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<br /> ( I ) month priar fu i:ts due clata che annual mort�age insi�ran�e �re�riiurn in ordcr tc� pr�vide such holder
<br /> witli (uncis to pay sucli premium to the $ecret�ry of Huusing and Urban nevcloprr�ent pursunnt to the
<br /> National lio.using Aet, as �mended, and' appbicabfe IYegulations [hereunder; vr
<br />� (1I) If and so long �s said note of evet� dale and rhis instrutnent are kietd by nc� Secrecary uf Housing and
<br /> Urban lle�elnptnent; a m�nthly char�e /rn lieu nf a mortgqqe rnsurqnce IxremiumJ which shali be in an
<br /> , amount equal tu oZe•tweit'ch ( 1 ! I3) uP one-half ( I />) per centum oP tk�e average ou �standing balance
<br /> due on thc nute a�niputed wichout taking into account �elinquencies or prepayme�rxs.
<br /> (b) A sum equ-al tp the grouncl rents, i( any. next due„ pfus th.e premi:urras LYiat will next beoome due anc� payable <�n
<br /> policies ��f f3re and oSher liaz .ard insucance cc�vering rhe niorzsaged �+roperty , pFus taucs and ass�ssmeots next �ue
<br /> on Che mortgagecl pro�rrty /aFJ as esYtn�aled by the Mostgag��e) less all sums already paiA therel'ur clivide� by the
<br /> numbcr c?f monChs t� clapsa bel'ore unc rnonth pri�r to the aat� when such grouoel rents, �rcm 'tums, taxes ancl
<br /> assessmenis will beuome delinquent, sue:h sums to be heicf by 1Vlortgagce im trust to Pay said grc�und rents, pre-
<br /> ` miurns, tanccs and ipecial assessments; and
<br /> (c) A11 p�yments mentioned. in tlie tw� pceeeding subsections uf this patagcaph and all payments to be made under
<br /> the noie se�;uieil heretiy sh�'I be adde� trw� th¢r , �nd the aggre�ate amaunt thi� renf shall be paid by tha Mortpagor
<br /> euch mnnth in a sing]c payment tc> be aNplie�l by the Murtgagee to the folle7wing i2ems in tl�e ivder set f`o� th
<br /> (Ij prem�am charges iundrr rhe c�ntruct �f insurancr with t }ie Sr.cretary of HousinF �nd Urnan L�vel�pment,
<br /> , or monthl,y eharge (iir lreu r.jmortgagP r,risurarrce premium�, as the c;is.: mey be ;
<br /> (II) �rowid rents. t:uces, assccsments, fire �nel otl�er hararcl insuranre Nren�iums,
<br /> ('lll) iniesest o� thc note secured hereby : and
<br /> (1V) amorfizaticin ot the pcinci.pal oP saicl node.
<br /> Aiiy defiriency in zhe arrionnt ot any' such ap�,regate mcanthly payment sl5all, un1ess made g�od 'ny the M�rY-
<br /> gaKor prior to the due date of the nexc such p:syment , cvnetitute an event of di;tault unrier tliis martgage. The
<br /> MortgaKce may col'lect a "iate charg�'" not to excee�l (� �ur �ents (�l�t) fnr cach dullar (51 ) of ca�h pavmenc mure `
<br /> than fif'tcen ( 1 � ) da��s in arcas to cr;ver xlir extra ett�en,c i�iv��lve�l in handliri@. dcli�zquent paymetits.
<br /> 3 . 'I'hat if Lhe iotut <xt the payme�ht� mae9e bv Che �lartgagor u,nder ; L; �iE para�raph 2 pneceding eha11 exeeed
<br /> Chc amount �f pn�*mPnt�v aeWally made by Chp AlortKagec for �>eound renta, raxe� an�l assr. c5menls or insurance ptr.-
<br /> miums, as the caa� may be, �uch excctis, if che lckzn is currenc, ac che upeian �f chc MortRag�r, shall be erediced by
<br /> Ehe �tortgageP on :=ubtiequ�nf pay�ment� to be made b_y the �toct�agor. �r tefundc:d to thc M1lorthagoe. ff, howevec, the
<br /> monthly payments made by rhe Moccgagpr under j 5) cif paraqra[�h 2 prreeding shall n�t he suffxcirnt to p-ay ground
<br /> rent, taxes and a=secsment:� ur insurance premium- , as thP .. a.�e mxy be. whrn Che �nme- �hull become due and pay-
<br /> ''. xble , thAn the 1lortga�or �hal.l pay t� the 1larfga�ce an,y amount necessary t�� m .�ke up thc dEficienc•y , �n or betare '
<br /> i the date when payme�n6 of Guch �mund rent:5 , la.xe:s, a�cetismenlG or insuriuice prumiums shall be due. IP at am�
<br /> iime Che !lrartpaRor :?halT tr,ndcr to thp 11�etga�eT, in aecnrdanee with the provi �i�ns ol` the no4e secuced heteby; ,'
<br /> full payment oE the entite indeblredne�s repre>�rnted thereby ,, lhe 11an;gagee shall , in comNutin:� Che amounk of su<�h
<br /> ind�btedncsti , credit ro che aceoun� �f the M't�rtgagi�r �1l pavmenrs m:u#e under the �rovisions ot �a) of Paraqraph 2
<br /> hernoC w'hi<�h th,e '�lortkagee has nat became c�.bliFaied tn pa�- tn CMe �ecretary of Flnusin� snd l.'rbah peveiopment
<br /> ' arrd az�y bstance remaining in the fun.da ac�c�unrulatcd u,nder the peovi =ion5 uf !bi of pararraph 3 hereaf. if hheee +
<br /> shall be a default under any of the provisions uf thi = mortgxge reeulting in a public sale of the premises covered
<br /> hereby, or if the �tortgagec acquires the proper6y otherwise after default, the 1lortga�;ee =hal1 apply, at the time of
<br /> the commencemenL of such proceedings, or at the time the property i ; otherwi �e acquired , the balance then remaim
<br /> in� in Ihe funds accumulated under (b) of paragraph '? preceding, as a crc:di t :�ainst the amount of principal then
<br /> remaining unpxid under said note , and shall properly adjust any paymen� a which �hall have been made under (aJ
<br /> of pars�raph 2,
<br /> 4. That the Mortgagor will pay ground rents, taxes . assessments. water rates, and other govemmental or municipal
<br /> , charges, fines . or impositions. for which provision has not been made hereinbefore , and in default thereof the Mortgagee may
<br /> pay the same: and that the Mortgagor will prompdy deliver ihe official receipts therefor to the \�tortgagee .
