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<br />(1) month prior to its due date the annual mortgage insurance premium in order to provide such holder
<br />with funds to pay such premium to the Secretary of dousing and Urban Nvelopment pursuant to the
<br />6- 103046 National (lousing Act, as amended, and applicable Regulations thereunder; or
<br />(11) If and so long as said note of even date and this instrument are held by the Secretary of dousing and
<br />Urban Development, a monthly charge (in lieu of a mortgage insurance prenrium) which shall be in an
<br />amount equal to one - twelfth (11] 2) of one -half (112) per cenium 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 on
<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 estirowtecl hr the dforigagee) 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 become delinquent. such sums to be held by Mortgagee in trust to pay said ground rents, pre -
<br />miums. taxes and special assessmen is; and
<br />(c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under
<br />the note secured hereby shall be added together, and the aggregate amount thereof shall he 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 firth
<br />(1) premium charges under the contract of insurance with the Secretary of dousing and th'oau Development,
<br />or monthly charge (ire lieu of mortgage insurance premium), as the case may he;
<br />(II) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(I!I) 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 [Wade good by the Mort-
<br />gagor prior to the due date of the next such pa -me, ;, constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to excL;,d four gents lay) for each dollar (SI)ofeach payment more
<br />than fifteen (I5) days in arrears to cover the extra expense involved in handling delinquent payments.
<br />3. That if the total of the payments made by the Mortgagor under (h) of paragraph 2 preceding shall exceed
<br />the amount of payments actually made by the Ilortgagee for around 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 payments to be made by the Mortgagor. or refunded to the Mortgagor. If, however, the
<br />monthly payments made by the Mortgagor under (14 of paragraph 2 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 \lortgager shall pay to the Mortgagee alts amount neces"n- to make up the deficiency, on or before
<br />the date when payment of such ground rents, taxes, assessment or insurance premiums shall be due. If at any
<br />time the Mortgagor shall tender to the. Mortgagee, in accordance with the proyision.s 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 Ixovisions; of (u) of paragraph 2
<br />hereof which the Mortgagee: has riot become obligated to pay to the 'secretary of dousing and Urban Development
<br />and any balance remaining in the funds accumulated under the provisions of (b) of paragraph 2 hereof. If there
<br />shall be a default under any of the provisions of this mortgage resulting 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 ill(- time of
<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 /1 -i 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 order /.r%
<br />of paragraph 2.
<br />4. That the Mortgagor will pay ground •ents, taxes. assessments. water rates, and other governmental or municipal
<br />charges, fines, or impositions, for which provision has not been made hereinhefore. 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 be levied upon this mortgage or the debt secured hereby (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), hilt 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 upon the rendering of ;n%, court decree prohibiting the payment b% the ;vfortgagor 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 he gives, 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 set made shall he added to the principal sum owing on the above note.
<br />shall he secured hereby, and shall hear 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 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 in he derived from the mortgaged premises during such time as tire 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 may pay out of said in-
<br />comes all expenses of repairing said premises and necessary commission, and expenses incurred in renting and managing the
<br />same and of collecting rentals therefrom: the balance remaining, if any, to he applied tow ;;rd the discharge of said mortgage
<br />indebtedness.
<br />8. That he will keep the improvement% now existing o, hereafter erected on the mortgaged property, insured as may he
<br />required from time to time by the Mortgagee against loss by fire and other hazards. ca%ualties and contingencies in such
<br />amounts and for such periods as may bt required by the Mortgagee and will pay promptly, when due, any premiums on such
<br />insurance provision for payment of which has not been made hereinhefore. All insurmce 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 not made promptly by Mortgagor, and each insurance compam con-
<br />cerned is hereby authorized and directed to make payment for such loss directly to the ,Mortgagee instead of to the \furtgagor
<br />and the Mortgagee joiatly, and the insurance proceeds. or any part thereof, may he applied b% the Mortgagee al its option either,
<br />to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged In event of (orevio-
<br />sure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indehtednes, secured hereby .
<br />all right, title and interest of the Mortgagor in and to any insurance policies then. in force shall pa s% no the purcha,cr or grantee
<br />9. 'that as additional and collateral security for the pay morn of the note described. and ' fill", to hes + +me due under this
<br />mortgage, the Mortgagor hereby a,%igns to the Mortgagee all profiis. revenues, royalties, rights and henet)ts .tccruing to the
<br />Mortgagor under any and all oil and gas leases on said premi%e,. with the right to receive mid rcrripi for the same and apple
<br />them to said indebtedness it, well before as aft lefault in tire conditions of this morrF:,ge. and file \fangagec m;,t demand, st:c
<br />for and recover any such psi, nicntf when due ;d payable, hilt shall not he rcymr'rd ..,, io d" [Ill, :.s.,gnmcn' ,, to tcnnrn.;;r
<br />and become null and void twou rclea,c of this mortgage.
<br />I1t11+9. 1.31:%, .` 741
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