<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 Housing and Urban Development 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 dale and [his instrument are held by the Secretary of Housing and
<br />Urban Development, a monthly charge (in lieu of a mortgage insurance premium) which shall be in an
<br />amount equal to one-twelfth (1/12) of one-half (1 J2) per centum of the average outstanding balance
<br />due on the note computed without taking into account delinquencies or prepayments;
<br />(h) A sum equal to the Bound 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 (aIf as estimated b}' the :blortgageel 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 wilt become delinquent, such sums to he held by M1iortgagee in trust to pay said ground rents, pre-
<br />miums, taxes and special assessments; and
<br />(c) Ali 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 be paid by the Mortgagor
<br />each month in a single payment to be applied by the Mongaget ro the following items in the order set forth:
<br />(I) premium charges under the contract of tnsurance with the Secretary of Housing and Urban fvelopment,
<br />or monthly charge lin lieu n(mortgage insurartm premfum.l, as the case may be;
<br />{II) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(III) interest on the note secured hereby; and
<br />QY) amortization of the principal of said note.
<br />Any deficiency ir. the amount of any such aggregate mmtthly payment shall, unless made good by the Mort-
<br />gagor prior to the due date of the next such payment, constitute an event of default under this mortgage. The
<br />Mortgagee may collect a "late charge" not to exceed four cenu (~i¢j for each dollar (Sl) 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 6otal oC the payments made b} t}te Mortgagor under !6% of paragraph @ preceding shall exceed
<br />the amount n( payments actually made by the Mortgagee for eround rents, taxes and assessments or insurance pre-
<br />miums, ai the case mac be. such excess. if the loan is current, at the option of the Mocrgagor, shall be credited by
<br />the Mortgagee on subsequent payment; to be made by the ltortnagor, ar reCurtded to the M1longagor- lf, however, the
<br />monthly payments made by the Mortgagor under (h/ of paragraph _' precedent; shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance: premium-. as the case mac be, when the same shall become due and pay-
<br />able, then the Mortgagor shall pay to the M1tortgagee am amount neressan to make up ihe deficiency, on or before
<br />the date when payment of such ground rents, taxes, as=essments or insurance premiums shall be due. If at am•
<br />Lime the Jlortgagor shalt tender to the ilorteagee, in accordance with the provisions of the note secured hereby.
<br />full payment of the entire indebtedness represented thereby. the \tortga~ec shall, in computing the amount of such
<br />indebtedness, credit to the account of the kiortgagor all pavmertts made under the provisions of (e) of paragraph
<br />hereof which the tlortgagee has nut become oblieated to pay to the ~ecrctun of Housing .nd Urban Development
<br />and any balance remaining in the funds accumulated under the provision of /:%J of paragntph 2 hereof. If there
<br />shalt 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 ifottgagee acquires the property otherwise after default, the 1lortgagee 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 Ute Cunds accumulated under i6i of paragraph _' preceding. a- a credit against the amount of principal then
<br />remaining unpaid under said note. and =hall praperh adjust any payment which shall have been made under faJ
<br />of paragraph '2.,
<br />4. That the Mortgagor will pay ground rents, taxes, assessments. water rates, and other governmental ar municipal
<br />charges, fines. or impositions. for which prncuion has not been made herrinhefare, and in default thereof the Mortgagee may
<br />pay the same: and that the Mortgagor will promptly deliver the otTicial receipts therefor to the Mortgagee.
<br />i. The Mortgagor will pay all taxe-+ w hick may he levied upon the hiortgsger's interest in said real estate and improve-
<br />ments. and which may he levied upon this mortgage or the deM secured hereby tbut only to the extent that such is not prohibit-
<br />ed by law and oNy to the extent that such will nut make this roan usunousi, but excluding any income tax, State or Federal.
<br />imposed on Mortgagee, and will file the otfiicial receipt showing such payment with the Mortgagee. Upon violation of this underv
<br />taking, or if the Mortgagor is prohibited by any law now ur hereafter existing from paying the whole or any portion of the afore-
<br />said taxes, or upon the rendering o(any 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 shalt br credited an the mortgage debt, the Mortgagee shall have
<br />the right to give ninny days' writmn notice to the owner of the mortgaged premises. requiring [he payment of the mortgage
<br />debt. If such notice be given, [he said debt shall become due. psyable and collectible at the expiration of said ninety days.
<br />5. That should he fail to pay any sum or keep any covenantprovided for in this Mortgage. then the Mortgagee, at its op-
<br />tion, may pay cu perform the same, and al{ expenditures so made shall be added to the principal sum owing on the above note,
<br />shall be secured hereby, and shall bear inrerest at the rate set forth in the said note. until paid.
<br />'. That he htrehy assigns, transfers and sets over to the Mortgagee, to be applied inward the payment of the note and all
<br />sums secured hereby in case of a default ir, 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 steal! remain unpaid; and the Mortgagee shall have pi~wrr to appoint any agent or agents it may desire for the purpose of
<br />repairirtg said premises and of renting [he same and collecting the rents, revenues and income, and it may pay out of said in-
<br />wmes alt expenses of repairing said premises and nectssazy commissions and expenses incurred in renting and managing the
<br />same and ~f collecting rentals therefrom: the balance remaining, if any, to be applied toward the discharge of said mortgage
<br />indebtedness.
<br />B. That he will keep the improvements now existing or hereafter erected on the mortgaged property, insured as may be
<br />required from tint 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 />insuranct provision for payment of which has not been made hcreinbefore. All insurance shall bt carried in companies ap-
<br />proved by ihe Mortgagee and the policies and renewals thereat shall be held by the Mortgagee and have attached therero loss
<br />payable clauses in favor of and in form acr_ptable to the Aiottgagee. In event of loss Mortgagor wilt give immediate notice by
<br />mail to the Mottgagct, who may make proof of loss if nut made promptly by l+fortgagor. and each insurance company can-
<br />ccmtd is hereby authorised and directed to make rayment for such Inns directly [o [he !vfortgagee instead of to tilt Mortgagor
<br />erne{ the MprtgB$te jointly, and the insurance proceeds, or any part thereof, may be applied by the Mortgagee at its option either
<br />to tfta reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclo-
<br />s~rt of this tmxtgagt or other transfer of tine to the mortgaged property in extinguishment of the indebtedness secured hereby,
<br />alt tight, title and interest of the Mirrt~ugutrn and to any insuntnce policies then in force shall pass to the purchaser ar granite.
<br />q. Ttt#t as additional and coltaterat security for the payment of the note described, and alE sums to became dot under this
<br />murtgagt. ibt Mtutgagor hereby assigns to the Mortgagee alt prcyhts. tevcnues, royalties, rights and benefits accruing to the
<br />M1•fttrf~gtx under anY and ail oil and gas leases on said premises, with the right to receive and receipt far €he same and apply
<br />them to said tndtbitdnass as ucll hefort as after default in tltcconditi~ts of this moetgagt, and the Mortgagee may demand, sue
<br />for art+f rtccster any such payments wtttn dot and payab&, but shall not ht required cs to da. This assignment +s to zrrminatt
<br />oral t>eci~rnE troll and vcud upon release r+f this murtgapc '
<br />r+uo•s.tastN is tat
<br />
|