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<br />87-105177
<br />(a) A sum equal to the ground rents, g any, next due, pleas 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 pan as
<br />r
<br />estimated by the Mortgages) less all sums already paid therefor divided by the number of months to elapse before one (1) month
<br />11 prior to the date when such ground rents, premiums, taxes and assessments will become delinquent, such sums to be held by Mort-
<br />gagee In trust to pay saki ground rertls, premiums, taxes and special 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 shag be added together, and the aggregate amount thereof shall be paid by the Mortgagor each month In a single payment
<br />to be applied by the Mortgages to the following Items in the order set forth;
<br />(1) ground rents, taxes, assessments, Are and other hazard Insurance premiums;
<br />(II) Interest on the note secured hereby; and
<br />(III) 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 defauh under this mortgage. The Mortgagee may collect a "late charge" not to ex-
<br />ceed 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 It the total of the payments made by the Mortghgor under (a) of paragraph 2 preceding shall exceed the amount of the payments
<br />actually made by the Mortgages for ground rents, taxes and assessments or insurance premiums, as the case 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 Mortgagor,
<br />or refunded to the Mortgagor. N, however, the monthly payments made by the Mortgagor under (a) of paragraph 2 preceding shag not be
<br />sufficient to pay ground rent, taxes and assessments or Insurance premiums, as the case may be, when the some shag 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 (pound rents, taxes, assessments or Insurace premiums shag be due. If at any time the Mortgagor shag tender to the Mortga-
<br />gee, In accordance with the provisions of the note secured hereby, fug payment of the entire Indebtedness represented thereby, the Mortga-
<br />gee shag, In computing the amount of such indebtedness, credit to the account of the Mortgagor, any balance remaining In the funds accu-
<br />mulated under the provisions of (a) of paragraph 2 hereof. If there shag be a default under any of the provisions of this mortgage resulting
<br />in a public sale of the premises covered hereby, or N the Mortgages acquires the property otherwise after default, the Mortgagee shag
<br />apply, at the time of the commencement of such proceedings, or at the time the property is otherwise acquired, the balance then remaining
<br />In the funds 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 will pay all ground rents, taxes and assessments, water rates, and other governmental or municipal charges, fines, or
<br />impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may pay the same; and that the Mort-
<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 Improvements, which may 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 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 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 g such law or decree provides that any amount so paid by the Mortgagor shall 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 shag become due, payable and collectible at the expiration of said
<br />ninety (90) days.
<br />6. That should he fall 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 shag be added to the principal sum owing on the above note, shag be secured hereby, and
<br />shag 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 shag 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 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, N any, to be
<br />applied toward the discharge of said mortgage indebtedness.
<br />8. 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 fine and other hazards, casualties and contingencies in such amounts and for such periods as may be
<br />required by the Mortgagee and wig pay promptly. when due, any premiums on such insurance provision for payment of which has not been
<br />made hereInbefors. AN insurance shag be carried in companies approved by the Mortgagee and the policies and renewals thereof shag be
<br />halo 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 wl give Immediate notce by nail to the Mortgagee, who may make proof 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 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 />tide 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 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 stag 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 buildings upon said premises In good repair, and neither commit nor permit waste upon said land, nor
<br />sufW the said premises to be used for any unlawful purpose.
<br />11. That N the premises, or any port 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 full amount of Indebtedness upon this
<br />mortgage and the note which N Is given to secure remaining unpaid, are hereby assigned by the Mortgagor to the Mortgagee, and shall be
<br />paid forthwith to sold Mortgagee to be applied by the letter on account of the next maturing Installments of such Indebtedness.
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