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0110,916
<br />.0) If and so long as said note of even date and this instrument are insured or are rci, surcd bndcr the prov sions of the National, Housing Act, an
<br />amount sufficient to accumulate in the hands 6f the holder one (1) month prior to it due date the annual ortgage insurance premium in order to
<br />provide such holder with funds to pay such premium to the Secretary of Housing Ad Urban IJcvclopmcn pursuant to the National Housing Act,
<br />as amended. and applicable Regulations thereunder; or
<br />(11) If and so long.as said note of even date and I is instrument are held by the Secreury of Housing and Uri an Development, a monthly charge (in
<br />lieu of a mortgage insurance premium) whicWshall be in an amount equal to one-( cifth (1/12) of one -hi
<br />If (1/2) per centurn of the'avcrage out-
<br />standing balance due on the note computed without taking into'account dclinquepc es or prcpaymen(s;
<br />(b) A sum equal to the ground rents, if any, next due, plus' the premiums that will ncx ( become due and payablc on po icics of fire and other.hazard insurance
<br />covering the mortgaged properly, plus taxes and assessments next due on the mort ag6d iiroperty (all as cstim a. led by the Mortgagee) less all sums al-
<br />ready paid therefor divided by the number of months'to elapse before one month prior to I ic date wh6 such groind rents, premiums,'taxes and assess-
<br />fc) ments will become delinquent, such sums to be held b� Mortgagee in trust to pay said grq'u1'1d rent s. pre'miums, la) es and special assessmenits. and
<br />All payments mentioned in the two preceding subsections of this paragraph and .111 paymc I nis to be niadc under he note secured hereby shall be added
<br />together, and the aggregate, amount thereof shall be paid by the Mortgagor each month in : single pay6lent to be ipplied by the Morigagee to the follow.
<br />ing items in the order set forth:
<br />(1) premium charges under the contract of insurance with the Secretary of Housingam Urban De , vclopmenti r monthly charge (in lieu of mortgage
<br />insurance prcmiuml,as the case may be;
<br />(11) ground rents. taxes assessments, fire and other hazard insurance premiums;
<br />(111) interest on the note �sccurcd hereby. and
<br />I note.
<br />(I V) amortization of the �rincipal of sai(
<br />Any deficiency in the nmoqnt of any such aggregate monthly payment shall, unless made ,00d by the Morigago' prior to the due dale of the ncxt-such
<br />payment, constitutcan event of default under this mortgage. The Nfortgagcc may colle6a lite charg'c" not toeyeed two cents120 fo'rc-.�chdollar ($0
<br />of each payment more flian'fifteen (15) days in areirs I , o cover the extra expense involved ir I handling d clinqucnt p tymcnts.
<br />3. That if the total of the payments made by tile Mortgagor under (b) of a , agraph 2 precediiig shall exceed t6 amount of
<br />payments actually made by the Mortgagee for grou.nd rents, ta�cs and assessnid nts o'r, insurance remiums, as the'case may be,
<br />agee, shall be credited by the Mortgagee owsubsequen'. payments to be 'made by the
<br />such excess, at the option of Ihe Mortg, I
<br />Mortgagor, or refunded to the:Nfortgagor If, howe I ver, the monthly payments rPade by ille Mort'�agor under (b) of paragraph 2
<br />preceding shall not be sufficien' t to pay ground rents, taxes and 'assessments drl nsuranc I e premiu s, as the case r�ay be, when
<br />g 11 1 1 1 if"
<br />the same shall become due and payable, then the �,Iortga or shall pay to the M rtgagee an� am unt necessary to' make up tile
<br />r ,
<br />deficiency, on or before the dale when payment of such ground rents, taxes, ass ssments or insu nce premiums shall be due. If
<br />at any time the Mortgagor shJ:lI tender to the �Mor I tgagec, in accordance with he provisions of,, the note secured hereby, full
<br />payment of the entire indebtedness represented thereby, the Mlortgagee shall! I I n compu�ltrillg C,amount o sue 1 indebteancs-,
<br />payments ade u rideri-the provision s� o agrap(i 2 hereof which the Mortgagee
<br />(a
<br />credit to the account of the M6rtgagor all rn, ),Of P,
<br />has not become obligated to p.hy to the Secretary'd I f Housingand Urban Dcv�l' pment , ind any alance remaining in the funds
<br />accumulated tinder the provisions of (b) of paragraph 2 hereof-. If there shall I i�,, c a defa . ult any*of the provisions of this
<br />mortgage resulting in a public'�sale of the premisesl covered hc�eby or if the'lN ortg'agee' ac the property otherwise after
<br />default, the Mortgagee shall noply, at the time of the commenccmc�t Of sl.lch�p occedin' lie time the property is other -
<br />I gs, r at'
<br />wise acquired, the balance theil remaining in the funds accumuiated under (b) ( f paragritph 2 pre 'eding, as a credit against the
<br />amount of principal then rema,ining unpaid under said note,andshall properly �aj�ljust any paymen s w lie s a ave cen nia e
<br />under (a) of paragraph 2.
<br />4. That the Mortgagor N�ill pay ground rents, taxes, assessments, waier rates, an ot ic governmental:or municipal
<br />charges, fines, or impositions;Jor which provision has not bce*n made hereinbcf&c; and in defai It thereof the Mortgagee may
<br />pay the same; and that the M&tgagor will promptly deliver the 6fficial reccipts�t, Jerefor t6ithe M tgagee.
