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<br /> 78- U03016
<br /> (U If and so long us saiJ note of evcn d'ute and lhis instrumenc are insured or nre reinsuted under Ihe pruvisiun� u! Ihe Va[innal Hou.ing Acl, un ' . . .
<br /> xmount sufficienl �o accumulate in the hunds o( the huldv nne 111 month prior m its due daie the annu:J mmtq,;�ge imurance pr<mium in order lo � . - � �
<br /> provide xuch holder wilh funds io pay such premium w the Secrctary of Huuxing and Urb:m [Xvelopment pur.uant to the Natinnui Nou�ing Act. � � � . �
<br /> as amendcd, anJ npplicabie Regulations thereunder: or � . . � � � � .
<br /> ((q � 1! and so longas seid w�e of <ven dale and Ihis inslrumen[ are held by Ihe Sccrctary of Homin(t and Urban DevelapmenL a munthly cbnrge (in � -
<br /> . lieu of n mortgnge insurance premium) which shall lie in an nmount equal to one•tweifth 1 �/1?1 of onc-hal! 11/?I per cenwm of thc average oW- � � . -
<br /> � standing balance due on Ihe note cnmputed wilhoul �nking inlo account delinquencies or prepayments: , .
<br /> (bl A sum equnl to thc ground rents, i( any, neat due, plus Ihe premiums �hat will nut become doe anJ payablc un policies o! fire rnd oth<r h-rzard insurance � � �
<br /> . covering Ihe mor[gaged propeny. plus taxes and ussessments neat due on Ihe morigaged property (ali u. e.�imated by Ihe Mortgageel lexa all wms aL � � � � � �
<br /> � ready {wid therefor JiviJed by Ihe number of manths to eiapse befurc one mon�h prior tn Ihe date when such pound rents. premiums. iaies and a�tesw � � � � �
<br /> ments wili become delinquent, such sumx to be held by Mortgagee in irust �u pay suiJ ground rents, premiumx. taxea :md zpttiul n+.escment.: nnd � � ��
<br /> IU All payments mentioned in tht two preceding �uhxections of this paragruph and ali payments to Ix maJe under �he nu�e .ecureJ bereFy shall I+e addeJ � � � � �
<br /> together, and the aggregatc nmuunt Ihercof shalt I+e paiJ by Ihe Mungagm wch momh in a +ingle payment m he nppiicJ by �he Mort�wgee tn the lollow- - � � �
<br /> ing ilems in the order u1 furth: � � � �
<br /> fl) premium chatges undei the coniract of in�urance with the S<cretary of Housing unJ Grbnn Uevrinpment. or monthh• charge 1in iieu u( mortgage � � � - � �
<br /> insurance premium 1, as iht c-rxe may i+e: � � . � . �
<br /> pll ground renis, �axes. �sscssmenis, fire and nther hatnrJ insurance premium+; � � � �
<br /> UIU interest on tAc nole secured hereby: and �
<br /> OVI amoniTation of ihe principal of said nom. . � - �
<br /> Any deficiency in the amount of any .uch aggrefa�e monthly payment .hall. unle.. made g�wd by Ihe Murtr'rgor prior to the due Jrte o( the ncxt wch . . � � �
<br /> paymenL consti[uIe an evmt nf Jefauit unJer Ihis mortgaga The Mnrigagee ma> culket a "lu[e charge" not to esceed two cents I:fl for each dolinr (511 � � � �.
<br /> o( each Oayment mare thun fifreen ( ts� J�y� in arears fo cuver rhe enrra expense imuh�el in handlinp Jelinquent pay�nent.. . � � ��
<br /> 3_ That if the Wtal of the paymenc. mude by Lhe �turt�agor under /b) of puragraph `l preceding shall excecd
<br /> the amount of paymenls actuully made by the �1ortKa�ee for Lround rent�, ta�ps und a�tiessment� or insurance pre-
<br /> miums, a� the case may be, such excess, if che loan is curren[, ac che op[ion of che Mortgagor, shall be credi[ed by
<br /> the ;�lortgagee on subsequcnt puyments to Uc made by Ihe J1ortgagor, or refunded to the \lorlgagor. If, however, lhe
<br /> monthly payments made by che Mortgagor under (1,) of paragraph 2 preceding shall noc be sufficient to pay grcwnd
<br /> rent, taxes and s�5sessments or insurance premium� . xs the ca_se may be, when the �;amc �hxll become due und pay-
<br /> able , then the 3lortgagor shall pay to the 1lortga�ee any amounl necc:»ary to make up fhe deficiency , on or before
<br /> the date when payment of such gmund renl� , taxe�, •rssessments ar insurance premiume shall be due. If at any
<br /> time the ;1lortgagor �hall tender to the L1ortgagee, in uccord:uice wilh the provi �iun� of the note �ecured hereby .
<br /> full payment of the entire indebtedne�s represented thereby , the J1ort�x�ee .hall , in computing the umount of such
<br /> indebtedness, credit co the account of the Mortgagor all paymencs made under thc provisions of /a) of paragraph 2
<br /> hereof which the �lortgagee hati not become obligated to pay lo the tiecrelary of llousing sinJ Urbun Developmenc
<br /> and any balance remaining in the funds accumulated under the provisions of (G) of parugraph 2 hereof. [f there
<br /> shall be a default under :sny of the provisions of Lhi = mortgage resulting in a public Sale o ! the premises eovered
<br /> hereby, or if the '1lortgagee acquire� thc properly olherwise ufter deFault, the 3lortga�ee shall apply , at the time of
<br /> f.�10 CnmmPnralnPnt �f v-i�rh n�nrnsadinnc o � 16 �. � : �n� i1� � ^�.. : "i:i::::: . . • � �. _ � .. _ '
<br /> ' � " " " '...�_. � �_ .. . �.��.II. .) . 0 � oC. u(:yui7L-u� �nc uoiiiili.e iuCli inluuuP . � .
