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♦�� +1� f i ) Tnenth prior tr; its dace date the annual ni -r„a _: insurance hremtuna in carder to provide such 110Mri
<br />3 3 *ith funds to paq such premium tt-, tine Se r tar} if Housing and iirhan Ikuelc,pment ranuant to the
<br />%atioual Housing, Act. as amended, and applicable Regtriations thereunder; or
<br />(n) If and so long as said note of even date and this Instrument are held by the Secretary of Housing and
<br />Urban Development, a nxtnthly charge !in lieu o-1 o mortgage insurance l>rcmiumt which shall be iii, an
<br />amount equal to. one-twelfth (lilt) of cure -half (112) pet centum of the average outstanding balance
<br />due on the noteeomputed without taking into account delinquencies or prepayments;
<br />(b) A sum equal to the ground rents, if any. text due, plus the premiums that will next become due and payable oo
<br />policies of fire and other hazard insurance cowering the mortgaged property. plus taxes and assessments next due
<br />on the mortgaged property Mali ac esurnared hr the Alotrr ec) less all sums already paid therefor divided by the
<br />number of months to elapse before tine month prior to the date when such ground rents, premiums, taxes and
<br />assessments will become delinquent, such sums to he held by Mortgagee in trust to pay said ;round rents. pre-
<br />miums, taxes and special assessments: and
<br />(c) All payments mentioned in tire two preceding subsections of this paragraph and all payments to he made under
<br />the note secured hereby shall be added together, and the aggregate amount thetcof shall be paid by the Mortgagor
<br />each month in a single payment To be applied by the Martgagee to the follctwin_ items to the order set forth:
<br />(1) premium charges under the contract of insurance with the Secretan of llousir,•_ and Urban Development.
<br />or monthly charge (in Boar ,i'f morigage frrsuranec premium), as the. case may be:
<br />(11) ground tents, taxes. ascessrr:cnts, fire and other haiaTd Insurance premiums:
<br />(ill) interest on the note secured hereby; and
<br />(IV) amortization of the principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly payment shall, unless made good by the Mort -
<br />gagor prior to the due date of the next such payment. _constitute an event of default under this mom -age. The
<br />Mortgagee may collect a "late charge" not to exceed hotel cents t41t) for each dollar (S1) of each payment more
<br />than fifteen (IS) days m arrears to cover the extra expense involved in handling delinquent payments.
<br />3. That if the total of the payments made by the Niori.paaor unde =r i r„ of paragraph _' preceding shall exceed
<br />the amount. of payments actually made by the 'Mortgagee for ground rents. taxes and assessments or insurance pre -
<br />miums, as the case may be, such excess, if the loan is current, at the option of the Mortgagor, shall be credited by
<br />the Mortgagee on subsequent paymenis to be made by the Mortgagor. or refunded w the Mortgagor, If, however, the
<br />monthly pa�yme-nts made by the Mortgagor under {hi of paragraph ? preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums, as the case may be, when the same Shall become due and pay-
<br />able, then the Mortgagor shall pay to the Mortgagee any amount necessary to make up the deficiency., on or before
<br />the date when payment of such ground rents. taxes, assessments or insurance premiums shalt be due. if at arty
<br />time the Mortgagor shall tender to the llcrrtgagee. in accordance with the provisions of the note secured hereby_
<br />full payment of the entire indebtedness represented thereby, the Mortgagee shall. in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor all payments made under the provisions of >a of paragraph
<br />hereof which the Mortgagee has not become obligated to pati to the `secretary of Housing and Urban Development
<br />and any balance remaining in the fund= accumulated under the provisions of (b) of paragraph ? hereof. if there
<br />shall Ire a default. under any of the provisions of Uri- mortgage Tesult.ing in a public sale of the premises covered
<br />hereby, or if the Mortgagee acquires the property otherwise after default, the Mortgagee shall apply, at the time cif
<br />the commencement of such proceedings, or at the time the property is otherwise acquired, the balance then remain-
<br />ing in the funds accumulated under i'l,l of paragraph 2 preceding, as a credit against fit(- amount of principal then
<br />remaining unpaid under said nose, and -hall properl% adjust any payments which .shall have been made under ❑%
<br />of paragraph ?.
<br />4. That the Mortgagor will pat ground rents. taxes. assessments, water rate,. and other governmental or municipal
<br />charges. fines. or impositions, for •a hich provision has not been made hereinbefore. and in default thereof the Mortgagee may
<br />pay the same: and that the Mortgagor will promptly deliver the official receipts therefor to the Mortgagee.