<br />5. The Mortgagor will pA:� all taxes which, may be levied - upon the M igee's inicrest in' said real estate and.improve-
<br />ments, and which may be lcvi�d upon this mortgag� or the debt secured hcrebyl(bbt�only' to the c (tent that such is not prohibit-
<br />ed by law and only to the extent that such will not I make this loan usurious),� t c,�61uding . any�lincomc tax, State or- Federal,
<br />imposed on Mortgagee, and will file the official receipt showing such payment w t tlic� Mo rtgage& Upon violation:of this under-
<br />taking, or if the Mortgagor is prohibited by any law now or hereafter existing T( in payin the wh( le orany portion of the afore-
<br />said taxes, or upon the rcndcri�pg ofany court decrep prohibiting the payment, b�ll the Mortgagor 0 any such taxes,!or. if such law
<br />or decree provides that any amount so paid by the �lortgagor shall be creditco Sri tlle� mortgage debt, the Mortgagee shall have
<br />tile right to give ninety days' 'Written notice to the owner bf the mortgaged p r Lnlis�� ' itiquiring1the payment ofithe mortgage
<br />debt. If such notice be given, the said debt shall bee I ome due, payable and colle c Ilible!ai the expira ion of said ninet I y days.
<br />1
<br />6. That should he fail to :pay any sum or keeplany coven ant provided for in' thim'Mo'rtgagc, hen the Mortgagee,. at its Op -
<br />I
<br />h um ON i g on the above note,
<br />tion, may pay or perform the same, and all expenditures so made shall be addd� to I c principal
<br />shall be secured hereby, and sliaH bear interest at tl� I c rate set forth in the said doic, until paid.
<br />7. That he hereby assigm_ transfers and scis over to the Mortgagee, to be lapplied toward ti c payment of the note and all
<br />sums secured hereby in case bf a default in the pe I rformance of any of the t6rns and conditionl,;of this Mortgage -or the said
<br />note, all the rents, revenues and income to be derived from the:mortgaged firpillises dutinlg such.1 me as the mortgage indebted-
<br />ness shall remain unpaid; and! the Mortgagee shall have power to appoint an)� I Igent , or agent's it-.': 'nay desire for tile purpose of
<br />.repairing said premises and ci� renting the same and collecting tile rents, reven6s .tnd incomcl.'� ind it may pay out of said in-
<br />comes all expenses of repairing said premises and 'necessary commissions arild lexpense I s-incurre I in renting and ma6aging the
<br />same.and of collecting rentals therefrom; the balance remaining, if any, to be applied i6ward ifi6 discharge of said,mortgage
<br />indebtedness.
<br />8. That he will keep the improvements now Isting or h-'e'reafter erected )n the tri I Ortgage d
<br />I , property, insured as may -be
<br />requir * ed from time to time by the Mortgagee aga.inst loss by. fire and other i azards,1 casualf.i�s and contingencies in such
<br />amounts and for such periods as may be required by the Mortgagee and willpAy piom�tly, whe i due, any premiums on such
<br />ance sh companies ap-
<br />insurance provision for payment of which has noi I been made hcreinbcforc.i 11 insur, 1;1 be carried in '
<br />proved by the Mortgagee andAhe policies and renewals thereof shall be held b3' the Mortgagee " nd have attach�d thereto loss
<br />r of to the Mortgagee. In eveni 'f loss MOrtgagor
<br />payable clauses in favor and in form acceptable J%vill give immediate: notice by
<br />mail to the Mortgagee, who may make proof of In I ss if not made promptly by Mort g�agor, and' ach insurance company con-
<br />cerned is hereby authorized and directed to make payment for,such loss diretilly to the Mortga ' 'c instead of to ille Mortgagor
<br />and the Mortgagee jointly, and the insurance proce6ds, or any part thereof, m,. I lylbe, Mortgagee at it� option either
<br />to the reduction of the indebtedness hereby secured or to the restoration or repair of -t e roperty damaged. In eve'nt of foreclo-
<br />sure of this mortgage or other;.transfer of title to the mortgaged property in exti uis ent of I c,indebtedness secured hereby,
<br />all right, title and interest of tfic Mortgagor in *and to' any insurance policies th6 nforc'es all , SsIto the purchaser or grantee.
<br />9. That as additional and collateral security for the payment of the note a scribe 'a al 'Xilis to become 8ue under this
<br />mortgage, the Mortgagor hereby assigns to the Mortgagee all *profits, revenije , 'royaltles, rightL and benefit's accruing to the
<br />Mortgagor under any and all oil and gas ]cases on isaid premises, with the to receive and r�' eipt for the same and apply
<br />them to said indebtedness as 'Well before as after deliatilt in the conditions OL L11.13���nlorigag e. and thMortgagec may demand, sue
<br />for and recover any such payments when due and!pa3fable, but shall not be red uired so: to do. T[tis assignment is to.terminate
<br />and become null and void upo n release of this mortgage.
<br />10.- That the Mortgagor Will keep the buildings upon said� air and neither commit nor pprmit waste
<br />premises in gooA.rep
<br />upon said land, nor suffer the said premises.to be used for any unlawful purpo�el
<br />11. That if the premiscs,.�or any part thereof, be condemned under the po'%,er of eminent do�ain, or acquired for a public
<br />use, the damages awarded, the proceeds for the t-, iking of, or the consideratib I for such acquis tion, to the extent of the full
<br />amount of indebtednes upon this mortgage and the note which it is given to secu,re remaining unpaid, are hereby assigned by the
<br />Mortgag6r:to the Mortgagec,�and shall be paid forihwith to said Mortgagee to be applied by the! latter on account of the next
<br />maturinziristallments:of such'indebtcdness.
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