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OW _31
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<br />(a) A sum equal to the ground rents. If any, next due, plus the premiums that will next become due and payable on policies of fire, and
<br />other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property (all as
<br />estimated by the Mortgagee) less 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 will become delinquent, such sums to be held by Mort
<br />gages, In trust to pay said ground rents, premiums, taxes and speclol assessments; and
<br />(b) AN payments mentioned In the two preceding subsections of this paragraph and all payments to be made under the note secured
<br />hereby shall 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 Items In the order set forth:
<br />(1) ground rents, taxes, assessments, fire and other hazard insurance premiums:
<br />(11) Interest on the note secured hereby; and I
<br />(Ili) 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 duo date
<br />of the next such payment, constitute an event of default under this mortgage. The Mortgagee may collect a "late charge" not to
<br />teed four cents (4c) for each dollar (S1) of each payment more than fifteen (15) days In arrears, to cover the extra expense invched
<br />In handling delinquent payments.
<br />3. That If the total of the payments made by the Mortgagor under (a) of paragraph 2 preceding shall exceed the amount of the payments
<br />actually made by the Mortgagee for ground rents, taxes and assessments or Insurance premiums, as the ca�a may be. such excess, if the
<br />loan is current, at the option of the Mortgagor, shall be credited by the Mortgagee on subceo,uent payments to be made by the Mortgagor
<br />or refunded to the Mortgagor. If, however, the monthly payments made by the Mrir,lny r 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 shall 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. If at any time the Morigarr shaft tender to the Mwtga
<br />gee, In accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby the Mrfnn
<br />gee shah. In computing the amount of such indebtedness, credit to the account of the Mortgagee, any balance rani ^inirng in the funds 1c -•.1
<br />mutated under the provisions of (a) of paragraph 2 hereof. If there shall be n default under any of the provision, of this mnrtr)age r"till -q
<br />In a public sate of the premises covered hereby, or if the Mortgagee acquire^ the property otherwise after dclault, Elie Mortgagee -hall
<br />apply, at the time of the commencement of such proceedings, or at the time the property Is otherwise acquired, the then renmin,n 1
<br />in the funds accumulated under (a) of paragraph 2 preceding, as a credit against the amount of principal then remaining unpaid under ,old
<br />note.
<br />4. That the Mortgagor will pay eh ground rents, taxes and assessments, water rates, and other governmental or municipal chnrges, fin- er
<br />impositions, for which provision has not been made here7nbefore, and in default thereof the Mortgagee may pay the same; and tlwl the fp,."
<br />gagor will 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 Improvement,. which nil/ be
<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 lax. State or Federal, imposed on Mortgagee, and will file the official re,�cipt
<br />showing such payment with the Mortgagee. Upon violation of this undertaking, or if 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 shall 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. 11 such notice be given, the said debt shah become due, payable and collectible at the expiration of said
<br />ninety (90) days.
<br />6. That should he fad to pay any sum or keep any covenant provided for In this Mortgage, then the Mortgagee, at Its option, may pay or
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<br />perform the same, and all expenditures so made shad be added to the principal sum owing on the above note, shall be secured hereby, and
<br />shad bear Interest at the rate set forth in the said note, unit 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 shad 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 />e. That he will keep the Improvements now existing or hereafter erected on the mortgaged property, Insured as may be required from time to
<br />time by the Mortgagee against loss by fire and other hazards, casualties and contingencies in
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<br />such amounts and for such periods as may be
<br />required 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 shat be carried In companies approved by the Mortgagee and the policies and renewals thereof shad 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 mat to the Mortgagee, who may make proof of loss if not made promptly by Mortgagor, and
<br />each Insurance company concerned Is hereby authorized and directed to make for such loss directly
<br />payment 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
<br />mortgaged properly 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 all al
<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
<br />recover any such payments when due and pay
<br />able, but shall 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 will keep the buddlings upon said premises in good repair, and neither commit nor permit waste upon said land, nor
<br />suffer the sold premises to be used for any unlawful purpose.
<br />11. Thal it the promises, or an
<br />� y 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
<br />extent of the full 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.
<br />, '17 fA5 P ,J, 7 r1 1
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