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100417
<br />(a) A sum equal to the ground rents. it any, next due. plus the premiums that wig next becomi due and payable on policies of Fire and
<br />other hazard insurance covering the mortgaged property, phis taxes and assessments next due on the mortgaged property lag as
<br />�..e 4y the Mortgagee) less air starts already paid therefor divided by the number of months to elapse before one (1) month
<br />j� date when such ground rents. premiums. taxes and assessments will become delinquent. such sums to be held by Mcrt
<br />I gagee M trust to pay said ground rents. premiums, taxes and special assessments: and
<br />(b) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note secured
<br />hereby shag be added together, and the aggregate amount thereof shag be paid by the Mortgagor each month in a single payment
<br />to be applied by the Mortgagee to the following items in the order set forth:
<br />(1) ground rents. taxes, assessments. fire and other hazard insurance premiums:
<br />(IQ interest on the note secured hereby. and
<br />(Ill) amortization of the principal of said note.
<br />Any deficiency in the amount of such aggregate monthly payments shall, unless made good by the Mortgagor prior to the due date
<br />of the next such payment, constitute an event of default under this mortgage. The Mortgagee may correct a "late charge" not to ex
<br />teed four cents (4c) for each dollar ($1) of each payment more than fifteen (15) days in arrears, to cover the extra expense involved
<br />in handing delinquent payments.
<br />3. That If the total of the payments made by the Mortgagor under (a) of paragraph 2 preceding shag exceed the amount of the payments
<br />actually made by the Mortgagee for ground rents, taxes and assessments or insurance premiums, as the ca« may be, such excess. if the
<br />loan is current, at the option of the Mortgagor, shag be credited by the Mortgagee on subsequent payments to be made by the Mortangor.
<br />or refunded to the Mortgagor. If, however, the monthly payments made by the M-t•t,gnr under (a) of paragraph 2 preceding shall not be
<br />sufficient to pay ground rent, taxes and assessments or insurance premiums, as the case may be, when the same shall become due and
<br />payable. then the Mortgagor shag pay to the Mortgagee any amount necessary to make up the deficiency, on or before the date when pay-
<br />ment of such ground rents, taxes, assessments or insurace premiums shag be due. If at any time the Mo,rgag ^r sham tender to the f+lorton-
<br />gee, In accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby. the %lo -taa
<br />gee shag, in computing the amount of such indebtedness, credit to the account of the Mortgagor.. any balance rem, ?ninq in the funds ar -r
<br />mutated under the provisions of (a) of paragraph 2 hereof. if there shall be , default under any of the provisions of this n,nngage r ^ru !r
<br />in a public sale of the premises covered hereby, or if the Mortgagee acquire-, the property otherwise after dctault, the Mortgagee ^bag
<br />apply, at the time of the commencement of such proceedings, or at the time the property is otherwise acquired. the balance then tetinwiv -1
<br />in the funds accumulated under (a) of paragraph 2 preceding, as a credit against the amount of principal then remaining unpaid under r. ^i
<br />note.
<br />a. That the Mortgagor will pay all ground rents, taxes and assessments. water rates, and other governmental or municipal charges, fine -. rr
<br />impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may pay the same: and thin nhe
<br />gagor wig 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 improvements. which may he
<br />levied upon this mortgage or the debt secured hereby (but only to the extent that such is not prohibited by law and only to the extent that
<br />such wig not make this ban usurious), but excluding any income tax. State or Federal, imposed on Mortgagee. and will file the official receipt
<br />showing such payment with the Mortgagee. Upon violation of this undertaking, or it the Mortgagor is prohibited by any law now or hereafter
<br />existing from paying the whole or any portion of the aforesaid taxes, or upon the rendering of any court decree prohibiting the payment by
<br />the Mortgagor of any such taxes, or if such law or decree provides that any amount so paid by the Mortgagor shag be credited on the
<br />mortgage debt, the Mortgagee shag have the right to give ninety (90) days' written notice to the owner of the mortgaged premises. requiring
<br />the payment of the mortgage debt. If such notice be given, the said debt sham become due, payable and collectible at the expiration of said
<br />ninety (90) days.
<br />6. That should he fag to pay any sum or keep any covenant provided for in this Mortgage. then the Mortgagee, at its option, may pay or
<br />perform the same. and an expenditures so made shag be added to the principal sum owing on the above note, shag be secured hereby, and
<br />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 sums secured
<br />hereby in case of a default in the performance of any of the terms and conditions of this Mortgage or the said note, all the rents, revenues
<br />and income to be derived from the mortgaged premises during such time as the mortgage indebtedness shall remain unpaid: and the Mort-
<br />gagee shag have power to appoint any agent or agents it may desire for the purpose of repairing said premises and of renting the same and
<br />collecting the rents, revenues and income, and it may pay out of said incomes all expenses of repairing said premises and necessary com-
<br />missions and expenses incurred in renting and managing the same and of collecting rentals therefrom: the balance remaining, if any, to be
<br />applied toward the discharge of said mortgage indebtedness.
<br />B. That he will keep the Improvements now existing or hereafter erected on the mortgaged property, insured as may be required from time t^
<br />time by the Mortgagee against loss by fire and other hazards, casualties and contingencies in such amounts and for such periods as may be
<br />requited by the Mortgagee and will pay promptly, :when due, any premiums on such insurance provision for payment of which has not been
<br />made hereinbefore. AN insurance shag be carried in companies approved by the Mortgagee and the policies and renewals thereof shag be
<br />held by the Mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the Mortgagee. In event of
<br />loss Mortgagor will give immediate notice by mail to the Mortgagee, who may make proof of loss it not made promptly by Mortgagor, and
<br />each Insurance company concerned is hereby authorized and directed to make payment for such loss directly to the Mortgagee instead of
<br />to the Mortgagor and the Mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by the Mortgagee at its option
<br />either to the reduction of the indebtedness hereby secured, or to the restoration or repair of the property damaged. In the event of fore-
<br />closure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right.
<br />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 mortgage, the
<br />Mortgagor hereby assigns to the Mortgagee all profits. revenues, royalties, rights and benefits accruing to the Mortgagor under any and ail oil
<br />and gas leases on said premises, with the right to receive and receipt for the same and apply them to said indebtedness as well before as
<br />after default in the conditions of this mortgage, and the Mortgagee may demand, sue for and recover any such payments when due and pay-
<br />able, but shag not be required to do so. This assignment is to terminate and become null and void upon release of this mortgage.
<br />10. That the Mortgagor wig keep the buildings upon said premises In good repair, and neither commit nor permit waste upon said land, not
<br />suffer the said premises to be used for any unlawful purpose.
<br />11. That it the premises, or any part thereof, be condemned under the power of eminent domain, or acquired for a public use, the damages
<br />awarded, the proceeds for the taking of, or the consideration for such acquisition, to the extent of the pull amount of indebtedness upon this
<br />mortgage and the note which it is given to secure remaining unpaid, are hereby assigned by the Mortgagor to the Mortgagee, and shall be
<br />paid forthwith to said Mortgagee to be applied by the latter on account of the next maturing installments of such indebtedness.
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