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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 ur the Secretary of Housing and Urban Cevelopment pursuant to the
<br />National Housing Act, as amended, and applicable Regulations thereunder; or
<br />{II} if and so long as said note of even date and this instrument are held by the Secretary of Housing and
<br />Urban Development, a monthly charge (fn Lieu of a mortgage insumnce premfumJ which shall be in an
<br />amount equal to one-twelfth (1112) of ono-half (I /2) per contain of the average outstanding balance
<br />due nn the note computed without taking into account delinquencies or prepayments;
<br />(bj 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 (al! as estimated by the Mortgagee) less all sums already paid therefor divided- 6y the-
<br />number of months to elapse before one month pnar to the date when such ground rents, premiums, taxes and
<br />assessments will become delinquent, such sums to he held by Mortgagee in trust to pay said ground rents, pre-
<br />mitrms, taxes and special assessments: and
<br />{c) Atl payments mentioned in the two preceding subsections of this•paragraph and all payments to be made under
<br />the note secured hereby shad he 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 fallowing items in the order set forth:
<br />(I) premium charges under the contract of insurance wt*.h the Secretary of Houstng and Urban Development,
<br />or monthly charge %in lieu of mortgage insurance premtwnt, as the case may be;
<br />(Q} ground rants, taxes, assessments, Lire and other hazard insurance premiums;
<br />QII) interest on the note secured hereby;:md
<br />([V } amortization of the princtpal of said note.
<br />Any def[ciency in the amount of any such aggregate monthly payrnem shalt, unless made good by the Morb
<br />gagor prior to the due date of Lte next such payment, cousutute ;tn event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" oat to exceed tour cents I4Rj fur each dollar (51) of each payment more
<br />than fifteen (I S}days in arrears to cover the extra expense involved in handling delinquent payments.
<br />:3. 'that if the wtal of the pavaients made by the tfort~~agor under ,+,i r,f paragraph 'l preceding shall exceed
<br />the amount of payments actually made by the ti9ongagee for Ground renE.s, taxes and assessments or insurance pre-
<br />miums, as the case may be, such excess, if the Ipso is current, at the option of the Morrgagor, shall be credited by
<br />the Mortgagee on subsequent payments to he made by the llongagor, ur refunded ca the \lortgagore If, however, the
<br />monthly payment.; made by the Mortgagor under rhl of paragraph ?preceding shalt not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premium_~. a> the c a_,e ma} be. when the same shall became due and pay-
<br />able, then the Mortgagor shall pay to the 4tortgagee any amount nece,:ary to make up the deficiency, on or before
<br />the date when payment of such hround rents, taxes, asps~ment~ or in=urance premiums shall be due. !f at any
<br />time the Nottgagor shall tender to the tilortgagee, in accordance with the provisions of the note secured hereby,
<br />full payment of the entire indebiodness represented thereby, the 1lortgagee shall, in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor all payments made under Use provisions of (a% of paragraph 2
<br />hereof which t}te ylortgagee has not become ahligated to pay to the ]ocretary of Housing .,nd [irban. Development
<br />and any balance remaining in the funds acrumulatcd under the provisions of tuJ of paragraph 2 hereof. [f there
<br />shall be a default under any of the provisioner of this mortgage resultin:< in a public -ale of the premises covered
<br />hereby, or if the M1tortgagee acguima the property otherwise aftt•r default, the 1lortgxgee shall apply, at Ehe time of
<br />the rommeneement of such ftroceedinK~, or at the time the properh~ is otherwise acquired, the balance then remain-
<br />ing in the funds accumulated antler ~ ~'~i of para~rtph ' preceding, un a credit .~ainst the amount of principal then
<br />remaining unpaid under =aid note, and shall properly adiuet env payments which =hall have been made under (a/
<br />of paragraph :'.
<br />4. That the Mortgagor will pay ground rents. tssxea. assessments, water rttes, and usher governmental or municipal
<br />charges. &nrs, er rmpositioro, for which prnvtvon has not hero made herembefure, and to default thereof the Mortgagee may
<br />pay the same; and that the hlortgagur will pnrmpdy deliver the oflirrai receipts therefor n, the Mortgagee.