<br />5. The Mortgagor will pay all taxes which may he levied upon the Mortgagees interest in said real estate and improve-
<br />ments, and which may he levied upon this mortgage or the debt secured hereby (but only to the extent that such is nut prohibit-
<br />ed by law and only to the extent that such will not make this loan usurious). but excluding any income tax State or Federal,
<br />imposed on Mortgagee. and will file the official receipt showing such payment with the Mortgagee. Upon violation (if this under-
<br />taking. or if the Mortgagor is prohibited by any law now or hereafter existing from paying the whole or any portion of the afore-
<br />said taxes, or upon the rendering of any court decree prohibiting the payment by the Mortgagor or any such taxes. or if such law
<br />or decree provides that any amount so paid by the Mortgagor shall be credited on the mortgage debt- the Mortgagee shall have
<br />the right to give ninety days' written notice to the owner of the mortgaged premises. requiring the payment of the mortgage
<br />debt. If such notice be given, the said debt shall become due. payable and collectible at the expiration of said ninety days.
<br />fi. That should he fail to pay any sum or keep any coven art provided for in this Mortgage- then the Mortgagee, at its op-
<br />tion, may pay or perform the same- and all expenditures so made shall he added to the principal sum owing on The above note.
<br />shall
<br />he secured hereby, and shall bear interest at the rate set forth in the said note, until paid.
<br />7. Thai he hereby assigns. Transfers and sets over to the Mortgagee- to he applied toward the payment of the note and all
<br />sums secured hereby in case of a default in the performance of any of the terms and conditions of this Mortgage or the said
<br />note. all the rents, revenues and income to be derived from the mortgaged premises during such time as the mortgage indebted-
<br />ness shall remain unpaid: and the Mortgagee shall have power To appoint any agent or agents it may desire for the purpose of
<br />repairing said premises and of renting the same and collecting the rents, revenues and income- and it mar pay out of said in-
<br />comes all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the
<br />ame and of collecting rentals therefrom: the balance remaining, if any, to he applied toward the discharge of said mortgage
<br />irrdebWriess.
<br />13. 11hat he will keep the improvements now existing o� hereafter erected on the mortgaged property. insured as may be
<br />required from time to time by the Mortgagee against loss by fire and other hazards, casualties and contingencies in such
<br />amounts and for such periods as may he required by the Mortgagee and will pay promptly. when due. any premiums on such
<br />insurance provision for payment of which has nor been made hereinbefore. All insurance shall he carried in companies ap-
<br />proved by the Mortgagee and the policies and renewals thereof shall be held by the Mortgagee and have attached thereto loss
<br />payable clauses in favor of and in form acceptable to the Mortgagee. In event of loss Mortgagor will give immediate notice by
<br />mail to the Mortgagee, who may make proud of loss if nor made promptly by Mortgagor, and each insurance company con -
<br />cerned is hereby authorized and directed to make payment for such loss directly to the Mortgagee instead of To the Mortgagor
<br />and the Mortgagee jointly. and the insurance proceeds. or any pan thereof, may he applied hti the Mortgagee tit its Option either
<br />to the reduction of the indebtedness hereby secured or to the restoration or repair of the propert % damaged In C% ent of foreclo-
<br />sure 01' this mortgage nr other transfer of title to the mortgaged property in extinguishment of the indebtedness e.•ured herehy.
<br />all right. title and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser of grantee,
<br />9. That as additional and collateral set urity for the payment of the note described, and all hunts To hccomc due undo this
<br />mortgage. the Mortgagor hereby assigns To the Mortgagee all profits, revenues. royalties. rights and henctits accruing to the
<br />Mortgagor under any and all oil and gas leases on said premises, with the right to rccrisr : +nil rr,ctpc for the "wont• .1nd apply
<br />Them it. said rraieht frns a•. urll f,eforr as after defauh m the conditions of IN, morngapc- n 9 the ylorlgarrc nr,c demand. ..c
<br />fnt anti BetmCr any it, 1, ri:,Nmcros Hhen due and p ;tyable, but shall nut Nx n•quer i,. ,I„ Ihis -i >..t,rarn ,, tai tctrntr..ur
<br />ahj hr. nr_- null :ant) teleasr "t th +• +nonsara
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