|
010685
<br />(1) If and so long as said note of even date an . d this instrument are insured or arc rcinsurcd under [tie 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 Flousing'aild Urban Development pursuant to the N . ntional Housing Act,
<br />as amendej, and applicable Regulations thereunder; or
<br />(11) If and so longas said note of even date and this instrument arc held by the Secretary of Housingand Urban Development, a monthly charge (in
<br />lieu of a mortgage insurance premium) �vhich shall be in an amount equal to one-twcIfth (1/12) of one-half (1/2) per ccntum of the average out-
<br />standing balanc� due on the note computed without taking into account delinquencies or prepayments;
<br />W A sum equal to the ground rents, if any, next du�. plus the premiums that will next beconic'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 (a] I as estimated by the Mortgagee) less all sums at-
<br />r6dy 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 mdntioned 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 flicaggregate amount thereof shall be paid by the Mortgagor each month in a single payment to he applied by the Mortgagee to the follow-
<br />ing items in the order sM forth:
<br />(1) premium charges tinder the contract of insurance with [tic Secretary of Housing and Urban Development, Or monthly charge (in lieu of mortgage
<br />insurance premium), as the case may be-,
<br />(11) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(111) interest on the note secured hereby-, and
<br />(I V) amortization of the principal of said note.
<br />Any deficiency in the aniount (if any such aggregate monthly payment shall, unless made good by the Mortgagor prior to the due date of the next such.
<br />payment. constitute an event of default tinder this mortgage. The Nfortgagec may collect a "late charge" not to exceed two cents (20) for each dollar (SI)
<br />linqueni payments.
<br />of each payment i-nore than fifteen (15) days in arears to cover the extra expense involved in handling dc
<br />3. That if the total of t1 le 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 dase 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, tile monthly payments made by the Mortgagor tinder (b) of paragraph 2
<br />preceding shall not be sufficient to pay ground rents, taxes and assessments or insurance premiums, as tile case may be, when
<br />the same shall become due Ind payable, then tile Mortgagor shall pay to the Mortgagee any amount necessary to make up tile
<br />deficiency, on or before the (late when payment of such ground rents, taxes, assessments or insurance premiums shall be due. If
<br />at my time the Mortgagor shall tender to the Mortgagee, in accordance with.the provisions of the note secured hereby, full
<br />paynle�nt of the entire indebtedness represented thereby, the Mortgagee shall, in computing the amount of such indebtedness,
<br />credit to theaccount of the Mortgagorall payments made under the provisions -of (,I) of paragraph 2 hereof which tile Mortgagee
<br />has not become obligated to pay to the Secretary of Housing and'Urban Devel , opment Ind any balance remaining in tile funds
<br />accu In ulated, tinder the provisions of (b) of par,)graph 2 hereof. If there shall. be ,I default under my of the provisions of this
<br />mortgage re'sulting in I public sale of the premi�es covered hereby, or if the' Mortgagee acquires the property otherwise after
<br />default. the:.Mortgagee shall apply, at the time'of tile commencement of such proceedings, or at the time the p ' roperty is other-
<br />wise acquired, the balance then remaining in�thc funds accumulated tinder (b) of paragraph 2 preceding;as I credit against the
<br />-amount of p!r. incipal then remaining unpaid under said note,and shall properly adjust my payments which shall have been made
<br />tinder (,,I) of paragraph 2.
<br />4. That tile Mortgagor will pay ground rents, taxes, assessments, wAter rates, and other goverrimental or municipal
<br />charges, fin�s, or impositions, for which provisi,on has not been made hereinbefore, Ind in default thereof tile Mortgagee may
<br />pay the same; Ind tilat the Mortgagor will promptly deliver tile official receipts. there for to the N14ortgagee.
