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<br /> � 8-,t� 02675
<br /> fU If and so long as eaiJ note of even dntc end this instrument are insur<d or nre re:nsurcd under the provisiom ot the Nationnl Huu�ing Act. an �
<br /> amounl sufFcient to accumulate in Ihe hands ot the holder nne ( b month prior [o iis Jue dele the :mnual mor[gag< inmrance premium in nrder �o � � -
<br /> pmvide sueb holdrr W4tfi fu�dc �o nqY .'�cfi �•emivm to :he �!cret�ry nf Housiog �nd L7ban Dev.-Inpment Pur,uant to tl��e \atiunul Housing Ae6 ' , � �-'
<br /> ns amended. and applipble Regulatiuns thereunder, or � .
<br /> flq If and w bng as said nole of even date and this instrument are held by �he Secretary of Huusing and Urban Uevdnpmenl, a monlhly charge lin
<br /> . Jieu of a mortgage insuranee premiuml which shali be in an amoun[ equai to one-[wclfth 1111 :1 ot une-hal( 11/.') per centum nf the a�erage out- .
<br /> � ' xlandin8 �ance due on Ihe wule computed without taking inw accoun[ deiinyuencies ar prepaymenh:
<br /> � � � � f bl A sum equal to the ground rents, it any, next due, plus the pr<miums Ihat wili next t+ccomo due und paynble on pulicies of firc und other bnzurJ irourantt � �
<br /> covering the mortIIaged pruperty. pius laaes and •rssesomenn nezt due on tbe morqraged property (alI ns estimated by thc Mort�gcel f<xx uii sumc a4 � �
<br /> ready peid Ihetefor divided by the number af months w elapse before one monlh prior to the Ja�e when such ground rcnis. premiuma, taxec and asuss- - �
<br /> . menls wili become deiinquenl, such sums to 1x held by Mortgegee in trusl �o pay said ground rmts, premiums. taxes and speci�l ussessments; and �
<br /> S Ic) AII paymeats mentioned in Ihe two O«ceding subsections of thix paragrapA and all paymenlx lo tu made under the norc secured hereby shall he ndded � . �
<br /> ..+ � together. anJ ihe nggregate amoun[ thercoi shall be paid by �he Mortgagor each month in a sinF�� paymcnl to he applicd by Ihe Mongage< tu the foilow- ' � . -
<br /> . ing items in Ihe order set fortk � .
<br /> Ui premium charges under the conlract o! inwranee w :th the Secretary of Ho�sing and Urbun IkvrlopmenL or monthly char�r /in lieu uf munp.nge � � � �
<br /> insurance D«miuml, as the caec mry bc: . . , � . � ' '
<br /> UU Bround rems. taxes, as.<ssmenh, fire and otber hazard imurance premiumr: � � � � ��
<br /> (III) interesl on the note secured hereby: and . . . � �
<br /> 11 V) amortiTa[ion of �he principal of snid nole. ' .
<br /> Any deficienq� in the amount of any wch aggrega[e monthly payment shrll , unlesc mrde &����J by the Mortg:�gur prior �o �he Jue dam of the nezt cuch � �� . . �.
<br /> payment, conxtitute rn event uf Je(auh under this mortp:�ge. The Moriprgee muy enllect a "la�e charFe" nut to esceed twu cenls 1?¢ 1 for each dollar ISU . . �
<br /> ' r � of eaeh payment morc thrrt fi(teen ( fS/days in arerrs to cuver the extra expens< imoived in BanJ(inF detinyuen[ pryments. . �
<br /> � 3. That iF the cotal of lhe payments mxde by Lhe �tortgaKor under ( L) oF paragraph Y preceding shall exceed _
<br /> ' { the amount of payments actually mude by the M1lort�aFee for eround rent�, taxes and a�seasmcn [s or in�urance prn-
<br /> miums, us the ca�e may be, such excess, if the Loan is currenc, ac the opeion of che Morcgagor, shall be crediced by
<br /> the Ltorlgagee on eubsequent pxymen6� la be mude by the 11ort�agor, or refunded to the �tortgagor. If, however, the
<br /> monthly payments made by the Mortgagor under (L) of paragraph 2 preceding shall noc be sufficient to pay ground
<br /> rent, taxes and assessments or insurance premiums , as the c :�5e mxy be, xhen the �ame shall become due and pay-
<br /> able , Lhen the �1orlgag,or shall pay to the �lortgagee any smount nece.�ary lo make up the deficiency , on or before
<br /> the date when payment of �uch ground ren[s , tases, assessments or insurance premium� shall be due. If al uny
<br /> ? time the 111ortgugor �hall lender to the 1lortga�;ee, in uc•cordance with lhe pro�•i �ions of Ihe note secured hereby,
<br /> ; full payment of the entire indebledness represented thereby, the Jlortg:�ec 5hull . in computing the amounl of such
<br /> ! indebtedness, credit to che account of the Mort �
<br /> gagor all payments macle under the pro��isions of (a) of paragraph 2
<br /> hereoC which the �lortgagee has not become obligated to pay tu the :iecretary of Housing and Urban Development
<br /> and any balance remaining in the funds accumulated under the provi� ions of (b) oF parxgraph 2 hereuf. If lhere
<br /> shal ( be a defaulL under any of the provisions of this mortgage re�ulting in a public sale of the premises covered
<br /> 4 hereby , or if the 1lortgagee acquires lhe property otherµ�itie after default, the 1lortgagee shall apply, at the time of
<br /> the commencement of such proceedings, or at the timc the property is oihenvise acquired , lhe balance then remain-
<br /> ' ing in the funds accumulal.ed under (61 oF puragruph 2 precedin�, as a credit against the amount of principal then
<br /> ' remaining unpaid under said note, and shull properl�� adjust any payments which shall have 6cen made under (a) '
<br /> � oP paragraph 2, ,
<br /> 4_ That the Mortgagor will pay ground rents . taxes, assessments , wa[er rates. and other governmental or municipal � � -
<br /> charges, fines . or impositions. for which provision has not been made hereinbefore. and in defaut[ thereof the Mortgagee may
<br /> � pay the same : and that the Mongagor will promptty deliver the 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 /> 7 ments. and which may be levied upon this mortgaFe or the debt secured hereby (bnt only to the extent that such is not prohibit- ,:
<br /> 3 ed by law and onty 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 ofiicial receipt showing wch payment with the Mortgagee . Upon violation of this under
<br /> taking, or if the Mortgagor is prohibited by any law now or hereafter existinF from paying the whole or any portion ot the afore-
<br /> ;; said taxes, or upon the 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 Mortgagor shall be credited on the mortga�e debt . the Mortgagee shatl have �
<br /> ' the right to give ninery days' written notice to the owner i�f the mortgaged premises , requiring the payment of the mortgage ' - � �
<br /> debt. If such notice be given , the said debt shall become due, payable and collectihle at the expiration of said ninety days .
