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<br />1U2964(I i month pons fu its due date the amnia t -figage msurance preaniurn in order to provide such holder
<br />with funds to pay such premium to the Sc :rr_tary �tf liouMrIg and I ' 'iban Development pursuant ta) the
<br />National (lousing Act, as atneuded- and applicable Regulations thereuder, or
<br />(II) If and so long as said note of even date and this insrrurnent are held by the Secretary of Housing and
<br />Urban fkwelopment, a monthly charge (ir[ lieu of a mortgage insurance premium) which shall lie nt an
<br />amount equal to one- twelfth (1112) of one -half 11121 per centum of the average outstanding balance
<br />due on the note computed without taking into account delinquencies or prepayments:
<br />(b) A sum equal to the ground rents. if any. next due, plus the premiums that will next become due and payable Tin
<br />policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged Property (all as estimated hr the Afongggrel less all sums already paid therefor divided by the
<br />number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and
<br />assessments will bectime delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre-
<br />miums. taxes and special assessments-, and
<br />(c) All payments mentioned in the two preceding subsections of this paragraph and all payments to he made under
<br />the note secured hereby shall be added together, and the a g:cgate amount thereof shall be paid by the Mortgagor
<br />each month in a single payment to be applied by the Mortgagee to the following items in the order set forth:
<br />(1) premium charges under the contract of insurance with the Secretary of tlousutg and Urban Development,
<br />or monthly charge (frr lien, of mvrtga¢e insuranrv- premiurn ), as die case may be:
<br />(11) ground rents, taxes, assessments, fire and 011ie[ hazard 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, ct ;nstitutc an event of default under thts morteage. Tfic
<br />Mortgagee may collect a "late charge" not to exceed lour cents Ov) lir each dollar (SI i of each payment more
<br />than fifteen (15) days fp arrears to cover the extra expense involved in handling delinquent payments.
<br />That if the total of the payments made by the %fortgagor under iW of paragraph 2 preceding shall exceed
<br />the amount of payments actually made by the Mortgagee for around rents, taxes and assessments or ins urance pre-
<br />miums, ab- 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 payments to be made by the Mortgagor, or refunded to the Mortgagor. If, however, the
<br />monthly payments made by the Mortgagor under I of paragraph 2 preceding shall not be sufficient to pay ground
<br />rent. taxes and assessments or insurance premiums, as the rase may be- when the same shall become due and pay-
<br />able; then the Mortgagor shall pay to the Mlortgagee any amount necessary to make up the deficiency, on or before
<br />the date when payment of such ground rent=, taxes, assessments or ins urance premiums shall be due. If at anv
<br />time the Mortgagor shall tender to the Mortgagee. 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 a(I payments made under the provisions of la) of paragraph
<br />hereof which the Mortgagee has not become obligated to pay to the Secrptary of !lousing and I'rban Development
<br />and any balance remaining in the funds accumulated under the provisions of 04 of paragraph 2 hereof. If there
<br />shall lx a default under an), of the provisions of this mortgage resulting in a public sale of the premisess covered
<br />hereby, or if the Mortgagee acquires Cite property otherwise after default, the Mortgagee shall apply, at the time of
<br />the commenct,4nent of such proceedings, or at the time the property is othervise acquired, the balance then remain-
<br />ing in the funds accumulated under (t.,r of paragraph 2 preceding, as it credit against the amount of principal then
<br />remaining unpaid under said note. and shall properly adjust any payments which shall have been made under (0
<br />of paragraph `l.
<br />4. That the Mortgagor will pav ground rents. taxes, assessments, water ride,. and other governmental or municipal
<br />charges, fines, or impositions, for which provision has not been made herembefore. and in default thereof the Mortgagee may
<br />pay the same: and that the Mortgagor wilt promptly deliver the official receipts therefor to the Mortgagee
<br />*. The Mortgagor will pay all taxes which may he levied upon the Mortgagee's interest in said real estate and improve-
<br />ments, and which may be levied upon this mortgage or the debt secured herehy (but only to The extent that such is not 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 of 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 Tipton the rendering of any court decree prohibiting the pay ,gent by the Mortgagor or any such taxes, or if such law
<br />or decree provides that any amount so paid by the Mortgagor shalt he credited Tin 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 he given, the said debt shall become due. payable and collectible at the expiration of said ninety days
<br />6. That should he fail to pay any sum or keep any covenant 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 be added to the principal sum owing on the above mate,
<br />shall he secured herehy, and shall bear interest at the rate set forth in the said note, until paid.
<br />?. That 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 it 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 premise, 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 mat desire for the purpose of
<br />repairing said premises and of renting the same and collecting the rents. revenues and income, and it may 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 />same and of collecting rentals therefrom: the balance remaining, if any, it, he applied tows;J the discharge of said mortgage
<br />indebtedness.
<br />g. That he will keep the improvements now existing or hereafter erected too the mortgaged property, insured as oaav he
<br />required from time to time by the 'Mortgagee against loss by fire and other hazards, casualties and contingencies in such
<br />amount,; and for such periods as may he required by the Mlo:tgagee and will pay promptly, when due, any premiums on such
<br />insurance provision for payment of which has not been made hereinhefore. All insurance shall be carried in companies ap-
<br />proved by the Mortgagee and the policies and renewals thereof shall he 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 proof 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 toss directly to the Mortgagee instead of to the Mortgagor
<br />and the Mortgagee jointly, and the insurance proceeds, or any pact thereof, may lx applied by the Mortgagee at 6 option either
<br />to the reduction of the indebtedness hereby secured or i o the restoration or repair of the proper(% damaged. In event of foreclo
<br />sure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured herchv.
<br />all right, title and interest of the Mortgagor m and hr any insurance policies then in force shall pass Iat the purchaser or grantee.
<br />9 That as additional and Collateral security lot the payment of the tittle described. and all sums it) bc, :orte due tinder (his
<br />mortgage, the Mortgagor herehy assigns to the Mc rtgagee all profits. revenues. ravakics, rights and benefits accruutg to the
<br />Mortgagor under any and all od and gas leases on said preonscs. w ub the right it, rcceicr u: i receipt for The am • .0 ?d apple
<br />them to .aid ietdrhtedness as well before as after dcf,run in the conditions of this n untiage. and the Mortgagee nrrt demand. sun
<br />for and recoser any such payments whr- due and pa%ame, bur shall not I> rcgtnred io do this .—Ignmcnt i, to termu :nli
<br />and Ix-come nul! snrl sold uri m release ;tis entrtitagc
<br />1Q,314 .Nl ter 'g,
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