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87- 102499 , ,
<br />(a) A sum equal to the ground rents, N any, next due, plus the premiums that will next become due and payable on pohcles of fire and
<br />other hazard Insurance covering the mortgaged property, plus taxes and assessments next due an the mortgaged property (a# as
<br />esNmeled by the Mortgagee) Was all sums already paid therefor divided by the number of months to elapse before one (1) month
<br />prior to the date when such ground rents, premiums, taxes and assessments win become delinquent, such sums to be held by Mort
<br />gages In trust to pay sald ground rents, premiums, taxes and special assessments; and
<br />(b) All payments mentioned In the two preceding subsections of this paragraph and a# payments to be made under the note secured
<br />hereby shah be added together, and the aggregate amount thereof shah be paid by the Mortgagor each month In a single payment
<br />to be applied by the Mortgagee to the following Hems In the order set forth:
<br />(n ground rents, taxes, assessments, fire and other hazard Insurance premiums;
<br />09 Interest on the note secured hereby; and
<br />(I) amortization of the principal of sold note.
<br />Any deficiency In the amount of such aggregate monthly payments shelf, unless mode 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 eolfact a "late charge" not to ex,
<br />teed feu cents (4c) for each dollar (=1) of each payment more than fifteen (15) days in arrears, to cover the extra expense involved
<br />in handling delinquent payments.
<br />3. That N the total of the payments made by the Mortgagor under (a) of paragraph 2 preceding shah exceed the amount of the payments
<br />ectuahy made by the Mortgagee for ground rents, taxes and assessments or insurance premiums, as the cnte may be, such excess, if the
<br />loan Is current, at the option of the Mortgagor, shah be credited by the Mortgagee on subsequent payments to be made by the Mortgagor,
<br />or refunded to the Mortgagor. If, however, the monthly payments made by the MergaInr under (a) of paragraph 2 preceding shah not be
<br />sufficient to pay ground rent, taxes and assessments or Insurance premiums, as the case may be, when the same shah become due and
<br />payable, than the Mortgagor shah 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 shah be due. It at any time the Mortgagor shah lender to the Mortga,
<br />gee, In accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the Mortga_
<br />gee shalt. In computing the amount of such indebtedness, credit to the account of the Mortgagor, any balance remaining in the funds ac,:u-
<br />mulaled under the provisions of (a) of paragraph 2 hereof. If there shah be n default under any of the provisions. of this mortgage m- uliinq
<br />in a putNlc sale of the premises covered hereby, or If the Mortgagee acquire,, the property otherwise after delault, the Mortgagee ;ha#
<br />apply, at the time of the commencement of such proceedings, or at the time the property is otherwise acquired, the balance then femainhirl
<br />In the finds accumulated under (a) of paragraph 2 preceding, as a credit against the amount of principal then remaining unpaid under said
<br />note.
<br />4. That the Mortgagor win pay all ground rents, taxes and assessments. water rates, and other govemmental or municipal charge., fine - .,r
<br />imposdbns, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may pay the same: and that the IM,t
<br />gagor will promptly deliver the official receipts therefor to the Mortgagee.
<br />5. The Mortgagor win pay all taxes which may be levied upon the Mortgagee's interest in said real estate and Improvement;, 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 will not make this loan usurious), but excluding any Income tax, State or Federal, imposed on Mortgagee, and will Me the official receipt
<br />showing such payment with the Mortgagee. Upon violation of this undertaking, .or N 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 h such law or decree provides that any amount so paid by the Mortgagor shah be credited on the
<br />mortgage debt, the Mortgagee shah 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. It such notice be given, the said debt shah become due, payable and collectible at the expiration of said
<br />ninety (90) days.
<br />B. That should he is# 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 all expenditures so made shah be added to the principal sum owing on the above note, shah be secured hereby, and
<br />shah bear Interest at the rate set forth In the said note, until paid.
<br />7. Thal 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, an 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 shall 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 an expenses of repairing said promises and necessary com-
<br />missions and expenses incurred In renting and managing the sane and of collecting rentals therefrom; the balance remaining, If any, to be
<br />applied towed the discharge of said mortgage Indebtedness.
<br />6. That he will keep the irnprovements now existing or hereafter erected on the mortgaged property. Insured as may be required from time to
<br />firs 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 hereknbefore• Alf Insurance shah be carried In companies approved by the Mortgagee and the policies and renewals thereof sine# 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 men to the Mortgagee, who may make prool of loss N 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 pat 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 />We and interest of the Mortgagor In and to any Insurance policies then in force shah pass to the purchaser or grantee.
<br />9. That as additional and collateral security for the payment of the note described, and an 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 all oil
<br />and gas leases on sold premises, with the right to receive and receipt for the same and apply then 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 shah rrnt be required to do so. This assignment is to terminate and become nun and void upon release of this mortgage.
<br />10. That the Mortgagor will keep the buildings upon said premises In good repair, and neither commit nor permit waste upon said land, nor
<br />author the sMd prwnlees to be used for any unlawful purpose.
<br />11. That N the pramlees, or any part thereof, be condemned under the power of eminent domain, or acquired for a public use, the damages
<br />awarded, "proceeds for the taking of, or the consideration for such acquisition, to the extent of the full amount of Indebtedness upon this
<br />mortgage end the note which it Is given to secure remaining unpaid, we hereby assigned by the Mortgagor to the Mortgagee, and she# be
<br />paid kdhwith to said Mortgagee to be applied by the letter on account of the next maturing Installments of such Indebtedness.
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