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(p' ; It and. so tong as said note of even date, -and this instrument are insured or are reinsured under, provisions of the National Housing Act, an
<br />amount sufficient to accumulate in the hands of the holder one (1) month prior to its due date the annual mortgage insurance premium in order to
<br />provide such holder with funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the National Housing Act,
<br />as amended, and applicable Regulations thereunder; or
<br />(Ip If and so long as said note of even date and this instrument are held by the Secretary of Housing and Urban Development,' a monthly'charge (in
<br />lieu of a mortgage insurance premium) which shall be in an amount equal to one -twelfth (1/12) of one-half (1/2).per centum of the average out-
<br />standing balance due on the note computed without taking into account delinquencies or prepayments;
<br />(b) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due and payable on policies of fire and other hazard insurance
<br />covering the mortgaged property, plus taxes and assessments next due on the mortgaged property. (all as estimated by the Mortgagee) less all sums al-
<br />ready paid therefor divided by the number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and assess-
<br />ments will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, premiums, 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 the note secured hereby shall be added
<br />together, and the aggregate amount thereof shall be paid by the Mortgagor each month in a single payment to be applied by the Mortgagee to the follow-
<br />ing items in the order set forth:
<br />(I) premium charges under the contract of insurance with the Secretary of Housing and Urban Development, Or monthly charge (in lieu of mortgage
<br />insurance premium), as the case may be; .
<br />(Il) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(111) interest on the note secured hereby; and
<br />(IV) amortization of the principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly payment shall, unless made good by thrMortgagor prior to the due date of the next such
<br />• • .. payment, constitute an event of default under this mortgage. Ile Mortgagee may collect a "late charge" not to exceed two cents (2¢) for each dollar ($I)
<br />of each payment more than fifteen (15) days in arears to cover the extra expense involved in handling delinquent payments. '
<br />3. That if the total of the payments made by the Mortgagor under (b) of paragraph 2 preceding shall exceed the amount of
<br />payments actually made by the Mortgagee for ground rents, taxes and assessments or insurance premiums, as.the case may be,
<br />such excess, at the option of the Mortgagee, shall be credited by the Mortgagee on subsequent payments to be made by the
<br />'Mortgagor, or refunded to the Mortgagor. If, however, the monthly payments made by the Mortgagor under (b) of paragraph 2'
<br />preceding shall not be sufficient to pay ground rents, taxes and assessments or insurance premiums, as the case may be, when
<br />the same shall becorne due and payable, then the Mortgagor shall pay to the Mortgagee any amount necessary to make upthe
<br />deficiency, on or before the date when payment of such ground rents, taxes, assessments or insurance premiums shall be due. If
<br />at any time the Mortgagor shall tender toy the Mortgagee, in accordance with the "provisions of the note secured hereby, full
<br />payment of the entire indebtedness represented thereby, the Mortgagee shall, in computing the amount of such indebtedness,
<br />credit to the account of the Mortgagor all payments made under the provisions of (a) of paragraph 2 hereof which the Mortgagee
<br />has not ,become obligated to pay to the Secretary of Housing and Urban Development and any balance remaining in the funds
<br />accumulated under the provisions of (b) of paragraph 2 hereof. If there shall be a default under any ofthe provisions of this
<br />mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee acquires the property otherwise after
<br />default, the Mortgagee shall apply,'at the time of the commencement of such proceedings, or at the'time the property is other-
<br />wise acquired, the balance then remaining in the funds accumulated under (b) of paragraph 2 preceding, as:a credilagainst the
<br />amount of principal then remaining unpaid under said note, and shall properly adjust any payments which -shall have been made
<br />under (a) of paragraph 2. -
<br />4. That the Mortgagor will pay ground rents, taxes, assessments, water rates, 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 the Mortgagor will promptly 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 (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 payment with the Mortgagee. Upon violation of this under-
<br />taking, or if the Mortgagor is prohibited by any law now or hereafter existing from 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 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 Mortgagee shall have
<br />the right to give ninety 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 become 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 this Mortgage, then the Mortgagee, at its 'op-
<br />tion,
<br />p-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 interest at the rate set forth in the said note, 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 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 agents 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 pay out of said in-
<br />comes all expenses of repairing said premises and necessary commissions and expen'ses 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 mortgaged property, insured -as may be
<br />required from time to time by the Mortgagee against loss by fire and other hazards, casualties and contingencies in such
<br />amoutits and for such periods as may be required by the Mortgagee and will pay promptly, 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 and the policies and renewals thereof 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 lossMortgagor will give immediate notice by
<br />mail 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 directed to make payment for such loss directly to the Mortgagee instead of to the Mortgagor
<br />and the Mortgagee jointly, and the insurance proceeds,. or any�part thereof, maybe applied by the Mortgagee at its option either
<br />to the reduction of the indebtedness herebysecured 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 inextinguMr'nent 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.
<br />9. That as additional and collateral security for the payment of the note described, and all sums to become due under this
<br />mortgage, the Mortgagor hereby assigns to the Mortgagee all profits, revenues, royalties, rights and benefitsaccruing to the
<br />Mortgagor under any and all oil and gas leases on said premises, with 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 of this 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 assignment is to terminate
<br />and become null and void upon release of this mortgage.
<br />10: That the Mortgagor will keep the buildings upon said premises in good repaif,.and neither commit nor permit waste
<br />upon said land, nor suffer the said premises to be used for any unlawful purpose:
<br />11. That if, the premises, or any part thereof, be condemned under the power of eminent domain, or acquired fora public
<br />use, the damages awarded, the proceeds for the taking of, or -the consideration for such acquisition, to the extent of the full
<br />amount of indebtednes upon this mortgage and the note which it is given to secure remaining unpaid, are hereby assigned bythe
<br />Mortgagor to• the Mortgagee, and shall be paid forthwith to -said Mortgagee to be applied by the latter on account of the next,
<br />maturing installments of such indebtedness.
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