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F 86- 103188 (1) month prior to its due date the annual ntc�rtgagc insurance premium in order to provide such holder with funds to pay such premium to the Secretary of Housing and urban Development pursuant to the National Housing Act, as amended. and applicable Regulations thereunder: or (ill if and so long as said note of even date and this instrument arc held by the Secretary of Housing and Urban Development. a monthly charge /in lieu of a mortgage insurance premium} which shall be in an ramount equal to one - twelfth (1/12) of tine -half (1/2) per centurn of the average outstanding balance due on the note computed without taking into account delinquencies or prepayments; (b) Ao' um equal to the ground rents, if any, next due, plus tire premiums that will next become due and payable on a „ ' policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due ' :. on the mortgaged property (all as estimated be the Mortgagee) less all sums already paid therefor divided by the number of months to elapse before one month prior to the date when such ground rents, premiums, taxes and assessments will become delinquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre - ` miums. taxes and special assessments; and (c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note secured hereby shall be added together, and the aggregate amount thereof shall be paid by file Mortgagor each month in a single payment to be applied by the Mortgagee to the following items in the order set forth: (I) premium charges under the contract of insurance with the Secretary of Housing and Urban Development, or monthly charge (in lieu of mortgage insurance premium), as the case tnay be: (iI) ground rents, taxes, assessments, fire and other hazard insurance premiums; (ll{) interest on the note secured hereby; and (IV) amortization of the principal of said note. Any deficiency in the amount of any such aggregate monthly payment shall, unless made good by the Mort- gagor prior to the due date of the next such payment, constitute an event of default under this mortgage. The Mortgagee may collect a "late charge" not to exceed tiler cents (ay) for each dollar (51 ) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments. 3. That if the total of the payments made by the Mortgagor under (0 of paragraph .e preceding shall exceed the amount of payments actually made by the Mortgagee for ground rents, taxes and assessments or insurance pre- miums, as the case may be, such excess, if the loan is current, at the option of the Mortgagor, shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagor, or refunded to the Mortgagor. If, however. the monthly payments made by the Mortgagor under (b) of paragraph 2 preceding shall nor be sufficient to Tray ground rent, taxes and assessments or insurance premiums, as the care may be. when the same sh;dl become due and pay- able, then the Mortgagor shall pay to the Mortgagee any amount nec c scary to make up the deficiency, on or before the date when payment of such ground rents. taxes, assessments or insurance premiums. shall be due. if at any time the Mortgagor shall tender to the Mortgagee, in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the Mortgagee shall, in computing the amount of such indebtedness, credit to the account of the Mortgagor all payments made under the provisions of (n) of paragraph hereof which the Mortgagee has not become obligated to pay to the Secretary of (lousing and 1'rhan Development and any balance remaining in the funds 'tccumutated under the provisions of !b) of paragraph hereof. If there shall be a default under any of the provisions of this mortgage resulting in a public :sale of the premises covered hereby, or if the Mortgagee acquires the property otherwise after default_ the Mortgagee shall apply, at the time of the commencement of such proceedings, or at the time the property is otherwise acquired, the balance then remain- ing in the funds accumulated under t Ll of paragraph 2 preceding, as a credit against the amount of principal then remaining unpaid under said note, and shall properly adjust any payments which shall have been made under t a! of paragraph 2. 4. 'Chat the Mortgagor will pay greur.i rents, taxes, assessments. water rates. and other governmental or municipal charges, fines, or impositions. for which provision has not been made hereinbefore. and in default thereof the Mortgagee ms} pay the same; and that the Mortgagor will promptly deliver the official receipts therefor to the Mortgagee. 5. The Mortgagor will pay all taxes which may he levied upon the Mortgagee's interest in said real estate and improve- ments, and which may be levied upon this mortgage or the debt secured hereby (hut onh to the extent that such is not prohibit- ed by law and only to the extent that such will not make this loan usuriousl. but excluding am income tax. State or Federal. imposed on Mortgagee. and will file the official receipt show ing such payment w ;\lith the ortgagee. f!pon violation of this under- taking. or if the Mortgagor is prohibited by am law now or hereafter existing from paying the whofe or any portion of the afore- said taxes. or upon the rendering of any court decree prohibiting the payment by the Mortgagor or any such taxes - or if such law or decree provides that any amount ,c+ paid by the Mortgagor shall he credited on the mortgage debt. the Mortgagee shall have the right to give ninety days' written notice to the owner of the mortgaged premises. requiring the payment of the mortgage debt. If such notice be given. the said debt shall become due, payable and collectible at the expiration of said ninety day,. 6. That should he fail to pay any sum or keep an) covenant provided fur in this Mortgage, then the Mortgagee. at it, op tion, may pay or perform the same. and all expenditure, so made shall be added u+ the principal sum owing on the ahm e mote. shall he secured hereby, and shall hear interest at the rate set forth in the said note. until paid - 7. That he hereby assigns. transfers and seta over to the Mortgagee. to he applied toward the payment of the nose and all sums secured hereby in case of a default in the performance of any of the teens and conditions of this Mortgage or the said note, all the rents, revenues and income to be derived from the mortgaged premises during such time as the mortgage indebted- ness shall remain unpaid: and the Mortgagee shall have power it) appoint any agent or agents it may desire for the purpose of repairing said premises and of renting the same and collecting the rents, revenues and income, anti it map pay out of said in- comes all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the same and of collecting rentals therefrom: the balance remaining, if any, to he applied noward the discharge of said mortgage indebtedness. g. That he will keep the improvements now existing ol- hereafter erected on the mortgaged property. insured as may IV required from time to time by the Mortgagee against loss by fire and other hazards, Casualties and contingencies in such amounts and for such periods as may he required by the Mortgagee and will a insurance provision for Pay prortrPlly. when due. any premiums on such p payment of which has not peen made hereinbefore. All insurance shall he carried in companies ap- proved by the Mortgagee and the policies and renewals thereof shall he held by the Mortgagee and have atrached thereto los, f payable clauses in favor of and in form acceptable to the Mortgagee. In event of loss Mortgagor will give immediate notice by Y mail to the Mortgagee, who may make proof of loss if not made promptly by Mortgagor. and each insurance company con - cerned is hereby authorized and directed to make payment for such Ives directly to the \lortgagee instead of to the Mortgagor and the Mortgagee jointly . and the insurance proceeds, of any part thereof, ma} he applied by the yfortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In et ent of foreclo- sure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured herchv. all right, title and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 9. That as additional and collateral security for the Payment of the note described, and all sums to become due under this mortgage, the Mortgagor hereby assigns to the Mortgagee all profits, revenues. royalties, rights and henefits accruing to the Mortgagor under any and all oif and gas lea, on said Premises, with the right to receive and receipt for the .ante .u+d appl, them to said indebtedness as well before as c t default in the conditions of this mortgage. and the Mortgagee m,ac demand, ue for and recover any such payments when due and payable, hilt shall not he required so to do "this as,i4nmrnt is to rcnnir.;ue and become null and void utwn release of this mortgage. 'ruOs:tastit ita 79. 4,.