<br /> 5. The Mortgagor will pay all taxes which m�y 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 (but 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 official receipt showing such paymenc with the Mortgagee . L'pon violation of this under-
<br /> taking. or if Ihe Mortgagor is prohibited by any Iaw now or hereafter esisting from paying the whole or any portion of the afore-
<br /> said taxes, or upon the rendering nf any court decree prohibiting the payment by the !�tortgagor or any such taxes , or if such law
<br /> or decree pro��ides that any amount so paid by the �lortgagor shall be credited on the mortgage debt. the �lortgagee shall have
<br /> the right to give ninety days " written notice to the owner of the mortFwged 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 expiration of said ninety days.
<br /> 6. Thut should he fail to pay any sum ur keep any covenant provided for in this Mortgagc, then thc Mortgagee , at its op-
<br /> tion , may pay or perform the same. and a11 expenditures sa 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 w the Mortgagee, to be applied toward the payment of the note and all
<br /> sums secured hereby in catie of a defautt in the performance of any of the terms and conditions of this Mort�ge or the said
<br /> note, all the rents, revmues and income to be derived from the murtgaged premises during such time as the mort1zage indebted-
<br /> ness shall cemain unpaid : and the Murtgagee shall have power to appoint any agent or agents it may Jesire for the purpose of
<br /> tepairing said premis�s and of renting the s:�me and collecting the rents, revenues and income, and it may pay ou[ of said im
<br /> comes all expeases of repairing said premises and necessary commissions and expenses incurred in renting and managing the
<br /> same and of cotlecting ren[als therefrom ; the balance remaining, if any, to be applied toward the discharge of said mortgage
<br /> indebtedness.
<br /> 8. That he will keep the improvements now cxisting or hereafter erccted on the mortgaged property, insured as may be
<br /> required from time to cime by the Mortgagee against loss by fire and other hazards, casualties anJ contingencies in such .
<br /> ` amounts and for such periods as may be required by the Mortgagee and will pay promptly, when due, any premiums on such
<br /> � insurartce provision for pnymertr of which has not been made hereinbefore . All insurance shall be carried in companies ap- t
<br /> ; proved by the Mortgagee and the policies and renewals thueof shall be held by the Mortgagee and have attached thereto loss
<br /> � payable clauses in favor of and in form acceptable to the Mortgagee . In event of toss Mortgagor will give immediate notice by '� `
<br /> ? mail, to the Mortgagee. who may make proof of Ic�ss if not made promptly by Mortgagor. and each insurance company con- `-
<br /> cerned is hereby authorized and directed to make payment for such loss direcUy to tfie Mortgagee instead of to the Mortgagor ,w'. � S
<br /> and the Mortgagee joimly, and the insurance proceeds, or any pazt thereot. may be applicd by the Mortgagee at its option eiiher
<br />' i to the rcduction :o[ theindebtedness hereby secured or [o the restoration or repair of the property damaged . In event of forcclo-
<br />- sure ot this:mortguge:or otherdransfer of titk to the moRgaged 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 shall pass to the purchaser or grantee. r ' Y '�
<br /> 9. That as additional and collateral security for the payment of the note described, and all sums to become due under this r • '"
<br /> mongage, the Mortgagor hereby assigns to the Mortgagee all profits, revenues , royal[ies . rights and benefits accruing to the � '*" '
<br /> Mortgagor andes any and all oil and gas leases on said prernises, with the right to receive and receipt for �he eame and apply � . '�`� `
<br /> them to said indebtedness as well before as af[er default in [he conditions of this mortgage, and the Mortgagee may demand. sue
<br /> for and recover any such paymrnts when due and payable , but shalt not be required so to do. This assignment is to aerminate
<br /> and become null and void upon release of this mortgage.• ; .
<br /> • . ..,. e . . . . . . . . FHA �2143M I10-77 ) �
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