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86- 10616"
<br />0
<br />(aW A sum
<br />policies of tire and other hazard insurance covering the mortgaged property, plus taxes and assessm ^nu next due
<br />on the mortgaged property (all as estimated by the Mortgagee) 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 0 pay said ground rents, prc-
<br />miums, taxes and special assessments*, and
<br />(b)O* All payments mentioned it., 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 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 />lUOf70()Ul76 ONOpU1
<br />1
<br />(1) (J ( ground rents, taxes, assessments, fire and other hazard insurance premiums,
<br />(11) Q(L9t interest on the note secured hereby: and
<br />(I 1 I ( 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 paynneru. constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed tocr cents (4y) for each dollar (51) of each payment more
<br />than fifteen (15) days in arrears to cover the extra expense involved in handling delinquent payments.
<br />( )
<br />:3. That if the total of the payments made b% the Mortgagor under r)Mbf paragraph 2 preceding shall exceed
<br />the amount of payments actually made by the Mortgagee for smund 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 />y-
<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 underXWof paragraph 2 preceding shall not be sufficient to pay ground
<br />rent, taxes
<br />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 an) amount neurssary to make up the deficiency, on or before
<br />a
<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 pro%i =ions of the note secured hereby,
<br />=._
<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 x
<br />1lMaf any balance remaining in the funds accumulated under the provisions 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 proceedin s or at the time the property is otherwise acquired, the balance then remain-
<br />ing in the funds accumulated underxAQf paragraph 2 preceding, as a credit against the amount of principal then
<br />remaining unpaid under said note. )fix
<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 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 be 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 taw 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 ,o paid by the Mortgagor shall he credited on the mortgage debt. the Mortgagee shall have
<br />the right to give ninety day,' 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 Slortgage. 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 be secured hereby, and shall bear interest at the rate set forth in the said note, until paid.
<br />I. That he hereby assigns. transfers and sets over to the Mortgagee. to be 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 />mate, 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 ha%e 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 par out of said in-
<br />comes all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the
<br />carne 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 or 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, %% hen due. any premiums on such
<br />insurance provision for payment of which has not 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 proof of loss if not made promptly by Mortgagor. and each insurance company con-
<br />;
<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 />to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of forec lo-
<br />i sure of this mortgage or other transfer of title to the mortgaged properly in extinguishment of the indebtedness secured hereby.
<br />L all right. title and interest of the Mortgagor in and to any insurance policies then in force ,hall pass to the purchaser or grantee
<br />9. That as additional and collateral security for the payment of the note described. and all sum, to become due under this
<br />mortgage, the Mortgagor herebv assigns to the Mortgagee all profits, revenue,, royaltie,- rights and benefits accruing to the
<br />Mortgagor under any and all od and gas leases on said premises. with the right n, - ccei%e and receipt for the same .ind apph
<br />them to said indebtedness as well before :is after default in the conditions of the, niortgagc..utd the Mortgagee in.n deniand, uc
<br />for and recover any such payments when due and payable. but ,hall nor he required so io do i hi, a,signment i, its tcunm.rte
<br />and hecome null and %oid upon release of this mortgaitc.
<br />11U(.1911143M 0 '91
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