from time to time by the Mortgagee against loss by fire and other haz:�rds, casualties and coniingencies in such
<br /> amounts and for such periods rs may be required by the Mortgagee and will pay prompdy . when due . any premiums on such
<br /> insurance provision for payment of which has not been made hereinbefore. All insurance sh.ill be carried in companies ap-
<br /> proved by the Mortgagee and the policies and renewals thereof shall be held by the Morigagee and have u�tached thereto loss
<br /> payable clauses in favor of and in form acceptable to the Mortgagee . In evem ot loss Murtgagor 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 authorized and directed to make payment for such loss directty to the Mortgagee instead of to the Mortgagor
<br /> and the Mortgagee joinUy , and the insurance proceeds. or any part thereof, may be applied by the Mortgagee a� its option either
<br /> to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. ln event of foreclo-
<br /> sure of this mortgage or other transfcr of titk to the mortgaged property in extinguishment of thc indehtedness secured herehy.
<br /> all right. title and interest of the Mortp,agor in and to any insurance policies then in force shall pas. to the purchaser or grantee.
<br /> 9. That as additional and collateral securiry for the payment of the note described , and all sums to become due anJer Ihis �.
<br /> mortgage. the Mortgagorhereby assigns to the Mortgagee all 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 �" "4ti
<br /> them to said indebtedness as wetl before xs after default in the conditions of this mortgage . and the Mortgagee may demand, sue " `�' d
<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 nul! and void upon release of this mortgage. @ `' '
<br /> 10. That the Mort�gor will keep the buildings upon said premises in good repair, and neither commit nor permit wasce E
<br /> upon said land, nor suHer the s�id premises to be used for any untawful purpose _ '
<br /> I1 . That if the premises. or any part thereof. be condemned under the power of eminent domain , or acquired for a publir ;ti �. � � '
<br /> use:'the damages awarded, ttx proceeds for the [aking of, or the consideralion for such acquisition, to the extent of the full , �`-'. w .'�
<br /> emount of indebtednes upon this mortgage and the note which it is given to secure remaining unpaid, are hrreby assigned by the - ,; . .
<br /> MortgagorYo the Mortgagee. and shalt be paid forthwith �o said Mortgagee ro tx applied hy the lairer on account of the next °" - -
<br /> maturing installmenis uf such indebledness.
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