<br /> ing in lhe funds accumulaled under (h) of parxgraph 3 preceding, as a credit against the amount of principal then :
<br /> remaining unpaid under said note, and shall properly udjust any payment� which shall have been made under (a)
<br /> of para�raph 2, . -
<br /> 4. That the Mortgagor wi11 pay ground rents , taxes, assessments, water r�tes, and other governmental 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 [he Mortgagor will prompUy deliver the official 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 improve-
<br /> ments , and which may be levied upon this mortgage or the debt secured hereby (b� rt only to the extent that such is nut prohibit-
<br /> ed by law and only to the extent that such will not make this loan usurious ) , but excluding any income tax . St:�[e or FederaL
<br /> imposed on Mortgagee . and wi11 file [he official receipt shoH�ing such payment with the Mortgagee . Upon violatiun of this under-
<br /> taking, or if the Mortgagor is prohihited by aay law now or hereafter existing from paying the whole or any portion of the afore-
<br /> said ta+ces , or upon the rendering of any court decree prohibiting the pxyment 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 mortgage debt . the Mortp,agee shall have
<br /> the right to give ninery days' written notice to the owner of the mortgaged premises , requiring the payment of the mortgage
<br /> debt. If such notice be given , the said debt shall becume due, payable and collectible at the expiration of said ninety days.
<br /> 6. That should he fail to pay any sum or keep any covenant provided for in [his Mortgage , then the Mor[gagee , 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 incerest at the rate set forth in the said note. until paid .
<br /> 7. That he hereby assigns, transfen and sets over to the Mortgugee, to be applied toward the payment of the note and all
<br /> sums secured hereby in casd of a default in the performance of any of the terms anJ conditions of this Mortgage or the said
<br /> no[e, all the rents, revenues and income [o be derived from the mortgaged premises during such time ax the mortgage indebted-
<br /> ness shall remain unpaid ; and the Mortgagee shall have power to appoint any agent or agents it may drsire fur the purpose of
<br /> repairing said premises and of renting the same and collecting the rents, revenues and income. and it may pay out of said in-
<br /> comes all expenses of repairing said premises and necessary commissions and expenses incurred in renting :+nd 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 cxisting or hereafter erected on the mongaged property, insured as may be
<br /> required from time to time by the Mor[gagee against loss by fire and other hazardc , casualties �nd contingencies in such
<br /> amounts and for such periods as may be required by the �tortgagee and will pay prompdy , when due , any premiums on such
<br /> insurance provision for payment of which has not been made hereint�efore . All insurance shall lx carried in companies ap-
<br /> proved by the Mortgagee and the policies and renewals thereof shall be held by the Mortgagee and have attached thereto loss
<br /> paynble clauses in favor of and in form acceptable to the Mortgagee . In event of loss Mortgagor will give immediate notice by
<br /> mail to the Mortgagee, who may make proof of lass if not made prompdy by Mortgagor, and eacb insurance company con-
<br /> cerned is hereby authorized and directed to make payment for such loss directly to the Mortgagee instesd of to the Mortgagor
<br /> aad the Mortgagee joindy , and the insurance proceeds , or any part thereof, may be applieJ by the Mortgagee at its option either
<br /> to the reduction of the indebteJness hereby secured or to the restoration or repair of the property damaged . In event of foreclo-
<br /> sure of this mortgage or other transfer of title to the mortgaged property in extingui�hment of the indehtedness secured herehy .
<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.
<br /> 4. That as additional and collateral security for the payment of the note descritxd , and all sums to become due under this p
<br /> mortgage, the Mortgagor hereby assigns to the Mortgagee all profits. revenues, royalties, rights and benefits accruing [o the
<br /> Mortgagor under any and all oi► and gas leases on said premises, wi[h the right to receive and receipt for the same and apply "�
<br /> them to said indebtedness as well before as after default in the conditions ot [his mortgage , and the Mortgagee may demand . sue `" ` �'�
<br /> for and recover any such payments when due and payable . but shall not be required so to do . This a,signment is to terminate
<br /> and become null and void upon release of this mortgage. � t r
<br /> 10. That the Mortgagor will keep [he buildings upon said premises in good repair, and neither commit nor permit waste
<br /> upon sa�d land, nor suffer the said premises to beLsed for any unlawful purpose. ' ��
<br /> 1I . That if the premises, or any part thereof, be condemned uader the power of eminen[ domain. or acquired for a public � � ` u v
<br /> use. the damages, awarded, the proceeds for the taking of, or the consideration for such �cquisition . to the extent of the full x, ' {�::� ;
<br /> amount of indebtednes upon this mongage and the note which it is given to secure remaining unpaid , are hereby a,signed by the "'�
<br /> Mortgagor to the Mortgagee, and sha11 be paiJ forthwith to said Mortp,agee to be applieJ by the latter un accuun� ut the n�xt ' '"` u
<br /> maturing installmrnts of such indebtedness.
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