<br /> �' 6_ That should he fail to pay any sum or keep any covenant provided for in this Mortgage. then tfie Mor[gagee, a[ its op-
<br /> �: tion , may pay or perform the same, and all expenditures so made shall be added to Ihe principal sum owing on the above note .
<br /> : t shall be secured hereby , and shall bear interest at the rate set forth in the said note, until paid.
<br /> 7' 7_ That he hereby assigns , transfers and sets over to the Mortgagee , to be applied [oward the payment of the nore and all
<br /> ' sums sewred hereby in case of a default in thr performance of any of the terrns and canditions of this Mortgage or the said
<br /> ` note, all the rents. revenues and income to be derived from the mortgaged premises during such time as the mortgage indebted- :
<br /> ' ness shall remain unpaid : and the Mortgagee shall have power to appoint any agent or agen[s it may desire for the purpose of
<br /> i repairing said premises and of renting the same and collecting the rents. revenues and income, and it may pay out of said in-
<br /> t comes all expenses of repairing saiJ premises and necess�ry commissions and expenses incurred in renting and managing the
<br /> ,� same and of collecting rentals [herefrom : the balance remeining, if any , to he applied toward the discharge of said mortgage
<br /> indebtedness.
<br /> � 8. That he will keep the improvements now ezisting or hereafter erected on the mortgaged property , insured as may be
<br /> required from time iu time by Ihe Mortgagee against lass by fire and other hazards , casual[ies and contingencies in such
<br /> � amounts nnd for such periods as may be reyuired hy the Mortgagee and will pay promptly , when due . any premiums on such
<br /> � insurance provision for payment of which has not been made hereinhefore . All insurance shall be carried in cumpanies ap-
<br /> proved by the Mortgagee and the policies and renewals thereof shall be held by ihe Mortgagee and have attached thereto loss
<br /> � payable clauses in favor ot and in form acceptable to the Murtgagee . In event ot loss Mortgagor w- iIl give immediate notice by
<br /> , mail to [he Mortgagee. who may make proof of loss if not made prompUy by Mortgagor, and each insurunce company con-
<br /> ' i cerned is hereby authurized and directed to make payment for such luss direcUy to the Mortgagee instead of to the Mortgagor
<br /> � and the Mortgagee joinUy , and the insurance proceeds, or any pan thereof, may be applied by the Mortgagee at its option either
<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 mongage or other transfer of title to the mortgaged properry in extinguishment of the indebtedness secured herehy.
<br /> . all righL IiUe and interest of [he Mor[gagor in and to any insurance policies then in force shall psss to ihe purchaser or grantee . .
<br /> � 9. That as additional and collateral security for the payment of the note described, and all sums �o become due under this
<br /> � mortgage, the Mortgagor hereby assigns to the Mortgagee alI profits, revenues , royahies , rights and benefits accruing to the '�
<br /> Mortgago� under any and alt oil and gas leases on said premises , with the right to receive and receipi tor the same and apply
<br /> - � thcm to said indebcedness as well before as after default in the conditions of this mortgage _ and the Mortgagee may demand, sue ` � `
<br /> for and recover any such payments when due and payable , but shall not be requireJ so to do . This assignment is to terminate � '
<br /> �� and become null and void upon release of this mortgage_ ;' ' ,,y
<br /> ' 10. That the Mortgagor will keep the buildings upon said premises in good repair. and neither coanmit nor permit waste � ? ; '
<br /> "" upon said land, nor suffer the said premises to tZe used for any unlawful purpose . �;i .-
<br /> • I Y. 'That if thc premises. or any part thereof, be condemned under the power uf eminent domain, or acquired for a public n`'
<br /> � use, the damages awarded, the proceeds for the taking of, or the consideration for such acquisition, to the extent of the full k ,� '•
<br /> �' amount of indebtedaes upon this mortgage and the note which it is given to secure remaining unp:�id, are hereby assigned hy ihe '+ ' ��+: r'�
<br /> "' MortgagoY to the Mort ee, and shall be paid forthwixh to said Mort '' °""
<br /> t, ; gag gagee to t+e applied by the latter on acc��unt of the next ,
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<br /> maturing instaltments of such indebtednes�. �
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