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<br /> 78- �J02S85 .
<br /> ( t ) month �+riar to its d.ue date the amnual rnxi-rtga�e insurancc pr�mium in order to provicie such holder
<br /> witti funJs tu pay sueh prcrnim�n tw Yhe Sscretary c�f H�using and U'cban Develcipm.ent pursuant ta the
<br /> t�l�tiu.�ial fious7ng Art, as amended , anel applicable Regulations theXeunder; or
<br /> (ti) IF and $o lerng as said' nate of even date and this instrurnent are held by the Secretary of Housing an�!
<br /> I U-rban D�uel�pment, a monthiy charge (in fieu �/' n m��rt,gage insurance premiuKn/ which .slaall be in an
<br /> amount equal �o onc-twel (th ( I /12) oi` orte-half ( 1 /2) per centum of' ihe a��eaage outst�ndi,ng bafance
<br /> due vn thc nute somputed without taking into aecount delinyuenuies �r prepa,vments:
<br /> (bj A sum equal tq the ground rents, if any „ next �ue„ plus ihe premiums that wIIl next become due an�l payat�le on
<br /> policics of fre and otlroer I�azard insurance covering [he mcirrgagcd �+rnperty , plus taxes and assessrnents n�xt due
<br /> o�i the mortgagcd {yroperty (n!1 as <�strmateel h.ti^ tR,e MartYage-eJ less all sums atrcady paid therefor Jivided by rhe
<br /> nutnber of months to elapse bef"�re one rnimth pri�x co the ciatc �vhu�a sueh �rciuncf renys, premiu�r�s, tazes and
<br /> assessm�:nts will baccrme delinquent, suc}i sum,s to bc held hy Mortgagce in trust to pay said gcound rents, pre-
<br /> iniums, ta�tes �ncl speci•rl asse,ssrnents; and
<br /> (c) All pc�ymcnts r�aenTione�3 in the twx� p�caeding subsections of this Puragra�h and al:l payme�ts to be ma�e urtder
<br /> the note secured hereby shall be a�ided ti��ethcr, and the a�rebate an�ount thcreof shail be paiA hy khe Moregagc>r
<br /> r�ch munih vi a sint;ie payment to be applied by the Mc�rrgagee c� tlie follaeving ite�ns in ttie oreler set far4h:
<br /> (I) p.remium chargac under Che conrra�t oV" insurarr�e with the Secretury �Y' Huusing and lJroan Developmemt,
<br /> or montltly chargc /in lreu e�j rrturtgvRr rnsuraraee premiuml, ;�s rhe c:i5r, may be ; -
<br /> (1 [) �n�und rents, taxes, asscssrnents, fi� c � nd uchcr hazaru msurance Nrcmlums;
<br /> �111) inteecst on the note si:cured Irerehy , ar�d
<br /> (IVj amortizatiun o-f [he princi,pal uf saiel n�te. . . .
<br /> Any defiriency in the antiount of :�nv su�h uu,,gregate n�unthl.y� payment shali , unless macte qo�d by tNe Mbxt-
<br /> ' gagor prio-r tc� the due date nf the �ient sueFi �uymc�� t , �•unstitutc an even[ �f default unr�er this niortgage, TFie
<br /> Mortgagec may culleet a "late etiargc" iiot to ex�:ced fi �ur cents (�Kl for each cic;llar (51 ) u-f each paymenTmare
<br /> than �ftcen ( t s ) ctays in areas to cov�r the exh � ex �ensc• i�ivc�Wed in handling cielinqvent pry�nents.
