|
� �
<br /> �$- U02751 �
<br /> ( 1 ) month prior to its due date the annual mortgage insurance premium in order to provide such holder
<br /> with funds to pay such premium to the Secretary of Housing and Urban Development pursuanf to the
<br /> National Housing Act, as amended, and applicable Regulations thereunder; or
<br /> (fI) If and so long az said note of even date and this instrument are held by the Secretary of Hausing and
<br /> Urban Development, a monthty charge /inlieu oja mortgage insurance piemlumJ which shall be in an �
<br /> amoant equal to one-twelfth Q /12) of one-half (1 /2) per centum of the average outstanding balance
<br /> due on the note computed without taking into account delinquencies or prepayments;
<br /> (b) A sum equal tp the ground renu, if any, next due, plus the premiums that will next become due and payable on
<br /> policies of ftre and other hazard insurance covering the mortgaged property, plus taxes and assessments next due -
<br /> on the mor(gaged property /al! as estrmated by (he Mu�tgageeJ less all sums already paid therefor divided by the
<br /> number of rtsonths to elapse before one month prior to the date when such ground rents, .premiums, taxes and
<br /> assessme�ts will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre-
<br /> miums, taxes and special assessments; and
<br /> (c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under
<br /> the note secured hereby shall be added tagether, and the aggregate amount thereof shall be paid by the Mortgagor
<br /> euch month in a single payment to be applied by the Mortgagee to the following items in the order set forth : i
<br /> (1) premium charges under rhe corttract oFinsurance with the Secretary of Housing and Uroan Devetopment,
<br /> or monttily charge (in lieu of mortgage insurance premiuntJ, as the case may be;
<br /> (II) ground rents, taxes, ussessments, fire and other hazard insurance premiums;
<br /> QII) interest on the note secured hereby ; and
<br /> (IV) amurtitation of the principal of said notc_ •r.
<br /> Any deficiency in the amounr of any such eggregate monthly payment shail, unless made good by the Mbrt-
<br /> gago� prior to thc due date of the next such payment , constitute an event of default under this mortgage. The
<br /> Mortgagee may collect a '9ate charge" not to excced fo�r cents (4¢) for cach dollar S$ 1 ) oPeach payineni more
<br /> than Cftcen ( 15) days in areas to cover"the extra expensi� involved in handling delinquent payments.
<br /> 3. That if t,he total of the payments made by the �tortgngor under ( b) of paragraph 2 preceding shall exceed `
<br /> the amount of payments actually made by the 1lorlgagee for Yround renta, taxes and assessments or insurance pre-
<br /> miums , as the case may be, such excess, if che loan is curren[, at the opcion of the Mortgagoq shail be credited by
<br /> the �tortgugee on subsequent payments to be made by the Mortgagor, or refunded to the 1lortgagor. If, however, the
<br /> monthly payments made by che Morcgagor under (b) of paragraph 2 preceding shall noc be sufficient to pay ground
<br /> rent, taxes and assessments or insurance premiums , as the case may be, when the same shall become due and pay-
<br /> able, then the Mortgsgor shall pay to the M11ortgagee any amound necessary to make up the deficiency, on or before
<br /> the date when payment of such ground renis , taxes, �ysessments or insurance premiums shall be due. If at any
<br /> time the Mortgagor s}�all tender to the M11ortgagee, in accordance wilh the provisions of t]�e note secured hereby,
<br /> full payment of the entire indebtedness represented thereby, the 1lortgagec shall , in computing the amount of such
<br /> indebtedness, credit to the accounc of the Mortgagor all paymencs made under che provisions of (a) of paragraph 2
<br /> hereof which the Mortgagee has nol become obligated to pay to the Secretury� oF Housing and Urban Development
<br /> and at�y balance remaining in the funds accumulated under the pmvisions of (b) of pxragraph 2 hereof. IE there
<br /> ehall be a default under any of the provisiuns of this morlg:�ge resulting in a public sale of the premises covered
<br /> hereby, or if the ;Nortgagee acquires the property otherwise uftcr default, lhe 6lortgagee shall apply , at the time oF
<br /> the commencement uf such proceedings, or at the time the property is otherwise acquired, the balance then remain- .. -
<br /> ing ip the funds accumulated under (b) of parag,raph Y, preceding, as a credit against the amount of principal then �
<br /> �'remaining unpaid under said note, and ahall pruperly adjust any payments which shs►II have been made under (al
<br /> of paragraph 2,
<br /> 4. That the Mortgagor wiil -pay ground rents, taxes, assessments , wa[er rates, and other governmenial or municipal
<br /> charges . fines, or impositiuns, for which provision has not been made hereinbefore, and in defauit thereof the Mortgagee may
<br /> pay the same ; and that the Mortgagor will prompdy deliver the oflicial receipts therefor to the Mortgagee.
