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<br /> � (I) If and so long as said note o( even date anJ thic in.lrument are inwred m arc reinsured under �he pwvi.ion. uf the Nutinnal Houeing Ac�, an �. . . . . .
<br /> amounl sW(iCient lo necumulale in �he hands of Ihe holder one ( I) momh prior lu iI� du< data Ihe annua! mortga6� ��+urance premium in orJer lo � �
<br /> previde such holde� with fund5 io pay such Oremium tu Ihe Secmtary of Housingand Urban Ikvelapment punuant lu Ihe National Houcing Act. � � . � � � .
<br /> . as am<nded. and ap0licable Regulations thercunder: or � � . . . �
<br />^ � (IU If and so lung as said note of <ven da[e and this inxtrument ar< held by �he Secrctary of HousinR and Urban De�eiopmrn[. a munlhly charge lin � ��
<br /> � lieu of a mongaye insunnce premiuml which shali be in an amount eyual to uno-tx•dlth I V I21 of one-half I U?I per centum of [he average oul- .
<br /> i� . ' standing balance due nn Ihe �wte computed without taking imm �cwunt delinquencies or 0«Caymm�z: � �
<br /> (b) A sum eQual ro ihe ground rents. if any, nexi due, plus the premi�ms Ihal wili neat becume Jue and D�Yablc on polieies of fire and olher hazard in<uranm .
<br /> covering the morlgaBed proD�rty, plus taxes and usesxments nezt due on the mortpaged Droperty lall as estimaled by the MorlgaR«� ��ss all sums a4 . . . ,
<br /> � rcady paid Iherefor divided by lhe number n( months tu clapse before one month prior lo the dat< w.�hen xuch ground rcnt>, premiums, tazes anJ assess• i : � . �
<br /> � ments will became delinquen4 such sums to Lx held by Atortgagee in trust �o puy said ground rents. prcmiums. taacs and speci:d assessments: and � � � �
<br /> � h . (U AII payments mentioned in the �wo preceding subsections ot Ihis paragraph and all payments to br meJc under �he note securoA hereby shall Ne added .
<br /> �I� together. and the aggregate amount thcreof shull tx paid by the Mongagor each month in a single payment lo F+c applicJ by the \tortgage< �o tbe falbw- . � � �. �
<br /> � irtg items in Ihe order set fnrth: . .
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<br /> ' � (D premium charges under Ihe eontrnet uf insurance with �he titerelary of Housing and Urhan Develupmen[ , or monthly charge lin lieu of morigape �
<br /> � � insurance premium), ux ihe wse may I+c : � . . � � � .
<br /> / IIi ground rents, taxcs, assessments, fire anJ oiher hnzard insur-rnct prcmiums : - �. � � �
<br />� ! (IIU intercst on the note ucured hereby: and � � � .
<br /> � 11 V) amonieation ol Ihe principal of suid note. � . . �
<br /> Any de8ciency in the amount of any such aggrep•rte monthly pnyment rhall . unlea. mnJe F�ud by [he NorlFagor prior tn the due daie of the next such F�� . � � �
<br /> payment, constitute an event of defnull unJer this mongaF�� The Mort&�eee may collect a "lat< charge" not to exmed �wo cents 12¢) fnr each dollar (SU � �
<br /> of eueh payment morc than fifleen ( 15) days in arean [u cover the catra exDense inaolvcd in handling deiinqurn[ paymemc. � . ..
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<br /> 3. That if the toGal o[ the payments made by the �lortqa�or under (6J of para�raph 'L preceding shall exceed
<br /> the amount of payments actuxlly made by the �iurtKxgee for eround renls. taxps und a�sessments or insurance pre-
<br /> miums, as the case may Ue, such excess, if che toan is current, ac che option of the Mortgagor, shall be crediced by
<br /> the 1lortgagee on subsequent paymenls to bc: made by the Jlortgagor, or refunded to lhe �iortgagor. If, howeveq the '�
<br /> monthl a ments made b the Murt a or under (b) of ara ra h 2 recedin shall not be sufficienc to pay ground `
<br /> Y P Y Y 8 8 P B P P 8
<br /> , rent, taxes and assessments or insurance premiums , a. the ca�c: may be, when the same shall become due and pay-
<br /> able, then the btortgagor shall pay to the Jiort�agee any xmounl nece5sary to make up the deficiency , on or before +
<br /> the dale when paYment of �uch ground rents , tuxes, assessmenls or insurance premiums shall be due. If nt any
<br /> time the i11orlgagor shall lender to the )1urt�agee, in xccordunce with the provi �ions of Ihe note secured herrby,
<br /> full payment uf the entire indebledness represented thcreby , lhe 1lorlgagee shull , in compuling the amount oC such "s
<br /> indebcedness , credic co the accoune of the Mortgagor all paymencs made under chc provisions of (a) of paragraph 2 '
<br /> j hereoF which the M1lortgagee ha� not l�ecome obliqated lo pay to Lhe Secrntary of 8ousing and Urb:u► Developmen[
<br /> � and any balance remaining in the funds accumulated under lhe provisions of (bJ uf paragraph `L hereoL If there �
<br /> ; shalE be a default undee any of the provisions of this mortgage resulting in a public sale of [he premises covered �;
<br /> hereby, or if the ;1lorlgagee acquires the property crtherwise after defuult, the :1lorlgagee shall apply, al the time oC
<br /> the commencement of such proceedings, or ut the time the properly i� othenvise acquired, the balance then remain- �
<br /> ` ing in lhe funds aceumulat,ed under (bJ of paragraph 2 preceding. as a credi t a�{;uinst the amount of principal tF�en ;
<br /> i' remaining unpaid under said note, and shall pruperly adjust uny payments which shall have been made under (a) :
<br /> of para�eaph 2, �
<br /> 4. That the Mortga�or will pxy ground rents, taxes, assessments , water rates . and other governmental ur municipal
<br /> charges, fines, or impositions, for which pravision has not been madr hereinbetore . and in defauk thereof the Mortga�ee may .
