|
<br />88-102871
<br />
<br />(a) A sum equal to the ground rents, if any, next due, plus lhe premiums Ihal will next become due and p...qble
<br />on policies of fire and other hazard insurancr covering lhe mortgaged property, plus laxes and assessments next
<br />d'Je cn Ib~ mortgaged property (all "5 e:J/;ma/ed by rhe Mar/gagee) less all sums already paid lherefor divided
<br />by lhe number of months to elapse beCore one month prior to the dale when such ground rents, premiums,
<br />laxes and assessmenls wiil become delinqllem, such sums 10 be held by Mortgagee in trust to pay said ground
<br />rems, premiums, IlIlles lilId spedal assessmems; and
<br />(b) All payments menlloned in Ihe Iwo preceding subsections oC this paragraph and all payments to be made under
<br />the nole s""ured hereby shall be added together, and the aggregate amount thereof shell be paid by Ihe
<br />Mortgagor each month in a single paymem to be applied by the Mortgagee to Ihe following ilems in the crder
<br />sel r"rth:
<br />
<br />(I) ground rems, laxes, assessments, fire and other hazard insurance premiums;
<br />(II) imeresl on Ihe nole secured hereby; and
<br />(III) amortiulion of the princIpal of said note.
<br />Any deliciency in Ihe amoum .:If any such agg:-egale momhly paymenl shall, unless made good by the
<br />Morlgagor prior to lhe due dale of the nexl such paymem, constilule an evenl of default under this mortgage.
<br />The Mortgagee may collect a "late ..:hargc" not to exceed four ceNS (4') for each dollar (SI) of each paymem
<br />more Ihan fifleen (15) days in arrears to cover the exlra expense involved in handling delinquent paymems.
<br />
<br />3. That if the lOlal of the payments made by Ihe Mortgagor under (a) of paragraph 2 preceding shall exceed the
<br />amount of payments aClually made by the Mortgagee Cor ground rems, taxes and asse;sments or insurance premiums, as the
<br />ease may be, such exeess, if lhe loan is currenl, 01 lhe option of Ihe Morlgagor, shall be crediled by lhe Mortgagee on
<br />subsequent paymenls to be made by the Mongagor, or refunded 10 the Mortgagor, If, however, the monthly paymenls made
<br />by the Mongagor under (a) of paragraph 2 preceding shall nOI be sufliciem 10 pay ground rem, laxes and assessmenlS or
<br />insurance premiums, as the case may be, when Ihe same shall become due and payable, then the Morlgagor shall pay to the
<br />Mortgagee any a.-r,ount necessary to make up the deficiency, on or before Ihe date when paymenl of such ground rents,
<br />taxes, assessments or insurance premiums shaII be due. If al any time the Mortgagor shall tender to Ihe Mongagee, in
<br />accordance with the provi5ions of Ihe note secured hereby, fuII payment of Ihe entire indebledness represenled thereby, the
<br />Mortgagee shnll, in computing lhe amount of such indebtedness, credil to Ihe accounl of Ihe Mortgagor
<br />
<br />any balance remaining in lhe furids accumulated under lhe pro"sions of (a) of paragraph 2 hereof. If there shall be a defaull
<br />under any of Ihe provisions of rhis mortgage r~ulliri8 in a public sale of tbe premises covered hereby, or if the Mortgagee
<br />acquires lhe property .:Jthe"",se aft", default, the Mortgagee shall apply, al ,he lime of the commencemenl of such
<br />proceedings, or at ,he lif"'e Ihe property' is olherwise acquiIed, the balance Ihen remaining in Ihe funds accumulaled under (a)
<br />of paragraph 2 prC<<dins, as a credil againsl the amount of principnl then remaining unpaid under said note.
<br />4. Thai Ihe Mortgagor will pay ground renlS, lax.,., assessmenls, water rates, and olher governmental or municipal
<br />charses, lines, or impositions, for which provision has nol been made hereinbefore. and in defaullthereof the Mortgagee may
<br />pay Ihe ..une; and Ihal the Mortgagor will promplly deliver the official reecipls rherefnr 10 Ihe Mortgagee.
<br />~. The Mortsagor will pay all laxes ..hich may be I....ied upon ,he Mortgagee's interest in said reci eslate and
<br />imprO\cmenlS, and which may be levied upon this mortgage or the debr secured hereby (bul only to lhe exlent Ihat such"
<br />not prohibiled by' law and only 10 the extent Ihat such will nOI make this loan usurious), but excluding any income lax, State
<br />or Federnl. imposed on Mortg;tgee, and will liIe the official receipl showing such palment with Ihe Mongagee. Upon
<br />violalion of this undertaking, or if the Mortgagor is prohibiled by any law now or hereafler existing from paying the whole
<br />or an)' portion of lhe afole'S.a.id laxes, or upon the rendering of any court decree prohibiting the paymenl by lhe Mortgagor
<br />or any such taxes, or if such law or decree provides lhat any amounr so paid by lhe Mortgagor shall be credited on the
<br />mongage debt. the Mortgagee shall ha"e lhe right 10 give ninety days' "rill en notice to the owner of Ihe mortgaged ,premi5es,
<br />requiring the payment of Ihe mortgage debt. If such nOlice be given. lhe !:aid deb I shall become due, payable and colleclible
<br />&1 the expiration of said ninety days.
