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<br />i l P t:uvnll: ptirt to its dear .late the annaA inwiv ce n,sutance prenuum n order ill provide such holder
<br />6-' �����4 With timds to pagy such ;,ri•ntiwa to th° Sr tar i�fl,.�.sinl aed groan Ikveloputent pursuant u, site
<br />8 ' National llousin Act. as amended and net poi -aisle Its awtrtms thereunder: or
<br />(II) If and so long as said mole of even date ant; tills instrument are held by lire Secretary of !lousing and
<br />Urban lkvelopment, a monthly charge ire he" of a friortgage insurance premiunrl which shall be in an
<br />amount equal to one- twelfth II /12) ut txre -halt (I(2) per ccntum 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 tine premiums that will next become due and payable nn
<br />policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due
<br />on the mortgaged property tali as estimated ht' fire Afurtgagec�) less all sums already paid Iheretor divided by the
<br />number of months to elapse before one month prior to the date wizen such ground rents, premiums, taxes and
<br />assessments will become delinquent, such wars 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 Iwo preceding subsections of this paragraph and all payments to be made under
<br />the note secured hereby shall he added together. and the aggregate amount thereof shall be paid by the l"lortgagor
<br />each month in a single payment to be applied by the Mortgagee it, the following items in the order set forth:
<br />(I) premium charges tinder the contract of insurance with the Secretary of housing and Unman lkvelopntew.
<br />or monthly charge fin lieu nI murfgage insurance prcnrrrun), as tt a case inav he:
<br />(11) ground rents, taxes, assessments, lire and other hazard insurance premiums;
<br />(III) 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 monthiv payment shall, unless made good by the Mort-
<br />gagor prior to the due date of the next such paymcul, constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed tour cents (4¢) for each dollar (S 1) of each payment snore
<br />than fifteen (1 15) 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 Mortgagee for ground rents, taxes and assessments or in- urance 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 (L) 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 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 shall be due- If at any
<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. ,hall, in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor all payments made under the provisions of ia) of paragraph 2
<br />hereof which the Mortgagee has not become obligated to pay to the Secretary of Housing 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 the 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 (b) of paragraph 2 preceding, as a 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 (a)
<br />of paragraph 2.
<br />4. That the Mortgagor will pay ground rents. taxes, assessments, water rates, and other governmental or municipal
<br />charges, fines, or impositions, for which provision has not been made hereinbefore. and in default thereof the \lortgagee 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 Mortgagee's 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), 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 porC;in of the afore-
<br />said taxes, or upon the rendering of :my 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 hank
<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 />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 note.
<br />shall be secured hereby, and shall 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 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 he 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 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, to he applied toward the discharge of said mortgage
<br />indebtedness.
<br />8. That he will keep the improvements now existing ol- 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 be 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 hereinbefore. All insurance shall be 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 proof of loss if not 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 part thereof, may he applied by the Mortgagee at its option either
<br />p{
<br />to the reduction of the indebtedness herehy secured or to the restoration or repair of the property 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 herehy.
<br />all right, title 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 coflaterd security for the payment of the note described, and all sums ro become duc under thi,
<br />�.
<br />mortgage, the Mortgagor hereby assigns to the Mortgagee all profits, revenue,, royalties, right, and henefil accruing to the
<br />Mortgagor under an and all oil and as leases on sail remises, with the right rt> receive and recei H lo• the ,tune and a +Iti
<br />RaB Y a 1 p t I I I
<br />them to said indebtedness as well before as after default in the conditions of this mortgage, and the Mortgagee m;n de mated, sue
<br />for and recover any such payments when due and payahle. but shall not he required so to do 1' it% i-ignment is io terminate
<br />and become null and void upon releacc of this mortgage.
<br />IWO 82t•t. i.xi 19 791
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