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<br /> � (U If and so long as said no[e of even datc and �his instrumem are insured or arc reinsurcJ under �he pro�isions of the Nntionrl HousinR Aa, an .. � �
<br /> , amount sufficien[ w accumuletc in the hands of [he holder one f I I momh priur to its duc Jate the unnuai mnrtg�ge in.eurunce premium in order to � . �� �
<br /> provide sueh haldcr with funds ro pay such premium to the Secrelary of Flou+ing and Urhan be��rinpment purcuunt to tbe Nutional Housing Act, � � . �
<br /> as amended. Wnd appiicable Regulntions thereunder: or . . . . .
<br /> Op If anJ so Iongas said note ot even date and this instrument are heid by Ih< Secretary o( Housingand Urban IXvelopment. a monthly charge lin
<br /> � � lieu of a murtp,age insuronce Drcmium) which shall be in an umount equai to one•[welRh ( III ?1 of ono-half I I/2) per certtum o( the average nul-
<br /> � , . ' staadin8 ��enct due un Ihe note computcd wi�hout taking intu accu¢nt delinquencie� or prcpaymenlx: �
<br /> (b! A sum equal to Ihe ground rents. H any, next due. D�us Ihe premiums Ihat will next tzcome due and payable on poiicies nf firr and other harard irswrance
<br /> coverinQ the mortgayed property. plus uaex and assessments next due on [he morlgaged property lall as estimatcJ by Ihe Mortgageel less all sum+ ai-
<br /> :� -. ready peid fherefor divided by the number o( months tu elupxe before une month priur to the date when such grnunJ renls. 0«miums, taaec an3 a.srss- � �
<br /> � . mewts will become dd4nquenq cueh sums to bc hetd by Murigagce in trust ro pay said ground renls. premiums, taxes and speci:d assessmen[Y: nnd �. � � � �
<br /> � . !c) All Oayments mentioned in the twa preceding subsections o( Ihis o��B�aDh and all paymenas to be madc undcr the nolc secured herehy shall be uddcd �
<br /> � � � �� toge2her, anei the aggregate amount Ihereof shall be paid by th< Mortpogor each momh in a sin�ele paymrnt �n be aDO���d by thc Mongagee to the folinw• � � �
<br /> . - 1 . mg atems in Ihe order nel /orth: � � � �. �
<br /> '� �; � tll Dremium eharges under thecon[ract uf insumnce with Ihe Secrctary of Housing and l.:rban Ikvelupment , or momhly charpe lin lieu uf mortpge � � � � �
<br /> insurance prcmiuml. •rs the case may he: � .
<br /> X IIU ground rents, taxes. assessmenK, fire rnd o�her hazurd insurunc< premiumc � - .
<br /> � ; � IIIp inmresr on the note xecurcd hereb �
<br /> y: and
<br /> -� - � . (I V) nmortizetion of Ihe Principal of said nota .
<br /> Any Jeficirncy in Ihe amoum uf any such agqregate monthly Oaymem shall. unleu made good hy �hr Mnng:igor prior tu the Aue dn�< nf the nent such . � . � . .
<br /> payment, eonstimte an event of default under this mortgapa The MonBaRee may mllcct a "late chargc" wt to caceed two ccnts 1?e1lor racb du{lar ISI1 � � �
<br /> of each paymrnt morc lhan fifteen U5� ��ys in arean tn cover the eatra expenu imoWed in luindlingdelinyurnt paymvms.
<br /> ' 3_ That if the k�tal of the payments made by the :�lortgagor under (b) of para�raph 2 preceding shall exceed
<br /> the amount of payments actually ma�le by the 1lortgagee for eround rent�, laxes and assessmenLs or insurance pre-
<br /> � miums, a� the ca�e may be, such excess, if [he loan is curcen[, ac the option of the Mortgagor, shall be credited by
<br /> the \lortgagee on �ubsequent payments W be made by the btort�ugoq or refunded to the �lorlgagor. IF, howeveq the
<br /> monthly payments made by the Mortgagor under (l,) of paragraph 2 preceding shall noc be sufficient to pay ground
<br /> renL, tases and assessmenls or insurance premiums , �s the case may be, when the same shull become due and pay-
<br /> able, then the �1ortgagor shall pay to Lhe �IortguKee any umounl necessary to make up the deficienc� , on or before
<br /> ., � the datc when payment of such gmund rents , laxes, �s�essments or inaurnnce premiums shall be due. If at any %
<br /> � time the �1ortgagor �hall lender to lhe 1lortgagee, in accordunce wilh the provisions of the note secured hereby,
<br /> full p•ryment of th¢ entire indebtedness represented thereby , the 1lortgagee shall , in computing the amount of such
<br /> indebtedness, credit to the accoune of tl�e Mortgagor all paymencs maJe under the provisions of (�) of paragraph 2
<br /> hereot µ•hich the 11ort�agee has not became abligated lo pay Lo the Secretary of tlousing and Urban Development
<br /> ' and any balunce remaining in the funds accumulated under the pruvisions of (b) of paragraph 2 hereoL If Lhere
<br /> ' shall be a defauit under any of the provisions of this morlgage resulting in a �ublic sale of the premises eovereJ
<br /> ; ; ' hereby, or it the !�tortgagee acquires the property otherwise ufter deFault, thc �tortga�ce �hall appty, at the time of
<br /> j the commencement of soch proceedings, or at the time the property is otherwise acquired, the balance then remaim
<br /> ing in the funds accumulated under (fi) of parap,ruHh 'l pree�eding, as a credi t against the amoun � of principal then
<br /> ' ' remaining unpaid under said �ote, and shall properly adju�t any payments which �hall huve been made under (a)
<br /> ? of paragrapR `l,
<br /> 4. That the Mur[gagor will pay ground rents, taxes , assessments , water rates, and other �overnmental or municipal
<br /> , � char�tes, fines , or impositions, for which provision has not been made hereinbefore . and in defaul[ thereof the Mortgagee may
<br /> f. pay the same : and that the Mortg.�gor will promptly drliver the oflicial receipts therefor to the Mortgn�ee.
