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(1) If and so long as said note of even date'and thl is instrument are insured or 'arc rc i
<br />amount sufficient to accumulate in the hands of the holder one (1) month prior to it
<br />provide such holder with funds to pay such pre'rniurn to the Secretary of Housingai
<br />as amendcd, and applicable Regulations thereunder; or
<br />(11) Ifand so long as said note of even date and this instrument are held by thc Secreta
<br />lieu of it mortgage insurance premium) which ihall be in an amount equal to onc-t
<br />standing balance due on the note computed without taking into account delinquen I ci
<br />(b) A sum equal to the ground r6nis, if any, next due, plus'the premiums that will next becom c
<br />covering the mortgaged property, plus taxes and assessments next due on the morigaged
<br />ready paid therefor divided by the number of months to elapse before one month prior to , I
<br />merits will become delinquent, such sums to be held b�, Mortgagee in trust to pay said grour
<br />(c) All payments mentioned in the two preceding subsections of this paragraph and all payme
<br />together, and the aggregate amount thereof shall be paid by the Mortgagor each month in a
<br />ing items in the order set forth: I
<br />(1) premium charges tinder the contract of insuran�e with the Secretary of Housing an(
<br />insurance premium), as the case may be -
<br />1 0
<br />(11) ground rents, taxes, assessments, fire and therhazard insurance premiums-,
<br />(111) interest on the note secured hereby; and -
<br />(I V) amortization of the principal of said note.
<br />a
<br />Any deficiency in the amount of any such , ggregate monthly payment'shall, unless made
<br />payment, constitute an event of default under this morigagc. The Mortgagee may collect a
<br />of each payment more than fifteen (15) days in arcars to cover the extra.expense involved it
<br />3. That if the total of the payments made by the Mortgagor under (b) of pa
<br />payments actually made by the Mortgagee for grouAd rents, taxes and assessme
<br />such excess, at the option of the Mortgagee, shall!bc credited by the Mortga,
<br />Mortgagor, or refunded to the Mortgagor. If, how6er, the monthly payments fl
<br />preceding shall not be sufficient to pay ground rents, taxes and assessments or
<br />the same shall become due and payable, then th6 Mortgagor shall pay to the M
<br />deficiency, on or before the date when payment of s6ch ground rents, taxes, ass(
<br />at any timp the Mortgagor shall tender to the Mortgagee, in accordance with i
<br />payment of the entire indebtedness represented thereby, the Mortgagee shall, i
<br />credit to the account of the Mortgagor all payments 'made tinder the provisions o
<br />has not become obligated to pay to the Secretary of Housing and Urban Devch
<br />accumulated under the provisions of (b) of paragraph 2 hereof. If there shall 1:
<br />mortgage resulting in a public sale of the premises 'covered hereby, or if the M
<br />default, the Mortgagee shall apply, at the ti me of the commencement of such pi
<br />wis * e acquired, the balance then remaining in the fu�ds accumulated under (b) o
<br />amount of principal then remaining unpaid tinder said note,ind shall properly 1(
<br />under (a) of paragraph 2.
<br />4. That the Mortgagor will pay ground rentsi, taxes, assessments, watei
<br />charges, fines, or impositions,'for which provision has not beeri made hereinbc
<br />pay the same; and that the Moftgagor will promptly ileliver the official receipts it
<br />5. The Mortgagor will pay all taxes which ma� be levied tipon the Mort&
<br />ments, and which may be levied.upon this mortgage! or the debt secured hereby
<br />ed by law and only to the cxt�nt that such will not �make this loan usurious), b
<br />imposed on Mortgagee, and will file the official receipt showing such payment W'i
<br />taking, or if the Mortgagor is prohibited by my la%v now or hereafter existing fro
<br />said taxes, or upon the renderi ' ng of any court decree prohibiting the payment by
<br />or decree provides that any amount so paid by the Mortgagor shall be credited I
<br />the right to give ninety days' 'written notice to the owner of the mortgaged pr(
<br />debt. If such notice be given, the said debt shall become due, payable and collecl
<br />6. That should lie fail to bay any sum or keep any covenant provided for: i
<br />tion, may pay or perform the same, and all cxpendiiures so made shall be adde(
<br />shall be secured hereby, and shall bear interest at the' rate set forth in the said no
<br />7. That he hereby assigns, transfers and sets olver to the Mortgagee, to be
<br />sums secured hereby in case of a default in the performance of any of the teri
<br />note, ' all the rents, revenues and income to be derive' d from the mortgaged prcm
<br />ness shall remain unpaid; and the Mortgagee shall lilave powerAo appoint any�a
<br />repairing said premises and of renting the same and collecting the rents, reven
<br />comes all expenses of repairing said premises and n� ecessary commissions and
<br />same and of collecting rentals therefrom; the balance remaining, if any, to be
<br />indebtedness. I
<br />8. That he will keep the improvements now- existing or hereafter. erected
<br />required from time to time by the Mortgagee. against loss by fire and othee
<br />amounts and for such periods. as may be required 6y the Mortgagee and will 0,
<br />insurance provision for payment of which has.not1been made hereinbefore. �/
<br />proved bythe Mortgagee and:the policies and renewals thereof shall be held b3
<br />payable clauses in favor of and in form acceptable to the Mortgagee. In event C
<br />mail to the Mortgagee, who 'may make proof of loss if not made promptly by
<br />cerned is hereby authorized and directed to make p I ayment for:such loss directl
<br />and the Mortgagee jointly, and the insurance proceelds, or any part thereof, may
<br />to the reduction of the indebtedness hereby secured lor to the restoration or repa
<br />.sure of this mortgage or other�transfer of title to thelmortgaged property in extin
<br />all right, title and interest of the Mortgagor in and to!any insurance policies then i
<br />. 9. That as additional and collateral security fo� the payment of,the note de
<br />mortgage, the Mortgagor hereby assigns to the:Md rtgagee all profits, revenue!