<br />5 The htortgsgor w:li pat alt tare. which ma} f+e levrrd utxxt the ~ taetgager's rnterest in said real estate and improve-
<br />ments, and which maybe levied upon thta mortgage or the det+t secured hereby (but only to the extent that such is not prohibit-
<br />ed by law and only to [he extem that such will oat make this loan aurnuwi, but excluding any income tax, State or Federal,
<br />imposed on Mortgagee, and wlll hle the official receipt showing auch payment wnh the htortgagte. Upon violation of thin under-
<br />taking, or if the Mortgagor is prohibited by anu law now or hereafter costing from paying the whole or any portion of the afore-
<br />said taxes, or upon the rendering of any court decree prohihtung the pay mom b} the Mortgagor or any such taxes, or if such law
<br />or decree provides that any amount so paid by the Mortgagor shall he credited on the mortgage debt, the Mortgagee shall have
<br />the right to give ninety days' written nonce to the owner of the n:ortgagrd prentrsea. requiring the payment of the mortgage
<br />debt. If such notice he given, the said debt shall hrconte due. payable and collectible at the expiration of said ninety days.
<br />b. 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 payu; perform the same, and ail expenditures so made shall br added to the principal sum owing on the above note,
<br />shall be secured hereby. and shall hear imereat at the rate set forth in the said note, until paid.
<br />?. That he-herekky assigns, transfers and sets over to the Mortgagee, to (+e applied toward the payment of Ehe note and all
<br />sums secured hereby in wse of a default in [he performance of any of the terms and conditions of this Mortgage or the said
<br />note, all [he rents. revenue.. and income to be derived from the mortgaged premraea during auch time :ts Ehe mortgage indebted-
<br />ness shall remain unpaid: and the Mortgagee she!! have power to appoint any agent or agents it may desire fern the purpose of
<br />re¢ttiring said premises and of renting [he same and collecting the noose, revenues and income, and it may pay out of said in-
<br />romes all expenses of repairing said premises and necessary commissions and expense, incurred to renting and managing the
<br />Barrie and of collecting rentals therefrom; tht balance remaining, if any, to he applied toward the discharge of said mortgage
<br />itidehtedtuss.
<br />g. Thai he wilt keep the improvrnrenta now existing ur hereafter erected on the mortgaged property, insured as may he
<br />required frirm time to time bV the Mortgagee against loss by fire and other hazards. casualties and contingencies in such
<br />3lnOrlms and for such periods as may tee required h} the Mortgagee and wiH pay promptly, when due, any premium; ern such
<br />iresutan~e provision for payment of-which fias not kxen made heteinbefore. AU insurance shall he earned is companies ap-
<br />proved by Tfit Mortgagee and the pnticies and renews#; thereof shalt be held by the Mortgagee and have attached thereto toss
<br />payablt rlause± in favor of and in form accrpiahie to [he Mortgagee. !r, event of loss hlortgagur will give immediate. trotice by
<br />instil to the Mortgagee, wlxy may make pretuf of leas if rnrt made promptly h}' Mortgageu, and each insurance company con-
<br />cisrne~9s heri~tty aidhcxizad and dirrrtod to make payment for Bach lose directly to the Mortg:+grr instead of ui the Mortgagor
<br />scat-tfst Mi*rtgagte jeintty. and the mxuranee prueerds, or any pamthereof, may he apphett t+Y the Mortgagee at its option either
<br />tq the reducttonuf the indebtedness hereby secured or sty the restoration w• repair of Use property damaged. In event of fo[eelo-
<br />+ure of-this mortg;s~e sir ot)tertransfer of title W the mortgaged property in extirrgtrishment of the indebtedness secured heretry.
<br />alt ritr,=#ttr'hrad zastti€rhe Mortgagor is and io any insurance p~iilies thin in farce shall pass is the purchaxer of grantee.
<br />s. That as acidilicynal and caltatcrui security fw the payntant of the Irate dcscdbed, =end ail soma to heumte due under thts
<br />rtxtrtga~, the htottgagcn hereby asstgna to the Mortgagee ail profits_ revenues, navaltiex, e'rghis and Ixnents accruing to the
<br />14tt€t.'er ~xnder any arsd all o#i and gas leases on said per misex_ with the right to rrceivr And receipt for the name and nppl)
<br />th€ns to :,aid nldeb#~atness as wrtt hrfura as after defeats to iheondilxut+ of [hi. martgagr, and ihr Mtyttgagec may drmartd, sac
<br />lira a~rea~„r.Ye~rti~{jr;aer~h~tt~ when dtte and payvblr, bat ,hall rt,t t,e recturresY Es tis „o hhty axcignmr`ni is tc: 6trrnmatc
<br />=m*S t>~~ null,~sil s'ssidtktpon re[casa „r thts truxtitztg€,_
<br />ettlt~{7l tl3At fH-~T~1
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