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<br />- � IU 1( and so lung a� wid note of even Jate and this imirument are insured or are reinsured unda the provision. of thr T7alional Housing Act . :m � . � . �
<br /> umount sutficient ro accumula[< iro Ihe Mnds of the hnldu one 111 month v��ur �o it. due date Ihe annual moni{age imurance premium in urder to �
<br /> Gb pruvidc such ho�Jer with funds to pny such prrmium lo �he Secrctary of Huosing anJ Urban Develupm<nt Dununnt io the National Housing Act.
<br /> � �,,,� � ax amended, and ayplicable ReguWtiont thereunder, or � .
<br /> �r � � � � .� tlq � If and w long rs syid note of rvro date and this inslrument are held by ihe Secretary of Hou�ing rnd Urban [kvelopmenL a monthly charge 1in s ' '
<br /> � Q . � lieu of a mortgage insurance premium) which shall be in an amounl equal m one-twelhh f 1/ 1 :1 of ono-hal( 11 !?I per cenmm of Ihe average oub � �
<br /> . � � � ' slanding balance due an tAe note compWed without laking intu accuunt delinqurnc:es or prrpryments. .
<br /> 16) A sum equal Io the Qround rcnts. if any. nenl due. plus �he premiums th•rt wili nex[ become due and payable on �Iicics o( fire and other h-r�ard incurance
<br /> � � , �_ covering the mnrtgaged prtiperry. plua taxes nnd assessments nex� due un Ihe mongngcd property (all ns estimated by the Mortgageel less n7i sums al- � �
<br /> �.^ � ready paid Iherefor divided by the numlxr of months to elapsc be(orr on< momh prior to the Jate whtn such grounJ renn, premiums. taxes anJ arsos-
<br /> � menls wili become detinqurnt, such sums to be held by Mongagee in trust to pay said ground renls. premiums. tnxes anJ special assexsmrnb: and
<br /> i � � . (U M�I payments mentioned in Ihe two precedinK subsections of this paragraph nnd all paymenb to Ar made under the nule ucurrJ hrrehy shall 1+e adAed �
<br /> .. . together, and Ihe aygregale amount thereo( shnll be paid by tM1e Mortgagor each month in a singie paymen+ to !+c applied by the Morq;agte to the follow- � �
<br /> � . . Fng items in thc order ut forth: � � �
<br /> � � 0�/ p�emium charges undm the contraq nf insurance wilh Ihe Secretary of Huusingand UrMan Development, or munlhly churge lin lieu o( mart�ge � �. �
<br /> . inwrance premiuml. as the case may lx:
<br /> � . flil yround rents, laxes. as.rs»menis. fire and other hezard insurance preminm.: � � � . � � �
<br /> � 11I4 interut on Ihe nolc secured hereby: and - .
<br /> (t V 1 amoni�tion of the principal of said nma � .
<br /> . Any dreficiency in the amount of any wch aggregn�e munthly Daymenl shuil, unless m�de gaod hy tbe MortgaRor prior �u thc Ju< drte uf thc rwsl such � � �
<br /> � paymrn�, constitute an event uf del:wlt urtder thix mort�ge. The Murtgagtt may collect a "lale chnrg<" no1 io exceed two cents 1'_e) for each doilnr (5 U � � - � ' �
<br /> ofeacbpaymentmorelhanfiAern115) �laysinarerrstocovertheex�raean�rtxeirtvo7vedinhundlingdelinquen[ puyment+. � ��
<br /> 3. That if the total of the payments mude by 4ho �lorlgagor under (b) of paragraph `l precedin� shall exceeci
<br /> the amount of paymenLs actually made by the �1ortKagee for eround rents. Ga�ce� and as>essments or inaurance pre-
<br /> miums, as the c:L�e may be, such excess, if the loan is curren[, ac [he op[ion 6� [F7C Mor[gagor, shall be credited by
<br /> the 1lortgagee on subsequent payments lo be made by the �1ortKxgor, or refunded to the �iortga.goc If, howevcr, dhe
<br /> monthly payments made by che Morcgagor under (b) of paragraph 2 preceding shall not be sufficienc ro pay graund
<br /> rent, taxes and assesements or insurance premiums, as the c�se may be, when lhe same Shall become due and pay-
<br /> able, then the M11ortgagor shall pay to the ;1lortga�ee any amounl nece�sary to m •rke up the deficiency , on or before
<br /> Qhe date when payment of sach ground rents , taxes, as.e.sments or insur:u�ce premiums shail be due. If ut any
<br /> time the 11ortgagor shall tender W the Atortgagce, in accordance with lhe provi �ions of lhe note secured hereby ,
<br /> full payment of the entire indebtedne�s repre�ented thereby , [he '11orlg:s�ee �ha11 , in compuling 61ie amount of such
<br /> indebtct�ness , credit co the account of the Mortgagor 111 payments made under thr pruvisicros of (aJ of paragraph 2
<br /> hereof which the Mortgagee has nol become �bligated to pay to the Secretury of liousin� and Urb:ut Development
<br /> and xny halunce remuining in the funds accumulated under the pruvisions oC /G) of paragrdph 2 hereof. if there
<br /> shall be a default under any of the pruvisions of this mortgagc rcculting in a public 5ale of the premises cuvered
<br /> hereby , or if fhe ;1lortgagee acquires the properLW othcrµ ise after deFault, Lhe 1{ortgagce shall apply, flt the time of
<br /> the commencement of �uch proceedings, or nt the time the property is othenvise acquired, the balance then remain-
<br /> ing 9n the funds xccumulated under (G) of para�raph 2 prnceding, a� a credit a�ain5t the amount oC principal then
<br /> remaining unpaid under said nofe, and shall pruperly adjust any payments w•hich shall have been made under (a) �
<br /> of paragraph 2 ,
<br /> 4. "Chat the Martgagor will pay ground rents, taxes, assessments, water rates , and other governmental or municipal
<br /> charges, fines, or.impositions, for which proyision has not been made hereinbefore . and in default thereof the Mortgagee may
<br /> pay the same ; and that [he Mortgagor will promptly deliver the oflicial receipts therefor to the Mortgegne .