<br />Mortgagor under any and all �Qil and gas leases:oh said premises, with the righi
<br />them to said indebtedness as well before as after default in the conditions of this
<br />for and recover any such payments.w ' hen due and payable, but shall not be rdq
<br />and become null and void upon release of this mortgage.
<br />10. That the Mortgagor will keep the building-, upon said premises in goo
<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, �.e condemned under the poN�
<br />use, the damages awarded, the proceeds for the taking of, or the consideratio
<br />amount of indebtednes upon ihis mortgage and the note which it is given to secu
<br />Mortgagor. to the' Mor'tgagee,'and shall be paid forthwith to said Mortgagee to
<br />maturing installments of such� indebtedness. I
<br />r
<br />wred under the provisions of the National Housing Act, an
<br />due date the annual mortgage insurance premium in order to
<br />I Urban Dcvc1opriientrursuant to the Natiohal Housing Act,
<br />� of Housinghnd Urbiin Development, 6 monthly charge (in
<br />cifth (1/12) o� one-half (1/2) per centurri of the average out-
<br />3.or prepayme ' nts; i
<br />ue and payable on policies of fire and other h7�ard insurance
<br />,operty (all ' ii cstimat'cd by the Nfortgagec), less all sums al.
<br />date when s ch ground rents, premiums, taxes and assess -
<br />rents. premiums, lax6s and special assessnicrits-, and
<br />Is 16 be madc'under 1�c-note secured hereby,shall be added
<br />ingle paymcitt to be a�plied by the Nlorlga�ce to the follow -
<br />Urban Develc pment,6r monthly charge (in lieu of mortgage
<br />)od by the Nfortgagor'prior to the due date of the next such
<br />ate charge". not to exceed two cents (20 for each dollar ($0
<br />iandling delinqucnt payments.
<br />igraph 2 preceding shall exceed the amount of
<br />Is or insur�ince premiums, as the.case may be,
<br />e on subsequent'payments to be:made by the
<br />.ide by the I Mort g i ligor under (b) of paragraph 2
<br />isurance preml.ums, as the case may be, when
<br />rtgagee any amount necessary to make up the
<br />;sments Qr I insurapce premiums shall be due. If
<br />ie provisio I ns of the note secured hereby, fuil
<br />computing the amount of such indebtedness,
<br />(a) of para&aph 2 hereof which the Mortgagee
<br />)ment and an �lance remaining in the funds
<br />a defaul.t under 'any of the provisions of this
<br />rtgagec a, C, quiresithe property otherwise after
<br />)ceedings, or at the time the property is other-
<br />paragrap ' h 1 2 pre6eding, as a credit against the
<br />ust ,my p m6ni� which shall hav�c been made
<br />rates, an otheii, governmental'or' municipal
<br />)re, and in default thereof the M ortgagee may
<br />�ref6r to thc Mortgagee.
<br />,,Ce's inte'rest in �aid real estate and improve-
<br />)ut only t6il the 6'xtent that such is not prohibit -
<br />t excluding any ihcome tax, State or Federal,
<br />i the MoitLuigee.:'Upon violation'of this under -
<br />i paying i.h I e %vh6i,e or any port o n of the afore -
<br />lie Mortgagor orany such taxes,�or if such law
<br />i the morig'age dtibt, the Mortgagee shall have
<br />nises, requiring the payment oflthe mortgage
<br />ble at thd'e'xpiration of said ninety.days.
<br />this Mor ' tgage; then the Mortgagee, at its op -
<br />to the prinbipal s6m owing on the'above not6,
<br />until pai�
<br />pplied to�% ard the payment of the note and all
<br />s and co n4tions! of this Mortgage or the said
<br />;es during such tlie as the mortgage indebted -
<br />e t or , I ' a desire for the purpose of
<br />age I.
<br />n s t may
<br />aid in -
<br />and income
<br />es I - nd it may pay out of s,
<br />xpensesm , curred in renting and, managing the
<br />pplied to��ard th��e dischar said mortgage
<br />ge of
<br />n the mortgaged !proper ' ty, insur'ed as may be
<br />azards, C'asualtids and contingtincies in such
<br />1 promptly,, when due, my premiums on such
<br />I insurance shallibe carried in -companies ap-
<br />the Mortg, i igee a6d have attached thereto loss
<br />loss Mort�agor �vill give immediate notice by
<br />Jorigagor,1 and eiich insurance company con-
<br />-to the Mortgagee instead of to the Mortgagor
<br />)e applied by the Mortgagee at it's option either
<br />- of the property damaged. In ev . ent of foreclo-
<br />uisfiment'6f the i'ndebtedness secured hereby,
<br />i force shal . I pass ici the purchasd . r or grantee.
<br />cribed, an(] alf sums to become due under this
<br />royalties,1 rights!'and benefits accruing to the
<br />to receive land re�ceipt for the samd and apply
<br />�� nd the! Mortgagee may demand, sue
<br />iortgage, a
<br />iired so to �do. T�is assignment is to terminate
<br />repair, and neither commit nor permit waste
<br />-r of eminiint domain, or acquired for. a public
<br />for such acquisition, to the exien't of the full
<br />remaini
<br />ng unpaid, are hereby assigned by the
<br />e applied y the latter on account of the next
<br />f
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