<br />6. ThaI should he fail to pay any sum or keep any COvenant pro"ded for in this Mortgage, lhen Ihe Mortgagee. at its
<br />option, may payor perform the same, and all ...pendilures '0 made ,hall be added to the principal sum owing on the above
<br />note. shell be secured hereby, and shall bear interest at the rllle sel forlh in the said note. until paid.
<br />7. ThaI h. hereb)" asSigns, uansfers and sets over to Ihe Mongagee, to be applied loward the payment of Ihe note and
<br />all sums secured hereby in case of a default in the performance of an)" of the tenns and conditions oC this Mortgage or the
<br />said nOle, ell the rents. lC\'enues and income to he derived from the mongaged premises during such lime as lhe mortgage
<br />indebtalness shall remain unpai<l; and the Mortgage<: shall have power 10 appoint any agent or ag:nlS it may desire for Ihe
<br />purpose of repairins said premises and of renling lhe same and collecung the renlS. revenues and income, and it may pay oul
<br />of said inromes ell expenses of repairing said premises and necessal)' commissions and expenses incurred in renting and
<br />manqing Ihe same and oC collecting renUlls thetefrom; the balance remaining, iC any, to be applied toward the discharge of
<br />said mortgage indebtedness.
<br />8. ThaI he will keep the imprO\'CIIlents now aisting or hereafter erected on the mongaged property, insured as may be
<br />requi~d from time to time by the Mortgage<: against loss b)' fU'C and other hazards, casualties and contingencies in such
<br />alnoUDts and for such periods as may be required by Ihe Mongagee and wiU pay promptly. when due, any premiums on such
<br />insurarx:e provision for paymenl of which has not been made haeinbefore. All insurance shall be carried in companies
<br />approved by the Mortpgee and the policies a:>d rene..'aJs Ihereof shall be held by the Mnrtgagee and have llllached Ihereto
<br />loss payable clauses in fa"or of and in form ac..-cptable to Ihe Mortgagee. In event of loss Mortgagor w,lI gi,'e immediale
<br />notice by mail to the Mortgage<:, who ma)" ma~e proof of loss if nOI made promptl). b)' Mortgagor. and each insurance
<br />compan)' roncerned is hereby authorized and dirCC1ed 10 make payment for such los> dirCC1ly to the Mortgagee instead of to
<br />the Mongagor and the Mongagee jOinlly. and the insurance proceeds. or any pan thereol. may be applied by the Mortgagee
<br />al its option either tu the reduC1ion of the indebtedness hereb)" secured or 10 the restoration or repair of the property
<br />damaged. In event of foreclosure of this mortllag. or oth.. transfel of title 10 the mongag:d property in extinguishment of
<br />the indebtedness secured hereby. all right, tille and interest of the Mongagor in and 10 any insurance policies then in force
<br />sllaJl pass 10 the purchaser or grantee.
<br />9. That as additional and collaleral securil)' Cor lhe paymenl of the nOle dC'iCribed, and all sums to become due under
<br />this mortgage, the Mortpgor hereby assigns 10 the Mortgagee all profits, rev'enues, royalties, rights and benelits accruing 10
<br />the Mortpgor under any and all oil and gas leases on said premises. with the rig,ht to receh'e and receipt Cor the same and
<br />llPl'ly them to said indebtedness as ,...11 heCo~ lU afler defaull in Ihe condilions of thi5 mortgage. and the Mongage<: mal'
<br />dcmand, suc for and rCCO\n any such payments whetl due and payable. but shaJI not be required so 10 do. This assignment
<br />i. 10 termiDllte llnd become null and "oid upon releal.C of this mortsage.
<br />10. nUll the Mortgagor ,.ill ke<'P the bui1din1S upon said premises in good rep;ur, and neither commit nor permit wa'te
<br />upon uid Und, nor .urfer the said premise> 10 he used for lID)' unlawful purpose.
<br />II. That if the premise.. or llny pM1 thercuf, be condemned under the power 01 emlOent dom:un. or acqUIred for a
<br />P\lhlH: UlC'. the daftUli.e1. A1I'udtd. Eht pt'Oc-ttdJ. ror the t.al.ing. of. or the consideration (or !i.uch acqul~tion. 10 1h~ c,"lcnl of
<br />rhe full amount of indcbtcd.n~" upon lhil n~orts:qe and the not I:" which .-1 l3. SJ\.-cn [0 ~rc remamrng unp3.Jd. .Ut' helC't"1~
<br />.IUJ:lDN tJ) tbe MOr1PiOT to tbe ~to~JAi<<~ .and '\.r.all be p;1ld fonh_'ith to uid ~'ortpgff to he appht'd h~ th{' 1.1IlC"1 un
<br />ac,f;'ounl of 1ht nc~t matU!IDJ in1.lJllmrou. of !ouch indcblronc::u.
<br />
|