<br /> 5. The Mongagor �vill pay all [axes which may be levied upon Ihe 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 to 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 oflicial receipt showing such payment with the Mortgagee . Upon violation of this under-
<br /> taking, or if the Mortgagor is prohibiced by any Iaw 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 prohibiting the payment bv the Mortg;igor 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 mortg:�ged premises, requiring the payment of the mortgage
<br /> debt. If such notice be given, the said debt shall become due. payable and collectible at the expira[ion of said ninery days.
<br /> 6. That should he fail ro pay any sum or keep any coven ant 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. transfers and sets over to the Mortgagee, to he applied toward the payment of the no[e anJ all
<br /> sums secured hereby in case of a default in the performance of any of �he terms and conditions o( this Mortgage or the said
<br /> note, •rll the rents, revenues and income to be derived from the mortgaged premeses during such time as the mort��e indebted-
<br /> ness shall remain unpaid: and the Mortgagee shall have power to appoint any �gent or agents it may desire for the purpose of
<br /> repairing said premises and of reating the same and col�ecting the rents, revenues and inrome. and it may pay out af said in-
<br /> comes all expenses of repairing said premises and necessary commission,s apd expenses incurred in renting and mana€ing the
<br /> same and of collecting rentals therefrom : the balance remaining, if any, to be applied toward the discharge ot said mortgage
<br /> indebtedness .
<br /> 8. That he will keep the improvements now axisting or hereafter erected on the mortgaged property, insured �s may be
<br /> required from time to time by the Mortgagee against loss by fire and other huzards , casualties and contingencies in such
<br /> amounts and for such periods as may be required by the Mortgagee and will pay promptly, when due, anv premiums on such
<br /> insurance provision for payment of which has not lxen made hereinbefore . All in.urance shall be curried in companies ap-
<br /> proved by the Mortgagee and the policies and renewals thereof shall be held by the Mortgagee xnd have attached thereto loss
<br /> payable ctauses in favor of and in form acceptable to the Murtg�gee . In event of luss Mon�agor will give immediate notice hy
<br /> mail ro the Mortgagee. who may make proof of loss if not made promptly by Mortgagor, and each insurance company con-
<br /> , cemed is hereby authorized and directed to make payment for such loss directly to the Mortgagee instead uf to the ��fortg:igor
<br /> and the Mortgagee joinUy , and the insurance proceed�, or �ny pan thereoL may he c�pplied by the Mortgagee at its option either
<br /> [o the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged . In event of foredo-
<br /> surc of this mortgage or other transfer of titie lo the mortgaged property in extinguishment of the indebtedness secured hercby.
<br /> all right, tiUe and interest of tt�e Mortgagor en nnd tu any insurance policies then in force shall pass to the purchaser or grantee.
<br /> 9. That as additional and colluteral security for the payment of the note described . anJ alI sums to become due under this
<br /> mongage, the Mortgagor hereby assigns to the Mortgagee all profits, revenues, royalties, rights and benefits accruing to the t
<br /> Mortgagor under any nnd all oil and gas leases on said premises . w'i[h ihe right to receive and receip[ fvr the same and apply F '
<br /> them' to said indebtedness as well before as after default in the conditions of this mortgage . and the Mortga�tee may demand. sue
<br /> for and recover any such payments when due and payable, but shail not be required so to do. This assignment is to terminate
<br /> and become nulLand void upon rdease of this mortgase.
<br /> 10. 7'hat [hc Mortgagor will keep the buildings upon said premises in good repair, and neither commit nor permit waste � � =
<br /> upon said land, nor suffer the said premises to be used for any unlawful purpose. x ;
<br /> . 11. That if the premises, or any part therebf, be condemned under the power of eminent domain , or acyuired for a public f� ' '
<br /> use. the damages awarded, the proceeds for the taking of, or the consideration for such acquisition , ro the extent of the full � `
<br /> amountof indebtednes upon this mortgage and the note which it is given to secure remaining unpaid . rre herehy c�ssigned by the K - '" "��
<br /> Mortgagorto the Mortgagee, and shalt Ne paid forthwitfi to said Mortgagee to be applied by the latter on account of the nert ''"'�`
<br /> ma[uang installmrnts of such indebtedness. ~` `� ''
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