<br /> S. 9'hat if lF�e to,tal of the payments made by the 1lortgaKor untice ( 1>j uf paragraph `? preced•ing �hall exce�d
<br /> the amouat of �ayment,.� actualla mad� by the 3lortgagce fur �=round rints, txxes and, a5ses5mc+nt:: or iosucan,ce pre-
<br /> mium�, a� f;he ca�e may he, such excess, 'rf che loan is aurrent, at tl�e opcion af rhe Mnrtgaqar, shall be cer�ited by
<br /> the \iort�uget+ nn �ubsequent puyments Ece be rnaJe by ihe �I�rt�:i�;cir, c�r refunded to the .11or4gaqoe. lf, however, thr
<br /> monthly pavmenl� made bp uhe McTrtRagor under (bi o[ paraqraph 2' prerrciing shalt noc he sufficianc tn pay groun�l
<br /> rent, taxes ssnd assessment� or insurance premium�, u� th� ca.se may br, whem the same shalt be.eame due and pay-
<br /> abl'e, then the A1nrLga�or :;hall pav 6n the 11ordKagee any .umi�unt necessan• Lo makr up th� dwficienay, v�n or beEor�
<br /> th� date when paym�nt i�f suc:h gruund renG:�, luxe5 , assc•:=�ments or insurance pnemiums �hal1 be du�. IC at any }
<br /> time the �turtgagor ehall tender t� the \tart�aK�e, in ac+eordance « itih the provi �i �n � af Lhe note �ecured herehy, i
<br /> full ,payment of th.e nntire indFbtedne�� rnpre�ented theteby , the �1ortRagee .5hull , iq computin� the amount �f such
<br /> indebcrdness, crec�it ro the accuur�c �f rhe 0.lortgagor .�G1 paymrnts made under che provis 'tons uf /aJ of paragraph 2
<br /> hereof w•hich thsr �lortgagee has nat become �hl igated Go pay to the tiecrefary �f Il�u� inK and Urtran Devcl,�pmeni
<br /> and any hulanc� remainin� in ihc fund= accu•mnlate� under Che pnivi�ion� of (�;' �,f patagruph `2 hereoG. If Lherc
<br /> shall be a default under any of the provisions uf lhis mortgage re�ulling in a public �ale nt the premi �es covered
<br /> hereby , or if the 1lortgaKee acquires the property otherwise afler defuult, 6he �lortgagee shall apply, at the time of
<br /> the commencement of �uch proceedings , or at the time the properly is otherwi �e acquired, lhe balance then remain- '
<br /> ing in Lhe funds accumuluted under (hJ of paragraph L prncedin �, as a credit :�{;ain �t the amount of principal then
<br /> remaining unpaid under said note, and shali properly adjust un}• payments which shall have been made under (a)
<br /> of paragraph 3. '
<br /> 4. 7'hat the Irfortgagor will pry ground rents , taxes , assessments , water rates , and other governmental ur municipal
<br /> charges, fines , or impositions, for which provisiun has not been made hereinbe(ore , and in default thereof the bfortgagee may
<br /> pay the same ; and that ihe h1ortgagor will promptly deliver [he official receipts therefor to the Mortgagee.
<br /> S. The Mortgagor will pay all taxes which may be levied upon the Morigagee ' s interest in said real estate and improve-
<br /> ments, and which may be levied upon this mortgage or the debt secured hereby (but onty to the extent that such is not prohibit-
<br /> ed by taw and only to the extent that such will not make this Ioan 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 existing (rom paying the whole or any portion of the afore-
<br /> said taxes, or upon the rendering of any court decree prohibiting the payment by the Mortgagor urany such taxes, or if such law
<br /> or decree p�ovides [hat any amuunt so paid by the Mortgegor shall be credited on the mortgage debt, the Mortgagee shall have �.
<br /> [he right to give ninety days' written notice to the owner of the mnrtgaged premises . requiring the payment of [he mortgage
<br /> debt . If such notice be given , the said debt shall become due , pnyable and collectible at the expiration of said ninery days.
<br /> 6. 7'hat should he fail to pay any sum or Ic�ep anycovenant 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 secureJ hereby , and shxll bear interest at the rate set ,forth in the said note, until paid .
<br /> 7. That he hereby assigns, transfers and sets over to (he Mortgagee. to be applied toward thn 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 /> note, all the rents , revenues and incame ro be derived from the mortgaged premius during such time as the mortgage indebted-
<br /> ness shall remain unpaid : and the Mortgagee shall have power ro appoint any agent or �gents 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 psy 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 /> 8. That he will keep the improvements now existing or hereAfter erected on the mortgageJ property, insured as may t,e
<br /> required from time to time by the M�rtgagee against loss by fire and other hazards , casualties and contingencies in such
<br /> amounts and for such puiods as may be reqaired 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 shall be carried in companies ap- '
<br /> proved by the Mortgagee anJ the policies and renewals thereof shall be held by the Mortgagez and have attached thereto loss
<br /> payable clauses in favor of and in form acceptabte to the Mortgagee . [n event of loss Mortgagor u•i11 give immediate notice by ���...���... �,
<br /> ma�l 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 dirocted to make payment for such Ioss directly to the Mortgagee instead of to the Mortgagor �
<br /> and the Mortgagee jointly, and the insurance proceeds: or any part thereof, may be applied by the Mongagee at its option e�ther I ^ �,
<br /> to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged . In event of foreclo-
<br /> sure of this mortgagror other Vansfer of title tothe mortgaged property in extinguishment of the indebtedness secured hereby, �',
<br /> all ?ight, tide and in[erest of the Mor[gagor in and ro any insurance policies then in force shall pass to the purchaser or grantee . ;,; =
<br /> 9. That as additional and collateral security for the payment of the note described. and aJl sums to become due under this •
<br /> mortgage, the Mortgagor hereby assigns to the Mortgagee all profits, revenues, royalties, rights and benefits accruing to the
<br /> Mortp.agor under any anJ all oil and gas Ieasec o� said premises , with the right to recei�•e and reccipt 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 /> Cor and recover any such paymrnts when due and payable . but shall not be required so to do . This assignment is to terminate
<br /> and become null and void upon release of this mortgage.
<br /> � FMAdla3M ( 10�77 ) I
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