<br /> 5. The Mortgagor will pay all taxes which may be levied upon the Mortgagee's interest in said real estate and improvo-
<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 [he extent that such will not make this loan usurious), but excluding any income tax, State or Federal,
<br /> imp 'osed on Mortgagee, and wilt file the official receipt showing such payment with the Morigagee . Upon violation of this underv
<br /> faking: or if the Mortgagor is prohibited by any ]aw now or hereafter existing from paying the whole or any porti6n of 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 taw
<br /> or decree provides that any amount so paid by `tfie 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 mortgaged premises, reyuiring the payment of the mortgage
<br /> deb[. If such notice be �ven . the said debt shal� become due. payable and collectible at [he expiration of said ninety days.
<br /> 6. That should he fail to pay any sum or keep anycovenant provided for in this Mort�,rage, then the Mortgagee. at its op-
<br /> tion , may pay or perform Ihe 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 tbe rate set forth in the said noce_ until paid.
<br /> 7. That he hereby assigns, transfers and sets over to the Mortgagee , to be applied toward the 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 income ro be derived from the mortgaged premises during such time as the mortgage indebted-
<br /> ness shall remaia unpaid ; and the Mortgngee shall have power to appoint any agent or agents it may desire for the purpose ot
<br /> repairing said premises and o( renting the s�me and collecting the rents, revenues and incume, and it may pay out of said in-
<br /> comes all expenses of ropairing said premises and necessary commissions and expenses incurred in renting and managing the
<br /> same and o[ collecting �entals therefrom : the balaace remaining, if any, to be applied roward the discharge of said mortgage
<br /> indebtedness. . _ . . _ . _ _ _ _ _ . . _ _ . __ _. , .
<br /> 8. That he will keep the improvements now existing or hereafter erected on the mortgaged property. insured as may be
<br /> required from time to time by the MortgaRee against loss by fire and other hazards, casualties and contingencies in such
<br />. . amounts anJ for such periods as .m�y be reyuired by thn �1or[gagee and will pay promptly, when due , uny prcmiums un such . . ��
<br /> insurance provision for payment of which has not beeo made hueinbefore. AII insura�ce shall be carried in comFanies ap-
<br /> proved by the Mortgagee and the policies and renewals Ihereof shall be held by the Mortgagee �nd have attached thereto loss �
<br /> payable clauses in favor af and in form acceptable to the Mor[gagee. In event of loss Mortgagor will give immediate notice by ...� '
<br /> mait to the Mortgagee, who may make proof of loss if' not made prompdy by Mortgagor, and each insurance company con- „..;�».-
<br /> cerned is heroby author'szed 'and directed to make payment for such loss direcdy to the Mortgagee instead of to the Mortgagor
<br /> and the Mortgagee jointty, and the insnrance proceeds, or any part thereof, m�y be applied by the Mortgagee at its option either ` � `
<br /> to ttie reduction of the indebtedness hereby secared- or to t'hd restora[ion or repair of [he property damaged. In cven[ of foreclo- �, ,
<br /> sure oL thismoctgage.or- other,transfer of title �o the mortgaged properry in extinguishment of the indebtedness secared hareby, � �`
<br /> aH,right. title and interesi of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or graniee . ;�
<br /> 9. 7'hat as additianal and collateral security for the payment o( the note described , and all sums to become due under this + ' ',,�
<br /> mortgage, thF MoctgBgorhereby assigns to tht Mortgagee all profits, revenues, royalties, rights and benefits accruing m the � ' ' � �
<br /> Mongagor undtr anyand all oil and gas leases on said premises . with the right to receive and receipt for the same and apply 'r:" � '�
<br /> lhem [o said indebtedness as well before as after default in the conditions of this mortgagc , and the Mort�tagee may demand, sue
<br /> for and recover any such payments when due andpayable, but shall not be required so to do. This asxignment �s ta terminate
<br /> and become null and void upon release of this mortgage. ' `
<br /> . a , . , . � �:' �.'� � . FHA �2143M (10�7�)
<br /> � � �
<br />
|