<br /> � 5. The Mortgagor will pay all taxes which may be levied upon the Mortgagee ' s interes[ in said real estate and improve-
<br /> � ments, and which may be levied upon [his mortga�e or Ihe debt secured hereby (b�rt only [o the extent that such is not profiibit-
<br /> i ed by law and only to the extent tha[ such will not make this loan usuriousl. 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 /> , � iaking, or if the Mortgagor is prohibited by any law now or hereafter existing from paying the whole or any portion of the afore-
<br /> L said taxes, or upon [he 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 Mortgxgor shall be credited on [he mortgage debt, the Mortgagee shall have
<br /> �, the righi to give ninety days' written notice to the owner of the mortgaged premises , requiring the payment of the mortgage
<br /> ! debt If sach notice be given , the said debt shall become due . payable and collectible at the expiration of said ninery days.
<br /> � 6. That should he fail to pay any sum or keep anycovenant provided for in this Mor[gage , then the Mortgagee. at its op- -
<br /> f iion, may pay or perform the same. and all expendimres 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, transfers and sets over to the Mortgagee , to be applied [oward the payment of the no[e and all
<br /> � sums secured hereby in case of a default in the performance of any af the terms and conditions of this Murtgage or the said
<br /> � note, all the rents, revenues and income to be derived from the mortpaged premisrs during such time as the mortgage indebted-
<br /> = ness shaU 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 im
<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, it any , to be applied loward the discharge of said mortgage
<br /> 3 indebtedness.
<br /> ,. 8. 7'hat he will keep the improvemems now existing or hereafter erected on the mortgabed property , insureJ as may be � . �
<br /> #! required from time to time by the Mortgagee against lors by fire and other hazards, casualties and contingencies in such
<br /> �i amounts and for such periods as may be required by the Mortgagee and will pay prompNy , when due, any premiums on such
<br /> f: insurance provision for payment of which has not been made hereinbefore. All insurance shall he carried in companies ap-
<br /> ; j proved by the Mortgagee and the policies and renewals thereof shall be held by the Mortgagee and have attached thereto loss
<br /> ' i payable clauses in favor of and in form acceptable to the Mortgagee . In event of loss Mortgagor will give immediate notice by
<br /> '; t�� mail to the Mortgagee, who may make proof of loss if not made prompUy by Mortgagor, and each insurance company con-
<br /> cerned is hercby authorized and directed to make payment for such loss directly to the Mortgagee instead of to the Mort�eagor
<br /> # and the Mortgagee jointly . and the insurance proceeds , or any part thereof, may be applied by the Mortgagee at its option either
<br /> tolhe reduction of the indebtedness hereby secured or to the restoration or repair of the property d:�maged . In event of foreclo-
<br /> z sure of this mortgage or other transfer of titk to the mortgaged property in extin�uichment of the indebtednesc secured hereby.
<br /> � all right, title and interest of the Mortgagor in and to any insurance policies then in force shall pass to Ihe purchascr or grantee .
<br /> � 9. That as additional and collateral security for �he payment of the note descrihed , and all wms to hecome due under this
<br /> - k mortgage, the Mortgagor hereby 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 righ[ 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 mortgage , and the Mortgagee may demand . sue , : �
<br /> for and recover any such paymen[s when due and payable , but shall not be reyuired so to Jo. This assignment is to terminate - " � ,
<br /> and become nnll and void upon release of this mortgage. ` ;
<br /> ` 10. That the Mortgagor will keep the buildings upon said premises in good repair, and neither cnmmit nor permi[ waste F:� -' •w �' :
<br /> � � . � upon said land,. nor suffer the said premises [o be used for any unlawful purpose . I �'�. � ' ' '
<br /> � < 1 t . That if fhe premises, or any pan therepf. be condemned under the power of eminent dom�in , or acyuired for a public C;. ,-'
<br /> �,� use, the damages awarded, the proceeds for the taking of, or the consideration for such acquisition , to the axtent ot the fWl
<br /> amount of indebtednes upon this mortgage and the note which it is given to secure remaining unpaid. nre hereby atisigned hy the � «"i
<br /> Mortgagor to the Mortgagee, and shall be paid forthwith to said Mortgagee to be applied by the lauer on account ot the nest ` ' �':.�,
<br /> ,'.� maturing installments of such indebtedness. ^� �t''' :-
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