<br />5. The Mortgagor will pay all taxes whicli'may be levied upon the Mortgagee's interest in said real estate Ind improve -
<br />merits , Ind which may be levied upon this mortgage or the debt secured hereby (but only to the.extent that such is [lot prohibit-
<br />ed by I,-i%v . ' Ind only to the extent that such will not make this loan usurious) -,.but excluding any income tax, State or Federal,
<br />imposed on Mortgagee, Ind will file the official receipt showing such payrneni with tile Mortgagee. Upon violation of this under-
<br />taking, or if the Mortgagor is prohibited by my law now or hereafter existing -from paying the whole or any portion of the afore-
<br />said taxes, or upon the rendering Of my court decree prohibiting the payment by tile Mortgagor 6rany such taxes, or if such law
<br />or decree provides that my aniount so paid by the Mortgagor shall be credited on tile mortgage- debt, the Mortgagee shall have
<br />tile right to give ninety days' written notice to tile 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 ,Ind 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 lvlortgagc�e, at its op-
<br />tion, may pay or perform the same, -,Ind all expenditures so made shall be added to the principal surn owing oil the above note,
<br />shall be secured hereby, Ind shall bear interest at tile rate set forth in the said note, until paid.
<br />7. That.he hereby assigns, transfers ,Ind sets over to tile Mortgagee, to be applied toward tile payment of the note ,Ind all
<br />sums secured hereby in case.of I default in the performance of any of the terms -,Ind conditions of this Mortgage or the said
<br />note, ill] 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 Pvlortgagee shall have power to appoint -,my agent or agents it may desire for the purpose of
<br />repairing said premises'and of renting the same and collecting the rents, reven ' ucs .Ind income, and it may pay out of said in-
<br />comes all expenses of repairing said premises ,Ind necessary commissions ,Ind expenses incurred in renting and managing tile
<br />same and of collecting rental's therefrom; the balance remaining, if any, to be applied toward t.1.1e discharge of said mortgage
<br />indebtedness.
<br />S. 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 ,Ind other hazards, casualties and contingencies in such
<br />agce and will pay,promptly, when due, any prernitims on Stich
<br />aniounts Ind for such periods as may be required by the Mortg.
<br />insurance �rovision for payment of which has not been made liereinbefore. 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 -,Ind have attached thereto loss
<br />payable 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 loss if not made promptly by Nlortgagor, and each insurance company con-
<br />cerned is hqreby authorized ,Ind directed to make payment for such loss directly to the Mortgagee instead of to the Mortgagor
<br />art thereof, may be applied by the Mortgagee at its option either
<br />,Ind the Mortgagee jointly, ,Ind the insurance pt�occeds, or any p,
<br />to the reduction 6f the indebtedness hereby secured orto the restoration or repair of the property damaged. In event of foreclo-
<br />sure of this'niortgage or other transfer of title 1:0 tile mortgaged property in ext ' inguishment of tile indebtedness Secured hereby,
<br />all right, tid , e -Ind interest of the Mortgagor in:a n*d to any insurance policies theri in force shall pass to the purchaser or grantee.
<br />9. That as additional and collateral security fo ' r the payment of the note described, and all sunis to become due under this
<br />mortgage'; t.lie Mortgagor hereby assigns to.the Mortgagee all profits, revenues, royalties, rights ,Ind benefits. accruing to the
<br />I 'vlorig.
<br />agor tinder my and all oil and gas leases on said premises, with the right to receive and receipt for the.'same Ind apply
<br />them to said indebtedness as weil before as after'default in the conditions of this mortgage, Ind the Mortgagee may demand, Site
<br />for ,Ind recover any such payments when due and payable, but shall not be required so to do. This assignment is to terminate
<br />age.
<br />,Ind become null and void upon release of this mortg,
<br />10. That the 'Mortgagor will keep the ' buildings upon said premise ' s in good repair, 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 tile premises, or any part thereof, be condemned under the power of eminent domain, or acquired for a 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 by the
<br />Mortgagor to the Mortgagee, and shall be paid foli"thwith to said Mortgagee to be applied by the latter on account of tile next
<br />maturing installments of such indebtedness.
<br />I 1W - W
<br />
|