<br /> pay the same : and [hat the blortgagor will pramptly deliver the official rcceipts therefor to the Mor[gagee . !'
<br /> 5. The Mortgagor will pay all taxes which may be levied upon the 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 Io the extent that such is not profiibit-
<br /> ed by law and only to the extent that such will not make this lo.+n usuriuus), but excluding any income tax , State or Federal.
<br /> imposed on Mortgagee . and will file the official receip[ showing such payment with the Mortgagee. Upon violatioa of this under-
<br /> taking. or if the Mortgagor is prohibited by any law now or hereafter existing from paying [he whole or any portion of the afore-
<br /> ' said taxes , or upon the rendering of any court decree prohihiting the payment by the Mortgagor or any such taxes. or if such law
<br /> ; or decree provides that any amount so paid by the Mor[gagor sh�ll be crediced on the mortgage debt, the Mortgagee shall have
<br /> the right to give ninety days' written notice to [he owner of the mortg�ged premises . requiring the paymen[ of Ihe mor[gage
<br /> debt . [f such notice be given, the said debt shall become due . payable and collectible at the expiration of said ninety days . ,
<br /> !' 6. That should he fail to pay any sum or keep any coven ant provided for in thi� 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 uwing 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 /> j 7. That he hereby assigns , transfers and sets over to the Mortgagee , to be applied toward the payment of the nate and all
<br /> � sums secured hereby in case of a default in the performance of any of the rerms and condi[ions 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 mortguge indebted-
<br /> j: ness shall remain unpaid : and the Mortgagee shall have power to appoint any agent or agen[s it m:ry desire for the purpose of
<br /> + repairing said premises and of renting the same and collecting the rents, revenues and income . and i[ 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 any, to be applied toward the discharge of said mortgage
<br /> indebtedness.
<br /> R. That he will keep the improvements now existing or hereafter erected on 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 m:ry be required by the Mortgagee and will pay pmmpdy . when due , any premiums on such
<br /> i insurance provision for payment of which has not been made hereinbefore. All insurance shall be carried in companies ap-
<br /> f proved by the Mortgagee and the policies and renewak thereof shall be held by the Mongagee and have attached thereto loss
<br /> i payable clauses in favor of and in form acceptable �o 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 Mort�gor, and each insurance company con-
<br /> � cerned is hereby au[horized and directed to make payment for such loss directly to the Mortgagee instead of to the h1ortgagor
<br /> and the Mortgagee joindy . and the insurance proceeds. or any pan thereof, may be applied by the Dtortgagee at its option either
<br /> � to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damxged . In event of foreclo-
<br /> 4 sum of this mortgage or other transfer of title to the mortgaged property in eztinguichment of the indebtedness secured herehy.
<br /> all right, title and interest of the Mortgagor in and to any insurance policies then in force xhall pass to the purcheser or grantee.
<br />;# 9. That as additional and collateral security for the payment of the note described , and all sums to become due under this
<br /> t mortgage , the Mortgagor hereby assigns to the Mortgagee all prafits, revenues, royal[ies, rights and benefits accruing to the t
<br /> p Mortgagor under any and all oil and gas Ieases 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 default in the conditions of this mortgagc. 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 w �erminate "'�r '
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<br /> and become null and void upon release of this mortgage. , " ' � ; i
<br /> 10. That the Mortgagor will keep the buildinss upon said premises in good repair, and neither commit nor permit waste
<br /> upon said tand, nor suffer Ihe said premises },o be used for any unlawful purpose. �
<br /> � 11 . "fhat it the' premises, or any part thereof. be condemned under the power af eminent domain, or acquired for a public � .
<br /> use, the damages awarded, the proceeds tor the taking of. or the consideration for wch acquisition , to the extent of the tull ; �, :: :,�
<br /> � amouot of indebtednes upon this mortgage and the note which it is given to secure remaining unpaid, are hereby assiFned by the * ;��
<br />"� Mortgagor to the Mortgagee. and shall be paid forthwith to said Mortgagee to be applied by the latter on account uf the next ,; � :,p� ,� -,:,»
<br />; � maturing i�stallments of such indebtedness.
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