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<br />{I) month prior to its due date the annual mortgage insurance premium in order to provide such balder
<br />with funds to pay such premium to the Secretary of Housing and Urban Development pursuant to the
<br />Nationat`Hdusing 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 ehatge (in lieu of a mortgage insurance premium) which shall be in an
<br />amount -equal to nne-twelfth (1JI2) of one-half (j/2) per centum of ttie average outstanding balance
<br />' due on-the note competed without taking into account delinquencies or prepayments;'
<br />{b} „ 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 fee atld other hazard insurance covering the mortgaged property, plus--taxes and,assessments next_dus
<br />on'.die mortgaged property /a!! as estin:gted-by the Mortgagee) less allsums already-paid therefordivided by the
<br />numbei 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 fa he 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-two preceding subsections of this paragraph and all payments to be made undei
<br />the notesecured herebyshatl 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 />(I) premium charges under the contract of insurance with the Secretary of Housing and~Urban Development,
<br />or monthly charge (in lieu of mortgage insurance premitrm), as the case may be;
<br />(Il) Bound rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(III) interest on the note secured hereby; and
<br />(IY) ..amortization of the principal of said none.
<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 payment, constitute an event of default tinder this mortgage- The
<br />Mortgagee may collect a "late charge" not to exceed four cents (~ttt) for each dailar ($I) of each payment mwe
<br />than fifreen (1 S) 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 \torigagor under (b) of paragraph 2 preceding shalt exceed
<br />the amount of payments actually made by the ,4lurtgagee for eround rents, taxes and assessments or insurance pre-
<br />miums, as the ease may be, such excess, if the loan is cureent, at the option of the Morrgagor, shall be credited by
<br />the !Mortgagee on subsequent payments to be made by the 1lortgagoc or refunded to the Alortgagor. If, however, the
<br />monthly. payments made by the Mortgagor under (bJ of paragraph 2 preceding shall not be sufficient to pay ground
<br />rent, taxes and assessments or insurance premiums, :rs the case may 6e, when the same shall become due and pay-
<br />a61e, then the M1iortgagor shall pay to the Aiortgagee any amount necessary to make up the deficiency, on or before
<br />the date when payment of such gmund rents, taxes, assessments or insurance premiums shall be due. If at any
<br />time the Mortgagor shall tender to the ilorlgagee, in accordance with the provisions of the note secured hereby,
<br />full payment of the entire indebtedness represented thereby, the 1lottgagee shall, in computing the amount of such
<br />indebtedness, credit to the account of the Mortgagor all payments made under the provisions of (a1 of paragrtaplt 2
<br />hereof which the; ~brtgagee has not become obligated to pay to the becrelary of Housing .,nd Urban Developtttent
<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 liortgagee acquires the property otherwise after default, the Mortgagee shall apply, a6 the time of
<br />the commencement of such proceedings, ar at the time the properg is other»'ise acquired, the balance then remain-
<br />ing in the funds accumulated under (b1 oC paragraph ~' preceding, s~ a credit against the amount of principal then
<br />remaining unpaid under said note, and shall proper{y adjust any payments which shall have been made under (al
<br />of paragrapfi ?,
<br />4. That the Morgagor will pay ground rents, rases, 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 Aortgagee may
<br />pay the same; and that the Mortgagor will promptly deliver the official receipts therefor to the itor[gagee.
<br />~. 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 ar the debt secured hereby that only to the extent that such is not prohibit-
<br />ed by law and only W the extent [hat 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. C`pon violation of this under-
<br />taking, ar it the Mortgagor is prohibited by any law 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 asy amount so paid by the Mortgagor shall he credited on the mortgage debt, the Mortgagee shalt have
<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 />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 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 Aiartgagee. to be applied toward the payment of the note and all
<br />sums secured hereby in case of a default ir. the performance of anp of the terms and conditions of this Mortgage ur the said
<br />note, all the rents, revenues and income to he derived from the mortgaged przmises during such time as the mortgage indebted-
<br />ness shall remain unpaid; and the Mortgagee shall have tu~wer to appoint any agent or agents it may desire for the purpose of
<br />tepairirtg 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 managittg the
<br />sortie and of collecting rentals therefrom; the balance remaining, if any, to he applied toward [fie discharge of said mortgage
<br />indebtedness.
<br />8. That he wilt-keep the improvements now existing ctr hereafter erected on the mortgaged property, insured as-may be
<br />required from time to time by [he Mortgagee against loss by fire and other hazards, casualties and contingencies in such
<br />amounts and fur such periods as may he required by the Mortgagee and will pay promptly, when due, any premiums on such
<br />instrranee provision for payment of which has not been made hereinhefore..All insurance shall be carried in companies ap-
<br />proved by the Mortgagee and the policies and renewals thereof shalt be held by the Mortgagee and have attached thereto lass
<br />payable clauses in favtx of and in form acceptable to the Mortgagee. [n event of lass Mortgagor will give immediate notice 6y
<br />[nail to the Mortgagee, who may make proof of loss if not made promptly by i4lortgagor, anJ each insurance company cun-
<br />ternad is hereby authorized and directed to make payment for such toss directly to the horgagee instead of to the Mortgagor
<br />atut the Mot*gagee jointly, and the insurance pro:eeds, ur any part thereof, may be applied by the Mortgagee at its option eithor
<br />to the reducthm of the indebtedness hereby secured or to the restoration or repajr of the properly damaged. In event of forecla-
<br />s~e of this:mortgagearother trahsfer of title to the mortgaged property in extinguishment at the indebtedness secured hereby,
<br />all ::s9t title and interes! othee Mottgagar in and to any insurance policies then in farce shall pass tit the purchaser or grantee.
<br />9, 'that as additional and collateral security tar the pa}°mtnt of the note described, and atI sum, to be~omt due under this'
<br />mortgage, the Mortgugur hereby assigns to the Mortgagee ell lug~ts, reve~nue;s, royalties, ri@hts and benefits accreting to the
<br />MortgttZor under any and all oil and gas leases on said premiseL~ w]tlt r'*11'~ {~ ~ecelve and receipt far the same and apply
<br />them to said indebtedness as welt befate as after default in the conditions aT thts mortgaRc.:+nd the Mortgagee may demand, set
<br />fur and recover any such payments when due and payable, but shall not be required su to Jo. This assignment is ro ternunate
<br />and t+ecumc Hutt and void upiw release =•t chi. mortgage.
<br />i+U6.92t43M 1&79l
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