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<br />(il month prior to its due date the annual mortgage insurance premium in order to provide such holder
<br />with funds to pay such premium fa the Secretary of Housing and Urban Development pursuant to the
<br />Iyafional Honsing Act; as amended, and applicable Regulations thereunder; or
<br />(It) If and so long as said note of even date and this instrument are held by the Secretary of Housing and
<br />Lrban Development, a monthly charge (tit Lieu p(a mortgage insurance premium} which shall be in an
<br />amount equal to doe-twelfth {IjL} of one-half (1/2} percentum 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 gtpund trots, if any, next- due, plus the prenrinms that will next become due and payable on
<br />polities of Frre and other bossed insurance covering [he mortg-aged property, plus taxes and assessments next due
<br />on the mortgaged property (all as estimated by rare Mortgagee) less ail sums already paid therefor divided by the
<br />nurrtber of months to elapse before one month prior to the dart when such ground rents, premiums, taxes and
<br />assessments will become deltnquent, such sums to be held by Mortgagee in trust to pay said ground rents, pre-
<br />miums, taxes and epeeist assessments; and
<br />(c) All 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 shalt 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 />{I) premium charges under the contract of insurance with cite Secretary of Housing and L'rban Development,
<br />or monthly charge (in lieu oJ'mortgage iarsumrtce premium), as the case may be;
<br />{II} ground rents, taxes, assessments. fire and other hazard insurance premiums:
<br />(III) interest as the note secured hereby; and
<br />(IV} amortization of the principal of said note.
<br />Rny deficiencc 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 payment, c~,nstimte an event of delaul[ under this mortgage. The
<br />Mortgagee may collect a '`late charge" not to exceed fear cents (4¢) for each dollar (S I) of each payment more
<br />Phan fifteen (151 daps in areas to cover the extra expense involved in handling delinquent payments.
<br />3. Thai if the total of the payments made by the ylortgagor under t E+i oC paragraphL preceding shall exceed
<br />the amount of paytnont~- actually made by the kkarigagee for eround rents, taxes and assessments or insurance pre-
<br />miums, a rho case may be, such excess, if the loan is current, ar the option of the Morgagor, shall be credited by
<br />the liortgagee on subsequent payments to be made by the Mortgagor, or refunded to the iiortgagor. If, however, the
<br />monthly payments made by the Mottgagor under i •`+~ of paragraph '_ preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums, as the care ma} be, when the same shall become due and pay-
<br />able, then the hrttgagor shall pay to the Mortgagee am amount necessary to make up the deficienoy=, ott or before
<br />Ute date when payment of such gnaund rents, taxes, assessments or insurance premiums shall be due. If at am^
<br />time the Mortgagor shall tender to the 5lnrtgagee, in accordance with the provisions of the note secured hereby,
<br />full payment of the entire indebtedness represented thereby, the Mortgagee shall, in computing the amount n[ such
<br />indebtedness, credit to the account of the Mortgagor :ell payments made under the procrsions of t`u) of paragraph 2
<br />hereof which fhe Morgagee has oat become obligated to pay to the ~et•re[ary of Housing and Urban Deeelopmeni
<br />and any° balance remaining in the funds accumulated under the provisions of rt~J ot-paragraph 2 hereof- If there
<br />shall he a default under any of Ehe provisions of this mnrtetaire resuhing in a publie• sale of the. premises covered
<br />hereby, ar if the Aiortgagee acquires the property otherwise after default. dte 9htrtf;agee shalt apply, at the time of
<br />the commencement of sorb proceedings, ar at the time the property is otherwise acquired, the balance then remain-
<br />ing in the Funds accumulated under (?~1 of paragraph 3 preceding, as a crc~di t against the amount of principal then
<br />remaining unpaid under said note, and shall property adjust am' payments +whch shalt have been made under fo)
<br />ui paragraph 2•
<br />J. That the Mortgagor will pay ground rents, taxes, assessments. wa[er rates. and other governmental or municipal
<br />charges. fines, or impositions, for which provision has not been made heteiuhetore, and in default thereof the ~9ortgagee may
<br />pay the same: and that the Mortgagor will pntmprty dtlner the ulicial receipts therefor a?the Mortgagee.
<br />?. The Mortgagor will pay all taxes which may he levied upon the Mortgagee's interest in said real estate and improve-
<br />ments. and w°hich may be levied upon this mungagr or the debt secured hereby that only to the extent that such is nw prohibit-
<br />ed by law and only to the extent that such will nut make this loan uatriousl. hu[ excluding any income tax, State or Federal,
<br />imposed nn Mortgagee, and will file the official receipt showing such payment with cite Mortgagee. l:pan violation of this under-
<br />taking, or if the ~iongagor is prohibited by any law now or hereafter existing from paying the whole or any portion of the afore-
<br />saidtaxes, at upon the rendering of any court decree prohibiting the pa} meat by the Mortgagor ur any such taxes. or if such law
<br />or dtcrrr provides that any amount so paid by the Mortgagor xhall he credited an the mortgage debt, the itiartgagre shall have
<br />the right to give ninety days' written notict u+ the owvser of the mortgaged premises, requiring the payment of the mortgagt
<br />debt. If such notict he given, the wid debt shall became due, payable and collectible at the expiration of said ninety days.
<br />6. That should he fail m pay any sum or kelp any covenant provided [ur in this Mar gage, then the Mortgagee. ut its op-
<br />tion. may pay or perform the same, and all exptnditurts so made shall he added to the principal sum owing on the above note,
<br />shall tat secured htrehy, and shalt bear interest at the ruts set Earth in the said note, until paid.
<br />7. That he hereby assigns, tr:tns(ers and sets over tia the Aiortgagte. to be applied toward the payment of the rwte anti all
<br />sums secured hereby in case of a dtfauh in the performance of any of the terms and canditiuns of this Miartguge or the said
<br />Hatt, alt the rents, revenues and income to be cltrivrd Pram the mortgaged premises during such time as the mortgage indebted-
<br />ness shall remain unpaid, and the Mortgages shall have pawtr to appoint any agent or agents it may desire fur the purpose of
<br />repairing said premises and of renting the saint and caltrcting the rents, revenues and income, and it may pay out of said in-
<br />camts alt expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the
<br />satin and of coflecting rentals thtrtfrons; the balance remaining, if any. to be applied toward the discharge of said mortgage
<br />indttstedotss.-
<br />il~ That he wt7t kelp the improvements now rxistirg w hereafter erected un the mortgaged property. insured as rosy he
<br />requited from time to time by the Mortgagee against loss by fire and other hazards, casualties and comingencirs in such
<br />timotipts and for such ptxiods as may ht required by the Mortgagee and will pay promptly, when dot. any premiums wt such
<br />insy}tiBriCr provision for payment of whit:h has not bean made hereintaefart. •~11 inwranct shalt he carried in companies ap-
<br />p;ovtd b} thtt Matiga$ee and the policies and renewals thtrtof shalt be held by the Mortgagee and hour attached thereto loss
<br />payable elausts in-favor of and in #orm accrptahit to the A#artgagte, to rural of toss Aortgagor will give imrrttdiate nosier by
<br />nsail to the Aiortgagte, wha.may make.praof of lass if not made promptly by Mortgagor, and each insurance cumpsny con-
<br />cerned i. hereby aut#cuixed oral directed to make payment for such toss directly to the Maregager instead of to the Aiurtgagar
<br />and the MotYgay¢t jointly, andthe it~uzartct practEds, ar any part thereof, may be applied 6y the Mortgagee at it, option either
<br />a, the rodttr.##urt thejtbtettncss hetahg srcurtd ar W the ras[arataro or repair of !hr property damaged. In event ai foreclu-
<br />x7araoE this morlla oc other trattsferof tint to the mortgaged praptr[y in extinguishtnrnt of the indebirdtsess secured berth} ,
<br />sit tiy;ht, ntk ardl-itrttrtst of tip Atortgagtae m and tea an} ittsurapct palieits thro in Force shall pass to the par,: baser er grancee.
<br />9„ That as g¢~itiavtst7t atgd eoUatrral stcutitp for tits paynttnt of itte nett drscribtd, and alt stems to becontr due under this
<br />atuttya+ttr, the Msirty,+ag+u lsatcby assigns to the Mortgagee all praftts, remtnutx. royalties, rights nod hersesita accruing to the
<br />t4irntgag<rr under any and all tut and gas ltase+ un maid. prtmists, with the right to receive :end ttceips for tfir same and apply
<br />#ixm to xaid indehtrdtKSS a+t wall txtatt'as after default in the cnmiititans of khis mtartgage...nd the Aiortgagte may demand, +ue
<br />flu and rt:omrt ant srrx$t parmems v:hettdut and payablt.6utsjtgll troll t!r required sa so du- 7itis assignmrrtt is to terminate
<br />and L++econre tall! told void opera tctestsr of chi. meartga}tr.
<br />r+tttt-extaakt tit rgl
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